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DochEvi [55]
2 years ago
15

The following events took place at a manufacturing company for the current year: (1) Purchased $95,000 in direct materials. (2)

Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600. (3) Other manufacturing overhead was $107,000, excluding indirect labor. (4) Transferred 80% of the materials to the manufacturing assembly line. (5) Completed 65% of the Work-in-Process during the year. (6) Sold 85% of the completed goods. (7) There were no beginning inventories. What is the journal entry to record the direct labor costs for the period? A. Labor Inventory XXX Wages Payable XXX B. Work-In-Process Inventory XXX Wages Payable XXX C. Manufacturing Overhead Control XXX Wages Payable XXX D. Wages Expense XXX Cash XXX
Business
1 answer:
raketka [301]2 years ago
5 0

Answer: B. Work-In-Process Inventory XXX Wages Payable XXX

Explanation:

The method of accounting for Direct labor during production is to apportion it to Work in Process inventory because as a direct cost, it should form a part of the cost of producing the good.

The Work in Process Inventory will therefore be debited to reflect an increase and the Wages Payable will be credited to reflect that the wages are a liability owed to workers.

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I think that answer is 1.5 
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3 years ago
Dmitri doesn't like Val, one of his coworkers. Dmitri started to send an e-mail to his workgroup, falsely accusing Val of steali
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C. Professional Ethics.

Explanation:

Ethics are moral qualities which governs a persons behavior. A person is sometimes in an ethical dilemma scenario where he has to take decision which might impact his ethical values. Professional ethics is a situation where a person thinks how his decision will be viewed by an independent jury or audience.

7 0
2 years ago
The field of operations management is shaped by advances in which of the following fields?
natulia [17]

Answer:

E) all of the above

Explanation:

THIS ARE THE OPTIONS FOR THE QUESTION BELOW

A) chemistry and physics

B) industrial engineering and management science

C) biology and anatomy

D) information technology

E) all of the above

Operations management can be regarded as administration of business practices which brings about creation

of highest level of efficiency that can be created within an organization. It is responsible for conversion of materials as well as labor to goods/services so that profit can be maximized efficiently

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✓chemistry and physics

✓management science

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7 0
3 years ago
As a marketing term, __________ generally includes not only physical goods, but also services and ideas. Multiple Choice marketi
steposvetlana [31]

Answer:

product

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The product is an item that the company offer to its customer for buying the product. It is not only the goods that to be kept physically but it also consist of the services and ideas so that it become differentiate with the competitor. The product can be differentiate in terms of cost, quality, quantity, presentable form via having the innovative ideas

So, the 2nd last option is correct

8 0
2 years ago
The Solow model basically states that as more rural and backward economies start to develop, they will use more intensively thei
mash [69]

Answer:

The Solow model basically states that as more rural and backward economies start to develop, they will use more intensively their cheap labor and savings for investment more than already developed nations, and convergence between rich and poor nations will eventually occur.

Explanation:

The Solow growth model is an exogenous model of growth that tries to examine the changes in the level of output in an economy as a result of some changes in the economy. The changing conditions are; population, rate of savings and technological advancement. The Solow model named after Robert Solow who was a Nobel-prize economist winner, formed the foundation for modern theories of economic growth. Solow's growth models has a variety of assumptions as shown;

1. Rate of population growth is constant

2. The proportion of savings in the economy is constant.

3. The same technology is utilized by all companies in the economy for production.

4. The capital accumulation equation forms a relationship between; Present capital stock, future capital stock, the rate of capital depreciation, and level of capital investment.

Solow's model implied that as more rural and backward economies start to develop, they will use more intensively their cheap labor and savings for investment more than already developed nations, and convergence between rich and poor nations will eventually occur.

8 0
3 years ago
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