This document contains excerpts from a chapter on cost behavior analysis from a business textbook. It discusses different types of costs including variable costs, fixed costs, and mixed costs. Variable costs fluctuate with changes in activity levels, while fixed costs remain constant despite changes in activity. The chapter defines relevant ranges for analyzing cost behavior, and provides examples of variable, fixed, and mixed costs from different business contexts to illustrate cost behavior concepts.
Managerial Accounting Garrison Noreen Brewer Chapter 05Asif Hasan
This document discusses cost behavior analysis. It defines variable costs as costs that vary proportionally with changes in activity levels. Variable costs remain the same on a per-unit basis but change in total as activity changes. Fixed costs remain constant in total even as activity levels change, but fixed costs per unit decrease as activity increases. Examples of variable costs include materials and labor, while fixed costs include rent, insurance, and depreciation. The trend is for industries to have increasing fixed costs relative to variable costs as more tasks are automated.
This document contains excerpts from a chapter on cost behavior analysis. It defines variable costs as costs that vary directly with activity levels and fixed costs as costs that remain constant despite changes in activity. Variable costs per unit remain constant within the relevant range, while total variable costs change proportionally with activity. Fixed costs remain constant in total for a given relevant range, but fixed costs per unit decrease as activity increases. The document provides examples of different types of costs, including mixed costs that have both fixed and variable components.
This document discusses cost behavior analysis and the use of fixed and variable costs. It defines fixed and variable costs, explaining that total variable cost is proportional to activity level while total fixed cost remains constant. Variable cost per unit remains the same over a relevant range, while fixed cost per unit decreases as activity increases. Examples of variable costs include materials, labor, commissions. Fixed costs include depreciation, taxes, salaries. The proportion of fixed to variable costs differs between industries and there is a trend toward higher fixed costs as knowledge workers replace manual labor.
Total variable costs increase proportionally with activity level, while variable cost per unit remains constant. Total fixed costs remain the same as activity level changes, but fixed cost per unit decreases as activity increases. The document provides examples of variable costs like materials and labor, and fixed costs like depreciation and rent. It also discusses how the proportion of fixed to variable costs differs between industries and is trending upward overall.
This document provides an introduction to basic cost accounting terminology and concepts. It defines key terms like direct and indirect costs, variable and fixed costs, cost objects and cost flows. Direct costs can be traced to specific cost objects, while indirect costs are allocated. Variable costs change with activity levels, while fixed costs remain constant. Costs are classified and assigned to products and services. The purposes of cost accounting are to determine product costs, provide information for planning and control, and analyze costs to support decision making.
The document discusses different types of cost behavior including variable costs, fixed costs, and mixed costs. It provides examples of variable costs, fixed costs, and mixed costs for different types of organizations. Methods for analyzing mixed costs are presented, including the high-low method, scattergraph method, and least-squares regression method. The trends toward more fixed costs in organizations are also discussed.
This document discusses cost behavior analysis. It begins by defining fixed and variable costs, explaining that variable costs change proportionally with activity level while fixed costs remain constant. Specific examples of variable and fixed costs are provided for different types of organizations. Mixed costs containing both fixed and variable components are introduced. The learning objectives are then outlined, including using scatter plots to diagnose cost behavior, analyzing mixed costs using the high-low method, and preparing income statements.
Managerial Accounting Garrison Noreen Brewer Chapter 05Asif Hasan
This document discusses cost behavior analysis. It defines variable costs as costs that vary proportionally with changes in activity levels. Variable costs remain the same on a per-unit basis but change in total as activity changes. Fixed costs remain constant in total even as activity levels change, but fixed costs per unit decrease as activity increases. Examples of variable costs include materials and labor, while fixed costs include rent, insurance, and depreciation. The trend is for industries to have increasing fixed costs relative to variable costs as more tasks are automated.
This document contains excerpts from a chapter on cost behavior analysis. It defines variable costs as costs that vary directly with activity levels and fixed costs as costs that remain constant despite changes in activity. Variable costs per unit remain constant within the relevant range, while total variable costs change proportionally with activity. Fixed costs remain constant in total for a given relevant range, but fixed costs per unit decrease as activity increases. The document provides examples of different types of costs, including mixed costs that have both fixed and variable components.
This document discusses cost behavior analysis and the use of fixed and variable costs. It defines fixed and variable costs, explaining that total variable cost is proportional to activity level while total fixed cost remains constant. Variable cost per unit remains the same over a relevant range, while fixed cost per unit decreases as activity increases. Examples of variable costs include materials, labor, commissions. Fixed costs include depreciation, taxes, salaries. The proportion of fixed to variable costs differs between industries and there is a trend toward higher fixed costs as knowledge workers replace manual labor.
Total variable costs increase proportionally with activity level, while variable cost per unit remains constant. Total fixed costs remain the same as activity level changes, but fixed cost per unit decreases as activity increases. The document provides examples of variable costs like materials and labor, and fixed costs like depreciation and rent. It also discusses how the proportion of fixed to variable costs differs between industries and is trending upward overall.
This document provides an introduction to basic cost accounting terminology and concepts. It defines key terms like direct and indirect costs, variable and fixed costs, cost objects and cost flows. Direct costs can be traced to specific cost objects, while indirect costs are allocated. Variable costs change with activity levels, while fixed costs remain constant. Costs are classified and assigned to products and services. The purposes of cost accounting are to determine product costs, provide information for planning and control, and analyze costs to support decision making.
The document discusses different types of cost behavior including variable costs, fixed costs, and mixed costs. It provides examples of variable costs, fixed costs, and mixed costs for different types of organizations. Methods for analyzing mixed costs are presented, including the high-low method, scattergraph method, and least-squares regression method. The trends toward more fixed costs in organizations are also discussed.
This document discusses cost behavior analysis. It begins by defining fixed and variable costs, explaining that variable costs change proportionally with activity level while fixed costs remain constant. Specific examples of variable and fixed costs are provided for different types of organizations. Mixed costs containing both fixed and variable components are introduced. The learning objectives are then outlined, including using scatter plots to diagnose cost behavior, analyzing mixed costs using the high-low method, and preparing income statements.
The document discusses cost behavior patterns and analysis. It defines variable and fixed costs, and how their total and per unit costs change with activity levels. Mixed costs that have both fixed and variable components are also examined. Methods for analyzing costs are presented, including account analysis, engineering estimates, high-low analysis, scattergraph analysis, and least squares regression. The contribution format income statement is introduced as a tool that emphasizes cost behavior for management decision making.
This document discusses cost behavior analysis. It explains that costs can be variable, fixed, or mixed. Variable costs change proportionally with activity level, while fixed costs remain constant. Mixed costs have both fixed and variable components. The document provides examples like cell phone bills and utility costs to illustrate different types of costs. It also discusses using scattergraph plots to diagnose whether a cost is variable or fixed based on its behavior over different activity levels. The overall purpose is to understand how to classify and analyze costs to predict how they will change with activity.
The document discusses standard costs and variance analysis. It begins by defining standard costs and the types of standards used, including quantity and price standards. It then discusses how variances from standards are analyzed and how that analysis can be used for management decision making. The document provides examples of calculating variances for direct materials and direct labor. It also discusses how to set standards and how variances are used to hold different managers accountable.
The document discusses standard costs and variance analysis. It provides information on setting standards for direct materials, direct labor, and manufacturing overhead. It also explains how to calculate variances for actual costs compared to standards, including price, quantity, rate, and efficiency variances. Examples are provided to demonstrate calculating variances for direct materials and direct labor.
1. Standard costs are benchmarks used to measure performance against targets for inputs like direct materials, direct labor, and manufacturing overhead. Variances from standards are identified and reported.
2. Managers from different departments work together to set reasonable and attainable standards for direct materials, direct labor hours and rates, and variable overhead rates and activities. Variance analysis is used to identify issues.
3. Material variances are calculated based on the actual quantity purchased and price paid versus the standard quantity needed and price. The price variance is calculated on total quantity purchased while the quantity variance is only on amount used in production.
The document discusses standard costs and variance analysis. It begins by defining standards as benchmarks for measuring performance, including quantity and cost standards. It then provides examples of calculating variances for direct materials and direct labor. For materials, it calculates a price variance and quantity variance using an example where actual costs differed from standards. For labor, it similarly calculates a rate variance and efficiency variance. The document provides details on setting various types of standards and how managers from different departments collaborate on the process. It also explains how variances are analyzed and how that cycle works.
The document discusses the concepts of economic costs, short-run production costs, and long-run production costs. It defines economic costs as the opportunity costs of resources used for production. Short-run costs are fixed for a given plant size, while long-run costs allow varying the plant size. The law of diminishing returns affects costs as more of a variable input is added. Economies and diseconomies of scale impact long-run average total costs. Minimum efficient scale is the smallest output level that minimizes average costs.
This document discusses cost behavior patterns and cost analysis techniques. It defines variable costs, fixed costs, and mixed costs. Variable costs change proportionally with activity levels while fixed costs remain constant. Mixed costs have both fixed and variable components. The document describes several methods to analyze mixed costs, including the high-low method, scattergraph method, and least-squares regression. It aims to classify costs and estimate the fixed and variable portions of mixed costs through statistical analysis.
The document discusses standard costs and variances. It explains that standards specify the quantity and price of inputs expected to produce a product. Variances measure differences between actual and standard quantities and prices of direct materials, direct labor, and manufacturing overhead. Variances are used to identify areas for improvement and assign responsibility to managers. The document provides an example where a company calculated a $21 favorable price variance and $50 unfavorable quantity variance for direct materials.
This chapter discusses key cost accounting concepts and terminology. It defines costs, different types of costs like direct vs indirect and variable vs fixed costs. It explains how costs are assigned and traced to cost objects. It also distinguishes between inventoriable costs that are included in inventory balances and period costs that are expensed immediately. Finally, it illustrates how costs flow through a manufacturing company's production process and financial statements.
Standards are benchmarks used to measure performance. There are two main types of standards - quantity standards which specify the amount of input needed, and cost standards which specify the price of each input unit. Variances measure the difference between actual and standard performance, and are analyzed to identify issues. Direct materials and direct labor standards are set based on bills of materials, time studies, and efficiency goals. Price and quantity variances are calculated separately to analyze purchasing and production performance.
This document discusses cost behavior and different types of costs. It defines variable costs as changing proportionally with activity level and fixed costs as remaining constant despite changes in activity. Total and per-unit cost behaviors are examined for variable and fixed costs. Examples are provided to illustrate concepts. Methods for analyzing mixed costs are presented, including high-low, scattergraph, and least squares regression. The contribution format income statement is introduced as a way to organize costs by behavior.
Marginal costing and absorption costing are two methods used to ascertain product costs. Marginal costing only includes variable costs in product costs, while absorption costing includes both fixed and variable costs. Key terms in marginal costing include variable costs, fixed costs, marginal costs, contribution, and break-even point. Formulas are provided to calculate metrics like profit-volume ratio, break-even point, margin of safety, and profits at different production levels using marginal cost principles. Limiting factors that can restrict growth, like material shortages or lack of capacity, are also discussed.
Activity Analysis, Cost Behavior, and Cost Estimation .docxgalerussel59292
The document discusses various methods for estimating cost behavior, including the account classification method, visual-fit method, and high-low method. The account classification method involves classifying each cost item as variable, fixed, or semivariable based on an analysis of ledger accounts and source documents. The visual-fit method involves plotting historical cost and activity data on a scatter diagram and fitting a line to estimate the cost behavior pattern. It can help analyze mixed or semivariable costs. The document also provides examples of how to use the visual-fit method to estimate fixed costs from the data.
This document discusses job-order costing, including:
- Job-order costing is used when many different products are made to order, requiring tracing costs to each job.
- Direct materials and labor costs are charged directly to jobs, while manufacturing overhead is allocated using a predetermined overhead rate.
- The job cost sheet accumulates actual costs for each job, including direct costs plus allocated overhead, to determine the total and unit product costs.
The document discusses the key differences between traditional costing and activity-based costing (ABC). ABC assigns both manufacturing and non-manufacturing costs to products, uses more cost pools than traditional costing, uses a variety of allocation bases beyond just direct labor hours, and bases the level of activity on capacity rather than budgeted activity. The document outlines the steps to implement ABC, including identifying activities and cost pools, tracing costs to activities and cost objects, assigning costs to activity cost pools, calculating activity rates, and assigning costs to cost objects to prepare management reports.
The document discusses job-order costing, including:
1) Job-order costing is used when many different products are produced to customer order, requiring unique cost records for each job.
2) Direct materials and labor costs are traced to each job, while manufacturing overhead is allocated using a predetermined overhead rate.
3) The job cost sheet accumulates actual direct and applied overhead costs for each job.
This document discusses the different types of costs involved in running a business: fixed costs, variable costs, and total costs. It provides examples of each type of cost for a fruit market business. Fixed costs remain the same regardless of production levels, like building rental costs. Variable costs change with production, like employee wages. Total costs are the sum of fixed and variable costs. The document encourages applying these cost concepts to create a cost analysis spreadsheet for a student-run business.
The document discusses budgeting and profit planning. It provides information on the basic framework of budgeting, including definitions of budgeting and budgetary control. It describes the purposes of planning and control in budgeting. Advantages of budgeting are outlined, including defining goals and objectives, uncovering bottlenecks, and allocating resources. Responsibility accounting and choosing appropriate budget periods are also addressed. Self-imposed budgets and factors influencing successful budgeting are examined.
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The document discusses cost behavior patterns and analysis. It defines variable and fixed costs, and how their total and per unit costs change with activity levels. Mixed costs that have both fixed and variable components are also examined. Methods for analyzing costs are presented, including account analysis, engineering estimates, high-low analysis, scattergraph analysis, and least squares regression. The contribution format income statement is introduced as a tool that emphasizes cost behavior for management decision making.
This document discusses cost behavior analysis. It explains that costs can be variable, fixed, or mixed. Variable costs change proportionally with activity level, while fixed costs remain constant. Mixed costs have both fixed and variable components. The document provides examples like cell phone bills and utility costs to illustrate different types of costs. It also discusses using scattergraph plots to diagnose whether a cost is variable or fixed based on its behavior over different activity levels. The overall purpose is to understand how to classify and analyze costs to predict how they will change with activity.
The document discusses standard costs and variance analysis. It begins by defining standard costs and the types of standards used, including quantity and price standards. It then discusses how variances from standards are analyzed and how that analysis can be used for management decision making. The document provides examples of calculating variances for direct materials and direct labor. It also discusses how to set standards and how variances are used to hold different managers accountable.
The document discusses standard costs and variance analysis. It provides information on setting standards for direct materials, direct labor, and manufacturing overhead. It also explains how to calculate variances for actual costs compared to standards, including price, quantity, rate, and efficiency variances. Examples are provided to demonstrate calculating variances for direct materials and direct labor.
1. Standard costs are benchmarks used to measure performance against targets for inputs like direct materials, direct labor, and manufacturing overhead. Variances from standards are identified and reported.
2. Managers from different departments work together to set reasonable and attainable standards for direct materials, direct labor hours and rates, and variable overhead rates and activities. Variance analysis is used to identify issues.
3. Material variances are calculated based on the actual quantity purchased and price paid versus the standard quantity needed and price. The price variance is calculated on total quantity purchased while the quantity variance is only on amount used in production.
The document discusses standard costs and variance analysis. It begins by defining standards as benchmarks for measuring performance, including quantity and cost standards. It then provides examples of calculating variances for direct materials and direct labor. For materials, it calculates a price variance and quantity variance using an example where actual costs differed from standards. For labor, it similarly calculates a rate variance and efficiency variance. The document provides details on setting various types of standards and how managers from different departments collaborate on the process. It also explains how variances are analyzed and how that cycle works.
The document discusses the concepts of economic costs, short-run production costs, and long-run production costs. It defines economic costs as the opportunity costs of resources used for production. Short-run costs are fixed for a given plant size, while long-run costs allow varying the plant size. The law of diminishing returns affects costs as more of a variable input is added. Economies and diseconomies of scale impact long-run average total costs. Minimum efficient scale is the smallest output level that minimizes average costs.
This document discusses cost behavior patterns and cost analysis techniques. It defines variable costs, fixed costs, and mixed costs. Variable costs change proportionally with activity levels while fixed costs remain constant. Mixed costs have both fixed and variable components. The document describes several methods to analyze mixed costs, including the high-low method, scattergraph method, and least-squares regression. It aims to classify costs and estimate the fixed and variable portions of mixed costs through statistical analysis.
The document discusses standard costs and variances. It explains that standards specify the quantity and price of inputs expected to produce a product. Variances measure differences between actual and standard quantities and prices of direct materials, direct labor, and manufacturing overhead. Variances are used to identify areas for improvement and assign responsibility to managers. The document provides an example where a company calculated a $21 favorable price variance and $50 unfavorable quantity variance for direct materials.
This chapter discusses key cost accounting concepts and terminology. It defines costs, different types of costs like direct vs indirect and variable vs fixed costs. It explains how costs are assigned and traced to cost objects. It also distinguishes between inventoriable costs that are included in inventory balances and period costs that are expensed immediately. Finally, it illustrates how costs flow through a manufacturing company's production process and financial statements.
Standards are benchmarks used to measure performance. There are two main types of standards - quantity standards which specify the amount of input needed, and cost standards which specify the price of each input unit. Variances measure the difference between actual and standard performance, and are analyzed to identify issues. Direct materials and direct labor standards are set based on bills of materials, time studies, and efficiency goals. Price and quantity variances are calculated separately to analyze purchasing and production performance.
This document discusses cost behavior and different types of costs. It defines variable costs as changing proportionally with activity level and fixed costs as remaining constant despite changes in activity. Total and per-unit cost behaviors are examined for variable and fixed costs. Examples are provided to illustrate concepts. Methods for analyzing mixed costs are presented, including high-low, scattergraph, and least squares regression. The contribution format income statement is introduced as a way to organize costs by behavior.
Marginal costing and absorption costing are two methods used to ascertain product costs. Marginal costing only includes variable costs in product costs, while absorption costing includes both fixed and variable costs. Key terms in marginal costing include variable costs, fixed costs, marginal costs, contribution, and break-even point. Formulas are provided to calculate metrics like profit-volume ratio, break-even point, margin of safety, and profits at different production levels using marginal cost principles. Limiting factors that can restrict growth, like material shortages or lack of capacity, are also discussed.
Activity Analysis, Cost Behavior, and Cost Estimation .docxgalerussel59292
The document discusses various methods for estimating cost behavior, including the account classification method, visual-fit method, and high-low method. The account classification method involves classifying each cost item as variable, fixed, or semivariable based on an analysis of ledger accounts and source documents. The visual-fit method involves plotting historical cost and activity data on a scatter diagram and fitting a line to estimate the cost behavior pattern. It can help analyze mixed or semivariable costs. The document also provides examples of how to use the visual-fit method to estimate fixed costs from the data.
This document discusses job-order costing, including:
- Job-order costing is used when many different products are made to order, requiring tracing costs to each job.
- Direct materials and labor costs are charged directly to jobs, while manufacturing overhead is allocated using a predetermined overhead rate.
- The job cost sheet accumulates actual costs for each job, including direct costs plus allocated overhead, to determine the total and unit product costs.
The document discusses the key differences between traditional costing and activity-based costing (ABC). ABC assigns both manufacturing and non-manufacturing costs to products, uses more cost pools than traditional costing, uses a variety of allocation bases beyond just direct labor hours, and bases the level of activity on capacity rather than budgeted activity. The document outlines the steps to implement ABC, including identifying activities and cost pools, tracing costs to activities and cost objects, assigning costs to activity cost pools, calculating activity rates, and assigning costs to cost objects to prepare management reports.
The document discusses job-order costing, including:
1) Job-order costing is used when many different products are produced to customer order, requiring unique cost records for each job.
2) Direct materials and labor costs are traced to each job, while manufacturing overhead is allocated using a predetermined overhead rate.
3) The job cost sheet accumulates actual direct and applied overhead costs for each job.
This document discusses the different types of costs involved in running a business: fixed costs, variable costs, and total costs. It provides examples of each type of cost for a fruit market business. Fixed costs remain the same regardless of production levels, like building rental costs. Variable costs change with production, like employee wages. Total costs are the sum of fixed and variable costs. The document encourages applying these cost concepts to create a cost analysis spreadsheet for a student-run business.
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