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Costing


Costing

Costing

Book search results for Costing

    1.
        
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     Costing
Publisher: Cengage Learning
Author(s): Terry Lucey

Costing gives a thorough understanding of the theory and practice of cost and management accounting. It is particularly suitable for its wide and systematic coverage of the professional cost accounting syllabuses, but is also suitable for introductory degree and diploma courses in business, accounting and finance. The first part of Costing gives detailed coverage of the objectives, principles, techniques and methods of cost accounting relating to the analysis and gathering of costs and cost ascertainment. The second part focuses on the use of cost information for planning, control and decision-making. At each stage, concepts are illustrated by practical examples and placed into context so that the reader is aware of the importance and relationships of the various aspects of costing. Fundamental management accounting topics such as budgetary control, standard costing and marginal costing are also thoroughly explained.

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     Time-Driven Activity-Based Costing: A Simpler and More Powerful Path to Higher Profits
Publisher: Harvard Business Review Press
Author(s): Robert S. Kaplan, Steven R. Anderson

In the classroom, ABC looks like a great way to manage a company?s resources. But many executives who have tried to implement ABC on a large scale in their organizations have found the approach limiting and frustrating. Why? The employee surveys that companies used to estimate resources required for business activities proved too time-consuming, expensive, and irritating to employees.

This book shows you how to implement time-driven activity-based costing (TDABC), an easier and more powerful way to implement ABC. You can now estimate directly the resource demands imposed by each business transaction, product, or customer. The payoff? You spend less time and money obtaining and maintaining TDABC data�and more time addressing problems that TDABC reveals, such as inefficient processes, unprofitable products and customers, and excess capacity. The authors also show how to use TDABC to link strategic planning to operational budgeting, to enhance the due diligence process for mergers and acquisitions, and to support continuous improvement activities such as lean management and benchmarking.

In presenting their model, the authors define the two questions required to build TDABC:
1) How much does it cost per time unit to supply resource capacity for each business process?
2) How much resource capacity (time) is required to perform work for a company?s many transactions, products, and customers?
The book demonstrates how to develop simple, valid answers to these two questions.

Kaplan and Anderson illustrate the TDABC approach with a wealth of case studies, in diverse settings, based on actual implementations.


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     Activity-Based Costing: Making It Work for Small and Mid-Sized Companies (Wiley Cost Management Series)
Publisher: Wiley
Author(s): Douglas T. Hicks

* A practical, cost-effective guide to ABC for small to medium companies.
* Identifies the key cost related issues in organizations and shows how to develop a cost-flow structure that reflects the organization's cost behavior.
* Feature an ongoing case study throughout the book documents the model-building process.
* Provides a spreadsheet model blueprint that details data flows.
* Shows how a cost model of an organization can be developed using basic spreadsheet software on a PC.

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     Activity Based Costing (Costing - Learning Resources)
Publisher:
Author(s): Globalexperts 4U, Rahul Jain

1) Concept of Activity Based Costing ? Page 4
2) Differences between traditional product costing and ABC - Page 7
3) Relationship between ABC and JIT- Page 9
4) Case Study of ABC- Page 13
A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses, etc. (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicycle business occupies 75,000 square feet of the manufacturing warehouse and the bicycle business occupies the remaining 25,000 square feet. Cost were split 50-50 between the 2 businesses for advertising (total advertising expense of $5M) and warehouse expense (total warehouse expense of $3M) in the past (traditional method).
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method?
What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to each business?
5) Assignment of ABC for UNICEF- Page 17

Retrieve any report in the organization that allocates common costs to a division, product, or service. Recast that report with unallocated costs and comment on the usefulness of that revised report.





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     The Book of Yields: Accuracy in Food Costing and Purchasing
Publisher: Wiley
Author(s): Francis T. Lynch

The only product with yield information for more than 1,000 raw food ingredients, The Book of Yields, Eighth Edition is the chef's best resource for planning, costing, and preparing food more quickly and accurately. Now revised and updated in a new edition, this reference features expanded coverage while continuing the unmatched compilation of measurements, including weight-to-volume equivalents, trim yields, and cooking yields. With helpful worksheets; a clear organisation by food type; and a convenient, durable comb binding, The Book of Yields, Eighth Edition is a must-have culinary resource.

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     Cost Analysis and Activity-Based Costing for Government (GFOA Budgeting Series)
Publisher: Government Finance Officers Association
Author(s): R. Gregory Michel

Publisher: Edition: first

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    7.
        
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     Two in One Study Guide- Learn about Time value of Money and Activity Based Costing (Costing - Solutions)
Publisher:
Author(s): Globalexperts 4U, Rahul Jain

Table of Contents
PART- I (TIME VALUE OF MONEY)
1) Concept Page 3
2) Examples Page 10
3) Time value of money case Page 14
Detail of case
Suppose Raytheon is selling a bond that will pay you $2000 in one year from today. Keep in mind that if Raytheon has financial difficulties in one year you might not get your full $2000 back. Given that a dollar one year from now is always worth less than a dollar today, you most certainly would not pay a full $2000 for this bond.
If you are highly risk averse or strongly prefer having money today to having money tomorrow, then you would pay significantly less than $2000 for this bond. Higher inflation or high interest rates would also lead you to pay less for the bond. Also, the greater the chance of bankruptcy of Visa the less you should be willing to pay for the bond.
How much would you pay for this bond today? Take into consideration your own personal risk preferences, interest rates, inflation, and the probability your company will not be able to pay you back in one year. Note: no need for any math equations for this part. Just explain how much you would personally pay for a $2000 bond from this company.


4. Problems- Solutions Page 20
a. Could you explain why debtors benefit during periods of high inflation? Why would someone in Argentina want to have debt and why does money have a time value?
b. Also, how is the present value of a lump sum related to the present value of a stream of payments? How is this helpful for retirees that are considering taking a lump sum payment in lieu of monthly pension payments?
c. Will you highlight some of the key components of Time Value of Money (TVM). Also will you identify at least one financial application of TVM employed by commercial banks, credit card financial services companies, insurance companies, state governments-lotteries and retirement plan financial service providers.
5. Problems Page 28

More learning resources on Finance: http://globalexperts4u.com/BrowseAnswerQuestionSubject.aspx?SubjectId=10&SubjectName=Finance

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PART-II (Activity Based Costing)
Table of Contents

1) Concept of Activity Based Costing ? Page 4
2) Differences between traditional product costing and ABC - Page 7
3) Relationship between ABC and JIT- Page 9
4) Case Study of ABC- Page 13
A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses, etc. (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicycle business occupies 75,000 square feet of the manufacturing warehouse and the bicycle business occupies the remaining 25,000 square feet. Cost were split 50-50 between the 2 businesses for advertising (total advertising expense of $5M) and warehouse expense (total warehouse expense of $3M) in the past (traditional method).
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method?
What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to each business?
5) Assignment of ABC for UNICEF- Page 17

Retrieve any report in the organization that allocates common costs to a division, product, or service. Recast that report with unallocated costs and comment on the usefulness of that revised report.


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     BreakEven Analysis of Wal-Mart (Costing Solutions)
Publisher:
Author(s): Rahul Jain, Globalexperts 4U

1) Case study of Wal-Mart
Identify any activity in Wal-Mart where you can apply breakeven analysis. You must be able to define:
A unit of measurement for the activity
Revenue per unit for the activity
Variable costs for the activity
Fixed costs for the period in the activity
If you cannot identify specific actual amounts, make a reasonable estimate (and indicate the method or source of information for that estimate) and apply the tool as if the data were factual.
2) Case study of Mr. Smith is considering using some funds accumulated in the past in order to start a new retail store. The fixed investment in the store is expected to be $6.5 million. The investment will require no maintenance expenditures for the first 5 years but after the first 5 years a $700,000 expense will be needed in order to maintain the facility. The required investment in net working capital is expected to be 30% of annual sales. Variable cost is estimated to be 40% of sales. Assume that there are no taxes payables on the business income.



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     Controller's Guide to Costing
Publisher: Wiley
Author(s): Steven M. Bragg

Controller's Guide to Costing is a comprehensive source for all issues related to cost accounting, detailing aspects of creating costing systems, how cost accounting systems work, interpreting the results, and how the resulting information can be used, including:
  • Provides an overview of various costing methodologies.
  • Written in easy to understand language?from one controller to another.
  • Includes information on application, implementation, reporting, problems that can arise, and example case studies.


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     Learn about Budgeting (Costing - Solutions)
Publisher:
Author(s): Globalexperts 4U, Rahul Jain

This Learning Material describes various concepts of budgeting including Master budget, Cash Budget, Production Budget, Flexible Budget and Static Budget.

Table of Contents

1) Introduction to Budgeting - Page 4
2) Importance and Limitations - Page 5
3) Master Budget - Page 6
4) Case Analysis- Victoria - Page 7
5) Case Problem - Page 19
6) Static Budget - Page 22
7) Flexible Budget - Page 24
8) Restrictions and budgetary concerns for capital projects - Page 29
9) Production Budget Case Page 34
10) Conclusion- Page 36

Case Analysis of Master Budget

Victoria Kite Company a small Melbourne firm that sells kits on the web wants a master budget for the next three months beginning Jan 1, 2005. It desires an ending min cash balance of $5,000 each month. Sales are forecasted at an average wholesale selling price of $8 per kits. In Jan, Victoria Kite is beginning just-in-time (JIT) deliveries from suppliers, which means that purchases equal expected sales.

On Jan 1, purchases will cease until inventory reaches $6,000 after which time purchases will equal sales. Merchandise costs average $4 per kite. Purchases during any given month are paid in full during the following month. All sales are on credit, payable within 30 days, but exp has shown that 60% of current sales are collect in the current month, 30% in the next month, and 10% in the month thereafter. Bad debts are negligible.

Monthly operating expenses are as follows:
Wages, and salaries $15,000
Insurance expired 125
Depreciation 150
Miscellaneous 2,500
Rent $250/month + 10% of quarterly sales over $10,000

Cash dividends of $1,500 are to be paid quarterly, beginning Jan 15, and are declared on the 15th of the previous month. All operating expenses are paid as incurrent except insurance, depreciation, and rent. Rent of $150 is paid at the beginning of each month, and the additional 10% of sales is paid quarterly on the tenth of the month following the end of the quarter, The next settlement is due Jan 10

The company plans to buy some new fixtures for $3,000 cash in March.

Money can be borrowed and repaid in multiples of $500 at an interest rate of 10% per annum. Management wants to minimize borrowing and repay rapidly. Interest is computed and paid when the principal is repaid. Assume that borrowing occurs at the beginning, and repayments at the end of the months in question. Money is never borrowed at the beginning and repaid at the end of the sme month. Compute interest to the nearest dollar.

Assets as of Dec. 31, 2004 Liabilities as of Dec 31,2 004
Cash $ 5,000 Accounts payable(merchandise) $35,000
Accts rec. 35,000 Dividends payable 1,500
Inventory* 39,050 Rent payable 7,800
Unexpired insurance 1,500 ======
Fixed assets, net 12,500 $44,850
=====
$70,550
*Nov 30 inventory balance = $16,000
Recent and forecasted sales:

Oct. $38,000 Dec $25,000 Feb $75,000 Apr $45,000
Nov $25,000 Jan $62,000 Mar $38,000




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     Actual Costing with the SAP Material Ledger (English and German Edition)
Publisher: SAP Press
Author(s): Vanda Reis

This book provides targeted guidance for actual costing with the material ledger. The book starts by offering a concise introduction to actual costing and the material ledger and then moves into very practical, usable content for starting, configuring, and using the material ledger for actual costing activities. Content is organized around, and provides information for, the most relevant actual costing topics including standard costing, manufacture costing, overhead variances, Work In Progress variances and IFRS and parallel valuation.

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     Cost Reduction Systems: Target Costing and Kaizen Costing
Publisher: Productivity Press
Author(s): Yasuhiro Monden

Learn how to integrate the two important cost reduction systems that have revolutionized manufacturing. Target costing is used during the development and design stage of new products. It focuses on profit realization by planning quality products in the design and review stage. Kaizen costing helps you decrease production costs for existing products. Combining the target and kaizen methods leads to a complete cost reduction system that can be applied from product inception to completion.

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     Problem-Solutions on Overheads (Costing - Solutions)
Publisher:
Author(s): Globalexperts 4U, Rahul Jain

TABLE OF CONTENTS
I. Introduction to Costing

II Allocation of Overhead Problem

III. Problem of Allocation of Advertising and Warehouse expense

IV. Report on Allocation of Overhead assignment




Details of Questions
II. Use the direct method to allocate the budgeted costs of the Human Resources and Computing departement to the Direct and Loan departments.
III. Problem of Allocation
A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses and so forth (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicycle business occupies 75,000 square feet of the manufacturing warehouse, and the bicycle business occupies the remaining 25,000 square feet. Cost were split 50-50 between the 2 businesses for advertising (total advertising expense of $5M) and warehouse expense (total warehouse expense of $3M) in the past (traditional method).

1. What was the cost of advertising and warehouse expense allocated to each of the businesses based on the traditional method?
IV. Report on Allocation of Overhead Assignment
Retrieve any report in the organization that allocates common costs to a division, product, or service. Recast that report with unallocated costs and comment on the usefulness of that revised report.
The following will be assessed in particular:

If you cannot identify specific actual amounts, make a reasonable estimate and apply the tool as if the data were factual.

If you are unable to identify any report with allocated costs, create a report that you think may apply to your organization and treat the data as if it were factual.

Your report should include

The name and nature of the organization
The activity and time period you used

Overhead allocation report




Auro national bank has two service department, the Human Resources Department and the Computing Department. The bank has two other department that directly service customers, the Deposit Department and the Loan Depatement. The usage of the two service departments output for the year is as follows:

User of service Human Resources Computing
Human Resources?????????????????? - 15%
Computing?????????????????????? 10% -
Deposit???????????????????????.. 60% 50%
Loan?????????????????????????.. 30% 35%
The budgeted costs in the two service departement for the year are as follows:
Human Resources????????????????????????????? $459,000
Computing????????????????????????????????? $688,500
REQUIRED
1. Use the direct method to allocate the budgeted costs of the Human Resources and Computing departement to the Direct and Loan departments.


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     The 60 Minute ABC Book for Operations Management: (Note-Abc-Activity Based Costing)
Publisher: Consortium for Advanced
Author(s): Timothy White, Timothy S. White

This short-read manual presents the concepts of activity-based costing in a simplified and straightforward manner, specifically for the understanding of non-financial management. It demonstrates that the "activity management" possibilities of ABC clearly distinguish it as an operations tool. Subjects discussed include: Traditional Overhead Costing Methodology Basic ABC Terminology Implementation and Software Considerations, and Successful CAM-I Member ABC Implementation Efforts.

The manual includes an ABC tutorial diskette developed by Storage technology Corporation which provides an in-depth description and analysis of the ABC methodology for those individuals desiring a more detailed knowledge of ABC than the 60 Minute Book provides.

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     Activity Based Costing , Time value of Money for Ebay (Costing - Solutions)
Publisher:
Author(s): Globalexperts 4U, Rahul Jain

Identify a product or service in the e-bay organization that could use Activity Based Costing. Then identify at least two activities for Activity Based Costing and the appropriate cost drivers for those activities. Estimate the application rates for each cost driver.

If you cannot identify specific actual amounts, make a reasonable estimate and apply the tool as if the data were factual.

Your report should include

The name and nature of the organization

The activity and time period you used

The inputs you used

Q 2

Time Value of Money

Your task for this module is to apply the concept of present value to Ebay. Suppose Ebay is selling a bond that will pay you $1000 in one year from today. Keep in mind that if your company has financial difficulties in one year you might not get your full $1000 back. Given that a dollar one year from now is always worth less than a dollar today, you most certainly would not pay a full $1000 for this bond.
If you are highly risk averse or strongly prefer having money today to having money tomorrow, then you would pay significantly less than $1000 for this bond. Higher inflation or high interest rates would also lead you to pay less for the bond. Also, the greater the chance of bankrupty of your company the less you should be willing to pay for the bond.
Given the concepts of the time value of money, answer the following questions in a two to three page paper:
1. How much would you pay for this bond today? Take into consideration your own personal risk preferences, interest rates, inflation, and the probability your company will not be able to pay you back in one year. Note: no need for any math equations for this part. Just explain how much you would personally pay for a $1000 bond from this company.
2. Based on your answer to the previous question, what would be your discount rate for this bond? Use the present value formulas from the background materials and show your work.
3. Pick two other companies in the same industry as Ebay. One should be one that you would pay less for a $1000 bond than you would from your Ebay and another one that you would pay more for a $1000 bond from your SLP company. Explain why you would pay more or less for their bonds.

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     Life Cycle Costing for Facilities (RSMeans)
Publisher: RSMeans
Author(s): Alphonse Dell'Isola, Stephen J. Kirk FAIA CVS

Facility designers and owners are frustrated with cost-cutting efforts that yield the cheapest product, but sacrifice quality. Life cycle costing, properly done, enables them to achieve both ? high quality and costs that meet their budgets.��

The authors, widely recognized leaders in these techniques, show how LCC can work for a broad variety of projects ? from several types of buildings, to roads and bridges, to HVAC and electrical upgrades, to materials and equipment procurement.��

�LCC�can be applied to every aspect of construction ? from all types of buildings (commercial, educational, industrial, health care and more), to roads and bridges, to HVAC equipment and electrical systems upgrades and materials and equipment procurement. A life cycle costs section, a major part of the book, provides maintenance and replacement costs for all elements of the facility ? from the foundation and structure to the walls and floors, plumbing, HVAC and electrical systems, and landscaping. The electronic life cycle costing spreadsheet program included with the book simplifies the process of applying LCC to users? own projects.

FEATURES:

There are also sixteen Case Studies that show how to apply LCC to particular facility types and building components, including:

  • Health care and nursing facilities
  • College campus and high schools
  • Office buildings, courthouses, and banks
  • Chemical plants and museum renovations
  • Regional highway systems
  • Exterior walls, elevators, lighting, HVAC, and more

The book?s extensive cost section provides maintenance and replacement costs for facility elements? from foundation and structure to walls and floors, plumbing, HVAC and electrical, and landscaping.

These proven methods are equally effective in new construction, remodeling, renovations, and restorations.

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     Whole Life-Cycle Costing: Risk and Risk Responses
Publisher: Wiley-Blackwell
Author(s): Abdelhalim Boussabaine, Richard Kirkham

With its mixture of established theory, best practice and innovation Whole-life costing: risk and risk responses offers a thorough grounding in both the theory and practical application of WLCC. It will help to improve accuracy of the assessments of long-term effectiveness of projects - now an essential tool for those performing risk analysis in construction investment.

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    18.
        
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     Two in One study guide on Activity Based Costing and Budgeting (Costing - Learning Resources)
Publisher:
Author(s): Globalexperts 4U, Rahul Jain

Table of Contents

Concept of Activity Based Costing ?
Differences between traditional product costing and ABC -
Relationship between ABC and JIT-
Case Study of ABC-
A company has two major businesses that it operates. One business manufactures and sells unicycles for commercial use in circuses, etc. (total sales of $150M), and the other sells bicycles to the public (total sales of $20M). The unicycle business occupies 75,000 square feet of the manufacturing warehouse and the bicycle business occupies the remaining 25,000 square feet. Cost were split 50-50 between the 2 businesses for advertising (total advertising expense of $5M) and warehouse expense (total warehouse expense of $3M) in the past (traditional method).
What was the cost of advertising and warehouse expense allocated to each of the business based on the traditional method?
What recommendation would you make in allocating these expenses to each of the business and how much would be allocated to each business?
5) Assignment of ABC for UNICEF-
Retrieve any report in the organization that allocates common costs to a division, product, or service. Recast that report with unallocated costs and comment on the usefulness of that revised report.
Introduction to Budgeting

Importance and Limitations
Master Budget
Case Analysis- Victoria
Case Problem
Static Budget
Flexible Budget
Restrictions and budgetary concerns for capital projects
Production Budget Case
Conclusion

Case Analysis of Master Budget

Victoria Kite Company a small Melbourne firm that sells kits on the web wants a master budget for the next three months beginning Jan 1, 2005. It desires an ending min cash balance of $5,000 each month. Sales are forecasted at an average wholesale selling price of $8 per kits. In Jan, Victoria Kite is beginning just-in-time (JIT) deliveries from suppliers, which means that purchases equal expected sales.

On Jan 1, purchases will cease until inventory reaches $6,000 after which time purchases will equal sales. Merchandise costs average $4 per kite. Purchases during any given month are paid in full during the following month. All sales are on credit, payable within 30 days, but exp has shown that 60% of current sales are collect in the current month, 30% in the next month, and 10% in the month thereafter. Bad debts are negligible.

Monthly operating expenses are as follows:
Wages, and salaries $15,000
Insurance expired 125
Depreciation 150
Miscellaneous 2,500
Rent $250/month + 10% of quarterly sales over $10,000

Cash dividends of $1,500 are to be paid quarterly, beginning Jan 15, and are declared on the 15th of the previous month. All operating expenses are paid as incurrent except insurance, depreciation, and rent. Rent of $150 is paid at the beginning of each month, and the additional 10% of sales is paid quarterly on the tenth of the month following the end of the quarter, The next settlement is due Jan 10

The company plans to buy some new fixtures for $3,000 cash in March.

Money can be borrowed and repaid in multiples of $500 at an interest rate of 10% per annum. Management wants to minimize borrowing and repay rapidly. Interest is computed and paid when the principal is repaid. Assume that borrowing occurs at the beginning, and repayments at the end of the months in question. Money is never borrowed at the beginning and repaid at the end of the sme month. Compute interest to the nearest dollar.

Assets as of Dec. 31, 2004 Liabilities as of Dec 31,2 004
Cash $ 5,000 Accounts payable(merchandise) $35,000
Accts rec. 35,000 Dividends payable 1,500
Inventory* 39,050 Rent payable 7,800
Unexpired insurance 1,500 ======
Fixed assets, net 12,500 $44,850
=====
$70,550
*Nov 30 inventory balance = $16,000
Recent and forecasted sales:

Oct. $38,000 Dec $25,000 Feb $75,000

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     " Costing Case Solutions" (Costing - Solutions)
Publisher:
Author(s): Rahul Jain, Globalexperts 4U

Case -1
The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis.
After considerable research, a cross-country ski line has been developed. Because of the conservative nature of the company management, however, Minnetonka?s president has decided to introduce only one type of the new skis for this coming winter. If the product is a success, further expansion in future years will be initiated.
The ski selected is a mass-market ski with a special binding. It will be sold to wholesalers for $80 per pair. Because of availability capacity, no additional fixed charges will be incurred to produce the skis. A $100,000 fixed charge will be absorbed by the skis, however, to allocate a fair share of the company?s present fixed costs to the new product.
Using the estimated sales and production of 10,000 pair of skis as the expected volume, the accounting department has developed the following cost per pair of skis and bindings:
Direct Labor: $35
Direct Material: $30
Total Overhead: $15
Total: $80
Minnetonka has approached a subcontractor to discuss the possibility of purchasing the bindings. The purchase price of the bindings from the subcontractor would be $5.25 per binding, or $10.50 per pair. If the Minnetonka Corporation accepts the purchase proposal, it is predicted that direct-labor and variable-overhead costs would be reduced by 10% and direct-material costs would be reduced by 20%.
Pls. answer the following questions:
1. Should the Minnetonka Corporation make or buy the bindings? Show calculations to support your answer.



2) Relevant Cost Case Behemoth Motors Corp - Page 8
Relevant Information for Decision Making in a Multi-National Environment
Relevant Cost Case Behemoth Motors Corp.
Behemoth Motors Corp. (BMC) is a major manufacturer of automobiles in the United States. BMC has decided to include a Global Positioning System navigator (GPSN) in all of its Sports Utility Vehicles (SUV) beginning with the 2002 model year. These models are just now being delivered and the GPSN units are manufactured in the Detroit BMC facility. Currently and for the foreseeable future, BMC will need 8,000 GPSN?s per month.


3) Barbary Pirates - Page 14
Adams calculates costs under three alternative policies: (1) negotiate with the Barbary States; (2) wage war against the Barbary States; and (3) do nothing. Under the first two scenarios, his cost calculation represents projected cash outflows for the U.S. government. The ?do nothing? scenario, however, includes some ?costs? that would require no cash outlay by either the government or its citizens. What is the relevance of this third cost calculation, and what is the relationship of the cost of ?doing nothing? to the other two costs calculated by Adams?



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     Systems Life Cycle Costing: Economic Analysis, Estimation, and Management (Engineering Management Series)
Publisher: CRC Press
Author(s): John V. Farr

Although technology and productivity has changed much of engineering, many topics are still taught in very similarly to how they were taught in the 70s. Using a new approach to engineering economics, Systems Life Cycle Costing: Economic Analysis, Estimation, and Management presents the material that a modern engineer must understand to work as a practicing engineer conducting economic analysis.

Organized around a product development process that provides a framework for the material, the book presents techniques such as engineering economics and simulation-based costing (SBC), with a focus on total life cycle understanding and perspective and introduces techniques for detailed analysis of modern complex systems. The author includes rules of thumb for estimation grouped with the methods, processes, and tools (MPTs) for conducting a detailed engineering buildup for costing. He presents the estimating costing of complex systems and software and then explores concepts such as design to cost (DTC), cost as an independent variable (CAIV), the role of commercial off-the-shelf technology, cost of quality, and the role of project management in LCC management.

No product or services are immune from cost, performance, schedule, quality, risks, and tradeoffs. Yet engineers spend most of their formal education focused on performance and most of their professional careers worrying about resources and schedule. Too often, the design stage becomes about the technical performance without considering the downstream costs that contribute to the tota1 life cycle costs (LCC) of a system. This text presents the methods, processes, and tools needed for the economic analysis, estimation, and management that bring these costs in line with the goals of pleasing the customer and staying within budget.



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