Answer:
2 tons of millet for New Zealand and 3 tons of millet for Brazil.
Explanation:
New Zealand and brazil both can produce corns and millet. The opportunity cost for Brazil is more than the New Zealand. Both the countries should go towards the production of the crop in which they have comparative advantage. New Zealand has comparative advantage in producing millet and Brazil has comparative advantage in producing corn.
As organizations that use work order costing maintain track of materials and other resources for each project item, this method often necessitates more thorough record keeping than a process costing. However, in systems that use process costing, each production or process department has its own inventory account and aggregates expenses.
<h3>How are the 2 systems similar?</h3>
- Both approaches serve the same fundamental objectives: to provide a framework for calculating unit product cost and to assign material, labor, and overhead costs to items.
- The same fundamental manufacturing accounting principles are used by both systems, including production overhead, raw materials, work in progress, and finished goods.
- In both systems, the cost flow through the manufacturing accounts is essentially the same.
<h3>What are the differences between the two?</h3>
There are two reasons why work order costing and process costing differ from one another. The first is that a process costing system has a flow of units that is essentially continuous, and the second is that these units are interchangeable. Since each order is just one of many that are filled from a continuous flow of almost identical units from the manufacturing line, it makes no sense to try to identify materials, labor, and overhead costs with a specific order from a customer (as we do with job order costing). Under process costing, costs are accumulated by the department as opposed to orders, and they are then uniformly distributed to all units that go through the department over the course of a time period.
The fact that process costing does not employ the job cost sheet since its emphasis is on departments is another distinction between the two costing methodologies. For each department that works on items, a production report is created as opposed to a task cost sheet. The production report fulfills a number of purposes. It gives a summary of how many units pass through a department in a given time frame and computes unit costs. Additionally, it displays the expenses incurred by the department and the decision made regarding such expenses. In a process costing system, the department production report is a crucial document.
Therefore, above are all the differences and similarities between the 2 systems.
For more information on the Costing system, refer to the given link:
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Occupational Safety and Health Administration (OSHA) is an example of a safety or healthy resource that you would find outside of your workplace. OSHA is responsible for enforcing <span>workplace health and safety standards,</span> and providing training, outreach, education and assistance.It provide information to employees in order to keep <span>their workplace free of hazards.</span>
Answer:
(A) The sampling distribution of the sample mean household income is approximately normal because the sample size of 100 is greater than 30.
Explanation:
Answer:
a. Yes, the company was profitable as it is evidence by the positive net profit margin.
b. Yes, increase in asset turnover increases shows that the operating assets generate higher amount of sales than the last year.
Explanation:
a. Net Profit margin is the percentage (%) of the revenue remaining after all the expenses are subtracted from the sales. It states the amount of profit which a business could extract from the aggregate sales.
Yes, the company is profitable in the year 2015 as the business has positive net profit margin and it is also evidenced.
b. Assets turnover ratio is the one which measures the efficiency of the company or the business and its ability to generate the sales from the assets through comparing the net sales with the average aggregate assets.
Yes, the increase (last year it was 1.29, but now it increases from 1.29 to 1.42) states that the operating assets will generate higher amount of sales from the last year.
