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Define high low method?
The high-low method is a technique used to separate fixed and variable costs within a mixed cost. By comparing the highest and lowest activity levels and the corresponding total costs, this method allows you to estimate the fixed and variable components of a cost.
Methods of allocating joint production cost to joint products?
Following are methods 1 - Splitoff point method 2 - Net realizable value method
What is Cost ratio method for constrution contracts?
The cost-ratio method, which uses the ratio of actual contract costs incurred during the reporting period to total estimated contract costs.
What are the Differences between cost control and cost reduction?
Cost Control - a method whereby costs are managed and monitored to ensure they do not grow beyond the projected amount.Cost Reduction - a method whereby costs are reduced from the projected amount
What is the inventory method that assigns the most recent costs to cost of goods sold?
LIFO (Last in first out) is the inventory costing method which allocates the most recent costs to cost of goods sold.
What are joint costs?
That cost which arises from the common processing of products produced from the same process.
What is standard cost method?
Under standard cost method, standard costs for material labor and overheads are determined first and all these costs are charged to production on that standard costs and quantity basis and after that variance analysis is done to find out the reasons for differences in actual costs with standard costs as basis for analysis.
The method that results in the most accurate cost estimate is the?
The method that results in the most accurate cost estimate is typically the bottom-up estimating technique. This approach involves breaking down a project into its smallest components and estimating the costs for each part individually, then aggregating those costs to form a total estimate. By considering detailed project tasks and resources, bottom-up estimates can provide a more precise and reliable cost projection compared to top-down methods. However, it can be time-consuming and requires thorough knowledge of the project.
What is the major problem in cost accounting?
The major problem in cost accounting is allocation of common and joint costs to individual products.
How much does it cost to fix a corroded ball point on a vauxhall corsa?
ball joint costs about £8.00
What is the basic difference between account analysis method and high-low method as applied in cost estimation?
The basic difference between the account analysis method and the high-low method in cost estimation lies in their approach to identifying fixed and variable costs. The account analysis method involves a detailed review of each account in the financial records to classify costs based on their nature, while the high-low method uses only the highest and lowest activity levels to estimate variable and fixed costs, making it simpler but potentially less accurate. The account analysis method provides a more comprehensive view, whereas the high-low method is quicker but may overlook variations within the data.
Which inventory method assigns the most recent costs to the cost of the good sold?
LIFO
