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LuckyWell [14K]
3 years ago
15

Which of the following statements is true of a normal costing system?

Business
1 answer:
Keith_Richards [23]3 years ago
3 0

Answer:

Option number 4 is correct,In a normal costing system, unit costs are determined by adding actual direct materials, actual direct labor, and estimated overhead.

Explanation:

This approach to costing that makes use of estimated overhead as against actual overhead is favored by Generally Acceptable Accounting Principles such as the International Financial Reporting Standards(IFRS) and the U.S GAAP in order to derive the unit cost of an item of inventory for financial reporting purposes.

This deviates completely from standard costing where the cost an item is entirely calculated from predetermined material,labor and overhead costs.

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3 years ago
Suppose that the price of peanuts falls from $3 to $2 per bushel and that, as a result, the total revenue received by peanut far
Arturiano [62]

Answer:

A) the demand for peanuts is inelastic          

Explanation:

Since in the question it is given that the price of peanuts is fall fro $3 to $2 per bushel which shows the decreased in price while at the same time the revenue received is also decreased from $16 to $14 that results in demand for peanuts is inelastic          

As we know that

Inelastic = When elasticity is less than one

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otez555 [7]

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Explanation:

Hope this helps

7 0
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Which of the following is not a condition that must be satisfied before interest capitalization can begin on a qualifying asset?
Katena32 [7]

Answer:

The answer is D.

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