Answer:
Material cost + Labor cost are called ‘Prime Costs’
Labor cost + Overhead cost are called ‘Conversion Costs’
Explanation:
Prime cost is defined as material cost+Labor cost. All the material costs and labour costs are included in the definition of the prime cost.
Conversion cost is defined as Labor cost+ overhead cost. All the costs related to labor and overhead are included in the definition of Conversion cost.
Based in the historical cost principle, the total cost of
the land would be the summation of all cost, either direct or indirect.
Therefore it would be:
Cost of Land = $90,000 cash + $5,000 commission + $7,000
demolishing
Cost of Land = $102,000
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Explanation:
Fully loaded simulators are built with actual hardware and these hardware are supported by simulation software. Such systems are used by NASA. Every possible scenario is tested with the help of these simulator systems. If any problem comes, that is resolved at the spot to avoid any problem in the actual environment.
Software are designed to give commands to the hardware and hardware receive signals from software and do what they are being commanded.
Some technologies that are involved in this flight simulator may include 6 Degrees of Freedom of Motion, Visual Systems, Visual Effects, Realistic acoustics and the Robotics as well.
Answer:
Dr Sale returns and allowance 500
Cr Account receivable 500
Dr Merchandise inventory 350
Cr Cost of goods sold 350
Explanation:
Since we were told that On October 4, Carr made a return of some of the merchandise in which the merchandize selling price was the amount of $500 while the cost of the merchandise returned was the amount of $350. This means that the Journal entry or entries in which Mutch must make on October 4 will be :
Dr Sale returns and allowance 500
Cr Account receivable 500
Dr Merchandise inventory 350
Cr Cost of goods sold 350