<u>Answer:
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Out of the following positions, the position of the factory supervisor would have a salary or wage that is classified as a factory overhead cost by a baking company.
<u>Explanation:
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- For a baking factory, professionals like a baker, a salesman, or the president of the company are mandatory to have.
- The need for a factory supervisor arises only if it is devised or felt that the employees would not work properly if they are not monitored.
- If such a need is not felt anymore, the salary of the factory supervisor would be considered as an overhead cost by the company.
Answer:
Net realizable value less a normal profit margin.
Explanation:
Lower of cost or market rule of inventory states that cost of inventory recorded must be that at which cost is lower, and the original cost is the current market price.
This occurs when the inventory has become obsolete, market price has declined, or inventory has deteriorated
Net realisable value is defined as selling price minus estimated cost of completion.
So the market value should not be less than net realizable value less a normal profit margin.
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Answer:
Explanation:
Ethics demands reasons to be given for changing from one depreciation method to another. There are three depreciation methods that are applicable including double-declining balance technique, unit of production technique, and straight-line technique.
Changing from one depreciation method to another must be done in the best interests of shareholders and reasons for such a change must be disclosed. Therefore, ethics requires a company to reveal the changes in depreciation method and adhere to the accounting principles related to the method used.
