Cost 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:
Census and Sample Methods in Statistical Investigations
Census Method
Census method is a method of data collection where every item of the universe or population related to the problem under investigation is studied.
Suitability
Census method is particularly suitable for statistical investigations with:
- Small population size
- Widely diverse items in the population
- Requirement of intensive examination of different items
- High degree of accuracy and reliability needed
Merits
- Reliable and Accurate: Results are accurate and highly reliable because each item of the
Futures and Forwards: Hedging and Pricing Strategies
Chapter 2: Futures and Forwards
Futures Contract: A standardized contract traded on an exchange to buy or sell an asset at a future date at a price specified today. It can lead to losses if the price of the underlying asset goes up in the future.
Forward Contract: A customized contract between two parties to buy or sell an asset at a future date for a price agreed upon today. It can lead to profits if the price of the underlying asset goes up in the future.
Cash Flows: In a forward contract, no cash
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