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3 years ago

List and explain the four factors of production ,stating their reward.

Business

1 answer:

netineya [11]3 years ago

8 0

Answer:

Explanation:

Production in itself is the conversion of inputs to outputs.

Factors of production are the resources that make this conversion of input to outputs possible. These include;

Labour- is the physical and mental effort contributed. It is rewarded by wages or salaries.

Land - includes the soil itself, natural trees, raw materials like minerals and oil found underneath. Its reward is rent.

Capital - includes machinery, chemicals and equipment (tractors, robots). Its reward is interest.

Entrepreneurship- is the drive to develop an idea, take risks and use the other three factors of production to produce goods or services. Its reward is profit.

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Rock industries allocates manufacturing overhead at a predetermined rate of 160% of direct labor cost. Any overallocated or unde

nadya68 [22]

Answer:

Cost of goods manufactured for November.

Manufacturing Schedule Cost

Beginning Inventory (Job 205) $11,800

Direct materials $26,000

Direct labor costs $21,000

Applied Overheads ($21,000 x 160%) $33,600

Less Ending Inventory (Job 104) ($6,900)

Cost of Goods Manufactured $85,500

Journal entries to record the current month activity.

Debit : Work In Process $80,600

Credit : Direct materials $26,000

Credit : Direct labor costs $21,000

Credit : Applied Overheads ($21,000 x 160%) $33,600

Calculation of amount of over allocated or under allocated manufacturing overhead

Actual Manufacturing Overheads = $32,000

Applied Manufacturing Overheads = $33,600

Therefore, Overheads Over-applied = $1,600

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2 years ago

Ben Lieber is a waiter at Harbor House, where he receives a weekly wage of $80 plus tips for a 40-hour workweek. Lieber's weekly

Dmitriy789 [7]

Answer:

$290

Explanation:

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2 years ago

Frederick is a student at Central Fictional State University (CFSU), and he has a great idea for a new business invention. Frede

Delvig [45]

Answer: He should should File a suit.

Explanation:

He should should File a suit.

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2 years ago

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katen-ka-za [31]

Answer:

what retall terms

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nikklg [1K]

Answer:

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Read 2 more answers

List and explain the four factors of production ,stating their reward.​

List and explain the four factors of production ,stating their reward.