Answer:
b. $44,500
Explanation:
Particulars Amount
Direct material used $12,500
Direct labor used $26,500
Total factory overhead <u>$5,500</u>
Total Manufacturing Cost <u>$44,500</u>
Answer:
Both statements are true
Explanation:
Due to the worm infestation, there would be a fall in supply of apples, this would lead to a shift of the supply curve to the left
a fall in price in apples, would lead to a movement down along the supply curve.
Only a change in price of a good leads to a movement along the supply curve for the good, other factors lead to a shift of the supply curve
The correct answer to this open question is the following.
Although there are no options attached we can say the following.
Why do businesses take financial costs into account other than social costs when making decisions.?
The reason why is because businesses are created to make profits. And financial costs directly impact sales, revenue, and profits. Any other consideration that does not directly affect the balance sheet or the bottom line, is not considered a priority and takes the back seat when business decisions are made.
On the other hand, the social cost should be important and it is, but not as important as the financial costs for the above-mentioned reasons.
Social costs are more on the side of the ethics of the managers or leaders of the organizations. And ethics and moral values are not a prominent thing to be considered in the decision-making process of modern corporations.
Answer:
$12,000
Explanation:
The main difference between cash basis accounting and accrual accounting is that accrual accounting recognizes revenue only after the earning process is completed. On the other hand, cash basis accounting recognizes revenue and expenses when the money is received or paid, regardless of when the service is provided. This is why the US GAAP doesn't allow cash basis accounting.
The IRS allows cash basis accounting for individuals and small businesses that only deal with cash payments, but they must meet certain criteria:
- partnerships or C corporations with less than $5 million in yearly revenue
- sole proprietorships and S corporations with less than $1 million in yearly revenues
- family owned farms
- you provide personal services and 95% of your revenue comes from it
- no publicly traded corporation is allowed
