Victory Company uses weighted-average process costing to account for its production costs. Direct labor is added evenly thorugho
ut the process. Direct materials are added at the beginning of the process. During November, the company transferred 700,00 units of product to finished goods. At the end of November, the goods in process inventory consist of 180,000 units that are 30% complete with respect to labor. Beginning inventory had $420,000 of direct materials and $139,000 of direct labor costs. The direct material cost added in November is $2,220,000, and the direct labor costs added is $3,254,000. Required: 1. Determine the equivalent units of production with respect to (a) direct labor and (b) direct materials. 2. Compute both the direct labor cost and the direct materials cost per equivalent unit. 3. Compute both direct labor cost and direct materials cost assigned to (a) units completed and transferred out and (b) ending goods in process inventory.
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The fiscal deficit for the government for the current year will be $20 billion for the given condition.
<h3>What is fiscal deficit?</h3>The condition where there is an excess of expenditures over the income during a given financial period, it is known as fiscal deficit. The computation of fiscal deficit using the formula and the given information will be,
Fiscal Deficit = (Total Income – Total Expenditure)
Fiscal Deficit = $50 billion – $70 billion = -$20 billion
Hence, option C holds true regarding fiscal deficit. The complete question has been attached in the image for better reference.
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