The original budget for November was base on expected production of 35,000 units; actual production for November was 33,250 units. The original budget and actual costs incurred for the manufacturing department follow:
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For the stamping dept. of a manufacturing firm, the standard cost for direct labor is $12 per hour, and the production standard calls for 1,000 stamping per hour. During June, 168 hours were required for actual production of 148,000 stampings. Actual direct labor cost for the stamping department for June was $2,184.
An alternative to the preceding monthly report which could improve control over the stamping department’s direct labor is to increase the production rate in the previous month to in 1 hr = 1200 stampings. _____________________________________________________________________
Coastal Industries has established direct labor performance standards for its maintenance and repair shop. However, some of the labor records were destroyed during a recent fire. The actual hours worked during March were 4,000, and the total direct labor budget variance was $2,200 unfavorable. The standard labor rate was $18 per hour, but recent registrations allowed the firm to hire lower-paid replacement workers for some jobs, and this produced a favorable rate variance of $3,200 fro March.
Fiber works Company is a manufacturer of fiberglass toy boats. The company has recently implemented a standard cost system and has designed the system to isolate variances as soon as possible. During the month of august, the following results were reported for the production of 50,000 toy
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Despite the fact that most construction contractors and managers take part in project procurement and bidding processes, these processes are not considered part of the process of cost estimation, which is somewhat independent. The commonest approach to cost estimates used in the construction industry is the definitive estimate, which is prepared using contract documents containing full project designs, plans and specifications.
In general, construction cost control consists basically of monitoring actual performance against cost estimates and identifying the variances. The traditional cost control system are good in contract management but cannot be practiced during the execution of the project.
According to the research findings, it can, therefore, be said that cost control is necessary to have savings for future prospects and thus certain reformats could be painful while others may sound to be painless. A health care organization must keep more of painless cost control in consideration for better outcomes.
This essay discusses that cost restriction protects the care provider from incurring high bills because of patient decisions. It also makes it imperative for the participating network of physicians to ensure that they have the best cost incentives for the patients under their care. Managed care providers achieve cost control in several ways.
Unfortunately, for various reasons, many countries’ construction sectors lag behind in the use of cost control techniques such as the Cost Value Reconciliation (CVR) and Earned Value (EV), two rather common methods of cost control.
The proposed system up gradation will not only allow the access to emails through our internal LAN but also through the use of remote access. This will greatly increase the communication between our employees to keep themselves updated about various policies, day to day issues and other professional job assignments.
The single estimates related with the projects can be achieved through the use of different techniques. PERT is one such tool which can help achieve the single estimates for project by combining three different estimates together to get a best available estimates based on weighted average.
This project is an up gradation project and this reflects that the overall cost of this project will be lesser then the new implementation of such project. For scheduling this project first sub task we have to cover is survey of overall previous system, and
The realization of revenue and recognition of cost are acknowledged on periodic basis (Bevilacqua, 1987). The percentage of completion accounting method allows project managers to report income on the project as the works progresses and being done. This method is
trategy that must be devised towards the cost control is to identify the areas and domains within the organization and project that lead to the incurring of costs. The definition of costs is also imperative as often activities are taken for granted which amount to costs in the
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