Describe the distinctive characteristics of weighted-average computations in assigning costs to units completed and to units in ending work in process. Describe the distinctive characteristics of FIFO computations in assigning costs to units completed and to units in ending work in process. Explain what would be the effect on the unit cost of finished goods if an estimate of the stage of completion of work in process was either too high or low. Distinguish between the sales value at splitoff method and the NRV method. Describe a situation in which the sales value at splitoff method cannot be used but the NRV method can be used for joint-cost allocation. "Strategy, plans and budgets are unrelated to one another.' Do you agree with this statement? Explain your answer. What is a flexible budget? Discuss the advantages and disadvantages of a self-imposed budget. How is a contribution margin determined and why is it important to management? Discuss on the limitations of CVP analysts. Explain the difference between absorption and variable costing. Discuss the effects on the income statement and the balance sheet if variable costing is applied. How is it possible, under absorption costing, to increase net income by simply producing more goods