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2 years ago

The costs of direct materials, direct labor, and overhead for partially completed products are known as:

1 answer:

8 0

The costs of direct materials, direct labor, and overhead for partially completed products are known as total manufacturing costs.

Direct material costs are the costs of raw materials and parts used to manufacture products. The materials must be clearly identifiable in the resulting product (otherwise they are considered community costs). Direct material costs are one of the few variable costs associated with the production process.

Therefore, it is used to derive the throughput from the production process. The throughput is the revenue minus all fully variable costs. Examples of direct materials include wood used to build houses, automobile steel, radio circuit boards, and fabrics used to assemble garments.

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During the recession of 2007âˆ’2009, the U.S. federal governmentâ€™s tax collections fell from about $2.6 trillion down to about

Varvara68 [4.7K]

Answer: A. Yes

Explanation: The US tax system has built-in stabilizers which help when the economy is down.

Built-in stabilizers are economy policies of government which are triggered automatically to stabilize the economy when it experiencing a downward movement or an unexpected growth in an excessive way without the explicit intervention of the government. An example of this is unemployment insurance.

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3 years ago

Lysiak Corporation uses an activity based costing system to assign overhead costs to products. In the first stage, two overhead

enot [183]

Answer:

$23,122

Explanation:

Calculation to determine the overhead cost assigned to Product C9 under activity-based costing

First step is to calculate the cost allocation to machining activity and order filling

MACHINING

Equipment depreciation (0.60 : 0.10 : 0.30)

Machining=$47,000 x 0.60 = $28,200

Supervisory expense (0.60 : 0.20 : 0.20) Machining=$6,000 x 0.60 = $3600

Total $31,800

($28,200+$3,600)

ORDER FILLING

Equipment depreciation (0.60 : 0.10 : 0.30)

Order filling=$47,000 x 0.10 = $4,700

Supervisory expense (0.60 : 0.20 : 0.20)

Order filling=$6000 x 0.20 = $1,200

Total $5,900

($4,700+$1,200)

Second step is to calculate the Assign overhead costs to products:

Assign overhead costs to products:

Machining= $31,800 ÷ 10,000 MHs

Machining= $3.18 per MHOrder

Order Filling=$5,900 ÷ 1,000 orders

Order Filling = $5.90 per order

Now let calculate the Overhead cost for Product C9

Machining= $3.18 per MH × 6,900

Machining=$21,942

Order Filling= $5.90 per order × 200 Orders Order Filling=$1,180

TOTAL $23,122

($21,942+$1,180)

Therefore the overhead cost assigned to Product C9 under activity-based costing is $23,122

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2 years ago

On January 10, Molly Amise uses her Lawton Co. credit card to purchase merchandise from Lawton Co. for $1,700. On February 10, M

AVprozaik [17]

Answer:

the journal entry are given below

Explanation:

given data

On January 10

purchase merchandise = $1,700

On February 10

amount due = $1,700

On February 12

Molly pays = $1,100

On March 10

amount due & interest = 1% per month

solution

Interest revenue to be recorded on March 10 that is calculated as

Unpaid balance as of February 12 = $1700 - $1100 = $600

and interest rate = 1% per month

Interest revenue = $600 × 1% = $6

so the journal entry are

date account title debit credit

January 10 account receivable $1700 sales revenue $1700

February 12 cash $1,100

sales revenue $1100

March 10 account receivable $6

interest revenue $6

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3 years ago

Pump prices slide as crude oil falls to six-year low The average price for regular gasoline at U.S. pumps fell almost 4 cents i

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Answer:

lower the cost of producing gasoline and increase the supply of gasoline

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Crude oil is an input needed in the production of gasoline. If the price of crude oil falls, it would become cheaper to make gasoline and therefore the supply of gasoline would increase.

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3 years ago

According to the simple monetary model, if money is growing at 5% in the United States and 6% in the United Kingdom, while real

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Answer:

Since the money supply is growing at a much faster rate than real GDP in the US, this means that the inflation rate in the US will be higher than the inflation rate in the UK. In both countries the money supply is growing at a faster rate, but the difference in the US is larger (money supply is growing 67% faster that real GDP), while the money supply in the UK is growing 20% faster than real GDP.

This means that the US dollar should depreciate against the British pound.

If you have US dollars, then you should increase your investments in the UK because the pound will be worth more US dollars in the future.

More American goods should be exported to the UK, and less British goods should be imported to the US. Since the US dollar should be cheaper, American products are cheaper. The opposite will happen to British products.

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3 years ago