Answer:
raw materials 197900
accounts payable 197900
WIP 161830
factory overhead 5270
raw materials 167100
WIP 85500
factory overhead 7600
wages payables 93100
factory overhead 53000
accounts payable 53000
factory overhead 17150
acc. Dep-equipment 17150
dep expense* 14800
acc. Dep- Off Building 14800
WIP** 70965
factory overhead 70965
Finished Goods*** 251747
WIP inventory 251747
Explanation:
* as the building is not related to the manufacturing process we cannot capitalized through inventory We will record as cost ofo the period therefore, depreciation expense
** the aplied overhead will be the amount of direct labor added during the period time 83%
85,500 x 83% = 85,500 * 0.83 = 70,965
*** we will have to add up the jobs cost to detemrinate how much of the work in process inventory becomes finished good
Job Materials // Labor // Overhead
A20 $ 37,740 $ 19,200 + 19,200 x 0.83
A21 $ 44,320 $ 23,600 + 23,600 x 0.83
A23 $ 41,770 $ 27,100 + 27,100 x 0.83
Total 251,747
Answer:
d. economies of scale
Explanation:
Based on the information provided within the question it can be said that this concept is known as an economy of scale. Like mentioned in the question this concept states that as a company scales their operation, the cost of each input unit decreases as their output or production increases, Thus granting the company a cost advantage. As is happening in this scenario.
Since the problem doesn’t give the choices for these questions. I will be giving you the factors that affect the elasticity:
1. Labor costs as percent of total costs – when labor expenses have a high share in total costs then labor demand is more elastic.
2. Easiness and cost of factor substitution – when the firm can substitute rapidly and effortlessly between labor and capital inputs.
3. Price elasticity of demand for the final output produced – if the business is working an extremely competitive market where the final demand of the product is elastic and as a result the demand for labor is more elastic.
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Answer:
a. Debit Accounts receivable for $600
Explanation:
As Greasy catering company provided services but had not got the bill from the customer, it increases an asset. According to the revenue recognition principle, revenue has recognized whenever it is provided not when the cash is received. In that case, the journal entry to record the transaction is -
Accounts receivable (Debit) $600
Revenue (Catering) (Credit) $600
Accounts receivable is debit because the company owes the amount from the customers.
