2. In your opinion, what costs should be included in Dobbin’s inventory and why? In my opinion,the cost of barrels and warehousing should be included in Dobbin’s inventory. Because the maturing or aging process also belong to the part of manufacturing process. The whiskey was not ready for sale until it was aged and therefore the aging barrel needed to be included in product cost. As inventory costs include all the direct costs involved in the production process till the finished goods.
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source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? (2) What is the predetermined manufacturing overhead rate? (3) What are the total cost and the unit cost of the completed job? (b) Prepare the entry to record the completion of the job. (a) (1) The source documents are: Direct materials—Materials requisition slips. Direct labor—Time tickets. Manufacturing overhead—Predetermined overhead rate. (2) The predetermined
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Management Accounting – Casemix Company Step One Allocate direct costs to products. | Coffee-maker | Hair-dryer | Food processor | Component costs | 8 | 10 | 11 | Direct labor cost | 6 | 12 | 9.6 | Direct cost/unit | €14 | €22 | €20.6 | Step Two Allocate indirect costs to different production departments 1. Calculate cost of one cost driver based on activity. Department | Activity | Cost (in€) | Cost driver | # of cost driver | Cost of one cost driver | | Machine
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and Decision Making.xls 3-Variable and Absorption Costing Team A.xls MANAGERIAL ANALYSIS Ideal Manufacturing Company of Sycamore, Illinois, has supported a research and development (R&D) department that has for many years been the sole contributor to the company’s new farm machinery products. The R&D activity is an overhead cost center that provides services only to in-house manufacturing departments (four different product lines), all of which produce agricultural/farm/ranch related machinery
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| |l. Office machines equipment | | 2. Lancia car repair uses a job order system for its workshop. The workshop has a machine department and a painting department. The company uses two cost driver rates for allocating support costs: ← Machine hours for the machine department ← Labour hours for the finishing department Estimates for 2007 production are as follows: |
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Industry 4.0: The future of manufacturing Technological developments, over the years have driven dramatic increases in industrial productivity since the dawn of the Industrial Revolution. In the times since, however, these advancements were only incremental, in comparison to the ground-breaking innovations that have occurred in the IT Industry. Now, though, the rapid globalization over the past has led to establishment of many new competitors, competing for the resources necessary for success. Industry
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cranes and forklifts for moving goods, which are usually placed on ISO standard pallets loaded into pallet racks. Stored goods can include any raw materials, packing materials, spare parts, components, or finished goods associated with agriculture, manufacturing and production. Types of Warehouses After getting an idea about the need for warehousing, let us identify the different types of warehouses. In order to meet their requirement various types of warehouses came into existence, which may be classified
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agile logistics strategies: a case study Ruth Banomyong* & Nucharee Supatn Thammasat Business School Thammasat University BANGKOK 10200, THAILAND Abstract The purpose of this paper is to compare the effect of lean and agile strategies on the manufacturing process of an aquarium manufacturer. Numerous studies has demonstrated the benefits of lean and agile strategies in enhancing the competitiveness of firms but none has really discussed or compared how performance differed when utilizing either
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differences between these three terms? Q3 (b): There are 4 broad categories of costs in cost accounting. Explain in detail all these categories and their sub-categories with practical examples? 1|Page Cost Accounting (Assignment – 1) Q4:Alpha Company has the following information available for the month of February-2012: Items Sales Indirect Labor Cost Direct Labor Cost Utilities Expenses Depreciation: Plant Depreciation: Machinery Depreciation: Furniture Depreciation: Building Depreciation:
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products or intangible services, both manufacturing and service industries use different inventory strategies to deliver quality end results to consumers. Supplying a service or a product impacts forecasting and resourcing decisions in different ways. The objectives of the service industry remain similar to the manufacturing industry, fulfilling wants or demands of customers are impacted by the strategies that organizations choose to follow. In the manufacturing industry, raw material, work in progresses
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