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3 years ago

Fire Out Company manufactures its product, Vitadrink, through two manufacturing processes:

Business

1 answer:

navik [9.2K]3 years ago

4 0

Answer:

Entries are given

Explanation:

We will record assets and expenses on the debit as they increase during the year and will record liabilities and capital on the credit side as they increase during the year or vice versa.

Account DEBIT CREDIT

raw material inventory 300,000

accounts payable 300,000

work in process inventory- Mixing 210,000 -

work in process inventory- Packaging 45,000

raw material inventory 255,000

Factory payroll 258,900 -

Wages payable 258,900

work in process Labor- Mixing 182,500 -

work in process Labor Packaging 76,400

Factory payroll 258,900

Manufacturing overhead 810,000 -

overhead payable 810,000

work in process Mixing 672,000 -

work in process Packaging 144,000

Manufacturing overhead 816,000

work in process Labor Packaging 979,000 -

work in process Labor- Mixing 979,000

Finished goods 1,315,000 -

work in process Labor Packaging 1,315,000

Accounts receivable 2,500,000 -

Sales 2,500,000

Cost of goods sold 1,604,000 -

Finished goods 1,604,000

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An indifference curve shows the various bundles of goods that:_________ A. all cost the same amount of money. B. make the consum

erica [24]

Answer:

B. make the consumer equally happy.

Explanation:

An indifference curve can be defined as the graphical representation of two products (commodities) that gives a customer equal utility and satisfaction and as such making him or her indifferent about them as they are equally happy.

Hence, an indifference curve shows the various bundles of goods that make the consumer equally happy.

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3 years ago

The aggregate supply curve normally a. slopes downward and to the right due to higher resource prices. b. has a horizontal slope

8090 [49]

Answer:

The answer is: D) slopes upward to the right due to short-run fixed costs of production.

Explanation:

In the short run, companies have fixed factors of production: prices, wages, and capital. In the short run, aggregate supply curve shows the correlation between the price level and output (normal supply curve). Only in case of a production increase due to technological improvements or other factors (decreasing input prices, etc), may the aggregate supply curve shift outward.

7 0

3 years ago

g Romans sells the Regular blend for $3.60 per pound and the DeCaf blend for $4.40 per pound. Romans would like to place an orde

Karolina [17]

Romans Food Market, located in Saratoga, New York, carries a variety of specialty foods from around the world. Two of the stores leading products use the Romans Food Market name: Romans Regular Coffee and Romans DeCaf Coffee. These coffees are blends of Brazilian Natural and Columbian mild coffee beans, which are purchased from a distributor from New York City. Because Romans purchases large quantities the coffee beans may be purchased om an as need basis for the price of 10% higher than the market price the distributor pays for the beans. The current market price is $0.47 per pound for Brazilian Natural and $0.62 per pound for Columbian Mild The composition of each coffee blend are as follows:

Bean Regular DeCaf Blend

Brazilian Natural 75% 40%

Columbian Mild 25% 60%

Romans sells the Regular blend for $3.60 per pound and the DeCaf blend for $4.40 per pound. Romans would like to place an order for the Brazilian and Colombian coffee beans that will enable the production of 1000 pounds of Romans Regular coffee and 500 pounds of Romans DeCaf coffee. The production cost is $0.80 per pound for the Regular blend. Because of the extra steps required to produce DeCaf, the production cost for the DeCaf blend is $1.05 per pound. Packaging costs for both products are $0.25 per pound. Formulate a linear programming model that can be used to determine the pounds of Brazilian Natural and Colombian Mild that will maximize the total contribution to profit.

Answer:

$\mathbf{Max \ Z = 2.033 BR + 2.583 BD + 1.868 CR + 2.418 CD}$

Explanation:

From the given information:

The total revenue can be illustrated as :

Total revenue = 3.6 BR + 4.4 BD + 3.6 CR + 4.4 CD

On the other hand; the total cost of the beans is:

= 1.1 (0.47 BR + 0.47 BD + 0.62 CR + 0.62 CD)

= 0.517 BR + 0.517 BD + 0.682 CR + 0.682 CD

Also; The total production cost is :

= 0.8 BR + 1.05 BD + 0.8 CR + 1.05 CD

The total profit = Total revenue - Total Cost of Beans - Total Production Cost

The total profit = $\left[\begin{array}{}3.6 BR + 4.4 BD + 3.6 CR + 4.4 CD\\- (0.517 BR + 0.517 BD + 0.682 CR + 0.682 CD)\\-(0.8 BR + 1.05 BD + 0.8 CR + 1.05 CD)\end{array}\right]$

The total profit = 2.033 BR + 2.583 BD + 1.868 CR + 2.418 CD

Therefore the linear programming model represents the Objective function of the total profit as:

$\mathbf{Max \ Z = 2.033 BR + 2.583 BD + 1.868 CR + 2.418 CD}$

3 0

3 years ago

When a competitive market is in equilibrium, what is the economically efficient level of output? A. any output level where mar

Anestetic [448]

Answer:

The correct answer is C. the output level where marginal cost is equal to marginal benefit .

Explanation:

Competitive equilibrium Traditional concept of economic equilibrium used for the analysis of goods markets with flexible prices and many agents, which usually serve as a benchmark for efficiency in economic analysis. Crucially, it depends on the assumption of a context in which each agent makes decisions about such a small amount compared to the total amount traded in the market that their individual transactions have no influence on prices.

It consists of a price system and an allocation of the production and consumption of the economy among the various agents, such that, given the prices, each agent maximizing its objective function (benefits, preferences) subject to restrictions (technological, of resources) plans to trade its share in the proposed allocation, at prices that make all exchanges compatible with each other by balancing the markets, that is, matching the aggregate supply with the demand aggregate of each of the goods and services traded.

6 0

3 years ago

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's una

ollegr [7]

Answer:

Bad debt expense A/c Dr $4,900

To Allowance for doubtful debts $4,900

(Being bad debt expense is recorded)

Explanation:

The journal entry is shown below;

Bad debt expense A/c Dr $4,900

To Allowance for doubtful debts $4,900

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= Net Credit sales × estimated percentage given - credit balance of allowance for doubtful debts

= $920,000 × 0.6% - $620

= $5,520 - $620

= $4,900

6 0

3 years ago