Answer:
Reference : Cost Accounting Planning & Control ( Matz Usry )
Explanation:
Job order Costing procedure keeps the costs of various jobs or contracts separate during their manufacture or construction. this method is applicable in work in factories, workshops, construction engineers , printers etc.
Direct Materials, Direct Labor ( Job Order Costing). Direct Materials are assigned by means of job order numbers. The cost of each order produced for a given customer or the cost each lot to be placed in stock is recorded on a summary sheet called Job Order Cost Sheet.
Process Costing procedures are often termed continuous or mass production cost procedures. Process costing involves average costing for a particular period in order to obtain departmental and cumulative unit costs.the cost of a completed unit is determined by dividing the total cost of a period by the total units produced during the period.
Direct Materials need not be priced individually rather the cost is determined at the end of the production period through inventory difference procedure i.e adding purchases to beginning inventory and then deducting ending inventory.
Labor Costs are identified by and charged to departments in process costing, eliminating the detailed clerical work of accumulating labor costs by jobs.
Answer:
TRUE
Explanation:
We currently live in a globalized world. Globalization is an economic and political phenomenon that has transformed the relations of production and labor. The companies started to produce in countries where the labor is cheaper, becoming consequently more competitive. Thus, US multinational companies outsource the manufacture of components of their products in different territories. For example, an Iphone has components made in China, Vietnam and others. This makes the final price of the iphone lower around the world.
Answer:
Juanita's trainning dilema:
B:People face trade-offs
Icestorm:
A:Markets allocate goods effectively.
Explanation:
Any hour on swimming trainning is one less for bike or running.
Also an hour runnings is one less for swimming or running
an bike hours negate the change for swimming or running.
This is the concept of opportunity cost. chose something is also chose not to do anything else.
When there is need of a certain good, batteries in this case, the market (which is the sum of all people willing to do business) will allocate resource when needed. As the demand for batteries and flashlights increased, the stores chose to purchase these instead of other to replenish the stock and make a stand to the increased demand.
Answer:
(a)Total Cost, C=20LW+12LH+12WH
(b)
(c)W=1.88ft, L=5.64 ft and H=4.72 ft.
Explanation:
Given the dimensions of the box to be L,W and H.
(a)
- The material for the top and bottom of the box cost $10 per square foot
- The material used to build the four sides of the box cost $6 per square foot.
- Area of Top and Bottom=2LW
- Cost of Top and bottom=$10 X 2LW=20LW
- Area of four Sides =2(LH+WH)
- Cost of Four Sides =$6*2(LH+WH)=12(LH+WH)
- Total Cost, C=20LW+12LH+12WH
(b)The bottom side has length 3 times its width.
L=3W
Volume of the box=50 cubic feet.
Substituting L=3W and into the cost function C.
C=20LW+12LH+12WH
(c)The minimum cost occurs at the point where the derivative of the cost function equals zero.
Recall:
The dimensions of the box that minimize the cost are W=1.88ft, L=5.64 ft and H=4.72 ft.
Cost of the box at these dimension