A business idea is an idea that one or more people come up with to start a business. The idea will state what the business is, how they think it should be run and what their customer base will be. After a business idea is planned the developer typically develops a marketing plan and from there they try and receive funding or get approval for their business idea.
Answer:
$159,057
Explanation:
The computation of cost of goods sold is shown below:-
Total cost of goods available for sale = (7,200 × $10) + (4,000 × $13) + (12,000 × $13.50)
= $72,000 + $52,000 + $162,000
= $286,000
Total units = 7,200 + 4,000 + 12,000
= 23,200
Average cost per unit = Total cost of goods available for sale ÷ Total units
= $286,000 ÷ 23,200
= $12.33
So,
Cost of Goods sold = Sold units during the month × Average cost per unit
= 12,900 × $12.33
= $159,057
Therefore for computing the cost of goods sold for the month we simply applied the above formula.
The AICPA is required to adopt ethics standards that are at least as restrictive as the IESBA rules.
Answer: Option D
<u>Explanation:</u>
IESBA stands for the international ethics standards board for the accountants. As clear from the full form, this board performs the activities of setting up the ethics which the accountants need to follow while they are performing their work of making the accounts.
This body is not a national level but established at an international level. The other body which is the AICPA also needs to adopt the rules which are as restrive as the ethics of the IESBA.
Answer:
a. not able to be determined from the provided information.
Explanation:
For determining the over applied or under applied, first, we have to compute the predetermined rate based on the direct material cost which is
= $700,000 ÷ $1,000,000
= $0.70
Now the applied overhead is
= $0.70 × $1,200,000
= $840,000
And, the actual overhead amount is not given by which we can find out the underapplied or overapplied overhead amount
So, in this case, the correct option is a.
Answer:
fails to achieve the minimum average total costs attainable at each level of output.
Explanation:
X Inefficiency do take place in a firm when there is little or no incentive in controlling costs. As a result of this average cost of production will go up than necessary. And as a result of lack of incentives, technically, the firm will be far from efficient. It should be noted that X-inefficiency could be described as a situation in which a firm fails to achieve the minimum average total costs attainable at each level of output.
