Research Korner: Labor Cost

Job Costing and Process Costing Systems

Job Costing and Process Costing Systems Job-order costing is used in situations where the organization offers many different products or services, such as in craft manufacturing, hospitals, and legal firms. These system is used by companies whose products, or its wide range of products, are treated as individual jobs (1985). These companies receive requests from customers that include detailed specifications regarding the product. The specifications are used as a basis for estimating the total cost of completing the job and submitting a bid or the cost to the customer. Process costing is used where units of product are homogeneous, such as in flour milling or cement production on a continuous basis. Manufacturing costs, unlike job-order system, are accumulated in processing departments rather than individually (2002). However, the two systems also share the same characteristics. The basic purpose of the two system is to assign material, labor and overhead cost to its product, and the flow of cost through the manufacturing accounts is basically the same (Manufacturing Overhead, Raw Materials, Work in Process and Finished Goods). To explain further process costing, let’s take a look at Laura Foods which produces garlic flavored tomato sauce. The production of the sauce requires two major processes, chopping, and mixing and canning. Now assuming that Laura foods incurred $20,000 in the mixing and canning process to mix 100,000 pints of tomato sauce, how would they be able to compute the mixing cost per pint? Laura could simply divide her incurred cost from mixing and canning to the number of pints of tomato sauce it produced ($20,000 / 100,000 = 0.20/pint). One good example of job costing is the David, Bryan and Co. furniture manufacturing business. They received an order for 10 chairs all the way from Kansas City. The total cost of the job was $500, dividing the total cost of the job to the number of chair manufactured, we would know that the price for each chair is given at $50 ($500/10 = $50). The differences between the two systems are more obvious than its similarity. Process system manufactures a single homogenous product that is produced on a continuous basis over a long period of time, while job-order costing may manufacture many different products in single period. This is because production in job-order costing is done individually and not departmentally. And that is why process costing key document is the department production report of costs accumulation while job-order costing key document is the individuals job-cost sheet.

Job Costing and Process Costing Systems

Job Costing and Process Costing Systems Job-order costing is used in situations where the organization offers many different products or...

Cost and Management Accounting

Question 1  ABC drove costing very deeply into the organization by identifying the actual costs of labor, equipment, and premises associated with each activity performed by the firm rather than relying on arbitrary formulas to allocate overhead. Activity-based profitability analysis is a granular form of costing. It identifies the actual costs of labor, materials, equipment, and premises needed to deliver a product, serve the customer, and sustain the business. ABC practitioners believe that making costs known creates opportunities for savings even though ABC methodology alone does not identify savings targets. Two advantages are claimed for ABC compared to conventional costing methods. First, ABC makes all costs explicit, reducing distortions caused by arbitrary allocations of overhead to products and customers (2002).    Second, ABC traces costs back to the economic events that cause them, making it possible to judge the reasonableness of costs in light of these events. Activity-based costing is less useful when costing decisions are made without objective information about their consequences (2002). Activity based costing is good for WallDecor because it makes cost specific and more understandable to the company. ABC provided assistance in helping the company determine what composes its cost and whether such cost is acceptable to the company or not.  ABC is also good for the company because it can help in ascertaining whether the expenses and costs acquired by the company are acceptable or worth it. Question 2 A predetermined or estimated overhead rate is preferred over an actual overhead rate because timing the actual rate is not determinable in time to quote customer prices. Another reason is Inaccuracy wherein the wide fluctuations in the actual expenditures for overhead would cause commensurate fluctuations in the actual rate.  Even an annual period may have some shortcomings as a base for calculating overhead rates. Economic cycles have the effect of causing sales and production to be lower than normal for two or three years and then swing into a high cycle. Using one annual period may result in a predetermined rate that is either higher or lower than normal (1993).   Manufacturing companies may have numerous production plants the sites of that are determined by the location of raw materials, by the market destination or by other economic factors. Each plant has production costs that include factory overhead. In some small plants that perform only a few major operations, it may be expedient to develop an overhead rate based on one activity base, such as direct labor cost (1993).For the first activity the activity based overhead rate is $22,000. For the second activity the overhead rate is $51,000. For the third activity the overhead rate is 35,000. For the fourth activity the overhead rate is $59,000. The overhead rate was computed by adding the steel framed no matting with the items on wood framed with matting. The focus of the computation was on the different activities. For the different activities the same computation is done to arrive at the overhead cost. Question 3 The cost of a product influences channel structure directly. The unit cost of a forklift truck is high and may be considered investment spending. These types of products are used over and over again for many years. Financing the purchase may be a deciding factor in influencing when to buy and what brand to buy. Major equipment products, such as forklifts, are generally sold by exclusive retailers for specific brands or by company branch retailers. Because of the high purchase price, the direct incentives offered by the manufacturer to the user are of considerable importance (1992). In some instances, special options are offered and must be specified to the manufacturer in advance of product delivery. These market characteristics require a short line of communications, no storage or warehousing for wholesale distribution, and frequent involvement by the manufacturer with its retailers (1992).    There may also be periodic service or parts required to support the marketing channel structure. In this situation, the manufacturer is both the product source and the wholesaler. Products that cost only a few dollars, consumable supplies, and maintenance items may be purchased on impulse or with little thought concerning best-buy shopping, credit, or the service factor (1992). There are different costs for the various products pertaining to the company. The product cost of Lance Armstrong’s unframed print is $960.0000. The product cost for John Elway‘s print in steel frame is $240,000. The product cost for Lambau field print in wood frame is $140,000.  Question 4 The complexity of the overhead allocation problem can create difficulties for the analyst trying to decipher the mysteries of pricing structure from an arm's-length relationship with the supplier. Trying to emulate, decipher, and otherwise comprehend on the basis of limited information leads only to frustration. The approach to be taken is one of indifference about how many overhead accounts the supplier has or what they are (1992). That is the supplier's business. The analyst concerns himself only with the amount of money or percentage of price accounted for by overhead. Other methods can be used in overhead allocation such as allocation on the basis of machine hours of operation, allocation on the basis of labor and material, and allocation on floor space. The method is not the key element. The key is the magnitude of the overhead (1992).   ABC provided a clearer statement of what composes the product cost thus when it is computed the result was lower rates of overhead costs. The ABC system provided a better chance for the company to reanalyze its focus and financial goals. For the company this means that the use of ABC system can help it lessens the financial worries of the company thus the company can have more chance to try to analyze their goals and achieve the new perceived goal. Another implication for the company is it can make use of such information to create a better image for itself. This will help the company’s desire for a better standing in its competitive environment. Question 5 The cost of website allocation was divided into two categories so that easier analysis and anticipation can be done on what the website will compose. It also will make the task of determining what type of information from the two categories will prove vital for the company. By dividing the cost of the website into two categories the company can determine which category will create more cost and what category may prove inapplicable to the website. Allocating the website cost based from the number of prints will provide information on how the number of print information will be used in the website and what are the cost for putting this kind of information.   Question 6 By splitting the cost between two categories, it would be easier for the company to determine what aspects of the website would give them more cost. The company can know what will give them additional cost. By splitting the cost between two categories the company would easily determine what information is important and if such information is worth the cause. One the other hand splitting the cost between two categories would make the company have difficulty in determining what data would be appropriate for a certain category thus the company gains more cost. Another negative effect of having two categories instead of three is additional cost in segregating the different data into each category. The company can incur more costs on time constraints and other related information. Question 7 Cost drivers are the causal factors in cost. It is important to know what the cost drivers are because controlling the drivers allows a company to control cost. Traditional cost accounting systems, which evolved in the early part of the century, tended to assume that volume of production was the only cost driver. Volume of production in a one-product firm could be measured by units of production. If more than one product were produced, direct labor hours or direct labor dollars were used as proxies for the number of units ( 1993). When firms were highly labor-intensive, this simple assumption about cost drivers did not significantly distort product costs. The major costs involved in production were materials and labor, both of which could be traced directly to the units. If overhead expenses were applied to production by number of units or by a labor base, there was little to cause distortion (1993). The operating capacity used as a cost driver provides a better description of what will compose the cost category of the company. It can determine whether or not the company has achieved more cost or is having a negative operating capacity.   Question 8a Those included in the unframed prints are $80,000 for picking prints, $80,000 for inventory selection and management and 100,000 for website optimization. Those included in the steel framed prints are $15,000 for the picking prints, $ 30,000 for the inventory selection and management and $16,000 for website optimization. Those included in the wood framed prints are $7,000 for picking prints, $21,000 for inventory selection and management and 9,000 for website optimization.    Question 8b The total amount of overhead allocated was 13.44.      The total amount of overhead allocated was computed through adding the different overhead allocations of Lance Armstrong, John Elway and Lambeau Field. The total overhead of $375,200 was not included because the said amount did not support in providing information for sales estimate. For the company this means that it should double its allocation so that it can have better competitive chances.         Appendix Computations for questions 2 and 3 Question 2   Steel Framed Printing Wood Framed Printing Overhead Cost Activity 1 15,000 +7,000= 22,000 Activity 2 30,000 +21,000= 51,000 Activity 3 16,000 +19,000= 35,000 Activity 4 32,000 +27,000= 59,000   Question 3 Product cost of Lance Armstrong Unframed Print   Activity of Picking Prints (80,000) * base cost of print ($12) = $960,000   Product cost of John Elway print in steel frame   Activity of Picking Prints (15,000) * base cost of print ($16) = $240,000   Product Cost of Lambeau Field print in wood frame Activity of Picking Prints (7,000) * base cost of print ($20) = $140,000

Cost and Management Accounting

Question 1 ABC drove costing very deeply into the organization by identifying the actual costs of labor, equipment, and premises assoc...

Hong Kong Shanghai Banking Corporation Holdings

Contents 1.      Introduction 2.      Main Body of the Report 2.1.1.     HSBC 2.1.2.     The computer-based systems that provides a business solution relating to the knowledge management and e- business 3.      Conclusion 4.      References Introduction For all sized organizations, change will be a constant in the next millennium. Technological advances, including non-technical ones, are coming more quickly than ever before, thereby affecting all aspects of a typical company. As network computing technology progresses, there are increasing pressures to create a new type of workplace. The current workplace will experience a transition that will fragment it into myriad on-site and off-site offices. Not only will the work environment change dramatically in the 21st century, but there will also be a need for business systems to support the new work environments (Thierauf 1999). More specifically, there will be a need for new types of systems that focus on discovering knowledge that responds to the changing environment. Although past and current information systems have served the needs of management and operating personnel, newer types of business systems will be at the forefront of these newer types of systems found in a typical company. An important goal of knowledge management systems is to provide competitive advantage by giving decision makers the necessary insight into patterns and trends that affect their domain (Thierauf 1999). A knowledge management system is capable of making comparisons, analyzing trends, and presenting historical and current knowledge. But more importantly, such a system enables decision makers to analyze and understand the patterns quickly and identify the most significant trends. As such, it is an accurate predictive method for decision makers. In addition, a knowledge management system can track and evaluate key critical success factors for decision makers, which is valuable in assessing whether or not the organization is meeting its corporate objectives and goals. Overall, a knowledge management system can assist decision makers in making better informed decisions that affect all aspects of a company’s operations (Thierauf 1999). E-commerce or E-business is the exchange of goods and services by means of the Internet or other computer networks. E-commerce follows the same basic principles as traditional commerce that is, buyers and sellers come together to exchange goods for money. But rather than conducting business in the traditional way in stores and other brick and mortar buildings or through mail order catalogs and telephone operators in e-commerce buyers and sellers transact business over networked computers. E-commerce offers buyers convenience. They can visit the World Wide Web sites of multiple vendors 24 hours a day and seven days a week to compare prices and make purchases, without having to leave their homes or offices (Epstein 2004). In some cases, consumers can immediately obtain a product or service, such as an electronic book, a music file, or computer software, by downloading it over the Internet. For sellers, e-commerce offers a way to cut costs and expand their markets. They do not need to build, staff, or maintain a store or print and distribute mail order catalogs. Automated order tracking and billing systems cut additional labor costs, and if the product or service can be downloaded, e-commerce firms have no distribution costs. Because they sell over the global Internet, sellers have the potential to market their products or services globally and are not limited by the physical location of a store. Internet technologies also permit sellers to track the interests and preferences of their customers with the customer’s permission and then use this information to build an ongoing relationship with the customer by customizing products and services to meet the customer’s needs. E-commerce also has some disadvantages, however. Consumers are reluctant to buy some products online. Online furniture businesses, for example, have failed for the most part because customers want to test the comfort of an expensive item such as a sofa before they purchase it. Many people also consider shopping a social experience. For instance, they may enjoy going to a store or a shopping mall with friends or family, an experience that they cannot duplicate online. Consumers also need to be reassured that credit card transactions are secure and that their privacy is respected (Welsch 2003). This paper intends to discuss about HSBC and some information about it. The paper also intends to evaluate computer-based systems that provide a business solution relating to e-commerce and knowledge management. The paper will also give the benefits of the system to the company. Through this information a proper conclusion will be made Hong Kong Shanghai Banking Corporation Holdings HSBC Holdings, a British financial holding company with origins in Hong Kong and Shanghai, where offices were opened in 1865 under a special charter which allowed Hong Kong rather than London as a headquarter location. The bank remained an eastern force until the 1950s, when overexposure to the crown colony and its textile industry pointed to a need for geographical diversification. A worldwide scan was made with rather disappointing results. Australia and Canada were protectionistic and so was the Continent, in addition to being over-regulated and well served by its own talent. Central West Africa was saturated by British banks and, after independence; the new countries gave priority to domestic banks. Only the USA was attractive because it offered dollar assets in a dollar-hungry world (Laulajainen, 2003). But before anything could be done about it, events elsewhere called attention. HSBC was in intense competition all over Asia with Chase Manhattan which showed interest in a small bank in India and Malaysia. HSBC pre-empted by purchasing the bank in 1959. In the same year another defensive acquisition became necessary, when an investor group tried to buy the British Bank of the Middle East, strip its assets and sell the branches to HSBC, which did the bulk of its Middle East business through the bank. For example, Kuwaiti authorities kept half of their money there. With the purchase came a chain of retail branches in Cyprus. A few years later a banking crisis erupted in Hong Kong. HSBC was not seriously affected but Hang Seng Bank, the colony's second largest, was about to flounder in a run. Chase offered help but Hang Seng preferred HSBC, because of its local roots, and sold it a majority stake in 1965. These three deals illuminate the difference between corporate strategy and the realities of the marketplace (King, 1991). Diversification had taken a beating although it was only in 2000 when acquisitions in Asia became topical again, in a small way. Two of them were part of the private banking drive, PCIB Savings Bank in the Manila area and Taiwan's leading asset manager China Securities Investment Trust Corp. in 2001, to be followed by an 8 per cent stake in the Bank of Shanghai. HSBC had returned to its roots. Afterwards many more events unfolded including the turnover of Hong Kong to china this prompted HSBC to transfer headquarters to United Kingdom (Laulajainen, 2003). HSBC sees the Internet as one of several exciting new media, to be incorporated as an integral part of its working. The bank has concluded that e-commerce will change the fabric of the financial services sector and sees it as a way of finding new customers all over the world and improving its services to existing customers. It intends to use e-commerce to reorganize the business so as to provide higher-quality customer services more efficiently. HSBC will be able to link its customers to the full range of international services and manage their processing wherever it chooses, which the bank sees as a considerable competitive advantage(Tansey 2002). HSBC has adopted a clicks and mortar strategy. This requires that customer Internet offerings must meet three criteria: customer needs and preferences come first; they must fit HSBC’s existing distribution channels; and they must be multinational in scope. Recently the group has been reorganizing its work for the e-age and putting in place some major components of such a strategy. In 2000, over US$2 billion was spent on technology, including a significant proportion on dot.com initiatives. HSBC aspires to be one of the first to provide customers with facilities through the Internet on a multi-geographical and multi-product, basis (Tansey 2002). Employees and Financial facts HSBC has over 253,000 employees at present. The company employs and manages diverse kinds of people all around the world. Such is done by the company because they believe that these people can give them a balanced and well rounded organization. This also makes the company adaptable to different kinds of situation. The company wants to reach out to all parts of employment for maximum productivity and value. The company believes that a company’s difference with its competitors can be seen in the way it serves it consumers and the way they treat their employees (Hong Kong Shanghai Banking Corporation, 2000). The first figure will show some of the financial figures of the company from December 2002 to December 2004 in millions of US Dollars. This will evaluate the company’s performance.  This is taken from hoovers.com. As the figures show the company’s revenue did well in 3 years. The revenue increased as the years progressed. The revenue of the company greatly increased during the 3 years as it was on the 40,000 mark in 2002 and eventually reached the 70,000 mark in 2004. The company’s operating income also increased during the three years. Unlike the company’s revenue the operating income did not gave a huge rise in figures, although it increased from 2002 to 2004 it did not raise high like the revenue. The Total net income of the company also rose during the 3 years but just like the operating income it did not rise as high as the revenue did. The financial performance of the company means it is achieving its goal. This also means it has better products and services than its competitors.  This also means that the company should improve more or maintain the performance of its finances. Competitors Competitors are one of the things the company should look out for. They are one of the reasons companies do not reach their goal. The second figure will compare some facts about the company against its competitors. This is also taken from hoovers.com. As the second figure shows Citigroup has an advantage against its competitors. It has acquired bigger annual sales. It also has more employees it uses for different purposes. Among the competitors it has the biggest market capital. HSBC follows Citigroup with regards to annual sales, employees and market capital. Barclays and Lloyds TSB follow the two. This shows the companies HSBC should be wary of. This also shows which company should HSBC have an equal performance or exceed the said company’s performance.  The computer-based system used HSBC uses a system that provides business solution relating to knowledge management and E-business. According to the M2 Presswire (25 January 2000), HSBC chose Unicenter TNG for its ease of implementation and its ability to integrate with existing Computer Associates International, Inc. (CA) systems management products the bank uses. In today's fast-paced business environment, it's more crucial than ever those companies exploit technology to the fullest extent. HSBC has always been committed to providing the most cost-effective services to its customers and they are continually developing applications that support new business initiatives that encompass Internet, mobile phone banking and data warehousing. It is therefore important that they deploy a comprehensive solution that can manage their vast IT infrastructure in the data center. HSBC's data center is one of the largest in Asia, handling hundreds of transactions per second. As the bank implements new hardware platforms, AIX and Windows NT, for instance, and pursues new business initiatives such as Internet banking, it needs a solution that offers rich and robust system management functionality. The company believes the Unicenter TNG is the system that can do it (M2 Presswire 2000). The computer system used by HSBC provides different benefits to the company. These benefits include competitive advantage against competitors, achievement of the company’s goal, better service given to the customers, and increase profits for the company.  The computer system gives the company competitive advantage against its competitors. Through the system the company can make an effective knowledge management system and an appropriate e-business technology can be used to transact with online customers. The computer based system helps the company achieve its goal. Through the system the company does well in its field thus the goal it has can be closer to being reached. The computer based system helped the company in giving better service to the clients. The system improved how service was given to the clients; it created measures that changed the meaning of serving the clients. Through these benefits of the system the company’s profitability and income increase and the problems were given appropriate action. Conclusion Technological advances, including non-technical ones, are coming more quickly than ever before, thereby affecting all aspects of a typical company. These advances can be seen in the knowledge management systems and E-business systems. HSBC is one of the companies that sees the Internet as one of several exciting new media, to be incorporated as an integral part of its working. HSBC uses a system that provides business solution relating to knowledge management and E-business namely the Unicenter TNG. This system gives benefits that include competitive advantage against competitors, achievement of the company’s goal, better service given to the customers, and increase profits for the company. The advanced technologies prove to be vital to a company. It creates so many changes to a company. These advanced technology come in different forms and characteristics. One of these forms is the computer-based system. The use of the system changes all practices and techniques implemented by the company. The system is very important for the company because it will be the one forming the company’s future.  The system helped in reconfiguring the company and giving it a brighter future. With proper use of the system anything desired by the company can be reached.

Hong Kong Shanghai Banking Corporation Holdings

Contents 1. Introduction 2. Main Body of the Report 2.1.1. HSBC 2.1.2. The computer-based systems that provi...

PROBLEMS USING STANDARD COSTING TECHNIQUE

PROBLEMS USING STANDARD COSTING TECHNIQUE   Introduction Standard costing is widely used by manufacturing companies (1993).  It is a system that absorbs direct materials, direct labor and factory overhead into the production costs.  These three main costs are classified as standard costs which have close relationship with budgeted costs.  Under the condition of normality in operations, it guides corporate managers to identify overall costs of production (2007).    First Problem: Lean production does not fit standard costing For private firms that aspire to achieve economies of scale to minimize production costs, standard costing can be used when they are under mass production environment (2003).  However, under lean strategy, using standard costing technique may be less functional and even destructive.  As lean production reduces volumes produced as inventories are consumed only after determining amounts of quantity demanded, negative volume variance can ensue.  At this phase, the production process is operating under less than full capacity.  Lower volumes also caused higher per unit overhead costs allocations while lower profits results to negative variances.  Sales team generates low volume of sales with high costs and manufacturing managers cannot justify the budget process due to discrepancies in volume variances.   The reason behind the incompatibility of lean production to standard costing is that use of evaluating the latter technique under the traditional costing that is designed to support mass production advantages not lean mechanisms ( 2003).  Under lean production, the company is made profitable by having greater flow of production volumes on the same resources.  In addition, standard cost measurements are labor efficiency, machine utilization, cost variances versus standard, earned value and departmental budget focus.  In the contrary, lean measurements are throughput, cycle time, first time quality, inventory turns and value stream focus.  As a result, standard costing principle is to manufacture more, keep more, utilize at maximum, optimize, track and allocate costs while lean principle is more or less the opposite.  It is suggested that standard cost approach to be replaced by lean approach because the former does not account for available capacity due to the assumption that the company is operating under full capacity already.  In effect, expansion in both geographical, product market and financial market sense would not be a lucrative engagement and growth of such companies is not considered.                                 Problem Two: Standard cost is too optimistic Ideal cost is a type of standard cost which suggests the exclusion of any waste, scrap, inefficiency, delays and other hindrances to achieve full capacity (2000).  However, these events hardly happen in real production process, and even through they merely serve as motivational guides to cost reduction, a profit-oriented company would readily incorporate it in their production principles as way as to discipline workers.  In effect, creativity and self-esteem of employees are undermined.  Physical assets and machineries cannot resist corporate goals to maximum productivity and efficiency which is opposite of humans.  In earlier days of Ford supply chain, workers basically became “non-thinking laborers” due to too much formality and specialized day-to-day tasks aggravated by the introduction of conveyor belts and “man high” line wherein movements became unnecessary and timing was very crucial (2006).  Such drowsy and unchallenging environment was the primary cause of high turnover in 1913 and the company needed to increase spending in retention projects just for the sake of supplier independence on top of production efficiency.   The classic example of Ford showed the inability of stand cost technique to focus on employee needs and exploit entrepreneurial skills to achieve profitable strategies.  Budgeted targets used to specify the everyday cost level which is a source of managerial myopia.  As a result, standard costing is dubbed as a technique that leads to inappropriate future decisions (2000).  The main problem is that the technique does not provide enough information to control overheads and other indirect costs like those related to employee turnover or human resource benefits just to hold the current production policy.  In addition, when production overheads multiplier is expressed as additional percentage of product indirect cost, the value would be calculated recursively allowing ever-increasing overheads for a new product.  In effect, the same problems in non-support of direct costing to diversification and expansion are noticed.    Problem Three: Overly-focused on statistical applications Predetermined cost is composed of standard cost and estimated cost (2000).  Standard cost depends on statistical data and approach used as an index for cost management.  On the other hand, estimated costs are highly subjective and depend of manager’s experience and intuition.  As a result, there can be a conflicting boundary between standard cost and estimated cost which policy implementers may found difficult to address.  For example, having a fixed overhead budget may lead to running a production line in its full capacity even if unnecessary.  In effect, although the budget is obtained, holding costs for sizeable stocks rise which is an alternative disruption to the effectiveness of a budget system.  This scenario is in accordance to (1995) that traditional systems transform managers to act in suboptimal manner.  Further, over-emphasized with statistical variances lead to conclusions of  (2000) on the inability of the management to select a more company-wide strategy rather local ones.  Such admonition is in the case of managerial myopia to prefer static product base to prevent substantial product mix variances even if the market indicated market saturation for the current product lines.       Conclusion For private sector, direct costing technique would not be applied simply because there are successful companies such as Dell Corporation that uses lean production.  As Dell attributes its supply chain achievement to the Internet and networking capabilities, the continuously growing businesses will continue to use new technologies to be competitive.  However, loopholes in direct costing principle may hinder such gain competitive advantage in this fast changing environment.   For the public sector, direct costing technique would be undermined because of the greater influence of leaders in decision-making.  In effect, political aims will prevent internal control to use over optimistic and formal approach in success evaluation of governance.  Projects and public investments will be allocated in areas that have been promised by elected candidates rather than allocating them in highly efficient industries or sectors that can give efficiency advantages and economies of scale.

PROBLEMS USING STANDARD COSTING TECHNIQUE

PROBLEMS USING STANDARD COSTING TECHNIQUE Introduction Standard costing is widely used by manufacturing companies (1993). It is ...

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