The inventory methods that result in the most current costs in the income statement and balance sheet are income statement balance sheet is the LIFO
The income statement will reflect the most recent costs as a result of LIFO. The cost of products sold will reflect current costs because this method implies that the most recent inventory expenses are sold to customers first.
It uses the last in, first out (LIFO) method of inventory accounting. In accordance with LIFO, expenses are subtracted beginning with those for the most recent purchases of items (or produced). Only in the United States is LIFO practiced, and it is governed by generally accepted accounting rules (GAAP) For nonperishable items, LIFO (last in, first out) inventory management is preferable as it determines the cost of goods sold using the current pricing.
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cribb corporation uses direct labor-hours in its predetermined overhead rate. at the beginning of the year, the estimated direct labor-hours were 42000 hours and the total estimated manufacturing overhead was $210000. at the end of the year, actual direct labor-hours for the year were 42800 hours and the actual manufacturing overhead for the year was $226800. how much overhead does cribb apply to jobs during the year? round all interim computations to the nearest penny and your final answer to the nearest dollar. just put in the numeric value with no punctuation other than a comma.
Overhead applied to jobs by Cribb corporation is $12800 with estimated direct labor-hours as 42000 hours and estimated manufacturing overhead as $210000.
Give a brief account on absorption costing.To keep track of all costs associated with creating a certain product, "absorption costing," also known as "full costing," is a managerial accounting technique. This plan includes for all costs, direct and indirect, including rent, insurance, direct materials, and direct labor.
The cost base for absorption costing includes everything that is a direct cost of producing a good. Under absorption costing, fixed overhead costs are also included in the product costs. A few expenses associated to product manufacturing include wages paid to employees who physically make a product, raw materials needed for production, and all overhead costs (such as all power bills spent during production).
To solve the question :
Given,
Estimated direct labor-hours = 42000 hours
Estimated manufacturing overhead = $210000.
Actual Hours Worked = 42800 hours
Actual Overhead = $226800
Budgeted Manufacturing Overhead rate
= total estimated manufacturing overhead / estimated direct labor-hours
= $210000 / 42000 hours
= $ 5 per hr
Actual Hours Worked = 42800 hours
Applied Overhead = Actual Hours Worked / Budgeted Manufacturing Overhead rate
= 42800 hours x $ 5 = $214000
Actual Overhead = $226800
Overhead = Actual overhead - Applied Overhead
= $226800 - $214000
= $12800
Hence, Overhead applied to jobs by Cribb corporation is $12800.
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true or false: sending emails is an outdated and relatively unused practice when it comes to launching a product.
False, sending emails is not an old and little-used strategy for introducing a product.
The thing being sold is called a "product." An item or service can be considered a product. Physical, virtual, or cyberspace forms are all product possible. Every good has a price because it costs money to strategy produce it. The market, quality, marketing, and targeted market segment all affect the price that can be charged. Every product has a shelf life after which it needs to be replaced and a life cycle after which it needs to be redesigned. To make a brand more applicable to the market and the times, in FMCG parlance, it can be extended, relaunched, or revamped.
A product must be applicable; users must find immediate use for it. A product must have the functionality and quality to carry out its intended function.
It's important to communicate a product's benefits to users and potential users so they understand why they should use it and how it will improve strategy their lives. This is best achieved through marketing and "brand building."
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the size, distribution, and impact of taxes on society is referred to as the . multiple choice question. apportionment budget deficit budget constraint tax burden
The size, distribution, and impact of taxes on society is referred to as the tax burden. Hence, the correct choice OF answer for this question is option (d).
Give a brief account on tax burden.The impact of a certain tax on how economic welfare is distributed is known as tax incidence or tax burden in economics. Economists make a distinction between the entities that end up paying the taxes and those who are initially subject to them. The tax burden, which accounts for how the tax affects prices, determines the underlying economic weight of the tax by comparing real earnings or utility costs before and after the tax is imposed.
The French Physiocrats, in especially François Quesnay, are credited with first popularizing the idea of tax incidence. They claimed that all taxes ultimately affect landowners and reduce property rent. The group that finally pays the tax or loses money as a result of it is said to "fall" under its impact. The main idea behind tax incidence is that it depends on price elasticity of supply and demand rather than the size of the tax imposed (i.e., where the money is collected has no bearing on where the money is collected).
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3. which of the following is not an assumption of monopolistic competition? a) each firm's output is slightly different from other firms in the industry. b) there are many firms in the industry. c) production occurs with increasing returns to scale technology. d) each firm faces a perfectly elastic demand curve.
The assumption of monopolistic competition is that d) each firm faces a perfectly elastic demand curve.
When a large number of businesses provide rival goods or services that are comparable but imperfect alternatives, a monopolistic competition exists. Monopolistic competition is described as the structure of a market where businesses compete against one another but offer a variety of commodities.
This highly competitive sector has low barriers to entry, and decisions made by one firm do not instantly affect those of its competitors. Instead of a straight demand curve, the rival faces a downward going one, that offers it the same ability as the monopoly to raise prices without driving away all of its customers or lower prices while luring in more.
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the war on poverty: question 9 options: a) was a great success since in the decades since the 1960's the poverty rate has been cut in half. b) has not succeeded in lowering the poverty rate since the u.s. only spends about 1% of gdp on welfare programs. c) was initiated by president nixon during the vietnam war a means of decreasing poverty in third-world nations. the goal was to lessen the support for communism in poor countries. d) was started by president johnson in the mid 1960's. he got legislation passed to create government programs with the intention to help the poor escape poverty.
President Johnson launched the war on poverty in the mid-1960s. He was successful in getting laws approved to establish government initiatives to assist the underprivileged in escaping poverty. Thus, the right option is (d) was started by president johnson in the mid-1960s. He got legislation passed to create government programs with the intention to help the poor escape poverty.
What exactly is the War on Poverty?The unofficial term for legislation initially proposed by United States President Lyndon B. Johnson at his State of the Union speech in January 1964 is the "war on poverty." Johnson suggested this law in response to a national poverty rate of roughly 19%. The speech prompted the United States Congress to approve the Economic Opportunity Act, which established the Office of Economic Opportunity to oversee the local distribution of federal anti-poverty money. The forty initiatives established by the Act were all focused on eradicating poverty by improving living conditions in low-income communities and assisting the disadvantaged in accessing economic opportunities that had previously been denied to them.
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the potential benefits of diversification into a two-asset portfolio are greatest if: group of answer choices the assets are highly positively correlated with each other. the degree of correlation does not matter. none of the answers is correct. the assets are uncorrelated with each other. the assets are negatively correlated with each other.
Enhancement works best when resources are uncorrelated or adversely connected with each other, so particularly that as certain pieces of the portfolio fall, others rise.
How can an investor's portfolio benefit from asset diversification?Investors can protect themselves from significant swings in key sectors and offset any exposure in a single position by incorporating portfolio diversification. Typically, traders trade both stocks and bonds to diversify.
When making a portfolio, why is the correlation coefficient so important?You can learn more about the strength of the relationship that exists between two distinct variables by using the correlation coefficient. Using it can help you increase portfolio diversification and gain a better understanding of a stock's performance in relation to its peers or the industry as a whole.
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advertising, sales promotion, and public relations are often said to use blank selling because they are used with groups of prospective buyers. multiple choice question. customized integrated mass direct
Simply put, advertising is handling worthwhile relationships, via way of means of attracting new clients via way of means of superior fee and retaining present day clients via way of means of turning in pride. so correct options are customized, integrated and mass.
Marketing must be understood withinside the experience of enjoyable purchaser desires. Marketing may be described as the procedure via way of means of which corporations create fee for clients and construct strong purchaser relationships to seize fee from clients in return. A 5-step version of the advertising procedure will offer the shape. There are 5 distinctive middle purchaser and market concepts. Customer desires, needs and demands. Human desires are states of felt deprivation and may include bodily, social and character desires.
Market services are a combinations of products, offerings and stories presented to a marketplace to meet a want or want. These may be bodily products, however additionally offerings – sports which can be basically intangible. The phenomenon of advertising myopia is paying greater interest to enterprise products, than to the underlying desires of clients. Value and pride are key constructing blocks for purchaser relationships. Exchanges are the acts of obtaining a favored item shape a person via way of means of providing some thing in return. Marketing includes moves looking to construct an trade dating with an audience. A marketplace is the set of all real and capability shoppers of a product or service.
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from an operational perspective, yield management is least effective under which of the following circumstances? multiple choice demand is highly variable. demand can be segmented by customer. the product can be kept to be sold when demand is stronger. fixed costs are high, and variable costs are low. the product can be sold in advance.
The answer is the product can be kept to be sold when demand is stronger.
The situations of a particular state of affairs are the conditions that have an effect on what takes place.
A condition is a situation in which something happens. Say you had been at a commercial enterprise luncheon and also you were by accident fed psychedelic mushrooms on your ravioli, your boss may excuse the bizarre belongings you said, given the situation. circumstance comes from the Latin that means the conditions around something.
A scenario is a set of occasions in which one finds oneself. And a condition is a truth or circumstance linked with or relevant to an event or motion. To it seems that placed it, a scenario is an element it is occurring and the condition is the situation of that element.
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which collaboration strategy involves allowing team members to air their grievances before deciding on a way to move forward with a plan or project?
The collaboration strategy involves allowing team members to air their grievances before deciding on a way to move forward with a plan or project is disagree and commit.
What is a collaboration strategy?A collaboration strategy is how businesses approach teamwork within their company. A collaboration strategy means the manners in which an organization campaigns or requires workers working together to achieve goals and complete activities or projects.
Therefore, the collaboration strategy involved in permitting team members to air their grievances before and decision is disagree and commit.
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which factors are important to consider when deciding if a job opportunity fits in with your long-term career goals?
Type of work, Alignment with core values, and Opportunities for growth are crucial variables to examine when considering if a job opportunity fits in with your long-term career aspirations.
A person's values can be personal or political, depending on whether they are evaluated in respect to the individual or to society. Apart from moral virtue, examples of personal values include friendship, knowledge, beauty, and so on, while examples of political values include justice, equality, and liberty. This article will discuss some contemporary thoughts concerning the first group - personal values. It will begin by looking at the types of things that have worth and will end by looking at some of the theories that seek to describe what value is. Although many, if not all, of the principles mentioned are universal, references will be made mainly to Western sources.
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How do the basic characteristics of free enterprise support the idea that the united states is a land of opportunity?.
Our laissez-faire economy has many key characteristics: profit motive, open chance, legal equality, personal property rights, free contract, voluntary exchange, and competition. The profit motive encourages folks to boost their material well-being.
United Nations agency decides. Forms of Economic Systems. Pure capitalist economy. Conjointly called: market economy; competition. Perceive forms of economic systems and their historical development. Describe capitalist economy and socialism each in theory and the application.
A system of laws and courts provides the essential legal infrastructure for all business acquiring depends.
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when an investment trust fund makes an unsolicited distribution to a government that is participating in an investment pool, which account should be debited
An investment trust fund makes an unsolicited distribution to a government that is participating in an investment pool, which account should be debited Deductions—distributions to pool participants.
Trust finances are felony preparations that permit people to area property in a unique account to gain some other individual or entity. Trust finances may be complicated and regularly require the help of a lawyer to set up, alevin though there are on-line gear for the do-it-yourselfer. Tax credit and deductions each lower what you may pay in taxes, however in extraordinary ways. Tax deductions decrease your taxable profits and probably lessen what you may pay in taxes as a result, even as tax credit lessen your tax invoice greenback for greenback and can even boom your refund.
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which of the following statements is true?a. when the fed sells government bonds, the money supply decreases.b. the federal reserve was created in 1871 in response to the civil war.c. the primary tool of monetary policy is the reserve requirement.
The true statement is- When the Fed sells government bonds, the money supply decreases.
What are the government bonds?
A government issues a debt security known as a government bond to fund its obligations and expenses. Periodic interest payments on government bonds are known as coupon payments. Since the issuing government backs government bonds, they are frequently seen as low-risk investments.
Sovereign debt is another name for government securities issued by the federal government.
In the secondary market, some Treasury bonds are traded. Through this market, individual investors can buy and sell previously issued bonds in collaboration with a financial institution or broker. The U.S. Treasury, brokers, and exchange-traded funds (ETFs), which hold a variety of securities, all offer easy access to buying Treasuries.
Government fixed-rate bonds may be subject to interest rate risk, which happens when rates are rising and investors are holding fixed-rate bonds that pay less than the market average. Additionally, only a few bonds are able to stay up with inflation, a measurement of price increases across the board in the economy. When prices in the economy rise by 1.5% and a fixed-rate government bond pays 2% annually, for instance, the investor only makes a real return of 0.5%.
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an overall capitalization rate (ro) is divided into which type of income or cash flow to obtain an indicated market value?
Cash flow to obtain an indicated market value Net operating income (NOI). The real estate professionals utilise the metric known as Net Operating Income, or NOI, to the swiftly determine the profitability of a certain venture.
After the deducting required operational costs, NOI calculates the revenue and profitability of invested real estate property. While net income is revenue less all expenses, both operational and non-operating, such as taxes, net operating income is revenue less all expenses Cash flow. Let's imagine, for illustration purposes, that you own a duplex with a gross monthly income of $2,000 and the monthly running expenses of $400.
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item 3 george jefferson established a trust fund that will provide $221,500 per year in scholarships. the trust fund earns an annual return of 3.8 percent. how much money did mr. jefferson contribute to the fund assuming that only income is distributed?
$6,050,000 was contributed by Jefferson to the trust.
Selling goods & services is how a business makes money. Profit and both fixed and variable costs incurred during product manufacturing are included in revenue. The distinction between profit and fixed costs is known as margin.
How does contribution margin compare to gross margin?
Contribution margin is the profit that remains after variable costs are deducted from revenue, while gross margin is the profit that remains after the cost of goods sold is deducted from revenue.
What exactly is contribution margin and why is it so crucial?
It is a bookkeeping term that assists entrepreneurs and chiefs with following item productivity.Understanding the contribution margin is critical because it indicates how much of a product's revenue can be used to cover fixed costs and increase the company's profit.
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true or false: in the second stage of activity based costing, the costs in the activity cost pools are allocated to products using a variety of cost drivers.
The statement is True. In the second stage of activity-based costing, the costs in the activity cost pools are allocated to products using a variety of cost drivers.
Examples of value drivers are direct labor hours labored, the variety of purchaser contacts made, the range of engineering change orders issued, the number of machine hours used, and the number of product returns from clients.
A cost driver simplifies the allocation of producing overhead. An appropriate allocation of manufacturing overhead is essential to determine the proper cost of a product. Inner control makes use of the price of a product to decide the fees for the goods they produce.
A hobby cost driving force refers to movements that motivate variable prices to boom or decrease for a commercial enterprise. Consequently, figuring out what product/provider is causing unique charges can assist the enterprise to grow to be extra worthwhile by higher expertise in the precise activities that are using the prices.
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rule 203 of the code of professional conduct addresses: question 12 options: financial statements being based on generally accepted accounting principles. ethical requirements. auditing financial statements. advertising to obtain clients.
Rule 203 of the code of professional conduct addresses financial statements based on generally accepted accounting principles.
Rule 203 prohibits an auditor from presenting unqualified opinions on financial statements if they are not approved by Generally Accepted Accounting Principles. It states that financial statements based on accepted accounting principles always present a fair financial position, cash flows, and conformity.
Rule 203 is strictly applicable in financial instances, still, it provides space for leniency in certain circumstances such as the creation of new business transactions or new legislation. These are rare circumstances where traditionally accepted accounting rules might be misleading. In such cases, the accountant has to state the reasons for not using the accounting rules.
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7 a company's chief executive officer (ceo) has decided to launch a corporate social responsibility (csr) program. who are the intended beneficiaries of a csr program?
The company's chief executive officer (ceo) has decided to launch a corporate social responsibility (csr) program.Stakeholders are the intended beneficiaries of a csr program
Any individuals or groups that are influenced by a project, initiative, policy, or organization, whether favorably or unfavorably, are considered stakeholders. They could be external (individuals outside of your organization) or inside (people outside of your organisation). The abbreviation UPIG, which stands for Users, Providers, Influencers, and Governance, makes it simple to recall these four kinds of stakeholders. A stakeholder's primary duty is to contribute their expertise and point of view to a project in order to help the organization accomplish its strategic objectives. A project success depends on their support. All individuals or groups with a stake in the success of the company are considered stakeholders. Since an organization's level of authenticity is based on how well it satisfies its stakeholders' needs, it is crucial that organizations develop healthy and balanced relationships with them.
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A result of welfare economics is that the equilibrium price of a product is considered to be the best price because it?.
A result of welfare economics is that the equilibrium price of a product is considered to be the best price because it maximizes the combined welfare of buyers and sellers.
The study of how the distribution of resources and goods impacts social welfare is known as welfare economics. This is directly related to the study of income distribution and economic efficiency, as well as how these two aspects affect the general welfare of people in the economy.
Practically speaking, welfare economists aim to offer instruments to direct public policy in order to produce favorable social and economic outcomes for the entire society. However, welfare economics is a subjective field of study that strongly relies on presumptions about what constitutes, how to measure, and how to evaluate individual and societal welfare.
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you average one client from every 10 leads, and each client represents 85% of a closed transaction. each transaction you close has an average dollar value of $6,000. using the funnel, how much can you expect to earn from every 10 leads?
An average of one client from every 10 leads, and each client represents 85% of a closed transaction. each transaction we close has an average dollar value of $6,000. using the funnel, The expect to earn from every 10 leads is $5,100
$6,000 x .85 = $5,100
What funnel means?
A tube consists a wide opening at the top, the sides that slope inward, and narrow opening at the bottom, used for either pouring liquids or powders into containers that have small openings.
What is a funnel used for in cooking?
Funnels can be used for liquids, or fine-particled items such as flour, peppercorns, spices and dried herbs, Wide-mouthed ones are good for transferring dry goods and chunky goods; narrow-mouthed ones are good for liquids. Some bowls may, instead of being cone-shaped, be like a flat-bottomed bowl.
What shape is a funnel?
cone-like
Funnel is made of glass and plastic. It is used for filtering liquids and pouring liquids from one vessel to another. Its shape is cone-like.
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if the buyer relies on the seller's skill or judgment to select the goods for that purpose, a(n) that the goods are suited for that purpose is created.
If the buyer relies on the seller's skill or judgment to select the goods for that purpose, an implied warranty is created.
A guarantee that is not expressedly stated in writing or verbally is known as an implicit warranty. The sale of commodities is governed by Article 2 of the Uniform Commercial Code ("UCC"). Regarding the sale of goods or real estate, an implied warranty is automatically assumed, preventing the transfer of risk to the buyer.
The presumption that the item you purchase will function is an illustration of an implied warranty. For instance, if you buy a washing machine, it is presumed that it will function and clean your clothing. The implied warranty that you receive when purchasing a sandwich from a deli is that it is edible.
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which of the following statements describes assets? a.) the net worth of the business, including profits and investments b.) business resources that are owned or can be claimed by others c.) the financial output incurred by a company to create profits d.) business resources that are owned or that can be claimed by the owner
The statement that describes assets is business resources that are owned or that can be claimed by the owner.
What are assets?An asset is any resource that a company or other economic entity owns or has control over. It is anything that has the potential to generate gains in terms of the economy. Assets are ownership value that can be exchanged for cash.
Intangible assets like patents, royalties, and other intellectual property are included in the category of assets along with tangible items like machinery, real estate, raw materials, and inventory.
To put it another way, assets are valuable because they can produce income or be sold for cash. Both tangible objects, like machinery, and intangible ones, like intellectual property, can be used as examples. A company's balance sheet, one of its important financial statements, lists its assets.
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if a company plans to sell 48,000 units of product but sells 60,000, the most appropriate comparison of the cost data associated with the sales will be by a budget based on
The cost data associated with the sales will be by a budget based on 60,000 units of activity.
What is a Budget?Budgets are used by governments, businesses, and individuals to estimate revenue and expenses over a specified period of time. Any financial endeavor is greatly enhanced by having a budget for a defined period, usually a year. In order for a company to operate efficiently, it needs a budget.
A budget can help set goals, measure outcomes, and plan for contingencies in addition to earmarking resources. Individuals and families can benefit greatly from personal budgets in managing their finances both short and long term.
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the social media department functions at a senior level that reports to the cmo (chief marketing officer) or ceo and is responsible for all the social media activations with which social media structure?
A social network is a network of relationships between agents, such as people or groups of people. A social network shows the connections that exist between individuals and groups of people, from passing acquaintances to tight family relationships. Social networks are made up of nodes and linkages.
What is socila networking structure:
Situations, roles, social networks, groups & organizations, social structures, and society make up the bulk of the social structure. The ascribed status, attained status, and attempt to maximize are particular categories of statuses.
The social structure determines how people behave. A person's beliefs, attitudes, and behaviors are influenced by where they are in the social hierarchy, their social class and rank, the roles they play, and the cultures, groups, and social structures to which they belong.
The conduct of many players can be effectively organized by a social framework. The behavior of an individual or group is coerced by a structure. Individual actors are given roles and authority by a social system. A social structure frequently affects how both people and groups are distributed.
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a marketer can stimulate problem recognition by group of answer choices creating a new ideal state or dissatisfaction with the actual state creating a new actual state or dissatisfaction with the ideal state increasing mao to process information about the new actual state decreasing mao so as to create dissatisfaction with the ideal state utilizing stimulation that will create clutter in the processing of information about the actual state
They can stimulate problem recognition earlier by eliciting dissatisfaction with the actual state or by. creating a new ideal state.
An ideal is a principle or value that one actively pursues as a goal, typically in the context of ethics, and how important you rank your ideals might tell you how committed you are to each one. Moral idealism is the term for the idealistic mindset. People who don't conform to our society's standards of beauty are examples of what you view as the best potential examples of whatever it is that you are idealizing. An alternative word for example is pattern More ideal's opposites. Encouragement of growth or a general cause of activity is stimulate. "The press stimulates political dialogue," for instance. Whatever its actual impact on the senses, a fascinating or enjoyable activity might be referred to as "stimulate".
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5. marty jones has been out of work for 3 months and has recently applied for a position at a local factory. as part of the employment process, can the employer has asked mr. jones to complete a pre-employment physical that includes genetic testing for any disease that might interfere with mr. jones ability to run an expensive piece of factory equipment?
Mr. Jones informs the employer that GINA regulations prohibit employers from requiring genetic information as part of the employment process.
Genetic facts include information about a character's genetic exams and the genetic checks of a man or woman's circle of relatives contributors, in addition to information approximately the manifestation of sickness or disease in a character's circle of relatives participants (i.e. own family clinical records). family medical history is included within the definition of genetic statistics due to the fact it's far frequently used to determine whether someone has an expanded chance of having an ailment, sickness, or circumstance in the future.
Genetic information also includes a person's request for, or receipt of, genetic offerings, or the participation in scientific research that consists of genetic services by means of the individual or a member of the family of the man or woman, and the genetic facts of a fetus carried by using a character or by using a pregnant girl who is a member of the family of the person and the genetic information of any embryo legally held by way of the person or member of the family the usage of an assisted reproductive era.
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fong medical equipment recently paid $1.10 as its annual dividend. future dividends are projected at $1.06, $1.02, and $1.00 over the next three years, respectively. after that, the dividend is expected to decrease by 2 percent annually. what is one share of this stock worth at a rate of return of 17 percent?
Medical equipment can be used alone or in conjunction with any accessory, consumable, or other piece of medical equipment for the specific objectives of diagnosing and treating diseases, as well as for rehabilitation following illness or accident.
What is Medical equipment ?Examples include x-ray equipment, MRI and PET scanners, and ultrasound and CT scanners. Infusion pumps, medical lasers, and LASIK surgical equipment are all used during treatment. Equipment for life support is used to keep a patient's body functioning.Investing in stocks might be dangerous, but there are ways to lower your risk. For instance, research can assist you in making an informed choice about the potential performance of particular stocks. But remember that this is not a precise science. That's because a lot of unpredictable things, like emotions, market behavior, and world events, are at work.As a result, a company's stock may perform well or poorly. You'll need to calculate the gains and losses for your portfolio based on the result. In this post, we'll explain the fundamentals of computing gains and losses as well as some of the instruments at your disposal.To know more about Medical equipment please click here ; https://brainly.com/question/12690231
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a shift to the left of a supply curve is caused by: question 8 options: a) a technological improvement in production. b) an increase in the number of buyers. c) an increase in the cost of an input. d) an increase in the number of sellers.
The correct answer is option C. A shift to the left of a supply curve is caused by an increase in the cost of an input.
The cost of manufacturing any particular amount of the good or service will change if the price of labor or another production element changes. The quantity that suppliers are willing to supply at any price will alter as a result of this change in the cost of manufacturing. The quantity suppliers will offer at any price should decrease as factor prices rise, moving the supply curve to the left. The quantity suppliers will offer at any price rises with a decrease in factor prices, moving the supply curve to the right.
Imagine that coffee farmers must pay their harvesters a higher wage or must spend more on fertilizer.
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Parsons Company is planning to produce 2,800 units of product in 2017. Each unit requires 1. 20 pounds of materials at $5. 60 per pound and a half-hour of labor at $12. 00 per hour. The overhead rate is 70% of direct labor. (a) Compute the budgeted amounts for 2017 for direct materials to be used, direct labor, and applied overhead. Direct materials $ Direct labor $ Overhead $ (b) Compute the standard cost of one unit of product. (Round answer to 2 decimal places, e. G. 2. 75. ) Standard cost $ Click if you would like to Show Work for this question: Open Show Work
The budgeted amounts for indirect costs in 2017 for the direct materials to be used is $18,816.
What are indirect costs?Costs that cannot be traced back to a specific cost object are known as indirect costs. Indirect costs are similar to direct costs in that they can be either fixed or variable. Expenses for administration, personnel, and security are examples of indirect costs. These are expenses that have nothing to do with manufacturing. While some overhead expenses may be considered indirect costs, other overhead expenses can be linked directly to a project and are thus considered direct costs. Indirect costs can be divided into two categories. The first are the indirect fixed costs, which are constant for a given project or business, such as labor transportation to the job site and construction of makeshift roads. The second category is made up of indirect costs that are repeated for a specific business, such as paying salaries or keeping records up to date.
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which account is debited if materials costing $100,000 are sold? question 7 options: work-in-process control account cost of goods sold account revenues account materials control account
Revenues account includes work-in-process control account, cost of products sold account, and materials control account.
What is mean by debited and credited?In double-entry accounting, debits and credits were commonly assessed in account ledger accounts to record value changes brought on by company transactions. A credit entry reflects a value transfer from the account, whereas a debit entry indicates an exchange of wealth to the account.
What is debited transaction?A debit transactions is one that gives customers access to their money, typically through a withdrawal from an ATM or a direct payment for products or services. Banks and other banking entities frequently offer debit transactions.
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