Answer:
c. $10,106 if taken separately for Direct Material or Conversion Costs
Or None of these as total cost is $ 10,779+$ 10,081= $20860 for units transferred out
Explanation:
Units % of Eq. Units
Completion D.M Conversion
Units completed and
transferred out 6,400 units 100% 6400 6400
WIP Inventory, 3,100 units 90%,60% 2790 1860
December 31
<u>Total Units to account for 9190 8260</u>
Direct materials $15,478
Direct labor $7,400
Manufacturing Overhead $5,611
Direct Material Cost per unit= $ 15478/9190= $ 1.684
Conversion Cost per unit= $13011 / 8260= 1.575=$ 1.58
Direct Material Cost for Completed units = 6400 * $1.684= $ 10,779
Conversion Cost for Completed units = 6400 *1.575= $ 10,081
Answer: See explanation
Explanation:
a. Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020.
Debit Income Tax Expense $40400
Debit Defered Tax Asset $7070
Credit Income Tax Payable $19190
Credit Defered tax liability $28280
(To record income tax expense and defered tax/liability).
Note that:
Income Tax Expense was gotten as:
= $202,000 × 20%
= $202000 × 0.2
= $40,4000
Income Tax Payable was gotten as:
= $95,950 × 20%
= $95950 × 0.2
= $19,190
2. Prepare the income tax expense section of the income statement for 2020.
Income statement for year ended 31 December 2020
Income before tax = $202000
Less: Income Tax expense - Current = $19190
Less: Income Tax expense - Defered = $21210
Net income = $161600
Answer:
C. shortage of skilled labor.
Explanation:
The invention of high-tech (computers, biotechnology, robots, drones, self driving vehicles and so an) is reducing the involvement of skill human labor which will continue incoming years. For example humans carryout the task of carrying-out calculation several years ago, but in recent years computers carry out such works and at a faster pace. Also routine human works such as arranging, bottling, pasting of labels can be carried-out by well programmed out and trained robots. These and many more will cause the shortage of labor(human) in coming years.
Answer: <u>"b. Price is greater than long-run average cost."</u> is NOT characteristic of long-run equilibrium for a perfectly competitive firm.
Explanation: In the long term the company will produce the output level at which long-run average cost is at its minimum.
Where the price is equal to the long-run marginal cost and the long-run average cost.
Price elasticity of demand measures how changes in price affect the quantity of product demanded. A good or service's price elasticity of demand is calculated by dividing percentage change in the amount sought by percentage change in the price.
The ratio of the percentage change in quantity supplied to the percentage change in price is price elasticity of supply. A good or service's price elasticity of demand is calculated by dividing percentage change in amount sought by the percentage change in price.
The ratio of percentage change in quantity supplied to percentage change in price is price elasticity of supply.
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