All categories

3 years ago

Standard costs have which of the following characteristics? (Check all that apply.)

Business

1 answer:

Minchanka [31]3 years ago

7 0

Answer:

The following Apply :

A. Based on past experience and data Developed by the SCAB (Standard Cost Accounting Board

B. Used in preparing flexible budgets Useful for manufacturing companies, but not service companies

Explanation:

Standard Cost set levels of Costs and Revenues that ought to be achievable when reasonable levels of performance are attained together with working practices to manufacture a product.

Data is obtained from past experience and used to prepared flexible budgets for control purposes.

You might be interested in

A magma that contains 42 percent silica is referred to as

ss7ja [257]

Magma (from the Latin magma and this from the Greek μάγμα, "pasta") is the name given to the masses of molten rocks from the interior of the Earth or other planets. They are usually composed of a mixture of liquids, volatile and solids.

The most common magmas respond to three main types: basaltic, andesitic and granitic.

Basaltic magmas: can be tolelic, low in silica (<50%) and produced in the back, or alkaline, rich in sodium and potassium, produced in areas of the interior of tectonic plates. They are the most common.

6 0

3 years ago

State and explain the law of diminishing marginal return

Vlad [161]

In economics, diminishing returns is the decrease in the marginal output of a production process as the amount of a single factor of production is incrementally increased, while the amounts of all other factors of production stay constant.

3 0

3 years ago

Suppose Megan gets a sales bonus at her place of work that gives her an extra $400 of disposable income. She chooses to spend $3

kicyunya [14]

Answer:

0.75, 0.25

Explanation:

With an increase in disposable income marginal propensity to consume increase. Similarly, with an increase in disposable income marginal propensity to save increases. Marginal propensity to save is the amount of money saved or kept after a fraction increase in overall disposable income.

MPC = 300/400=0.75

MPS = 100/400=0.25

Marginal propensity to consume is 0.75

Marginal propensity to save is 0.25

5 0

3 years ago

Sally's Gift Baskets sells gift baskets, on average, for $125; each gift basket costs, on average, $60. Debby pays salaries each

eimsori [14]

Answer:

a. Traditional Income Statement

Sales ($125 x 140) $17,500

Cost of Sales ($60 x 140) ($8,400)

Gross Profit $9,100

Salaries ($1,300)

Rent ($1,000)

Sales Commission ($17,500 x 5%) ($875)

Net income $5,925

b. Contribution Margin Income Statement

Sales ($125 x 140) $17,500

Less: variable Costs

Cost of Sales ($60 x 140) ($8,400)

Sales Commission ($17,500 x 5%) ($875)

Contribution Margin $8,225

Less: Fixed Costs

Salaries ($1,300)

Rent ($1,000)

Net income $5,925

Explanation:

Traditional Income statement calculates the gross profit after deducting the cost of goods sold from the revenue. After that it deduct all the operating expenses to calculate the Net Income.

Contribution margin income statement consider all the variable expenses as cost of product cost and calculates the contribution margin, after that the fixed costs are deducted calculate the net income.

5 0

4 years ago

Patti would like more information about product recalls. Which of the following resources would not be reliable and relevant?

il63 [147K]

Newspaper written by an expert

8 0

3 years ago