When overhead is underapplied, a debit must be made to the Manufacturing overhead account to close it out. The direct labor costs that incurrence of direct labor costs should be recorded by debiting Work in process account.)
<h3>
What is direct labor costs?</h3>
- The wages or salaries paid to workers who actually generate goods are referred to as direct labor costs. In other words, these costs represent what employers pay to employees who produce the goods that businesses sell.
- Direct labor and direct labor costs have a slight distinction. The actual job that employees perform to create items is referred to as labor. The sum of money the employer pays the workers to do the work is referred to as labor costs.
- It is possible to track down and assign direct labor costs to certain products. A direct laborer would be someone who welds all of the bicycle frames that leave the Schwinn factory, for instance. The frames he helps build can be directly linked to his efforts. As a result, the bike frames can also be held responsible for the expenses related to his job, such as wages, salary, and benefits.
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I just recently learned this myself due to buying an old farm house that was built in the 1970's. Asbestos is commonly found in buildings and structures built before 1981 and is a very harmful thing if inhaled into the body.
B) Added value
Explanation:
Added value - It is an improvement to the product or service making it more worthwhile.
Competitive advantage makes the product or service more desirable than other competitors.
In this scenario, there is no competition of the services as yet, but definitely has an added value by improving the services.
GDP stands for gross domestic product.
MPC stands for marginal propensity to consume (the ratio of the ratio of change in consumption to change in income)
From MPC you obtain the GDP Multiplier, which gives the relationship between a change in a particular expenditure and the GDP.
This is: Change in GDP = Mutliplier * Change in expenditure
The multiplier is equal to 1 / [ 1 - MPC].
Now use that information to calculations.
<span>Change in GDP with MPC of 0.9
multiplier = 1 / [1 - 0.9 ] = 1 / 0.1 = 10
Change in GDP = 8 billions*10 = 80 billions.
Change in GDP with MPC of 0.8 </span>
multiplier = 1 / [1 - 0.8] = 1 /0.2 = 5
Change in GDP = 8 billions*5 = 40 billions
Answer:
b. It helps managers know how to allocate their time and resources.
Explanation:
Planning is the process of resource allocation. These resources include employees, money, equipment etc.
Managers have to plan how these resources are allotted to achieved set goals and objective.
The benefit of planning is therefore that it helps managers know how to allocate their time and resources.
Option b.
