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1 year ago

the relationship between the factors of production used by a firm and the maximum output possible is called the

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In economics, a factor of production, resource, or input is what is used in a production process to produce products, i.e. goods or services.

The amounts of various inputs used determine the amount of output according to a relationship known as the production function. The relationship between the inputs a firm uses and the maximum output it can produce with those inputs is called the firm's production function. Factors of production are outputs or inputs used to produce goods and services. They are the resources a business needs to make a profit by producing goods and services. Factors of production fall into four categories: Land, Labor, Capital, Entrepreneurship.

Learn more about production here-

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Job WR53 at NW Fab, Inc. required $200 of direct materials and 10 direct labor hours at $15 per hour. Estimated total overhead f

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Answer:

The question is not complete, find below complete question:

Job WR53 at NW Fab, Inc. required $200 of direct materials and 10 direct labor hours at $15 per hour. Estimated total overhead for the years was $760,000 and estimated direct labor hours were 20,000. What would be recorded as the cost of job WR53?

A. $200

B. $350

C. $380

D. $730

The correct option is D, $730 as shown below

Explanation:

Overhead absorption rate is given total overhead /direct labor hours

Overhead absorption rate=$760000/20000

=$38/ labor hour

Hence job WR53 would require $380($38*10 hrs) in overhead cost

The total cost of the job is given as follows:

Direct materials $200

Direct labor cost($15*10) $150

Overhead on the job $380

Total cost $730

The job WR53 would cost $730

In essence, for the job to be profitable, it must be sold at a price beyond $730, otherwise the job might be sold at a loss

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3 years ago

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The campus bookstore sells 4,000 sets of graduation regalia each year. Placing an order from their supplier costs $25 regardle

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Answer:

$4050

Explanation:

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3 years ago

Consumers decisions are primarily affected by preference and ________

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price

Explanation:

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The following is the Easton Company adjusted Trial Balance. Easton Company Adjusted Trial Balance December 31, 2018 Account Titl

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Answer:

Service Revenue 881,105

Wages Expense (529,000)

Supplies Expense (42,000)

Rent Expense (59,500)

Utilities Expense (8,000)

Depreciation Expense (150,000)

Interest Income (5,500)

Net Income 87,105

Explanation:

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3 years ago

Warner Company purchases $50,000 of raw materials on account, and it incurs $60,000 of factory labor costs. Supporting records s

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Answer:

WIP Assembly DEBIT 24,000

WIP Finishing DEBIT 26,000

Raw materials Inventory CREDIT 50,000

WIP Assembly DEBIT 35,000

WIP Finishing DEBIT 25,000

Wages Payable CREDIT 60,000

Explanation:

Our first goal is to calculate the diference to get the finishing values

50,000 raw materials

assembly 24,000

50,000 - 24,000 = 26,000

Finishing 26,000

60,000 labor cost

Assembly 35,000

60,000 - 35,000 = 25,000

Finishing 25,000

Now we proceed to do the entries:

WIP Assembly DEBIT 24,000

WIP Finishing DEBIT 26,000

Raw materials Inventory CREDIT 50,000

WIP Assembly DEBIT 35,000

WIP Finishing DEBIT 25,000

Wages Payable CREDIT 60,000

Important: There is no information about a finished goods or transfer from one process to another, so we should assume both are still in progress and no transfer to either one or finished goods were made.

So the values are transfer to the WIP of each department.

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3 years ago