Principles of Managerial Acct. 2302 Study Guide 2 Under absorption costing and variable costing, how are variable manufacturing costs treated? Product Cost Cost structure refers to the relative proportion of fixed versus variable costs that a company incurs. Sales mix is the We also discuss several other topics like How does a financial conglomerate work?
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relative percentage in which a company sells its multiple products. Costs that will differ between alternatives and influence the outcome of a decision are relevant cost In an equipment replacement decision, the cost of the old equipment is a sunk cost Which decision will involve no incremental revenues? make or buy decision Fixed costs normally will NOT include direct labor If the activity level increases 10%, total variable costs will increase 10% Which of the following is not a fixed cost? Direct materials A mixed cost contains a variable element and a fixed element.Contribution margin equals sales revenue minus variable costs. The equation which reflects a CVP income statement is Sales Variable costs Fixed costs = Net income. At the breakeven point contribution margin equals total fixed costs. How many advantages are there to budgeting? 6 Advantages 1. Communicate 2. Think about; Plan 3. Allocating resources 4. Bottlenecks 5. Coordinate; Integrating 6. Benchmarks How do you calculate the Production Budget? Budgeted unit sales + desired units of ending finished goods inventory = Total Needs units of beginning finished goods inventory = REQUIRED PRODUCTION IN UNITS The cash budget is composed of 4 major sections: 1. The receipts section 2. The disbursements section 3. The cash excess or deficiency section 4. The financing section