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murzikaleks [220]
2 years ago
14

Which of the following statements is most accurate? Multiple Choice In process costing, estimating the degree of completion of u

nits is usually more accurate for conversion costs than for direct materials.
Business
1 answer:
kirza4 [7]2 years ago
8 0

Answer:

C. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.

Explanation:

THIS IS THE COMPLETE QUESTION BELOW

Which of the following statements is most accurate?

A. In process costing, estimating the degree of completion of units is usually more accurate for conversion costs than for direct materials.

B. The FIFO method includes the cost of the beginning Work in Process inventory account in calculating cost per equivalent units.

C. The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory.

D. The FIFO method of calculating equivalent units of production merges the work and the costs of the beginning inventory with the work and the costs done during the current period.

E. It is not possible for there to be a significant difference between the cost of completed units between the weighted average and the FIFO methods.

EXPLANATION

FIFO method which is known as

(First In, First Out) can be regarded as an asset-management as well as valuation method , this method follows a process whereby any assets that is first produced or acquired are the asset that are sold first or first disposed. For the purposes of tax, FIFO gives assumption that assets that has oldest costs are usually entered into cost of goods sold I.e (COGS) income statements. Fifo can be calculated by finding the cost of oldest inventory, then multiply it by the amount of inventory sold.

It should be noted that The FIFO method computes equivalent units based only on production activity in the current period, ignoring the percentage of completion in beginning Work in Process inventory

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Identify whether the market supply curve will shift right or left or will stay the same for the following: a. Firms in an indust
dybincka [34]

Answer:

1. In first example, supply curve moves to the left. Delivery curve moves to the left as supply is heading downward due to variables apart from rate change. In this scenario, the cost of output rises due to the current penalty, and vendors will be able to produce less at the same amount.

2. In second scenario, businesses are prosecuted for contaminating river water, rises in manufacturing prices and vendors will be able to produce worse at the same amount. The output curve then shifts for its left.

3. In third case the output curve will remain the same. That's since the quantities given does not change.

4. In this situation, the harm done by drilling must be cleaned up by the businesses. Hence, production cost rises, and vendors will be willing to provide worse at the provided price. The supply curves then shifts to the left.

3 0
3 years ago
Wildhorse Construction Company had a contract starting April 2021, to construct a $24900000 building that is expected to be comp
jek_recluse [69]

Answer:

The construction in process amount reported at December 2021 is $13,695,000

Explanation:

In this question, we are asked to state the amount the company will report construction in the process of.

Firstly, we calculate the profit = Total contract price - Expected costs of contract = $24,900,000-$22,900,000 = $2,000,000

The profit in percentage of cost is; 2,000,000/22,900,000 = 8.73%

The costs incurred in 2021 is $12,595,000

The proportionate profit = 12,595,000 * 8.73 = $1,100,000

The construction in process at December 2021 = Cost incurred + Proportionate profit = 12,595,000 + 1,100,000 = $13,695,000

3 0
3 years ago
What is the result of selling prices and revenues increasing faster than costs?
Lena [83]
T's impossible to determine whether lowering costs or increasing revenue is more important across the board for all companies. There are too many factors that can influence the answer for a given company, in a given market or in a given economy. A specific marketing focus may be the key to financial stability and steadily increasing profits.<span>


</span>
4 0
3 years ago
First City Bank pays 6 percent simple interest on its savings account balances, whereas Second City Bank pays 6 percent interest
Pepsi [2]

Answer:

$ 2,621.28  

Explanation:

The simple interest I=P*R*T

P is the principal amount of $11,000

R is the simple interest rate of 6%

T is the number of years the interest relates to

I=$11,000*6%*11=$7260

Compound interest:

FV=PV*(1+r)^n

FV is the amount of the deposit in eleventh year

PV is the amount deposited which is $11,000

r is the rate of return of 6%

n is eleven years

FV=$11000*(1+6%)^11=$ 20,881.28  

I=FV-PV= 20,881.28-11,000=$ 9,881.28  

Difference between interest earned=$9,881.28-$ 7260 =$ 2,621.28  

3 0
2 years ago
Activity A1 takes 5 weeks, A2 takes 7 weeks, and A3 takes 4 weeks with a 50% probability and 10 weeks with a 50% probability. Wh
meriva

Answer:

12

Explanation:

The computation of the project completion time under the best-case scenario is shown below;

= Activity A1 weeks taken + activity A2 weeks taken

= 5 weeks + 7 weeks

= 12

We simply added the time taken by activity 1 and activity 2 so that the project completion time could come

5 0
2 years ago
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