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The significance of Total product, Average product, and Marginal product is that they show how effective, and efficient a manufacturing process is.
<h3>How do these metrics show productivity?</h3>
Taking the labor component in production as an example, one can see the impact of these metrics.
The total product will show just how much goods and services in total that the given amount of labor was able to produce. This gives management an idea of the effectiveness of the labor in producing goods and services.
The average product then shows how efficient labor is because it gives an idea of the products produced per labor.
Marginal product is very important as well because it helps management to know when to stop hiring labor. This point will be the production level that sees the marginal product being less than the cost of hiring additional labor.
These three metrics are therefore important to management because they help to determine effectiveness, efficiency, and cost of production.
Find out more on marginal product at brainly.com/question/24698689.
Hi there
First find Predetermined oH rate
Predetermined oH rate is
total estimated overhead divided by
estimated direct labor
Predetermined oH rate=
450,000÷180,000
=2.5
the amount of overhead to be allocated to finished goods inventory if there is $20,000 of total direct labor cost in the jobs in the finished goods inventory is
2.5×20,000
=50,000. ...answer
Good luck!
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Accumulated Balance is given by :
Here,
n = time period = 30×12 = 360.
P = principal price = $250.
Putting all given values in above equation, we get :
Hence, this is the required solution.
