Answer:
Human beings make decisions at the margin which means that they make decisions depending on if the marginal benefits outweigh the marginal cost.
a. Deciding how many days to wait before doing your laundry.
Here the marginal benefit of waiting before you do your laundry is that you will have extra time to do other things you want to do. The marginal cost however would be that you will keep having less and less clothes to be able to choose from. Therefore the amount of time that you will take before doing your laundry depends on whether you value your free time over the amount of clothes you have to choose from.
b. Deciding how much library research to do before writing your term paper.
The marginal benefit here would be that if you use a lot of research your work will be more in-depth as you will find more information ( past or present) that will help you do the research. The marginal cost however is that you will have less time to do other things such as going to classes. Your decision would depend on if you think the research is more important than time for those other things or vice versa.
c. Deciding how many bags of chips to eat
Marginal benefit would be satiating your hunger. Marginal cost would be the calories you might gain as well as the cost of the chips. You will make a decision depending on if you believe the hunger being satiated is more beneficial than the calories gained and the money spent.
d. Deciding how many lectures of a class to skip
Like the first decision, the marginal benefit here would be the extra time you would gain to do other things. The marginal cost however, would be the risk of falling behind on material. Your decision will depend on if you value your extra time more than falling behind. If you do, you will miss more lectures. If you don't you will miss less lectures.
The hunting plan can conclude where you are going hunting and the numbers to call if you are in danger
Answer:
Cost of units completed = $176,528
Workings are attached:
Explanation:
Equivalent unit of production
An equivalent unit of production is an expression of the amount of work done by a manufacturer on units of output that are partially completed at the end of an accounting period. Basically the fully completed units and the partially completed units are expressed in terms of fully completed units.
Equivalent units are used in the production cost reports for the producing departments of manufacturers using a process costing system. Cost accounting textbooks are likely to present the cost calculations per equivalent unit of production under two cost flow assumptions: weighted-average and FIFO.
Conversion costs
Conversion costs is a term used in cost accounting that represents the combination of direct labor costs and manufacturing overhead costs. In other words, conversion costs are a manufacturer's product or production costs other than the cost of a product's direct materials.
Expressed another way, conversion costs are the manufacturing or production costs necessary to convert raw materials into products.
The term conversion costs often appears in the calculation of the <u>cost of an</u> <u>equivalent unit in a process costing system.</u>
For the sake of this question, we will be determining the <u>equivalent units of production:</u>
- Units completed and transferred subject to material and conversion costs
- Units in the closing inventory subject to material and conversion costs
- We will then calculate the cost per units with respect to material and conversion costs for the equivalent units.
- These cost per units will enable us to determine the cost of items completed.
Answer:
The correct option is these statements are true
Explanation:
Margin of safety is the measure of the reduction in sales that needs to be recorded before a company makes no profit,invariably the difference the planned sales volume and the sales volume required to break even(makes no profit no loss).
The margin of safety can be expressed in volume,say 100 units of a product,in dollar terms ,say each product sells for $100 each,the margin of safety becomes $10,000($100*100) and can also be expressed in percentage terms depending on the way management wants it stated.
A) Mendez's ethical responsibilities are,
1)Competence
2)Confidentiality
3)Integrity
4)Credibility
B)The responsibilities of mendez if dalton gives her a direct order to book the sales are explained below.
Explanation:
1)
Integrity
Cometence
Credibility
IMA is highly regarded organization for accountants and finance professionals. The following four standard to which the organization holds CMA's accountable are
1)Competence
2)Confidentiality
3)Integrity
4)Credibility
2)
Mendez should refuse to follow dalton's orders and if dalton persists, the incident should be reported to the corporate controller of hester shoe company. Support for the linc managers should be wholehearted, but it should not require unethical conduct.
