Question: A number of terms are listed below: /
A number of terms are listed below: 
Required: Select the terms from the above list to complete the following sentences. Any management team must understand how it created value for its customers and decide how to accomplish this goal better than all its competitors. This is a decision about _ _______. For exciting new products and products with no substitutes, consumers are willing to pay a premium price. Focusing on inventing and commercializing products with unique attributes is a ________ ________ (or ________ ________ ) strategy. For most mass-produced products sold by many competitors, consumers readily find substitutes. _ _______ ________ is the alternative strategy that improves profitability and ROI through ________ ________ ________ and ________ ________ ________ . Usually this means the management team will work on increasing the quantity of output using the same capacity. The fixed cost per unit produced will decrease and, if price is fixed, then profit will increase. Often cost leadership (or reduction) is achieved by _ _______ the production process. Growth can also be achieved by producing similar but not identical products and this is ________ ________ growth that provides economies of scope. Competitive advantage is identified by a resource or set of resources available to a company that enable it to execute its business activities more profitably than other competitors. Management teams must align the choice of strategy with the competitive advantage to implement a strategy well. The set of resources that provide competitive advantage are called ________ ________ ________ ( ________ ). To obtain feedback on how successful the implementation of strategy is, a _ _______ ________ (_ _______) is often used. The BSC is the foundation of more technologically intensive _ _______ ________ ________ (_ _______) systems. The BSC and ERM require refined cost reporting systems. The BSC measures success from four perspectives: ________ ________, ________ ________ ________, ________/________, and of course _ _______ ________. The BSC approach provides a more detailed basis upon which to evaluate the success of implementation of strategy.
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engineered costs key success factors (KSF) organic revenue customer perspective economies of scope financial perspective learning-and-growth perspective reengineering economies of scale enterprise risk management internal-process perspective product differentiation value leadership competitive advantage strategy balanced scorecard (BSC) cost leadership
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> Consider E-books again. The controller of E-books reads a widely used textbook that states “The reciprocal method is conceptually the most defensible.” He seeks your assistance. Required: 1. Describe the key features of the reciprocal method. 2. Allocat
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> Chocolat Inc. is a producer of premium chocolate based in Owen Sound. The company has a separate division for each of its two products: dark chocolate and milk chocolate. Chocolat purchases ingredients from Toronto for its dark chocolate division and fro
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> Carson Associates prepares architectural drawings to conform to local structural-safety codes. Its statement of comprehensive income for 2015 is: Revenue ……………………………………………………………………………………..$680,000 Salaries of professional staff (8,000 hours × $50 per ho
> The following financial data apply to the DVD production plant of the Dill Company for October 2015: Budgeted Manufacturing Cost per DVD Direct materials ………………………………….$1.60 Direct manufacturing labour ………………..0.90 Variable manufacturing overhead ………..0
> The production-volume variance should always be written off to “Cost of Goods Sold.” Do you agree? Explain
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> Bradshaw Repair Shop repairs and services machine tools. A summary of its costs (by activity) for 2014 is as follows: a.Materials and labour for servicing machine tools …………..$800,000 b.Rework costs ……………………………………………………………………75,000 c.Expediting costs ca
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> Manitoba Dairy, maker of specialty cheeses, produces a soft cheese from the milk of Holstein cows raised on a special corn-based diet. One kilogram of soft cheese, which has a contribution margin of $8, requires 4 litres of milk. A well-known gourmet res
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> Ira Stone, the president of General Hospital, has a meeting with the Medical Economics Group (MEG). MEG is a consulting firm in the health services sector. It reports that General’s billing operations are grossly inefficient. Its standard costing per bil
> Why is the flexible-budget variance the same amount as the rate variance for fixed manufacturing overhead?
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> Flash Chip Company (FCC) produces memory modules i n a two-step process: chip fabrication and module assembly. In chip fabrication, each batch of raw silicon wafers yields 500 standard chips and 500 deluxe chips. Chips are classified as standard or delux
> In the United States, organ procurement organizations (OPOs), transplant centres, and the medical professions coordinate the organ donation process. The U.S. government pays for this treatment through its Medicare program. What price should the U.S. gove
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> Nost Vineyards is a wine manufacturer. It distributes its products to retailers across Canada. Nost’s objective is to be the number one distributor of its product lines in Canada. Nost competes against a limited number of Canadian companies, but also mus
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> State two conditions under which computing equivalent units will make a material difference to reported inventory amounts.
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> How can the extent of price discounting be tracked on a customer-by-customer basis?
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> Why is customer profitability analysis a vitally important topic to managers?
> Why might some companies choose not to compute market-size and market-share variances?
> Explain why a favourable sales-quantity variance occurs.
> How might a dispute over the allocation of revenues of a bundled product be resolved?
> Why is the constant gross margin percentage NRV method sometimes called a “joint cost and a profit allocation” method?
> EnRG Inc. produces trail mix packaged for sale in convenience stores across Canada. At the beginning of April 2015, EnRG has no inventory of trail mix. Demand for the next three months is expected to remain constant at 50,000 bags per month. EnRG plans t
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> What is one key method to avoid disputes over allocation of support costs with respect to government contracts?
