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Troyanec [42]
2 years ago
12

Indicate whether the following costs of procter & gamble (pg), a maker of consumer products, would be classified as direct m

aterials cost, direct labor cost, or factory overhead cost:__________
Business
1 answer:
Archy [21]2 years ago
7 0

Factory overhead costs for the Iowa City, Iowa, facility include: a. Plant manager's pay; b. Maintenance materials;

b. Factory overhead costs Process engineers' salaries

Payroll for the Packaging Department of the paper manufacturing facility in Bear River City, Utah.

Actual labor costs

b. Direct material costs for scents and fragrances used in soaps and detergents

Wages of production line workers at the soap and detergent factory in Pineville, Louisiana Direct labor cost

Depreciation on the manufacturing line at the Pennsylvania paper products factory in Mehoopany Factory overhead costs

Materials for packaging Direct material costs

i. Body wash resins Direct materials cost j. Auburn, Maine manufacturing plant depreciation Factory overhead costs

To learn more about Gamble
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Incomplete Question

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Betty, an accountant, agreed to prepare Tim's income tax returns by April 15th, when they were due. Tim then discovered he neede
vovikov84 [41]

Answer: O Tim must pay because the agreement to complete the tax returns earlier than originally agreed is additional consideration supporting the modification of the contract.

Explanation:

When Tim agreed to Betty's stipulation that for her to finish the returns earlier, he would have to pay an extra $250, he in effect agreed to the modification of the contract.

Modified Contracts are also enforceable by law so Tim has to pay the $250. There was no proof that Betty acted wrongfully as she had to change her schedule and needed to be compensated for the inconvenience. Also even if the modification was not in writing, it is a generally accepted rule that for contracts to be modified orally, the amount must not exceed $500 which it did not.

Tim is very much liable to pay.

6 0
3 years ago
Fordon Corporation purchased a piece of equipment for $50,000. It estimated a 8-year life and $2,000 salvage value. At the end o
svet-max [94.6K]

Answer:

Revised Depreciation charge per year is $2,200

Explanation:

Revised Depreciation can be calculated in 3 steps:

<u>Step 1:</u> Annual Depreciation charge of Equipment using initial estimate

Depreciation charge = (Cost of Asset – Salvage Value) / Useful life

Depreciation charge = ($50,000 - $2,000) / 8 years = $6,000 per year

<u> </u>

<u>Step 2:</u> Calculate Net Book Value of Equipment at the end of year 4

Cost of Asset:                                                                            $50,000

Less: Accumulated Depreciation of 4 Years ($6,000 x 4):    ($24,000)

Net Book Value:                                                                    $26,000

<u> </u>

<u>Step 3:</u> Calculate Revised Depreciation charge using the revised useful life

Revised Depreciation charge = (Net Book Value of Asset at the end of Year 4  – New Salvage Value) / Revised Useful life

Revised Depreciation charge = ($26,000 - $4,000) / 10 Years = $2,200 per year

6 0
3 years ago
Diaz Company reports the following variable costing income statement for its single product. This company’s sales totaled 55,000
kirill [66]

Answer:

Sales                               3,575,000

Variable Manufacturing   1,567,500

Fixed Manufacturing      <u>    247,500</u>

COGS:                               1,815,000

gross profit                       1,760,000

Variable S&A expense      302,500

Fixed S&A expense     <u>        191,250  </u>

Net Income                      1,266,250‬

Explanation:

Absorption cost will consider unit cost only the manufacturing department cost the rest are period cost.

We solve for the fixed overhead per unit using produced units:

Fixed overhead $382,500 / 85,000 = 4.5

Then we add it to the variable cost of 28.5 and get a unit cost of $33

Wer multiply by the 55,000 units to get COGS

the rest will be period cost.

7 0
3 years ago
Read 2 more answers
What is one strategy that can help a person avoid spending too much money
VARVARA [1.3K]

Answer:

Concept: Business

  1. Choosing a credit card with a low minimum monthly payment will lead to less spending
4 0
3 years ago
Read 2 more answers
Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run,
igomit [66]

Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".

<h3>What is perfectly competitive market?</h3>

According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.

There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -

  1. homogenous items,
  2. no entry or exit obstacles,
  3. price taker sellers,
  4. transparent products, and
  5. no seller has any control over market prices.

The three key components of perfect competition are as follows:

  • There are a lot of buyers and sellers in the market.
  • These buyers and sellers are in competition with one another.
  • The good being offered or purchased is uniform.
  • Companies are free to enter or leave the market.

To know more about; Why is perfect competition the best form of market structure?, here

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5 0
2 years ago
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