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Reptile [31]
3 years ago
7

If a department that uses process costing starts the reporting period with 100,000 physical units that were 20% complete with re

spect to direct labor, the equivalent units of direct labor in Work in Process are 20,000true/false
Business
1 answer:
iogann1982 [59]3 years ago
6 0

Answer:

true

Explanation:

The equivalent units of production in respect of direct labor for the given scenario shall be determined through the following mentioned equation:

Equivalent units of direct labor=Number of physical units at start of the reporting period*Completion percentage with respect to direct labor

Equivalent units of direct labor=100,000*20%

                                                     =20,000 units

So based on the above calculation, the statement is true

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2 years ago
There is a 4 percent error rate at a specific point in the production process. If an inspector is placed at this point, all the
Vsevolod [243]

<u>Solution and Explanation:</u>

The given data is as follows:

Error rate = 4%, per hour payment of inspector = $8, inspection of units = at the rate of 49 per hour, cost = $9 per unit

The problem can be solved as considering an opportunity to have an improvement of 4% in the quality.

In case inspector is not hired then it will cost .04 multiply 9= $.3.6 per unit and in case the inspector is hired it will cost $ 0.163 approx.(8 divided by 49).

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8 0
2 years ago
A business issued a 90-day, 9% note for $70,000 to a creditor on account. Illustrate the effects on the accounts and financial s
SSSSS [86.1K]

Answer:

The computation is shown below:

Explanation:

The journal entries are shown below:

a. Account payable $70,000

           To Notes payable $70,000

(Being the issuance of the note is recorded)

b. Note payable $70,000

  Interest expense $1,575

              To Cash $71,575

(Being the payment of the note at maturity date including interest is recorded)

The computation is shown below:

= $70,000 × 9% × 90 days ÷ 360 days

= $1,575

We assume 360 days in a year

Now the effects on the accounts and the financing statement for issuance of the note is shown below:

Balance sheet

Assets          =   Liabilities   + Stockholder equity    Income statement  cash flow statement

No effect = Account payable - $52,000 + No effect  No effect + no effect

                   Note payable + $52,000      

7 0
3 years ago
Which of the following statements is true? Question 8 options: Always shake hands in an interview as it is the polite thing to d
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3 years ago
Read 2 more answers
In a long-run equilibrium,
Serga [27]

Answer: Option (d) is correct.

Explanation:

Correct option: Only a perfectly competitive firm operates at its efficient scale.

In the perfectly competitive market and in the long run, the firms who are making losses will exit the market and those firms who are able produce at a point where price is equal to the average total cost will exist in the market.

However, monopolistic firms operates at a below efficient level of production and with an excess capacity.

Competitive firms are generally enjoys the productive efficiency in the long run because these firms have the capability to produce at a lower average total cost.

8 0
2 years ago
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