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12 Cards in this Set
- Front
- Back
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absorption costing
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The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.
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contribution margin
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Sales less variable costs and variable selling and administrative expenses.
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contribution margin analysis
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The systematic examination of the differences between planned and actual contribution margins.
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controllable costs
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Costs that can be influenced (increased, decreased, or eliminated) by someone such as a manager or factory worker.
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manufacturing margin
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The variable cost of goods sold deducted from sales.
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market segment
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A portion of business that can be assigned to a manager for profit responsibility.
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noncontrollable cost
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Cost that cannot be influenced (increased, decreased, or eliminated) by someone such as a manager or factory worker.
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price factor
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The effect of a difference in unit sales price or unit cost on the number of units sold.
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quantity factor
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The effect of a difference in the number of units sold, assuming no change in unit sales price or unit cost.
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sales mix
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The relative distribution of sales among the various products available for sale.
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variable cost of goods sold
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Consists of direct materials, direct labor, and variable factory overhead for the units sold.
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variable costing
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The concept that considers the cost of products manufactured to be composed only of those manufacturing costs that increase or decrease as the volume of production rises or falls (direct materials, direct labor, and variable factory overhead).
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