Distinguish between product costing and service costing
Costs involved in the manufacture of products are called product costing and costs involved in providing a service is call service costs. The main difference between the product costing and service costing is that the cost of raw materials, work-in process, finished goods, labor and other manufacturing overheads etc. are part of product costing and these costs are mandatory to make a product but all these costs are not involved while providing services as only costs of labor and manufacturing overheads along with training to labor etc. are part of service costs.
Profits are generated by selling the products that were manufactured more than the cost of such products and profits are generated by providing the services who are in need at a price more than the cost incurred to provide that service. These are the main distinguish between product costing and service costing.
Distinguish between product costing and service costing.
(1) "Distinguish between the two (2) Product Costing Methods of Absorption Costing and Variable Costing". (2) "Describe the format of the Segment Reporting Income Statement and identify the uses and benefits of this type of Income Statement". (3) "Discuss the three (3) types of Inventory Related Costs". (4) "Discuss the benefits and uses of the Economic Order Quantity (EOQ) computation". (5) "Discuss the benefits and uses of the Reorder Point computation".
a)Distinguish between actual and normal costing. Why might a company use normal rather than actual costing?
TASK 2 2.1 Distinguish between any three (3) differences Absorption and Marginal Costing using the template below: (E3:3.1) (1.5 MARKS X 6 = 9 MARKS) ABSORPTION COSTING MARGINAL COSTING 1. 2. 2. 3.
4) Explain the relationship between total, marginal, and average product. 5) Distinguish between fixed, variable and total costs. 6) Explain the difference between average and marginal costs.
The authors distinguish between controllable and uncontrollable factors that influence the demand for a product. One of the controllable factors on their list is advertising, and ads are generally intended to shift the demand curve rightward. However, can you think of ad campaigns that backfired and hurt the demand for a product? What did the seller do to recover from this mistake?
Which of the following is not a difference between job costing for service firms and job costing for manufacturing companies? Multiple Choice C) Service is generally use fewer direct m e a n manufacturing companies O Service for overhoed accounts have slightly different te leg. Applied Service Overhead O Service firms finished jobs are charged to Cost of Services Billed instead of Cost of Goods Sold O Services costs are immediately expensed since all work is completed during a period
Please help with these questions, thanks 1) Distinguish between explicit and implicit costs, and between normal and economic profits. 2) Explain why normal profit is an economic cost, but economic profit is not. 3) Explain the law of diminishing returns. 4) Explain the relationship between total, marginal, and average product. 5) Distinguish between fixed, variable and total costs. 6) Explain the difference between average and marginal costs.
Question 1 Differentiate between contract costing and service costing. Provide your answer in tabular form with three differences. (6 marks) List five (5) industries which are most likely to apply contract costing in their operations. (10 marks) In a tabular form, provide two (2) similarities and two (2) differences each between Activity Based Costing (ABC) method and the Traditional method of charging overheads. (8 marks) How different in management accounting from cost accounting? Provide a brief commentary in two paragraphs. ...
Managerial Accounting In-Class Project Choose a product or service that would use job order costing and that you are familiar with. (Some examples include: landscaping project, bathroom remodel project, repainting a room in your house, custom built doghouse, custom wedding dress, etc.) You will represent the company who is providing this product or service to your customer. Part I If you are working with another person, ask these questions. If you are working on this independently, answer for yourself. 1)...