Answer:
(a) Total manufacturing costs = $685,000
(b) Total cost of work in process = $721,000
Explanation:
(a) Compute total manufacturing costs.
Total manufacturing cost can be described as the total cost that a manufacturing company incurred within a reporting period to produce goods. This can be computed using the information provided in the question as follows:
Total manufacturing cost = Direct materials used + Direct Labor + Total manufacturing overhead = $199,000 + $238,000 + $248,000 = $685,000
(b) Compute total cost of work in process.
Total cost of work in process refers to the aggregate cost of partially completed goods. This can be computed using the information provided in the question as follows:
Total cost of work in process = Beginning work in process + Total manufacturing costs = $36,000 + $685,000 = $721,000
Answer: 1000000000000000000
Explanation: use the calculate
Absolute Advantage is the ability of an individual or group to carry out a particular economic activity more efficiently than another individual or group.
Comparative Advantage is the ability of an individual or group to carry out a particular economic activity (such as making a specific product) more efficiently than another activity.
The producer that requires a smaller quantity inputs to produce a good is said to have an absolute advantage in producing that good. Comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another
Answer:
$245,277
Explanation:
The dairy makes 454 pounds per day of which only 62 pounds is sold, thus the extra pounds of cheese per day are (454-62) = 392.
Now, the dairy operated 355 days a year, hence the annual cost of storage is,
(355 * 392) * $1.01 => $140,552.
Now the setup cost is $295 a day, so the annual would be,
(295 * 355) => $104,725.
Hence the minimum total annual costs will be = 140552+104725 = $245,277.
Hope I made myself clear.
Thanks
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