Question
THIS IS MY THIRD TIME POSTING THIS QUESTION!!!! PLEASE, READ THE QUESTION FIRST, THEN ANSWER.... IF YOU DO NOT KNOW HOW TO ANSWER IT, THEN
THIS IS MY THIRD TIME POSTING THIS QUESTION!!!! PLEASE, READ THE QUESTION FIRST, THEN ANSWER.... IF YOU DO NOT KNOW HOW TO ANSWER IT, THEN DO NOT ANSWER...
QUESTION: Reply to the post below with constructive comments: (DO NOOOOTTTTTTT GIVE ME A SUMMARY OF THE POST, GIVE ME Constructive comments)
(Example: The way that you answered the questions was very organized and clear; you went into depth and showed your understanding of each question. For the difference between actual costing and normal costing, you did not include that actual costing is the real numbers from the company, while normal costing uses the budgeted and expected numbers............)
The POST IS BELOW:
How can CVP analysis help managers? Cost-Volume-Profit (CPV) is a powerful tool that help managers to understand the relationships of cost, volume and profit. CPV analysis is use to determine how selling price, units sold, sale volume, variable and fixed costs affect profit. CPV can also use to see how many units they need to sell to reach a certain minimum profit margin. How managers determine the output needed to achieve a Target Operating Income? The method to determine the quantity of output to achieve target operating income are the equation method, the contribution margin method, and the graph method. These method is just a restatement of each others. Managers usually select the method they find easier to use in that specific decision situation. How do you implement a normal costing system? Normal costing is used to derive the cost of a product. This method applies actual direct costs to the product, along with standard overhead rates. It includes the actual cost of materials, labor, and the standard overhead rates applied using whatever allocation basis the product is actually used. There are seven steps to implement normal costing system. First is to identify the job, next is to identify actual direct costs of the job. Then, the budgeted cost-allocation bases for the job. After that is the budgeted indirect cost pools, the budgeted cost-allocation rates and the allocated indirect costs which is the budgeted rate times actual quantity. Finally, computing the total direct and indirect costs of the job. How do you distinguish actual costing from normal costing? The difference between actual costing and normal costing is when calculating the indirect-cost rates. Some differences includes accuracy, time frame, and budgeting.
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