{"id":50183,"date":"2018-02-20T23:50:30","date_gmt":"2018-02-20T23:50:30","guid":{"rendered":"https:\/\/writemyessayfree.com\/cost-management-systems-3"},"modified":"2017-08-16T12:26:48","modified_gmt":"2017-08-16T12:26:48","slug":"cost-management-systems-3","status":"publish","type":"post","link":"https:\/\/www.benedictsol.com\/blogs\/cost-management-systems-3\/","title":{"rendered":"Cost Management Systems"},"content":{"rendered":"<p>Cost behavior and cost classifications are key components to efficiently utilizing managerial accounting techniques.&nbsp; In order to make decisions, accountants and managers must be able to correctly identify and classify each cost associated with a given product or service.&nbsp;&nbsp;&nbsp;Using your personal knowledge or the internet to select a product or service.&nbsp; The product or service does not have to be an actual product or service \u2013 it can be completely fictional.&nbsp; For the selected product or service, identify at least 5 costs involved with the product or service and complete the following questions.&nbsp;&nbsp;<\/p>\n<ul>\n<li>Classify each cost as direct or indirect.&nbsp;<\/li>\n<li>Identify the cost behavior as either variable, fixed or mixed.&nbsp;<\/li>\n<li>Provide a brief (2 or 3 sentences) on the relationship of these costs.&nbsp;<\/li>\n<\/ul>\n<p>Please note you will need to make some assumptions about the product or service.&nbsp; Internal product information is generally not available to the public so you will need to make some educated guesses about what may be required.&nbsp;&nbsp;Here is an example to help get you started:<b>Product<\/b>:&nbsp;toothbrush<b>Costs<\/b>:&nbsp;<\/p>\n<ol>\n<li>Plastic for handle (direct materials, variable)<\/li>\n<li>Material for bristles (direct materials, variable)<\/li>\n<li>Plant electricity to run equipment (indirect, fixed)<\/li>\n<li>Labor to assemble each toothbrush (direct labor, variable)<\/li>\n<li>Glue\/Adhesive to hold bristles (indirect, variable)<\/li>\n<\/ol>\n<p><b>Relationship<\/b>:&nbsp;&nbsp;As the number of toothbrushes made increases, the direct materials and direct labor will also increase to meet the demand.&nbsp; Electricity is required to operate other aspects in addition to the equipment so this a shared cost across all functions.&nbsp; Electricity is necessary to cost for all operations and not solely for the production of toothbrushes.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cost behavior and cost classifications are key components to efficiently utilizing managerial accounting techniques.&nbsp; In order to make decisions, accountants and managers must be able to correctly identify and classify each cost associated with a given product or service.&nbsp;&nbsp;&nbsp;Using your <a href=\"https:\/\/www.benedictsol.com\/blogs\/cost-management-systems-3\/\" class=\"read-more\">Read More &#8230;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-50183","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/50183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=50183"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/50183\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=50183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=50183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=50183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}