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svlad2 [7]
3 years ago
15

Knight Company reports the following costs and expenses in May. Factory utilities $16,120 Direct labor $69,685 Depreciation on f

actory equipment 13,703 Sales salaries 49,631 Depreciation on delivery trucks 4,044 Property taxes on factory building 2,894 Indirect factory labor 52,814 Repairs to office equipment 2,185 Indirect materials 83,926 Factory repairs 3,044 Direct materials used 139,734 Advertising 15,670 Factory manager’s salary 8,349 Office supplies used 3,307 From the information, determine the total amount of: (a) Manufacturing overhead $ (b) Product costs $ (c) Period costs $
Business
1 answer:
GarryVolchara [31]3 years ago
7 0

Answer:

a. $180,850

b. $390,269

c. $74,837

Explanation:

a. The computation of the manufacturing overhead is shown below:

= Factory utilities  + Depreciation on factory equipment + Property taxes on factory building  + Indirect factory labor  + Indirect materials + Factory repairs+ Factory manager salary

=  $16,120  + $13,703 + $2,894 + $52,814 + $83,926 + $3,044  + $8,349

= $180,850

b. The computation of the product cost is shown below:

= Direct materials used + Direct labor +  manufacturing overhead

= $139,734 + $69,685 + $180,850

= $390,269

c. The computation of the period cost is shown below:

= Sales salaries + Depreciation on delivery trucks + Repairs to office equipment +  Advertising + Office supplies used

= $49,631 + $4,044 + $2,185 + $15,670 + $3,307

= $74,837

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If an economy is producing at a point on its production possibilities frontier, it is: a.efficient in production and allocation.
irinina [24]

Answer:

d.efficient in production but not necessarily in allocation.

Explanation:

The production possibility curve portrays the cost of society's choice between two different goods. An economy that operates at the frontier has the highest standard of living it can achieve, as it is producing as much as it can using the same resources. If the amount produced is inside the curve, then all of the resources are not being used.

- all points on the curve are points of maximum productive efficiency

- However, an economy may achieve productive efficiency without necessarily being allocatively efficient. Market failure (such as imperfect competition or externalities) and some institutions of social decision-making (such as government and tradition) may lead to the wrong combination of goods being produced (hence the wrong mix of resources being allocated between producing the two goods) compared to what consumers would prefer, given what is feasible on the PPF.

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2 years ago
In 2017, Orear Manufacturing signed a contract with a supplier to purchase raw materials in 2018 for $700,000. Before the Decemb
MArishka [77]

Answer:

d) as a current liability

Explanation:

Current Liabilities are those liabilities which are payable within one years time e.g trade payable, tax payable etc.

The credit against the purchase of inventory is classified as the trade payable and it is paid in a short time, so it will be reported on the balance sheet in current liability section.

5 0
3 years ago
What are three items that the national government provide
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6 0
3 years ago
By the way do you know how to change your name on here, because my name is Bucky?
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Answer:

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3 0
3 years ago
Consider the following linear program: Min s.t. 8X + 12Y 1X + 3Y >= 9 2X + 2Y >= 10 6X + 2Y >= 18 A, B >= 0 a. Use t
mihalych1998 [28]

Answer: Graph of (A) (B) and {D) are attached accordingly.

Explanation:

A)

The critical region of the constraints can be seen in the following diagram -

(0,9) (0,5) (0,3) (0,0) (3,0) (5,0) (9,0) The feasible region is shown in white

The intersection points are found by using these equations -

Vertex Lines Through Vertex Value of Objective

(3,2) x+3y = 9; 2x+2y = 10 48

(9,0) x+3y = 9; y = 0 72

(2,3) 2x+2y = 10; 6x+2y = 18 52

(0,9) 6x+2y = 18; x = 0 108

So, we can see the minimum value of the objective function occurs at point (3,2) and the minimum value of the objective function is = 48.

------------------------------------------------------------------------------------------------------------------------------------------------------------------

B)

When we change the coefficients of the variables in the objective function, the optimal solution may or may not change as the weights (coefficient) are different for each constraints for both the variabls. So, it all depends on the coefficient of the variables in the constraints.

In this case, the optimal solution does not change on changing the coefficient of X from 8 to 6 in the objective function.

The critical region would remain same (as shown below) as it is defined by the constraints and not the objective function.

(0,9) (0,5) (0,3) (0,0) (3,0) (5,0) (9,0) The feasible region is shown in white

However, the optimal value of the objective function would change as shown below-

Vertex Lines Through Vertex Value of Objective

(3,2) x+3y = 9; 2x+2y = 10 42

(9,0) x+3y = 9; y = 0 54

(2,3) 2x+2y = 10; 6x+2y = 18 48

(0,9) 6x+2y = 18; x = 0 108

So, we can see that the minimum value now has become 42 (which had to change obviously).

-------------------------------------------------------------------------------------------------------------------------------------------------------

C)

Now, when we change the coefficient of the variable Y from 12 to 6, again the critical region would remain same as earlier. But in this case, the optimal solution changes as shown below -

Vertex Lines Through Vertex Value of Objective

(3,2) x+3y = 9; 2x+2y = 10 36

(9,0) x+3y = 9; y = 0 72

(2,3) 2x+2y = 10; 6x+2y = 18 34

(0,9) 6x+2y = 18; x = 0 54

We can see that the minimum value now occurs at (2,3) which is 34, so both the optimal solution and optimal value have changed in this case.

----------------------------------------------------------------------------------------------------------------------------------------------------------

D)

When we limit the range of the variables as -

4 \leq X \leq 8 \:\: and\:\: 12\leq Y \leq 24,

the critical region now becomes -

So, the new critical points are (4,12), (4,24), (8,24) and (8,12).

So, the values of the objective function at these points can be calculated as -

Vertex Value of Objective

(4,12) 8*4+12*12 = 176

(4,24) 8*4+12*24 = 320

(8,24) 8*8+12*24 = 352

(8,12) 8*8+12*12 = 208

So, the new optimal solution is (4,12) and the optimal value is 176.

if we knew the range of the variables in the part B and C earlier, we could have just said that the optimal solution will not change as the value would have been no longer depended on the coefficients of variables in the constraints.

7 0
3 years ago
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