If one wants to determine the selling price of a product using the total cost method, the management should use Total product costs plus a markup.
<h3>What is the total cost method?</h3>
The actual cost of performance is generally subtracted from the bid price before profit is added to the resultant sum in the total cost approach.
A production income statement is what the total cost method is. In other words, the units of measurement generated are utilized to accrue income and expenses. The units of measure produced during the reviewed period are used to calculate income and expenses.
When employing the whole cost method, the business accounts for all expenses associated with manufacturing the questioned well. The price of the entire product is included.
The final step is to add a markup to the overall cost in order to determine a selling price that will allow for the anticipated level of profit.
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<span>Unsure if there is a question posed or implied here. In any event, Trevor should have immediately researched and documented the suspect batch(es) of peanut butter, contacted any retailers who may have received the contaminated batches and then confirmed that those batches had been returned to his plant and destroyed. At the same time he should have instructed his employees to shut down the production of peanut butter, destroy the plants current output, and completely clean, inspect and retest the line in order to ensure that uncontaminated peanut butter was being produced. During this self-inspection stage, he shoudl have also notified the US FDA and reported onwhat had been done and documented.</span>
Answer:
The inventory turnover ratio is 3.58 times
Explanation:
Inventory turnover ratio an efficiency ratio that indicates how many times a company sells and replaces its stock of goods during a particular period
Inventory turnover ratio is calculated by using following formula:
Inventory turnover ratio = Cost of Goods Sold/Average Inventory
In there:
Average Inventory = (Beginning inventory + Ending inventory)/2
In the company:
Average Inventory = ($53,000 + $43,000)/2 = $48,000
Inventory turnover = $172,000/$48,000 = 3.58 times
Answer:
- Dr Finished goods inventory $60,000
Cr work in process inventory $60,000
Cr Sales Revenue $37,400
- Dr Cost of Goods Sold $25,000
Cr Finished goods inventory $25,000
Explanation:
First it's necessary to register the process of transfer the goods from WIP to finished products.
- Dr Finished goods inventory $60,000
Cr work in process inventory $60,000
Second recorded the sales of the goods in cash to a customer.
Cr Sales Revenue $37,400
And finally it necessary to register the cost of the goods sold, in this case only the Job10.
- Dr Cost of Goods Sold $25,000
Cr Finished goods inventory $25,000
The statement is false. According to Ten Principles of Economics the statement is false.
Among the Ten Principles of Economics is that a nation's ability to generate products and services determines its standard of living. Only a country that can create a lot of products and services can have a high level of living. Since American workers are more efficient than Nigerian workers, Americans have a higher standard of living. Because Japanese employees' productivity has increased more quickly than that of Argentine workers, the Japanese have experienced a higher rate of living standard growth. George Mankiw's book Principles of Economics lays out a fundamental set of rules that are economically sound theories that can be verified.
Countries that have had higher output growth per person have typically done so without higher productivity growth.
True
False
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