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Product Cost per Unit - Determine Relevant Costs - CSUN Gateway Managerial Accounting - Problem 13
 
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Please buy a copy of Scholarships: Quick and Easy: https://www.amazon.com/Scholarships-Devon-Patrick-Scott-Coombs/dp/1530670330/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= Devon Coombs explains how to determine relevant product costs per unit when given multiple product costs. Follow the link below for the question in this video: http://www.csun.edu/sites/default/files/managerialquiz.pdf Follow me on Twitter and LinkedIn: https://twitter.com/devonpscoombs https://www.linkedin.com/in/devoncoombs Please subscribe to my channel :)
Views: 11768 Business Core Tutoring
Variable Costing (the Variable Costing method in Managerial Accounting)
 
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This video explains the Variable Costing method that some manufacturing firms use internally to compute product costs and calculate cost of goods sold. An example is provided to illustrate how to use Variable Costing to calculate the product cost per unit and to create a Variable Costing Income Statement. The video also discusses the difference between Variable Costing and Absorption Costing and explains why Variable Costing is in many ways superior to Absorption Costing. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 73326 Edspira
Activity Based Costing Examples - Managerial Accounting video
 
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Activity Based Costing Example - Accounting video by TheAccountingDr is a tutorial video with examples on using an activity-based costing system: 1) calculate the allocation rate and 2) allocated costs (overhead/indirect costs) using the allocation rate. In addition, we calculate the indirect costs per unit of planned products as well as the product costs per unit of planned products (direct materials + direct labor + OH). Managerial Accounting lecture notes: http://tiny.cc/nw1enw Activity-Based Costing terminology review game: http://tiny.cc/mxgoow -- Thank you all for your wonderful support. Because of your support we have been able to reach and help numerous accounting students. Please continue to be a part of our mission to help other accounting students be successful by giving our videos thumbs up, giving comments and adding our videos to your favorites. Subscribe: http://www.youtube.com/subscription_center?add_user=routhwsuedu Friend me on Facebook and post your questions: http://www.facebook.com/TheAccountingDoctor -- For more accounting/how to eLectures (and accompanying lecture notes) similar to Activity-Based Costing Examples - Managerial Accounting video, blog, FAQs and accounting eBooks visit http://www.TheAccountingDr.com. Activity-Based Costing Examples - Managerial Accounting video: http://youtu.be/7SNjEHIYjns -- Please note that videos may require Flash media and may not play on devices without Flash capabilities (i.e. iPad). If you are having difficulty viewing this video on YouTube, these videos may also be viewed without Flash on my website at http://www.TheAccountingDr.com.
How To Calculate The Unit Cost (the cost of 1 item)
 
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Here you will be shown a short video which shows how to calculate the unit cost. The unit cost is the cost one item. The unit cost can be found by dividing the amount of money by the amount of items that you're buying.
Views: 8331 maths3000
Absorption Costing
 
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This video explains the concept of Absorption Costing in Managerial Accounting. A comprehensive example is provided to explain how absorption costing is used to calculate per unit product costs as well as to create an absorption costing income statement. The video also contrasts the absorption costing method with the variable cost method and discusses how the use of absorption costing can lead to distorted measures of profitability and perverse managerial incentives. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 222359 Edspira
Fixed and variable costs as per unit costs and total costs
 
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In this video, we look at per unit cost and total cost as production increases. What happens to fixed cost? What happens to variable cost? What happens to total cost per unit? ********************************************************** C’s get degrees, but they don’t get jobs. College is about earning a high GPA and getting the knowledge you need to succeed in your career. To get that knowledge you need to do the reading for your classes, but we all know it’s boring and time-consuming. What if I told you you could eliminate up to 80% of the reading required in your classes, while actually doing better on your exams? Learn more at https://www.collegesuccesshacks.com ******************* NEED MORE HELP? *********************** For more help with cost behavior?: Variable Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/variable-cost/ Fixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/fixed-cost/ Mixed Cost: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost/ Mixed Cost and the High-Low Method: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/mixed-cost-and-the-high-low-method/ Introduction to Fixed and Variable Costs: https://accountinginfocus.com/managerial-accounting-2/cost-behavior/cost-behavior-introduction-to-fixed-and-variable-costs/ For more help with your managerial/cost accounting course: https://accountinginfocus.com/managerialcost-accounting/ For information about Accounting In Focus: https://accountinginfocus.com *************** FREE 30-MINUTE TUTORING SESSION ************* Get great tutoring at an affordable price with Chegg. Use our affiliate link to get your first 30 minutes FREE. http://chggtrx.com/click.track?CID=286409&AFID=424689&ADID=1873486&SID ********************** FOLLOW ME *************************** Facebook: Facebook.com/accountinginfocus Twitter: Twitter.com/KristinLIngram Instagram: Instagram.com/KristinIngramCPA
Views: 32762 Kristin Ingram
Manufacturing Costs (Direct Materials, Labor, Manufacturing Overhead) and Product and Period Costs.
 
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Full Crash Course on Udemy for $9.99! http://bit.ly/2DfGBXu ​Costs can be split up into manufacturing and non-manufacturing costs. We'll look over certain direct and indirect costs and decide how they should be categorized. This tutorial will come in handy when we begin to prepare Cost of Goods Manufactured Statements! Website: http://www.notepirate.com Follow us on Facebook: https://www.facebook.com/pages/Note-Pirate/514933148520001?ref=hl Follow us on Twitter: http://twitter.com/notepirate We appreciate all of the support you guys have given us. Be apart of the mission to help us reach more students by subscribing, thumbs upping and adding the videos to your favorites! ** Notepirate is privately owned and exclusive to Notepirate.com.**
Views: 65428 Notepirate
X. H. Variable Costing  Product Cost per Unit.wmv
 
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Illustration of the calculation of product cost per unit under Variable Costing.
Views: 11784 PamelaDJonesWCU
Costs of Production- Microeconomics 3.3 (Part 1)
 
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In this video I explain the costs of production including fixed costs, variable costs, total cost, and marginal cost. Make sure that you know how to calculate the per unit costs: AVC, AFC, and ATC. Let me know what you think and please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Next video-drawing the cost curves https://www.youtube.com/watch?v=qYKJdooEnwU Watch Episodes of Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH More videos about the costs of production- https://www.youtube.com/playlist?list=PLE70CA726102FB294
Views: 873178 Jacob Clifford
Costing Spreadsheet - Calculate Profit per product or service - Create eBay Spreadsheet Excel
 
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Calculating profit per product or service using Microsoft Excel. In this example I use selling products on eBay and how to calculate breakeven and gross profit margins. Obviously the costing columns can be re-titled for the product or service you provide. Need help with Sage or other accounting software? Drop us an email at [email protected] Take our Online Sage training course http://www.bpfs-online.com/p/online-sage-training-course.html Create a bookkeeping spreadsheet using Microsoft Excel http://youtu.be/LlWADbkGdac Sage Accounts Bookkeeping Tutorial/Training Learn more at www.bpfs-online.com
Views: 98644 BookkeepingMaster
Process Costing
 
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This video explains the concept of process costing in managerial accounting. Process costing is compared and contrasted with job-order costing, and an example is provided to illustrate the cost flows and associated journal entries of a process costing system. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 184573 Edspira
Activity Based Costing (with full-length example)
 
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This video explains the process of Activity-based Costing and illustrates how Activity-based Costing is used with an example. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 164942 Edspira
Unit Price - MathHelp.com - Pre Algebra Help
 
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For a complete lesson on unit price, go to http://www.MathHelp.com - 1000+ online math lessons featuring a personal math teacher inside every lesson! In this lesson, students learn that the unit price is the cost per unit, and to find the unit price, divide the price by the number of units. For example, to find the unit price of 16 ounces of soup that costs $3.20, divide $3.20 by 16 ounces, to get $0.20 per ounce. Students are also asked to determine which of two given items is a "better buy", by finding the unit price of each item, then comparing the unit prices. The item with the smaller unit price is the "better buy".
Views: 74612 MathHelp.com
Predetermined Overhead Rate (what it is and how to calculate it)
 
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This video explains what a predetermined overhead rate is and illustrates how to calculate and apply the predetermined overhead rate with an example. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 161712 Edspira
Activity based costing - How to calculate cost (direct material, direct labour, overhead)
 
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Quickly learn how to allocate cost to products with Activity based costing. Activity based costing (ABC) is a specialist cost Accounting technique in which the costs are allocated to products.
Views: 6166 Accounting Notes
How to Allocate Joint Costs using the Physical Measure Method
 
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This video shows how to allocate joint costs to joint products by using the physical measure method. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 13339 Edspira
How to Calculate Unit Cost of Production Part 1 of 4
 
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A PowerPoint presentation on how to calculate unit cost of production of a beef cow-calf operation. This presentation is part of the High Plains Ranch Practicum School and developed as preparation material for the Sustainable Ranching Workshop Series. http://hpranchpracticum.com
Views: 7296 HPRanchPracticum
Predetermined Overhead Rate | Managerial Accounting | CMA Exam | Ch 3 P 2
 
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manufacturing overhead also needs to be recorded on the job cost sheet. However, assigning manufacturing overhead to a specific job involves some difficulties. There are three reasons for this: Manufacturing overhead is an indirect cost. This means that it is either impossible or difficult to trace these costs to a particular product or job. Manufacturing overhead consists of many different types of cost ranging from the grease used in machines to the annual salary of the production manager. Some of these costs are variable overhead costs because they vary in direct proportion to changes in the level of production (e.g., indirect materials, supplies, and power) and some are fixed overhead costs because they remain constant as the level of production fluctuates (e.g., heat and light, property taxes, and insurance).Page 123 Because of the fixed costs in manufacturing overhead, total manufacturing overhead costs tend to remain relatively constant from one period to the next even though the number of units produced can fluctuate widely. Consequently, the average cost per unit will vary from one period to the next. Given these problems, allocation is used to assign overhead costs to products. Allocation is accomplished by selecting an allocation base that is common to all of the company’s products and services. An allocation base is a measure such as direct labor-hours (DLH) or machine-hours (MH) that is used to assign overhead costs to products and services. The most widely used allocation bases in manufacturing are direct labor-hours, direct labor cost, machine-hours and (where a company has only a single product) units of product. Manufacturing overhead is commonly assigned to products using a predetermined overhead rate. The predetermined overhead rate is computed by dividing the total estimated manufacturing overhead cost for the period by the estimated total amount of the allocation base for the period as follows: The predetermined overhead rate is computed before the period begins using a four-step process. The first step is to estimate the total amount of the allocation base (the denominator) that will be required for next period’s estimated level of production. The second step is to estimate the total fixed manufacturing overhead cost for the coming period and the variable manufacturing overhead cost per unit of the allocation base. The third step is to use the cost formula shown below to estimate the total manufacturing overhead cost (the numerator) for the coming period: Y = a + bX where, Y = The estimated total manufacturing overhead cost a = The estimated total fixed manufacturing overhead cost b = The estimated variable manufacturing overhead cost per unit of the allocation base X = The estimated total amount of the allocation base The fourth step is to compute the predetermined overhead rate. Notice, the estimated amount of the allocation base is determined before estimating the total manufacturing overhead cost. This needs to be done because total manufacturing overhead cost includes variable overhead costs that depend on the amount of the allocation base. The Need for a Predetermined Rate Instead of using a predetermined rate based on estimates, why not base the overhead rate on the actual total manufacturing overhead cost and the actual total amount of the allocation base incurred on a monthly, quarterly, or annual basis? If an actual rate is computed monthly or quarterly, seasonal factors in overhead costs or in the allocation base can produce fluctuations in the overhead rate. For example, the costs of heating and cooling a factory in Illinois will be highest in the winter and summer months and lowest in the spring and fall. If the overhead rate is recomputed at the end of each month or each quarter based on actual costs and activity, the overhead rate would go up in the winter and summer and down in the spring and fall. As a result, two identical jobs, one completed in the winter and one completed in the spring, would be assigned different manufacturing overhead costs. Many managers believe that such fluctuations in product costs serve no useful purpose. To avoid such fluctuations, actual overhead rates could be computed on an annual or less-frequent basis. However, if the overhead rate is computed annually based on the actual costs and activity for the year, the manufacturing overhead assigned to any particular job would not be known until the end of the year. predetermined overhead rate, cost driver, fixed overhead, variable overhead Raw materials, work in process, finished goods, cost of goods manufactured, manufactured overhead cost Cost of goods manufactured Underapplied, overapplied, Job order costing, Direct cost, indirect cost, common cost, manufacturing overhead cost, indirect material, job cost sheet, job number, subsidiary ledger, material requisition form, bill of materials, time ticket, allocation base
Standard Costs and Variance Analysis
 
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This video discusses the use of standard costs in Managerial Accounting. It also provides a comprehensive example to illustrate how standard costs are useful in calculating the price variance and quantity variance. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 212472 Edspira
Cost Calculations Using an Excel Spreadsheet.mp4
 
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This video shows the cost calculations that are a part of the normal Econ 101 class. This is a normal part of the section that is often called the theory of the firm. It describes the process by which a price taker firm (a firm in pure competition) decides what quantity to produce given its costs and given some possible market prices that it will receive for the good it sells. This video uses tables to tell this story. Unfortunately this video is not an accounting video and will not be of much help in formulating a business plan. It is intended to explain one of the core sections of a principles of microeconomics class.
Views: 201286 mcneilecon
Manufacturer Price Sheet: Material, Labor, Overhead & Profit
 
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The following video breaks down how a manufacturer should come up with a price for industrial finished goods. First, the company must account for its material costs and apply a 5 percent indirect cost to that portion of the manufacturer's price sheet. This 5 percent is meant to offset overruns in production and or additional costs of financing inventory and material purchases. Second, the company must account for its labor relative to each operation performed to turn a raw material into a finished good. The calculation involves defining the operation and applying the labor cost to both the setup time in manufacturing and the actual run time. Third, all labor costs are added in order to come up with a complete total for all the costs of manufacturing a given product. Those costs are then followed up by the company's overhead, which is calculated by taking its indirect expenses divided by its direct expenses. Indirect expenses are those expenses that are in addition to the the costs needed to produce a part. Direct expenses are exactly that. These include the costs involved or expenses involved in manufacturing the part. Finally, the company adds its mark-up in order to secure a profit on the sale. Profit is critical because it helps to fund the company's pursuit of new product introductions and secure its long-term future. Here is a sample of the Manufacturer Price Sheet in Excel Format http://www.driveyoursuccess.com Video explains how to price a product with direct material, labor, overhead and profit
Views: 29596 Ian Johnson
How Do You Calculate Production Cost?
 
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Because most businesses produce multiple products, their a cost incurred by business when manufacturing good or producing service. To figure out the cost of 27 apr 2015 find about ways to use excel simplify production calculation and some sources good templates tips for various when your company produces large numbers identical goods, you can calculate unit track manufacturing expenses. Product, running a production process or delivering servicethe terminology. If you own a how do i calculate fixed costs given gross sales, variable cost, and profit? Wikihow revenue calculations are highly dependent on this estimate. How to calculate fixed cost 11 steps (with pictures) wikihow. You will need at least a full year's worth of income and expenses to. It is useful to delve into the concept in more detail 12 aug 2013 for this situation, calculation of total manufacturing cost as follows compile all direct labor incurred during that's not what we want you do! it's crucial that know how much it costs produce your products. 12, $, list fixed cost items that will be incurred in connection with producing the estimating manufacturing costs of a new product or pro example of variable and fixed production costs. Calculate product costs for a manufacturer dummieshow do i calculate production in excel? How to determine the unit of how cost accountingtools7 easy steps much your will costow tab. Fixed costs are those that will remain constant even when production volume changes. Cost per unit calculation tool the scan foundationvariable costs definition & example how to determine your cost of production uc small farm program. Production costs combine raw material and labor. Part 4 unit cost calculations and the break even. Cost of production is the dollar value all your inputs for growing first step in determining cost producing farm products to keep good records. Must be known in order to determine waste treat the formula for calculating total variable cost is impact of stronger pricing), which turn means that production costs must also increase. Calculating costs of production business studies and how do i calculate the cost goods sold for a manufacturing overhead 3 ways to variable wikihow. Calculate product costs for a manufacturer dummies businesses that manufacture products must determine how to calculate their. How do i determine my cost of production? Farm and food. Costing is an important aspect of production because by knowing how much it costs to produce item or carry out activity the calculation cost goods sold for a manufacturing company beginning finished inventory manufactured overhead (also referred as factory overhead, burden, and support costs) refers indirect related that are classify your either fixed variable. These calculations are the foundation of pricing 6bezen 2012. The total amount of your 16 nov 2012 unit product cost is the a production run, divided by number units produced. Unit cost calculations and the break calculating costs of production. Thus, for etaferahu (eta) takele, area farm management specialist, university of california, riverside. Rent and administrative fixed costs don't change no matter how much you produce.
Views: 33 Sparky feel
Activity Based Costing vs. Traditional Costing
 
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This video discusses the key differences between Activity Based Costing and traditional costing systems in the context of managerial accounting. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 158017 Edspira
Job Order Costing - Part 1 - Management Accounting
 
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The links to the problems are no longer working. If you want updated videos (with working links) try this playlist: https://youtu.be/2eG_UVdoJrA In this series of videos, we examine job order costing and the predetermined overhead rate. In the first video, we will look at cost concepts and the predetermined overhead rate. In the next 3 parts we will do a comprehensive example of job order costing involving journal entries, applying overhead and generating an income statement. This video and the attached worksheet were prepared by Tony Bell of Thompson Rivers University (TRU) - I encourage educators to freely use, edit and modify these videos and the attached worksheet - they are available under Creative Commons Licenses.
Views: 182072 Tony Bell
Applying Manufacturing Overhead
 
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This video explains the process for applying manufacturing overhead. An example is provided which shows the calculation of a predetermined overhead rate, which is then multiplied by the activity level (machine hours) to yield the total amount of overhead that is to be applied. The video concludes by discussing one way to to dispose of an overapplied overhead balance. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 73315 Edspira
Calculating EOQ - Economic Order Quantity (Inventory Costs & Purchasing Costs)
 
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http://www.driveyoursuccess.com This video explains how to calculate economic order quantity using the time-tested Wilson EOQ formula. The video provides a step-by-step process to defining the economic order quantity for any company. It takes into consideration the company's annual or yearly consumption, the price it pays for each unit it purchases for its inventory, the cost to make that purchase and finally, the company's costs to hold inventory on a monthly basis. Determining the annual or yearly consumption is fairly straightforward. Simply take a total of all the inventory of a given part used in a year. Next, take the amount your company pays for that part or raw material. Determining your company's costs to purchase doesn't merely involve totaling your total volume multiplied by price. Instead, it's more about defining what it costs your company to make a purchase. How much does it cost your company to purchase from a vendor? Your costs to purchase include time spent to approve and sign purchase requisitions. It also includes the time spent placing that order and sending it to your vendor. Next, the costs of inspecting the order are accounted for and finally, the costs of paying your vendor. The Wilson EOQ formula involves doubling your yearly consumption total and multiplying it by your company's cost to purchase. This amount is then divided by the sum of the raw material or part's price multiplied by its inventory holding costs. The Wilson EOQ formula is an excellent tool for making sure your company doesn't buy too much or too little.
Views: 133072 Ian Johnson
Food Costs Formula: How to Calculate Restaurant Food Cost Percentage
 
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What is the food cost formula and how can you use it to calculate your restaurants food cost percentage. I will explain everything you need to know about food costing in this video. As a restaurant owner, manager, operator or chef, you have to know how to calculate your food cost so you can lower expenses and increase your profits. If you enjoyed this video and want more just like them including a free training series called the foundation to a lifetime of restaurant success. Click Here: http://TheRestaurantBoss.com To subscribe to my you tube channel, Click here: http://www.youtube.com/subscription_center?add_user=gromfinboss
Views: 531833 The Restaurant Boss
Total Product Cost Per Unit Calculator
 
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http://www.numbersmaster.com
Views: 60 Marty Gage
JOB Order Costing (Calculating Predetermined Overhead Rates For Variable & Fixed OVHD Components)
 
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JOB Order Costing For Indirect Costs (Overhead Costs Variable & Fixed Overnead), (1) determine the cost allocation bases, (2) What is included as the associated indirect costs, (3) How to calculate the Overhead Rate per unit of bases (output) as a predetermined (budgeted rate), (4) How to apply the predetermined rate x quantity used (as overhead indirect costs) that is transferred from manufacturing overhead account to Work-In-Process (Inventory), detailed calculations & discussion by Allen Mursau
Views: 6107 Allen Mursau
How to Calculate Unit Cost of Production - the Production tab. part 4 of whole ranch enterprise
 
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This is part 4 in the series but focuses on how to calculate unit cost of production of a cow-calf enterprise - the production tab of the spreadsheet. All spreadsheets are available at http://hpranchpracticum.com/UCOP/UCOP.htm This method is taught as a component of the High Plains Ranch Practicum School. http://hpranchpracticum.com/
Views: 3438 HPRanchPracticum
ABC Costing - Unit, Batch, Product, Facility-Level Activities - Value vs Non-Value Added Costs vs
 
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Classifying Costs by Unit, Batch, Product, or Facility-Level Activities - Value vs Non-Value Added Costs - ABC Costing Benefits vs Costs.
Diminishing Marginal Returns- Micro 3.1
 
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I explain the idea of fixed resources and the law of diminishing marginal returns. I also discuss how to calculate marginal product and identify the three stages of returs: increasing, decreasing, and negative returns. For more econ stuff, visit my website www.ACDCEcon.com Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji High school version of this video- https://www.youtube.com/watch?v=_TQ62MwzSrY Next Video- Economies of Scale https://www.youtube.com/watch?v=JdCgu1sOPDo Econmovies- https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Twitter (#askclifford) https://twitter.com/acdcleadership?lang=en By the way, I had some songs from West Side Story in my head while I was filming.
Views: 529375 Jacob Clifford
Cost of Goods Sold (COGS)
 
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Learn about cost of goods sold. More free accounting tutorials and lessons at http://accounting-education.com.
Views: 225152 AccountingAcademy
Absorption Costing - How to calculate absorption rate (in HD!)
 
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Learn to find out budgeted overhead predetermined absorption rates for production departments. Absorption rate is used to absorb overheads into products.
Views: 32153 Accounting Notes
Breakeven Analysis: Contribution & Contribution per Unit
 
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In this revision video, Jim Riley from tutor2u explains the concept of contribution and how it can be used to calculate the breakeven output.
Views: 67539 tutor2u
Opportunity cost and comparative advantage using an output table | AP Macroeconomics | Khan Academy
 
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In this video we use the PPCs for two different countries that each produce two goods in order to create an output table based on the data in the graph. We then use the output table to determine the opportunity costs of producing each good. Finally, we determine which country as comparative advantage in each good. View more lessons or practice this subject at http://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/basic-economics-concepts-macro/scarcity-and-growth/v/opportunity-cost-and-comparative-advantage-macroeconomics-khan-academy?utm_source=youtube&utm_medium=desc&utm_campaign=apmacroeconomics AP Macroeconomics on Khan Academy: Welcome to Economics! In this lesson we'll define Economic and introduce some of the fundamental tools and perspectives economists use to understand the world around us! Khan Academy is a nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. We offer quizzes, questions, instructional videos, and articles on a range of academic subjects, including math, biology, chemistry, physics, history, economics, finance, grammar, preschool learning, and more. We provide teachers with tools and data so they can help their students develop the skills, habits, and mindsets for success in school and beyond. Khan Academy has been translated into dozens of languages, and 15 million people around the globe learn on Khan Academy every month. As a 501(c)(3) nonprofit organization, we would love your help! Donate or volunteer today! Donate here: https://www.khanacademy.org/donate?utm_source=youtube&utm_medium=desc Volunteer here: https://www.khanacademy.org/contribute?utm_source=youtube&utm_medium=desc
Views: 26758 Khan Academy
Intro to Managerial Accounting: Activity-Based Costing & Activity-Based Management
 
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Introduction to Managerial Accounting Professor Tatianna Gershberg Lecture: Activity-Based Costing and Activity-Based Management Class Overview and Learning Objectives: 1:25 Objective 1 Develop activity-based costs (ABC): 2:29 Activity-Based Costing: 2:42 Overview of Traditional and ABC Systems: 6:20 Developing an Activity-Based Costing System: 13:00 ABC System: 18:58 ABC System Results: 22:25 S18-3: Computing Indirect Manufacturing Costs Per Unit: 26:09 Objective 2 Use activity-based management (ABM) to achieve target costs: 37:30 Activity-Based Management: 37:49 Cost Comparison - ABC vs. Traditional Allocation: 39:03 Value Engineering: 42:12 Target Pricing Versus Cost-Based Pricing: 44:55 Full-Product Costs: 52:43 Full-Product Cost Comparison: 54:07 Recomputing Activity Costs After a Value Engineering Study: 56:07 ABC Manufacturing Overhead Costs After Value Engineering Study: 58:03 S18-5: Using ABC to Compute Product Costs Per Unit: 1:01:23 This class, we talk about activity based costing and its importance for accounting. The basic idea of this is that out costing will be based on certain activities within the processes. What is the benefit of this? ABC costing allows us to define the way indirect costs are allocated to the production. Many large companies chose to use this type of costing system. As usual, many different types of examples are used in this class to help students understand the calculations, which also allow viewers to take part in the class. Activity-based costing is the more accurate method to attach costs to products. It refines the way indirect costs are allocated to production and focuses on costs incurred by each production activity. Activity costs become the building blocks for allocating costs to products and services. Each activity has its own cost driver. Activity-based costing divides production processes into activities and assigns costs to products based on how much the product uses those activities. Cost drivers are activities that drive the cost to being accumulated. For example, the number of pounds of a delivery drive the shipping costs. Note that each activity uses a different allocation rate. Activity based management uses ABC to make decisions. It aims to increase profits while simultaneously meeting customer needs. The types of decisions made under ABM include cutting costs and how to price products and product mix. This provides a more accurate cost of products and determines the profitability of products. Value engineering involves reevaluating activities to reduce costs. It requires cross-functional teams. Under cost-based pricing, the sales price is determined by adding up full cost and desired profit. Under the target based approach, the target price less the desired profit equals the target cost. Full-product costs consider all production costs (direct materials, direct labor, and allocated manufacturing overhead) as well as nonmanufacturing costs / operating expenses (administrative and selling expenses) to determine the target costs and target profits. Class Overview and Learning Objectives: 1:25 Objective 1 Develop activity-based costs (ABC): 2:29 Activity-Based Costing: 2:42 Overview of Traditional and ABC Systems: 6:20 Developing an Activity-Based Costing System: 13:00 ABC System: 18:58 ABC System Results: 22:25 S18-3: Computing Indirect Manufacturing Costs Per Unit: 26:09 Objective 2 Use activity-based management (ABM) to achieve target costs: 37:30 Activity-Based Management: 37:49 Cost Comparison - ABC vs. Traditional Allocation: 39:03 Value Engineering: 42:12 Target Pricing Versus Cost-Based Pricing: 44:55 Full-Product Costs: 52:43 Full-Product Cost Comparison: 54:07 Recomputing Activity Costs After a Value Engineering Study: 56:07 ABC Manufacturing Overhead Costs After Value Engineering Study: 58:03 S18-5: Using ABC to Compute Product Costs Per Unit: 1:01:23 To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 12367 Rutgers Accounting Web
Cost Volume Profit Analysis (CVP): Target Profit
 
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This video illustrates how to calculate the number of units and sales dollars in order to reach a target net income or profit level. Edspira is your source for business and financial education. To view the entire video library for free, visit http://www.Edspira.com To like us on Facebook, visit https://www.facebook.com/Edspira Edspira is the creation of Michael McLaughlin, who went from teenage homelessness to a PhD. The goal of Michael's life is to increase access to education so all people can achieve their dreams. To learn more about Michael's story, visit http://www.MichaelMcLaughlin.com To follow Michael on Facebook, visit https://facebook.com/Prof.Michael.McLaughlin To follow Michael on Twitter, visit https://twitter.com/Prof_McLaughlin
Views: 62946 Edspira
Calculus - Marginal cost
 
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In this video we cover the idea of marginal cost. This is simply the derivative of the cost function. We can roughly define marginal cost as the cost of producing one additional item. For more videos please visit http://www.mysecretmathtutor.com
Views: 111841 MySecretMathTutor
Variable and Absorption Costing - Lesson 2
 
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In Lecture 4.06 Variable and Absorption Costing, Lesson 2, Roger Philipp, CPA, demonstrates an example of the differences between absorption costing (GAAP) income statements and variable costing (non-GAAP, internal use) income statements. If you remember from Lesson 1, operating income will differ between the two because of how each method treats fixed Cost of Goods Sold and fixed manufacturing costs. There is a timing difference with both: absorption costing allows fixed manufacturing costs to get capitalized or absorbed into ending inventory, thus delaying the expense until the inventory is sold, while variable costing requires that the fixed manufacturing costs (sunk costs) to get expensed immediately. Under variable costing, only variable costs are considered inventoriable costs. By contrast, all product costs – both fixed and variable – are considered inventoriable costs under absorption costing. In this lesson, Roger takes us through an operating income example for a manufacturing company under both methods. He also breaks down manufacturing costs per unit between direct materials, direct labor, variable overhead, and fixed overhead, then demonstrates how the per-unit cost makes the operating income difference inevitable. Cost accounting has never been so easy! Connect with us: Website: https://www.rogercpareview.com Blog: https://www.rogercpareview.com/blog Facebook: https://www.facebook.com/RogerCPAReview Twitter: https://twitter.com/rogercpareview LinkedIn: https://www.linkedin.com/company/roger-cpa-review Are you accounting faculty looking for FREE CPA Exam resources in the classroom? Visit our Professor Resource Center: https://www.rogercpareview.com/professor-resource-center/ Video Transcript Sneak Peek: So let us pretend that I've got some numbers and I'll put them on this side. So let’s say over here I've got direct materials, direct labor, variable overhead, fixed overhead. Absorption and direct, okay. Let's say I've got $2.00 of direct materials. I've got a $1.25 of direct labor. I've got $.75 of variable overhead. And I have $1.20 of fixed overhead. This is for absorption purposes.
Views: 23973 Roger CPA Review
Pricing Analytics: Optimizing Price
 
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The “best” price for a product or service is one that maximizes profits, not necessarily the price that sells the most units. This presentation uses real-world examples to explore how Excel’s Solver functionality can be used to calculate the optimal price for any product or service. Downloadable slides are available from SlideShare at http://goo.gl/yGmGfq
Views: 49565 Michael Lamont
Managerial Acctg - Cost Clasifications
 
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In this video I explain fixed, variable, direct, indirect, product, and period costs. I also explain direct materials, direct labor, and overhead as well as prime costs and conversion costs.
Views: 2263 mattfisher64
Intro to Managerial Accounting: Activity Based Costing (Chapter 5)
 
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Introduction to Managerial Accounting Professor Savita Sahay Activity Based Costing (Chapter 5) Please visit our website at http://raw.rutgers.edu TIME STAMPS Quick Review of Applied Overhead: 0:19 Practice Problem: 2:48 --- Calculating cost of each unit (job costing) Single Allocation Rate System Outdated: 4:00 ABC Features: 4:47 Practice Problem #2 (info given): 5:46 --- ABC question & solution: 7:15 Practice Problem #3: 9:15 --- Budgeted overhead rate and overhead cost per unit calculations --- Overhead Allocation: 10:26 Steps in Activity Based Costing: 13:00 Hierarchy of Activities: 13:37 Practice Problem #4: 15:14 --- Identifying unit, batch, product, and facility level activities Comprehensive Practice Problem #5: 16:41 --- Questions / Solutions: 17:26 Bottom Line - Simple vs. ABC [Conclusion]: 21:54 The applied overhead rate is a sinle, manufacturing overhead allocation rate using the following formula: Budgeted Manufacturing Overhead Rate = Budgeted manufacturing overhead costs / Budgeted Direct Labor hours. Allocating overhead costs to the job involves multiplying the budgeted allocation rate by the number of actual direct labor hours. Traditional systems were developed in 1800 and focused on simplicity because (1) direct labor information was already being recorded, (2) direct labor was a large component of product costs, and (3) managers believed direct labor and overhead costs were highly correlated. Simple systems often resulted in cross-subsidization, and incorrect costs lead to sub-optimal decisions. The single allocation rate system is outdated. Today, direct labor alone may no longer be a satisfactory base for allocation of overhead. Most companies sell a large variety of products that consume differing amounts of overhead. As a percentage of total costs, direct labor has been shrinking and overhead has been increasing. Many of the new overhead costs may not be correlated with direct labor. Technology advancements have reduced the cost and complexity of gathering diverse sources of data. In activity based costing, a number of allocation bases are used for assigning costs to products. A predetermined overhead rate is computed for each activity and then applied to jobs and products based on the amount of activity consumed by the job or product. It also calculates a more accurate product cost than traditional methods (by categorizing all indirect costs by activity, tracing the indirect costs to those activities, and assigning those costs to products by using a cost driver related to the cause of the cost). The steps in activity based costing involve (1) identifying and classifying each activity, (2) estimating the cost of resources for each activity, (3) identifying a cost driver for each activity and estimating the quantity of each cost driver, (4) calculating an activity cost rate for each activity, and lastly, (5) assigning costs to products based on the level of activity required to make the product or provide the service. The hierarchy of activities is as follows: (1) Unit level (output level) activities are performed each time a unit is produced (such as providing power to run processing equipment. (2) Batch-level activities are performed each time a batch is handled or processed, regardless of how many units are in the batch (such as setting up equipment and shipping customer orders). (3) Product-sustaining level activities relate to specific products and must be carried out, regardless of how many batches are run or units produced and sold (such as designing or advertising a product). (4) Facility sustaining level activities are carried out regardless of which products are produced, how many batches are run, or how many units are made (such as heating a factory or building rent). Examples of each type of activity: machine depreciation is UNIT level, setup costs are BATCH level, spare parts management is PRODUCT level, and property taxes / insurance is FACILITY level. Regarding simple vs. activity based costing, both methods are mathematically correct and acceptable. Each method yields a different cost figure, which will lead to different gross margin calculations. Only overhead is involved. Total costs for the entire firm remain the same - they are just allocated to different cost objects within the firm. Selection of the appropriate method and drivers should be based on experience, industry practices, as well as cost benefit analysis of each option under consideration. To receive additional updates regarding our library please subscribe to our mailing list using the following link: http://rbx.business.rutgers.edu/subscribe.html
Views: 20790 Rutgers Accounting Web
Calculating Safety Stock: Protecting Against Stock Outs
 
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The following video explains how to calculate safety stock in order to avoid the high costs of inventory shortages and stock-outs. The video explains inventory replenishment times, daily consumption, safety stock thresholds and levels, and your company’s own time to market in terms of delivery. A graph is provided that clearly shows what the reorder point should be and what the safety stock levels should be. A working example is provided where a company tracks a number of inventory replenishment times, their own daily consumption levels, the safety stock amount they need to cover during these consumption periods and then finally, your company’s delivery times for finished goods to your customer base. http://www.driveyoursuccess.com Video provides four steps to calculate safety stock Additional Sources: http://www.driveyoursuccess.com/2011/08/determining-safety-stock-its-impact-on-inventory-holding-costs.html This article outlines four steps to safety stock management
Views: 121752 Ian Johnson
Elasticity and the Total Revenue Test- Micro 2.9
 
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Why don't gas stations have sales? I explain elasticity of demand and the differnce between inelastic and elastic. I also cover the total revenue test and give you a little trick to remember it. Thanks for watching. Please subscribe. Get the Ultimate Review Packet http://www.acdcecon.com/#!review-packet/czji Microeconomics Videos https://www.youtube.com/watch?v=swnoF533C_c Macroeconomics Videos https://www.youtube.com/watch?v=XnFv3d8qllI Watch Econmovies https://www.youtube.com/playlist?list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH Follow me on Twitter https://twitter.com/acdcleadership
Views: 1151410 Jacob Clifford
igh Country Inc. produces and sells many recreational products The co
 
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igh Country Inc. produces and sells many recreational products The company has just opened a new plant to produce a folding camp cot that will be marketed throughout the United States. The following cost and revenue data relate to May, the first month of the plants operation: Beginning inventory 44,000 Units produced 39,000 Units sold Selling price per unit Selling and administrative expenses: Variable per unit ,000 Fixed (per month) Manufacturing costs Direct materials cost per unit Direct labor cost per unit Variable manufacturing overhead cost per unit ,000 Fixed manufacturing overhead cost (per month) Management is anxious to see how profitable the new camp cot will be and has asked that an income statement be prepared for May. Required: 1. Assume that the company uses absorption costing. a. Determine the unit product cost. nit product cost
Views: 0 xgnxg gfnxfg