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Naddik [55]
3 years ago
14

Economists make assumptions in order to Select one: a. mimic the methodologies employed by other scientists. b. minimize the num

ber of experiments that yield no useful data. c. minimize the likelihood that some aspect of the problem at hand is being overlooked. d. focus their thinking on the essence of the problem at hand.
Business
1 answer:
Deffense [45]3 years ago
6 0

Answer:

The correct answer would be option D, Focus their thinking on the essence of the problem at hand.

Explanation:

An economist is a person who has expertise or who is an expert in the field of Economics. The Economists make assumptions about the economies to focus their thinking on the essence of the problem they have at the moment. They predict the economy, they analyze the economy, they suggest solutions to the problems concerning the economy on the basis of their experience and the new studies being carried up by them. So for this purpose they make assumptions because they want to clearly analyze the situations and want to see what impact their decision will make on the economy, which give them a clear picture about the possible solutions of the problem they have at hand at the moment.

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Hache Corporation uses the weighted-average method in its process costing system. Data concerning the first processing departmen
Greeley [361]

Answer:

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: d) $21,797

Explanation:

Calculation of Equivalent Units of Production

<u>Materials </u>

Units transferred to the next department (5,800 × 100%) = 5,800

Units in ending Work In process (1,850 × 50%)                  =    925

Total Equivalent Units of Production for Materials             = 6,725

<u>Conversion</u>

Units transferred to the next department (5,800 × 100%)    = 5,800

Units in ending Work In process (1,850 × 20%)                     =    370

Total Equivalent Units of Production for Conversion Costs =  6,170

Calculation of Cost per Equivalent units of Production

Materials

Cost per equivalent unit = Total Material Cost ÷ Total Equivalent Units of Production for Materials

                                        = ($ 8,700 + $ 91,000) ÷ 6,725

                                        = $14.825

Cost per equivalent unit = Total Material Cost ÷ Total Equivalent Units of Production for Materials

                                        = ($ 8,500 + $ 126,300) ÷ 6,170

                                        = $21.848

Calculation of cost of ending work in process inventory

Materials ( 925 ×  $14.825)             =  $13,713.12

Conversion Cost ( 370 × $21.848)  =  $8,083.76

Total                                                 =  $21,796.88

Thus,

The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to: d) $21,797.

5 0
3 years ago
Do you think the efforts of Brazil's government to keep the economy growing will e successful
myrzilka [38]
No...........I don't think so
6 0
3 years ago
Lillich, Inc., manufactures and sells two products: Product U6 and Product R5. Data concerning the expected production of each p
Gelneren [198K]

Answer:

Lillich, Inc.

The unit product cost of Products U6 under activity-based costing is closest to:  $1,460

Explanation:

a) Data about expected production of Products U6 and R5:

                                  Expected       Direct Labor-Hours    Total Direct

                                 Production          Per Unit                 Labor-Hours  

Product U6                       640                    8.4                       5,376

Product R5                      1,015                    5.4                       5,481                    

Total direct labor-hours                                                        10,857

The direct labor rate is $27.50 per DLH.

Direct Materials Cost per Unit   Product U6$249.30  Product R5 $166.70

                                                         

Activity Cost Pools  Activity      Estimated           Expected Activity  

                              Measures   Overhead  Product U6  Product R5   Total

                                                    Cost      

Labor-related           DLHs      $ 196,138         5,376         5,481         10,857

Production orders    Orders       67,340           800           700           1,500

Order size                MHs        1,015,108        5,400         5,700          11,100  

                                            $1,278,586

Overhead Costs:

                                                Product U6      Product R5        Total

Labor-related overhead costs   $97,121             $99,017      $196,138

Production orders                        35,915               31,425         67,340

Order size                                 493,836             521,272      1,015,108

Manufacturing overheads     $626,872           $651,714   $1,278,586

The direct labor rate is $27.50 per DLH

                                                 Product U6      Product R5            Total

Expected Production                        640                 1,015

Direct labor hours                          5,376               5,481              10,857

Direct Materials Cost per Unit  $249.30           $166.70

Direct material costs               $159,552        $169,200.50     $328,752.50

Direct labor costs                       147,840           150,727.50       298,567.50

Manufacturing overhead         626,872            651,714.00      1,278,586.00

Total production costs          $934,264         $971,642.00   $1,905,906.00

Unit cost                                      $1,459.79          $957.28

5 0
3 years ago
Miniaturization of Wisynco sales?
Dmitriy789 [7]

Explanation:

Wisynco Group Limited has 1,500 total employees across all of its locations and generates $195.02 million in sales (USD).

4 0
2 years ago
1. The discount rate is the interest rate the Fed charges on loans of reserves to banks.
krek1111 [17]

Answer:

1. True.

2. True.

Explanation:

The Federal Reserve System ( popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.

Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America.

1. The discount rate is the interest rate the Fed charges on loans of reserves to banks.

2. The federal funds rate is the interest rate banks charge for overnight loans of reserves to other banks.

7 0
3 years ago
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