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3 years ago

PA12. LO 5.4Complete this production cost report:

Business

1 answer:

Lubov Fominskaja [6]3 years ago

8 0

Using weighted average method

Statement of equivalent units

Material Conversion

Units Units

Units transferred out 70,000 70,000

Add: Closing work-in-progress 25,000 6,250

Average divisor  95,000  76,250

Computation of cost per unit

Material Conversion

$ $

Cost of beginning work-in-progress 3,500 16,000

Cost added 25,000 45,000

Total cost  28,500  61,000

Material cost per unit = $28,500

95,000 units

= $0.30 per unit

Conversion cost per unit = $61,000

76,250 units

= $0.80 per unit

Value of units transferred out

Material = 70,000 x $0.30 = $21,000

Conversion = 70,000 x $0.80 = $56,000

Value of closing work-in-progress

Material = 25,000 x $0.30 = $7,500

Conversion = 6,250 x $0.80 = $5,000

Explanation:

In this case, we will obtain the average divisor by adding the ending work-in-progress to the units transferred out. Then, we will determine the total cost of material and conversion ,which is the aggregate of cost of opening work-in -progress and cost added during the year. We also need to obtain the unit cost of material and conversion, which is total cost of material and conversion divided by the average divisor.

Finally, we will value the units transferred out and ending work-in-progress at unit cost of material and conversion.

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2 years ago

Which is the oldest form of money still in existence today?

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The oldest form of money that still exist today is: Metallic money.
In the past, money is used in the form of Gold and silver coins. (Gold tend to be higher in value compared to silver)
Even though the amount of metallic money that we use today is far lesser compared to the past, we still use pennies for making small purchase

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3 years ago

Tom and Mark tell Susan that they are considering expanding store hours and advertising. They wish to concentrate their efforts

emmainna [20.7K]

Answer:

Employees and Independent Contractors

a) The Differences are:

1. Nature of each position: The employee is a worker who is engaged in a contract of service with an employer. She earns a periodic salary based on a fixed time per week, e.g. 40 hours per week, Monday to Friday. On the other hand, a contractor engages in a contract for service. She is engaged for a fee to carry out a specified assignment or project. The independent contractor is self-employed. She can work for many other organizations and for any number of hours.

Hours worked: The employee works some fixed hours per day and per week. An independent contractor does not have any fixed hours of work. She can choose to work more than 40 hours per week.

Control by Employer: For the employee, the employer dictates most of the details about the work. She can be given any work by the employer. She enjoys sick leave and other emoluments. She lacks discretion on which tasks to work on. She does not have "authority to hire assistants." The independent contractor does her work to suit her convenience, but ensures that the customer is satisfied with her work to enable contract renewal.

b) Examples of Employees and Independent Contractors from the case study:

i) Employees:

1. Jack Walker, Grant Worthington, and Phil Costello, salespeople

2. Cooke, an administrative assistant

ii) Independent Contractors:

1. Martha Winslow, a seamstress by trade

2. Stephanie Russo, Web Advertising Consultant

3. Luck Johnson, Cleaner

Explanation:

The general rule for differentiating the two types of workers is that an independent contractor directs the result of the work and not what will be done and how it will be done. Her earnings (fees) are subject to Self-Employment Tax. The employee does not control the result of her work and the tasks, but can control how it will be done. Her earnings are subject to Paye Tax.

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4 years ago

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3 years ago

Which of the following give the bowed-outward shape to the PPF?Choose one or more:

charle [14.2K]

Answer:

B.the law of increasing opportunity cost

Explanation:

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3 years ago