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antoniya [11.8K]
3 years ago
15

Cost of goods manufactured during the year is $240,000, and work in process inventory on December 31 is $50,000. Work in process

inventory during the year decreased by 60%. Total manufacturing costs incurred are
Business
1 answer:
Zinaida [17]3 years ago
8 0

Answer:

$165,000

Explanation:

The first step is to calculate the work in process inventory

= 50,000/40/100

= 50,000/0.4

= 125,000

Therefore the total manufacturing cost can be calculated as follows

= 240,000-125,000+50,000

= 115,000+50,000

= 165,000

Hence the total manufacturing costs is $165,000

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MissTica

The statement given in the question is (A) True.

Transactional leadership is defined as a leadership style that emphasizes rewards and punishments on behaviors that the followers exhibit. This style of leadership seeks to maintain the status quo.

Its contrast is <em>transformational leadership</em>, where the leader works with teams to problem-solve and bring a vision into reality by directly involving themselves.

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Why would the difference between income computed under full costing and income computed under variable costing be relatively sma
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First of all, we have to understand what is Full costing, Variable Costing, and JIT Inventory Management System.

Full Costing

Full costing also know as absorption costing. It allocate all cost to the specific product like fixed cost, variable cost etc.

Absorption costing consider all kind of cost whereas variable costing will only consider cost in variable in nature.

Variable Costing

Variable cost is a method were we only account for those cost that are varied over production output. It will not be a good tacker of profitability but it will help in decision making.

Inventory Management System

JIT stands for Just in Time Inventory. Where basic idea is to buy inventory whenever required, this system doesn't allow holding inventory.

Now coming to the question of why the difference is small when we are operating under JIT Inventory management System is as follows:-

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2. Obsolete inventory - Since inventory levels are so low, there is little risk of having much obsolete inventory which in turn will result in less loss.

3. Process time. A thoroughly implemented JIT system should shorten the amount of time required to manufacture products, which may decrease the quoted lead times given to customers placing orders. So the fixed cost will not be incurred on rent etc because of low/ less holding of inventory.

Because of the above factor difference is too small.

Learn more about Variable Costing here: brainly.com/question/6337340

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1 year ago
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When fixing a price usually there is an offer and acceptance of the amount to be paid for goods or services.

Also payment can be made upfront like the case of train fare. While in other instances payment may be deferred as is seen in attorney fees and organisation dues.

Price can also change when one party grants concession to the other, for example loan rebate where the debtor is given price relief.

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