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A Group of 12 Students Have to Decide Among Three \quad

question 82

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A group of 12 students have to decide among three types of pizza: sausage (S) , mushroom (M) , and beef (B) . Their preference rankings are shown below. Which choice will the group make if they use the Hare system? \quad \quad \quad \quad \quad \quad \quad \quad Number of students \text { Number of students }
33222 First choice BMSBS Second choice MBMSB Third choice SSBMM\begin{array} { l l l l l l } & 3 & 3 & 2 & 2 & 2 \\\text { First choice } & \mathrm { B } & \mathrm { M } & \mathrm { S } & \mathrm { B } & \mathrm { S } \\\text { Second choice } & \mathrm { M } & \mathrm { B } & \mathrm { M } & \mathrm { S } & \mathrm { B } \\\text { Third choice } & \mathrm { S } & \mathrm { S } & \mathrm { B } & \mathrm { M } & \mathrm { M }\end{array}


Definitions:

Variable Production Costs

Costs that change in proportion to the level of production activity, such as raw materials and direct labor.

Period Cost

Expenses that are not tied directly to product production and are expensed in the period they are incurred.

Absorption Costing

A method of accounting which integrates all costs related to manufacturing, from direct materials and labor to variable and fixed overhead, into the product’s pricing.

Absorption Costing

A costing method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed overheads—in the cost of a product.

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