Explanation:
Provide an outline of the material and how it will be presented.
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Answer:
Cost of units completed = $176,528
Workings are attached:
Explanation:
Equivalent unit of production
An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.
Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.
Conversion costs
Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.
Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.
The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>
For the sake of this question, we will be determining the <u>equivalent units of production:</u>
- Units completed and transferred subject to material and conversion costs
- Units in the closing inventory subject to material and conversion costs
- We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
- These cost per units will enable us to determine the cost of items completed.
Answer:
The customer returned the shirt, because the athlete’s team number was incorrect - Purchasing Department
The concert venue store ran out of packaging supplies - Production Department
The band’s performance was well received in the market due to good promotional schemes - Marketing Department
The budget for the next year included an additional component for promoting improvements to the arena - Finance Department
Explanation:
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Answer:
2. Brett is a farmer with an open field on which he can plant either soybeans or corn.
Explanation:
Scarcity in economics means the resources available to meet man's needs are limited or scarce.
In brett's case, land is limited, so he has to choose between planting soybeans and corn.
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An ecosystem generally requires solar energy, nutrients, decomposers, consumers and producers.
An ecosystem is a community or group of living organisms that live in together and interact with each other in a specific environment. Ecosystems are considered as the foundation of Biosphere which maintains the natural balance of the earth.
An ecosystem requires nutrients, decomposers, consumers and producers. For instance, let's take the relationship between deer and lion in the ecosystem. So, for its survival, the lion eats the deer. Thus, each relationship like this has an effect on other creatures and plants living in the same environment.
Hence, the structure of an ecosystem is related to its species diversity.
To learn more about ecosystem here:
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