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dalvyx [7]
3 years ago
5

Wildcat Co. purchased, on open account, 4,000 pounds of direct materials at a total cost of $20,200. The standard cost of these

materials, at $5.00 per pound, was $20,000. The company records any price variance for direct materials at point of purchase. During the current month 1,000 units of output were produced. Each unit of output, at standard, requires 2 pounds of direct materials, at $5.00 per pound. A total of 1,950 pounds of material was consumed in production during the month. The direct labor payroll for the period was $25,000 and has yet to be paid. The standard direct labor hours to produce each unit is 2 and the standard wage rate per hour is $11. The actual wage rate per hour was $10. The standard direct manufacturing cost for each unit is $32. During the month, 1,000 units were produced. During the month, 900 units were sold, at a price of $50 per unit. Record the journal entries for each of the events and transactions.

Business
1 answer:
Pepsi [2]3 years ago
3 0

Answer:

Explanation:

The pictures attached shows the full explanation

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Describe the current global strategy and provide evidence about how the firm’s resources and competencies support the pressures
oksian1 [2.3K]

Describe the current global strategy and provide evidence about how the firm’s resources and competencies support the pressures regarding costs and local responsiveness. Describe entry modes they have usually used, and whether the modes are appropriate for the given strategy is described below

Explanation:

Global Strategy’ is a shortened term that covers three areas: global, multinational and international strategies. Essentially, these three areas refer to those strategies designed to enable an organisation to achieve its objective of international expansion.

In developing ‘global strategy’, it is useful to distinguish between three forms of international expansion that arise from a company’s resources, capabilities and current international position.

Implications of the three definitions within global strategy:

International strategy: the organisation’s objectives relate primarily to the home market.

Multinational strategy: the organisation is involved in a number of markets beyond its home country. But it needs distinctive strategies for each of these markets because customer demand and, perhaps competition, are different in each country. Importantly, competitive advantage is determined separately for each country.

Global strategy: the organisation treats the world as largely one market and one source of supply with little local variation. Importantly, competitive advantage is developed largely on a global basis.

3 0
3 years ago
Identify which accounts should be closed on May 31.
vaieri [72.5K]

Answer:

Cash   ___________________ Not Closed

Supplies _________________Not Closed

Prepaid Insurance _________ Not Closed

Land  ___________________Not Closed  

Buildings ________________Not Closed

Equipment _______________Not Closed

Accounts Payable _________ Not Closed

Unearned Rent Revenue ____Not Closed

Mortgage Payable _________Not Closed

Common Stock ___________Not Closed

Rent Revenue ____________Closed

Salaries and Wages Expense_Closed

Utilities Expense __________ Closed

Advertising Expense _______ Closed

Interest Expense __________ Closed

Insurance Expense _________Closed

Supplies Expense __________Closed

Depreciation Expense _______Closed  

Explanation:

In accounting, there are two types of accounts

  1. Temporary
  2. Permanent

Temporary

Temporary accounts are closed at the end of each accounting period and new balance are maintained for the new period.

Expense and Income accounts are temporary accounts and these accounts are closed in the retained earning account of the balance share.

In this question following accounts are temporary accounts and these are needed to be closed at the end of the period.

Rent Revenue  

Salaries and Wages Expense

Utilities Expense  

Advertising Expense

Interest Expense

Insurance Expense

Supplies Expense  

Depreciation Expense

Permanent Accounts

Permanent accounts are not closed at the end of each accounting period and they carried their net and accumulated balance in the next period.

Assets, Equity, and Liabilities accounts are permanent accounts.

In this question following accounts are permanent accounts

Cash    

Supplies  

Prepaid Insurance  

Land

Buildings  

Equipment  

Accounts Payable  

Unearned Rent Revenue  

Mortgage Payable  

Common Stock  

5 0
2 years ago
Read 2 more answers
There is a flexible exchange rate system and only two countries in the world, the United States and Mexico. If the inflation rat
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Answer: The correct answer is "a. the dollar will depreciate and the peso will appreciate.".

Explanation:  If the inflation rate in the United States rises relative to the inflation rate in Mexico, it follows that the dollar will depreciate and the peso will appreciate.

As inflation in the United States is higher, the dollar is affected by a loss of purchasing power, therefore it depreciates with respect to the Mexican peso.

5 0
3 years ago
At a price of $8.5 per ticket, a musical theater group can fill every seat in their 1800 seat performance hall. For every additi
sasho [114]

Answer:

The ticket price that maximizes revenue is $18.10

Explanation:

Hi, first we need to construct the revenue equation in terms of the additional dollar charge (that would be X). That is:

Revenue=Price*Quantity

Revenue=(8.5-X)(1,800-65X)

So we expand it:

Revenue=15,300-552.5X+1,800X-65X^{2}

Revenue=-65X^{2} +1247.5X+15,300

This is a parabola, and we need to find its vertex, which in our case that would be the maximum additional dollar charge in order to obtain the highest revenue possible, to find the vertex, we need to consider that:

Y(X)=AX^{2}+ BX+C

And to find the X-coordenate we have to use the following equation.

Vertex(X)=\frac{-B}{2A}

In our case, A= -65; B= 1,247.5, so, all should look like this:

Vertex (X)=\frac{-(1247.50}{2(-65)} =9.6

That means, we need to make 9.6 increments of $1 in order to obtain the max revenue possible, therefore, the price would be

Price = $8.50 + $1(9.6)= $8.50 + $9.6 =$18.10

Best of luck.

7 0
3 years ago
Work-in-process that is being transferred into a department is debited to that work-in-process account, while work-in-process th
oksian1 [2.3K]

Answer:

True

Explanation:

Work in process refers to those goods which require further processing. When a department transfers work in process(WIP) to another department, the recipient department's stock of WIP is debited i.e debit the receiver principle.

Similarly work in process that is being transferred out of a department would be recorded like Purchase return i.e credit what goes out.

A debit in WIP account increases it's balance whereas a credit in WIP account reduces it's balance.

4 0
3 years ago
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