Answer Explanation:
For the manufacturing overhead occurs during the manufacturing process but unlike wages, the actual values are unknow thus, we cannot anticipate in a guarantee amount. Hence, the cost accounting works as follows:
It will stablish a predetermined overhead rate which will be charged against WIP based on another factor which can be measure (like working hours, machine hours, among others)
Then, during the period as the actual cost occurs they will be charged into manufacturing overhead account.
At the end of the period, we will be able to determinate the actual cost and adjust COGS, WIP and FINISHED GOOD if needed to represent the actual cost of the inventory produced.
Answer:
The correct answer is C.
Explanation:
Giving the following information:
The actual quantity of direct materials purchased 20,000 pounds.
standard price of direct materials $ 7.00 per pound.
Material price variance $ 5,000 Unfavorable.
Material quantity variance S 2,500 Favorable.
Direct material price variance= (standard price - actual price)*actual quantity
-5,000= (7 - AP)*20,000
5,000= 140,000 - 20,000AP
20,000= 145,000AP
Actual price= 7.25
Answer:
c. $ 760,000
Explanation:
For computing the cost of goods manufactured, we have to use the formula which is shown below:
Cost of goods manufactured= Beginning work in process + manufacturing cost - ending work in process
= $125,000 + $835,000 - $200,000
= $760,000
Beginning work in process + manufacturing cost is called total work in process for a given period
Answer:
The correct answer is option B.
Explanation:
M1 is the most narrow definition of money. It includes currency and near money. Near money are those assets which are easily encashable.
So M1 will include currency coins and notes, checkable deposits and traveler's checks.
Savings account deposits is included in M2, which is slightly broader than M1.
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<u><em>Typical methods of classroom scientific communication depending on the level of study could include a range of these activities which have been listed in the answers. However, at the elementary, middle, and high school levels it would be safe to argue that the typical methods of communication are B) lectures, lab reports, term papers, and poster presentations. At higher levels would some of the other methods of communication be used such as scientific journals, oral presentations, lectured, conferences, etc. </em></u>
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