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What is unit cost and total cost?
Unit Cost: It is the cost utilized to manufacture one unit of product Total Cost: It is the cost utilized to manufacture specific volume/ number of units of product Example: 10000 cost spent on production of 1000 units of product so 10000 is a total cost & 10000/1000 = 10 is a unit cost
How did Montrose uses a 140 markup on total cost and recently computed a selling price of 1560 for a particular product. On the basis of this information the product's total cost is?
To find the product's total cost using a 140% markup on total cost, we can set up the equation: Selling Price = Total Cost + (Markup Percentage × Total Cost). Given the selling price of 1560, we can express this as: 1560 = Total Cost + 1.4 × Total Cost, which simplifies to 1560 = 2.4 × Total Cost. Dividing both sides by 2.4 gives us Total Cost = 1560 / 2.4, resulting in a total cost of 650.
Is indirect labor is a part of what cost?
Indirect labor is part of overhead costs and included in total product cost.
How much overhead cost would be assigned to Product I90W using the activity-based costing system?
To determine the overhead cost assigned to Product I90W using an activity-based costing (ABC) system, you would first need to identify the relevant activities associated with Product I90W and their respective cost drivers. Then, calculate the overhead rates for each activity by dividing the total cost of each activity by the total units of the cost driver. Finally, multiply the overhead rate by the number of units of each cost driver used by Product I90W to find the total overhead cost assigned to it. Without specific data, the exact cost cannot be calculated.
Is depreciation on a machine a period cost or product cost?
product cost
What is the total cost of the product excluding tax?
The total cost of the product excluding tax is the price of the product before any taxes are added.
What is the total cost of the product, excluding VAT?
The total cost of the product, excluding VAT, is the price of the product before any taxes are added.
Is fixed cost relevant in determining price of a product?
The fixed cost is relevant in determining price of a product. This is a cost that is associated with the product and will contribute to the total production cost of a product.
What is unit cost and total cost?
Unit Cost: It is the cost utilized to manufacture one unit of product Total Cost: It is the cost utilized to manufacture specific volume/ number of units of product Example: 10000 cost spent on production of 1000 units of product so 10000 is a total cost & 10000/1000 = 10 is a unit cost
What is total revenue?
quantity sold x cost of product
What is the total product that needs to sell to cover total cost?
Break-Even Point
Total product that needs to sell to cover total cost?
Break-even point
What is the relationship between total cost and total product?
The relationship between total cost and total product is that total cost represents the expenses incurred in producing a certain quantity of goods, while total product refers to the total output produced by these inputs. As total product increases, total cost may also increase due to additional resources needed for production. However, the relationship is not linear; initially, total costs may increase at a decreasing rate due to efficiencies, but eventually, they can rise at an increasing rate due to diminishing returns. Understanding this relationship helps businesses optimize production while managing costs effectively.
When the total product curve is falling?
you have witnessed a downfall in the cost curve
How is the average cost calculated for a product or service?
The average cost of a product or service is calculated by dividing the total cost of production by the number of units produced. This gives a measure of the average cost per unit.
How do you calculate the moving average cost for a product?
To calculate the moving average cost for a product, you add up the total cost of all units purchased and divide it by the total number of units purchased. This gives you the average cost per unit based on the most recent purchases.
Is indirect labor is a part of what cost?
Indirect labor is part of overhead costs and included in total product cost.
