1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
alexandr1967 [171]
3 years ago
14

Brief Exercise 23-1 Lopez Company uses both standards and budgets. For the year, estimated production of Product X is 534,000 un

its. Total estimated cost for materials and labor are $1,441,800 and $1,762,200. Compute the estimates for (a) a standard cost and (b) a budgeted cost. (Round standard costs to 2 decimal places, e.g. 1.25.) Materials Labor (a) Standard cost $ $ (b) Budgeted cost $ $
Business
1 answer:
guajiro [1.7K]3 years ago
6 0

Answer:

a. $6

b.  $3204000

Explanation:

Given:

  • Product X is 534,000 units
  • cost for materials $1,441,800
  • cost for labour: $1,762,200

(a) a standard cost

As we know standard cost is the cost of producing 1 unit and is recorded in a standard cost card. However, the cost of labor, materials and overhead are used to make a single unit, so

standard cost = unit variable cost =  the total cost / the total number of unit.

In this situation, the overheading cost is not gven, so the total cost:

= The cost of labor + materials

= $1,441,800 + $1,762,200

= $3204000

=> standard cost  = $3204000  / 534,000 = $6

(b) a budgeted cost represents the total costs

The total number of units * standard cost

= 534,000 * 6

=   $3204000

You might be interested in
Copper alloy products shipped to manufacturers are supplied in the __________ condition when maximum strength is required.
vampirchik [111]

Answer: Fully Annealed condition.

Explanation:

Annealing is a heating process in which physical and sometimes chemical properties of material are altered. This process increases the ductility and reduces hardness of material, resulting in increase of the material strength.

4 0
3 years ago
How does a policy manual help an organization
eimsori [14]
It helps an organization because that is their rules and regulations and standards that employers have to follow. An example of how the manual can help an organization is if you purchase something and the policy says you have 30 days to return it and you return it 31 days later they will not be able to take it because that is one of their rules. 
4 0
3 years ago
If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms,.
nikitadnepr [17]

If monopolistic competitors must expect a process of entry and exit like perfectly competitive firms, they will be unable to earn higher-than-normal profits in the long run.

<h3>What is a monopolistic competition?</h3>

A monopolistic competition is an industry characterised by many sellers of differentiated goods and services. A monopolistic competition has characteristics of both a monopoly and a perfect competition. A monopolistic competition sets the price for its goods and services. A monopolistic competition makes economic profit in the long run. An example of monopolistic competition are restaurants

A perfect competition is an industry characterized by many buyers and sellers of identical goods and services. Market prices are set by the forces of demand and supply. In the long run, firms earn zero economic profit due to no barriers to the entry and exit of firms.

Here are the options:

A. they will be unable to earn higher-than-normal profits in the short run. O B. they will wish to cooperate to make decisions about what price to charge.

OC. they will wish to cooperate to make decisions about what quantity to produce.

O D. they will be unable to earn higher-than-normal profits in the long run.

To learn more about monopolistic competition, please check: brainly.com/question/21052250

#SPJ1

6 0
2 years ago
On June 1, Noonan Inc. issues 4,000 shares of no-par common stock at a cash price of S6 per share. Journalize the issuance of th
-Dominant- [34]

Answer: Please see explanation column for answers.

Explanation:

a)Journal to record  issuance of the shares at a stated value of $1

Date             Account  and explanation            Debit          Credit

june 6       Cash                                               $24,000

          Common stock  at $1 stated value                            $4000

Paid in capital in excess of stated value                               $20,000

Calculation:

Cash = issued shares x price per share

4000 x $6 = $24,000

paid in capital  in excess pf par stated value =  $6- $1 x 4000 = $20,000

b)Journal to record  issuance of the stock in acquiring the land.

Date             Account  and explanation            Debit          Credit

             Land                                                   $85,000

          Common stock  at $10 (5000 x 10)                            $50,000

Paid in capital in excess of par value                                  $35,000

Calculation:

cash to purchase land = issued shares x price per share

85,000= 5000 x $

$ = 85,000 /5000 = $17

Paid in capital in excess of par value $17-10 x 5000 = $35,000

4 0
3 years ago
Russell Corporation sold a parcel of land valued at $440,000. Its basis in the land was $294,800. For the land, Russell received
WITCHER [35]

Answer:

Please see attachment

Explanation:

Please see attachment

6 0
3 years ago
Other questions:
  • Average maintenance costs are $1.50 per machine-hour at an activity level of 8,000 machine-hours and $1.20 per machine-hour at a
    13·1 answer
  • What is revenue for the business vocabulary
    5·1 answer
  • On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n/60, f.o.b. shi
    11·1 answer
  • The _____ serves as the jfc's principal organization to draft the commander's information dissemination policy and coordinates i
    13·1 answer
  • Which of the following is an example of division of labor?
    14·1 answer
  • What does an owner own if the duration of his or her rights in an estate cannot be determined?
    9·1 answer
  • In times of falling prices, choosing LIFO over FIFO as an inventory cost method would affect the financial statements as follows
    13·1 answer
  • Sarah's optimism is both a contributor to and a product of her successful career accomplishments. This best illustrates self-ser
    15·1 answer
  • Using the cut-and-try method for aggregate operations planning we can determine the production requirement in units of product.
    8·1 answer
  • the mass of an element is 27 and it's atomic number is 13. what is the composition of the nucleus of it's atom?​
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!