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3 years ago

Gdp excludes most items that are produced and sold illegally and most items that are produced and consumed at home because

Business

1 answer:

nataly862011 [7]3 years ago

3 0

Answer:

Gdp excludes the most of items that are produced and sold illegally and also most of the items that are produced and consumed at home because the products which are illelegal are not sold under government policies and are not authorised.

Explanation:

GDP: It is been referred as the total value of all the goods and services which has been produced for the marketplace within one year's period and within our national borders.

Measurment of GDP:

It will record only the value of final output of goods no intermediate goods are included in it.
The output here is valued only at its market prices.
It measures the values of both tangible and intangible services.
It measures the values of goods which are produced within the geographic boundaries of country.

Where this GDP is countable:

It is countable only where the products are produced in economy and are being sold legally in the markets.

Excludes the products being sold illegally.

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Luzadis Company makes furniture using the latest automated technology. The company uses a job-order costing system and applies m

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Answer:

1. Overhead over applied= $521,000

2. Factory Overhead Dr. $ 521,000

Cost Of Goods Sold Cr. $ 521,000

3. Work in Process, (ratio) $521,000 * 7%= 36,470

Finished Goods, $521,000 * 19%= 98,990

Cost of Goods Sold $521,000 * 74%= 385,540

Total $521,000 100%

4. Difference between the two CGS= $ 136,060

Explanation:

Predetermined Overhead Costs $1,152,000

Estimated activity level of 72,000 machine-hours

Overhead rate= $ 1152,000/ 72,000= $ 16 per hour

Manufacturing overhead cost $551,000

Actual hours = 67,000

Overhead applied to WIP = 67,000 * 16= $ 1072,000

Overhead over applied= $ 1072,000 - $551000= $521,000

Part 2:

Factory Overhead Dr. $ 521,000

Cost Of Goods Sold Cr. $ 521,000

The Cost of Goods Sold is credited and Factory overhead is debited.

Part 3:

Suppose the overhead is applied in the following ratio

Work in Process, (ratio) $37,520 7% (37520/536,00*100%)

Finished Goods, $101,840 19% (101840/536,00*100%)

Cost of Goods Sold $396, 640 74% (396,640/536,00*100%)

Total $536,000 100%

The overhead over applied would be allocated in the following way applying the same ratio as determined above.

Work in Process, (ratio) $521,000 * 7%= 36,470

Finished Goods, $521,000 * 19%= 98,990

Cost of Goods Sold $521,000 * 74%= 385,540

Total $521,000 100%

Part 4:

Cost of Goods Sold ( overhead applied of $396, 640) $1,472,600

Less Overhead overapplied $ 521,000

CGS = $ 951,000

Cost of Goods Sold (overhead applied to WIP & FG) $1,472,600

Less Overapplied Overhead $ 385,540

CGS= $ 1087,060

Difference between the two CGS = $ 1087,060- $ 951,000= $ 136,060

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3 years ago

Why is it very important to properly present the results of your analysis in a report

jek_recluse [69]

Answer:

To get a good grade.

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2 years ago

A business may survive and prosper during the growth stage even though it has neither differentiated its offering from competito

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Answer:

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3 years ago

On January 15, the end of the first biweekly pay period of the year, North Company's payroll register showed that its employees

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Answer:

Please check the images attached below

Explanation:

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\begin{array}{c}\\{\rm{Social security taxes}} = {\rm{FICA tax rate}} \times {\rm{Salaries expense}}\\\\ = 6.2\% \times \$ 28,000\\\\ = \$ 1,736\\\end{array}

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=6.2%×$28,000

=$1,736

Hence, social security taxes are $1,736.

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Why is the savings account better than a checking’s account for saving money?

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Because it pays a higher rate of interest.

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