Answer:
B) $26
Explanation:
Marginal Cost Formula:
Marginal Cost = Change in total cost / Change in quantity
Marginal Cost = (2070-1888) / 10-9
Marginal Cost = 182/1
Marginal Cost = $182
Marginal Cost = 182/70 = $26/hour
Working:
9 hours a day
Number of Hours worked during week = 9x7 = 63 hours
Total Cost = ((20+6)x63)+250 = $1,888
10 hours a day
Number of Hours worked during week = 10x7 = 70 hours
Total Cost = ((20+6)x70)+250 = $2,070
Answer:
c
Explanation:
The classical dichotomy states that real variables e.g. employment are dependent of monetary variables or nominal variables and so they can be analysed separately. According to this theory, the primary function of money is to enhance the efficient production and exchange of goods and services. According to the theory, an economy exhibits classical dichotomy if real variables can be analysed separately from nominal variables
Answer:
The above pic might help you :)
Answer:
The answers are,
Items not easily quantified in dollar terms are not reported in the financial statements.
Monetary Unit Assumption
Accounting information must be complete, neutral, and free from error.
Faithful representation
Personal transactions are not mixed with the company's transactions.
Entity Assumption
The cost to provide information should be weighed against the benefit that users will gain from having the information available.
Cost constraint
A company's use of the same accounting principles from year to year.
Consistency
Assets are recorded and reported at original purchase price.
Historical Cost
Accounting information should help users predict future events, and should confirm or correct prior expectations.
Relevance
The life of a business can be divided into artificial segments of time.
Periodicity assumption
The reporting of all information that would make a difference to financial statement users.
Full Disclosure principle
The judgment concerning whether an item's size makes it likely to influence a decision-maker.
Materiality
10. Assumes a business will remain in operation for the foreseeable future.
Going concern
12. Different companies use the same accounting principles
Comparability
Explanation:
Answer:
Total cost of goods manufactured = $113,645
Explanation:
As for the information provided:
Opening Work in Process = Direct materials + Labor + Overheads
= $2,300 + $6,966 + $10,076 = $19,342
Adding all the cost for the period
Raw material = $39,800 used in production
Direct labor cost = $25,010
Overheads to be applied on predetermined rate = 2,400 
$19.40 = $46,560
Total cost incurred including beginning work in process = $130,712
Less: Closing Work in process = $17,067
Total cost of goods manufactured = $113,645
