Full Costing vs. Direct Costing: A Comparative Analysis
Costing Methods in Business
Types of Costs
We analyze various types of costs, including variable and fixed costs, and how they are incorporated into different costing systems. The primary systems we’ll explore are:
- Full Costing
- Direct Costing
- Rational Imputation
Full Costing
Definition
Full costing, also known as absorption costing, incorporates all costs related to production into the cost of the products. The total cost of production for a given period is calculated as follows:
- Consumption of Raw Materials
Communication Research Methods: A Comprehensive Guide
Communication Research
Research in Communication
Not in Lab: Happens in real-world settings.
Societal Influence: Shaped by social dynamics.
Depends on: Human and social resources.
Scientific Method
Characteristics:
Public: Share methods.
Objective: No personal judgment.
Empirical: Based on experience.
Systematic & Cumulative: Builds on past research.
Predictive & Self-Correcting
Primary vs. Secondary Research
Primary: Collect new data (e.g., surveys).
Secondary: Analyze existing data.
Research Question
Read MoreCost Management and Costing Systems
Cost of Goods Manufactured
Beginning Materials Inventory
(+) Material Purchases
(-) Ending Materials Inventory
(=) Direct Materials Used
(+) Direct Labor
(+) Factory Overhead Applied
(=) Total Manufacturing Costs Incurred During Year
(+) Work in Process Inventory, Beginning
(=) Total Manufacturing Costs to Account For
(-) Work in Process Inventory, Ending
(=) Cost of Goods Manufactured
Cost Driver
Predetermined Factory OH Rate = Estimated Factory OH Amount for the Year / Estimated Level of Cost Driver for the
Read MoreFrequency Distribution and Statistical Data Analysis of Student Heights
Statistical Data from Quantitative Variables
We use statistical methods to describe data derived from quantitative variables.
Primitive Table of Student Heights
Table 5.1 shows the raw, unorganized height data (in cm) of a group of students. This type of table, with numerically unorganized elements, is called a primitive table: 166, 160, 150, 162, 160, 165, 160, 167, 164, 160, 162, 161, 168, 163, 156, 173, 160, 155, 164, 168, 155, 152, 163, 160, 155, 155, 159, 151, 170, 164, 154, 161, 156, 172, 153,
Read MoreNaval Operational Procedures and Terminology
Curtain Positions and Reporting
In entry/exit areas, the optimal curtain position is typically in the center, specifically sectors X or a point on line X-O.
Current Status Reporting
YY designates the current status of the recipient. In an exit curtain, the leader at point O should form the curtain up.
“Current Status” (YY) refers to the recipient’s current status.
QRS Grid Submission
When submitting a QRS grid, include the letter and scale, QRS identifier, top left corner, and period.
Standard Positions
Read MoreIntro to Data Science: A Summary of Key Concepts
Standard Deviation Calculation (by hand):
Formula:
s=1n−1∑i=1n(xi−xˉ)2s = \sqrt{\frac{1}{n-1} \sum_{i=1}^{n} (x_i – \bar{x})^2}s=n−11i=1∑n(xi−xˉ)2
where xix_ixi are individual data points, xˉ\bar{x}xˉ is the sample mean, and nnn is the number of data points.
Indexing in Pandas DataFrames:
df[...]: Basic column selection.df.Loc[...]: Label-based indexing (rows/columns).df.Iloc[...]: Position-based indexing.
Composite Boolean Selection:
- Use logical conditionals for filtering: