The average cost method of process costing differs from the FIFO method of process costing in that the average cost method: Group of answer choices Requires that ending work in process inventory be stated in terms of equivalent units of production. b. Can be used under any cost-flow assumption. c. Does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production. d. Considers the ending work in process inventory only partially complete.
Answers
Answer:
c. Does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production.
Explanation:
The average cost method of process costing differs from the FIFO method of process costing in that it does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production.
The average method Equivalent units of Production include goods transferred out and ending inventory whereas FIFO method Equivalent units of Production include goods transferred out ,ending inventory and beginning inventories as well.
FIFO accounts only for the current period costs whereas average costs account for average cost on the whole.
An average cost method of process costing differs from the FIFO method of process costing because its does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production.
The average method Equivalent units of Production include
goods transferred outending inventoryThe FIFO method Equivalent units of Production include
goods transferred out ending inventorybeginning inventories as well.
The FIFO accounts only for the current period costs whereas average costs account for average cost on the whole.
Hence, the average cost method differs because its does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production.
Therefore, the Option C is correct.
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Related Questions
Question 2.
Sooraj works as a salesman in a company selling pet accessories and food. He has been given a target of selling 1200 units of the food packets in a month by offering a maximum of 10% discount to his customers. In order to meet his monthly sales target, on the last two days of the month, he offers 15% discount to his customers.
In the context of the above case, is Sooraj effective in his work? Explain by giving a suitable reason in support of your answer.
Answers
Sooraj is effective in his work. This is because Sooraj was able to sell 1200 units of food packets in a month. Although he provided a 10% discount on the food packets, he was still able to meet his monthly sales target.
In addition, Sooraj offered a 15% discount on the last two days of the month to increase his sales target. It can be seen that the customers were attracted to the discount offer and Sooraj was successful in selling more units.
So, he is effective in his work because he was able to sell 1200 units of food packets in a month by offering a maximum of 10% discount to his customers and providing 15% discount to his customers on the last two days of the month.
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Martinson Inc. manufactures industrial-sized landscaping trailers and uses budgeted machine-hours to allocate variable manufacturing overhead. The following information pertains to the company's manufacturing overhead data: Budgeted output units 40,000 units Budgeted machine-hours 10,000 hours Budgeted variable manufacturing overhead costs for 40,000 units $310,000 Actual output units produced 36,500 units Actual machine-hours used 14,600 hours Actual variable manufacturing overhead costs $350,400 What is the budgeted variable overhead cost rate per output unit
Answers
Answer:
Overhead rate per unit= $124
Explanation:
Giving the following information:
Budgeted output units 40,000 units
Budgeted machine-hours 10,000 hours
Budgeted variable manufacturing overhead costs for 40,000 units $310,000
To calculate the predetermined manufacturing overhead rate we need to use the following formula:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 310,000 / 10,000
Predetermined manufacturing overhead rate= $31 per machine hour
Now, for each unit:
Machine hours per unit= 40,000/10,000= 4
Overhead rate per unit= 31*4
Overhead rate per unit= $124
You have researched your dream around-the-world vacation and determined that the total cost of the vacation will be $33,000. You feel you can earn an APR of 10.8 percent compounded monthly and plan to save $395 per month until you reach your goal. How many years will it be until you reach your goal and enjoy your well-deserved vacation
Answers
Answer:
Explanation:
What 22
Uganda is a very poor country. Qatar is much smaller geographically and has far fewer people, but it is roughly 70 times richer in terms of per capita GDP. Supposing the following statements are true, which one might explain why Uganda is a little closer to Qatar in terms of standard of living than the official statistics suggest?
a. Health standards in Singapore exceed those in Haiti.
b. Singapore is much more livable in terms of pollution than Haiti.
c. There is more underground market activity in Singapore than in Haiti.
d. Haiti has more nonmarket production than Singapore.
Answers
Answer:
D. Haiti has more nonmarket production than Singapore.
Explanation:
Here is the full question :
ee Hint Haiti is a very poor country. Singapore is much smaller geographically and has far fewer people, but it is roughly 70 times richer in terms of per capita GDP. Supposing the following statements are true, which one might explain why Haiti is a little closer to Singapore in terms of standard of living than the official statistics suggest? Choose one: O A Health standards in Singapore exceed those in Haiti. O B. Singapore is much more livable in terms of pollution than Haiti. OC. There is more underground market activity in Singapore than in Haiti. O D. Haiti has more nonmarket production than Singapore.
Per capita GDP = GDP / population
If Haiti has more non market activities, the bulk of its economic activities would not be captured in the GDP. This would lead to Haiti having a smaller GDP than Singapore
Which of the following is NOT normally regarded as being a barrier to hostile takeovers? a. Targeted share repurchases. b. Shareholder rights provisions. c. Poison pills. d. Restricted voting rights. e. Abnormally high executive compensation.
Answers
Answer:e
Explanation:
Mary and John, a young couple, come to you asking for financial advice. They recently graduated and have found entry-level positions in their chosen professions. They never received any formal financial education, but someone did give them a couple of The Wealthy Barber, and they read it.
Now they want to take action and begin saving for their future. Right now, they wish to save money for their 1-year old daughter’s college/university education.
They know how the Registered Education Savings Plan (RESP) works and consider themselves moderate risk-takers, given that they have an 18-year time horizon. However, they want to know how to invest through lump-sum (PMT = 0) or dollar cost (PV = 0) averaging?
Assume they could invest a maximum of $3,000 per year and earn a 6% annual return.
Your answer should address the following:
a) You will explain both the terms in simple language to the couple. (2 Marks)
b) Explain the advantage and disadvantages of both strategies. (4 Marks)
c) Recommend one strategy based on the discussion. There is no right or wrong answer here. Marking will be given based on your argument and conclusion. (1.5 Marks)
Answers
a) The lump-sum investment means that the young couple, Mary and John, will invest the total sum of $54,000 (18 x $3,000) at the beginning of the investment period, which yields a future value worth $154,134.31 at the end of the 18-year investment period,
On the other hand, the annuity investment of $3,000 implies that Mary and John will invest $3,000 annually, which yields a future value worth $98,279.98 at the end of the 18-year investment period.
b) The advantage of the lump-sum investment strategy over the annuity investment lies in the total interest generated, which is also compounded over the years.
Interest compounding means that Mary and John would be earning interest on interest.
The disadvantage of the lump-sum strategy, which becomes the advantage of the annuity investment, is that Mary and John may not afford the lump-sum at the beginning of the investment.
c) Since Mary and John could only afford to invest $3,000 annually, they should go ahead with the annuity investment.
The recommendation of the investment strategy is based on the financial status of Mary and John at the beginning of the investment because they are:
Financially literateModerate risk-takers. What is future value?The future value of an investment is the value of the cash flows in a future period. The future values of each investment strategy can be determined using the following future value formula:
FV = PV (1+r)^{n}
FV = future value
PV = present value
r = annual interest rate
{n} = number of periods interest held
Alternatively, it can be computed using an online finance calculator as follows:
Data and Calculations:
Lump-sum investment:
N (# of periods) = 18 years
I/Y (Interest per year) = 6%
PV (Present Value) = $54,000
PMT (Periodic Payment) = $0
Results:
FV = $154,134.31
Total Interest = $100,134.31
Annuity Investment:
N (# of periods) = 18 years
I/Y (Interest per year) = 6%
PV (Present Value) = $0
PMT (Periodic Payment) = $3,000
Results:
FV = $98,279.98
Sum of all periodic payments = $54,000 (18 x $3,000)
Total Interest = $44,279.98
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Why is OpenAI recognized for changing the industry?
Answers
OpenAI recognized for changing the industry because it aid:
Online shopping and advertising. Web search.Digital personal assistantsWhat is the purpose and usefulness of artificial intelligence?OpenAI can be described as a research and deployment company that is set up to establish artificial general intelligence benefits to the humanity as a whole.
How the OpenAI can change industry includes;
Help them in term of advertisement to increase profit.Online assistance to reduce number of workers , hence reduce cost.Render web search assistance.Conclusively, OpenAl can use of Digital personal assistants to help industry.
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Choose the option that best matches the description given.
Many businesses that struggle to find investment support for their enterprise will decide to
( expand, bootstrap, or sell off) or use their own
finances
Answers
Answer:
sell off
Explanation:
Answer:
Bootstrap
Explanation:
Got it correct on test
In the history of product liability, the rights of produces and consumers have
a.
favored producers.
b.
favored consumers.
c.
remained nuetral.
d.
None of the above
Answers
Answer:
a
Explanation:
Flounder Inc. purchased land, building, and equipment from Laguna Corporation for a cash payment of $434,700. The estimated fair values of the assets are land $82,800, building $303,600, and equipment $110,400. At what amounts should each of the three assets be recorded?
Answers
Answer:
ok
I thinks it's ok because it's ok you get me
When manager Mariah Pitner delivered the company's financial report to local bankers and analysts, she was acting in a(n) _____ role.
Answers
Answer:
When manager Mariah Pitner delivered the company's financial report to local bankers and analysts, she was acting in a(n) _assistant secretary_ role.Why is the answer D?
Answers
Explanation:
When gas prices are low, there is less need for alternative fuel cars, so the demand falls. People will be less willing to pay high prices, so the price also falls. And since there's less demand, there doesn't need to be as many cars on the market, so the equilibrium quantity falls.
Ghana is the largest exporter of cocoa, while Netherland is the largest importer of cocoa. How have the two participating countries benefited by global
trade?
Answers
The biggest importer of cocoa is the Netherlands, whereas Ghana is the biggest supplier of the bean. Global commerce helped the two participating nations by boosting their economies.
The Netherlands imports the most cocoa, but why is that?In more than half of the instances, they were Ivory Coast natives. The world's leading importer of cocoa beans is now the Netherlands. The Dutch chocolate processing industry will get around three-quarters of it, with the remaining one-fourth being immediately sold to other countries.
How does participating in international trade assist countries?By international trade, nations can get goods and services that would not otherwise be available domestically, so increasing their markets. As a result of international trade, the market is more competitive. As a result, prices become more competitive and the buyer receives a less priced product.
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Allan got a job at Tim Hortons on campus. His income for the year will be less than $30K. His new employer wants him to fill out a TD1 form. Allan is a single dad and has a daughter under 18. Allan is over 65 years of age and also has a valid T2201 on file with CRA. Allan wants payroll to deduct an additional $100 per pay cheque to avoid paying additional taxes at year-end. He has not received any bursaries or scholarships.
Answers
Based on the information given about the tax, the way to fill the TD1 form will be:
He should follow the instructions on each line or the provincial and federal forms.Each of the amounts on the line is added together.The sum is then entered into the last line of page 1.How to illustrate the information?It should be noted that the TD1 form is used to determine the amount of tax that will be deducted from the income of an individual.
In this case, Allan has a T2201 which is a disability tax credit certificate. This is important as it helps people who have disabilities to reduce the amount of income tax that they'll pay.
Furthermore, Allan is a single dad, has a daughter under 18, and is over 65 years of age. Therefore, the appropriate way to fill the form is illustrated.
Complete question:
Allan got a job at Tim Hortons on campus. His income for the year will be less than $30K. His new employer wants him to fill out a TD1 form. Allan is a single dad and has a daughter under 18. Allan is over 65 years of age and also has a valid T2201 on file with CRA. Allan wants payroll to deduct an additional $100 per pay cheque to avoid paying additional taxes at year-end. He has not received any bursaries or scholarships. As a payroll admin, you're required to assist Allan in completing his TD1 form.
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Once her teams goals were set Alyssa asked each team member to come up with a(n)____ to reach her goals.
Answers
Once her team's goals were set Alyssa asked each team member to come up with a(n) action plan to reach her goals.
What is an Action Plan?This refers to the document that shows the list of steps that should be taken by a person in order to achieve or actualize their goals in a methodical manner.
Hence, we can see that based on the fact that the team goals have been set, Alyssa asked her team to form an action plan which was to help them achieve her goals and shows the list of actions and steps to be taken.
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Alexander Rees is concerned about appearing knowledgeable in exporting. What are
some of the factors he mentions in the project letter?
A-Finding good coffee
B-Developing a reliable source for twizzle sticks
C-Travel costs
D-Cultural Differences and exchange rates
Answers
Alexander Rees is concerned about appearing knowledgeable in exporting. The some of the factors he mentions in the project letter are
Travel costs
Cultural Differences and exchange rates
Thus option (C) and (D) are correct.
What is a cost?The cost is the expenditure or spending required or incurred to create and sell products and services, or to acquire assets.
When a product is sold or consumed, a cost is charged to expense. In the case of a buying of an asset, the charge to expense could be significantly deferred. The cost concept underlies the transition of assets from the balance sheet to expenses in the income statement.
Alexander Rees is concerned about appearing knowledgeable in exporting. Travel costs and Cultural Differences and exchange are some of the factors he mentions in the project letter.
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Barbara Flynn is in charge of maintaining hospital supplies at General Hospital. During the past year, the mean lead time demand for bandage BX-5 was 65. Furthermore, the standard deviation for BX-5 was 7. Ms. Flynn would like to maintain a 95% service level. z=1.65
a. What safety stock level do you recommend for BX-5?
b. What is the appropiate reorder point?
Answers
Answer:
A. 12 units
B. 77 units
Explanation:
A. Calculation to determine What safety stock level do you recommend for BX-5
Using this formula
Safety stock = Z * Standard deviation of demand
Let plug in the formula
Safety stock= 1.65* 7
Safety stock= 11.55 units
Safety stock=12 units (Approximately)
Therefore The safety stock level recommended for BX-5 is 12 Units
b. Calculation to determine What is the appropiate reorder point
Using this formula
Appropriate re-order point = Mean lead time demand + Safety stock
Let plug in the formula
Appropriate re-order point = 65 + 12
Appropriate re-order point = 77 units
Therefore the appropiate reorder point will be 77 units
at what point (if any) does management monitoring become unethical
Answers
The most unethical and often even criminal monitoring activity is spying on workers without their knowledge or permission. When employers wish to capture workers in the act of wrongdoing and have reasonable suspicion of wrongdoing, this method is accepted as legitimate.
What is management monitoring?Generally, Monitoring workers without their knowledge or agreement is often regarded as the most unethical and, in many jurisdictions, even illegal kind of employee surveillance.
When an employer has reason to suspect employee misconduct and wants to catch workers in the act, it is permissible for the company to engage in this technique.
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Which of the following are pre-award considerations that impact post-award subcontracting compliance management?
Answers
The options that are pre-award considerations that impact post-award subcontracting compliance management are:
1)Will advance notification and consent to subcontract be required?
3)Will the contract be set aside for one of the small business socioeconomic categories?
4)Will the contract include government property?
Why is subcontract management important?Subcontract management, when correctly implemented, encourages uniformity in the administration of subcontracts across functions, reduces risk to the business and contract, and can boost profitability.
The process of hiring and supervising subcontractors on behalf of a customer is known as subcontractor management. General contractors are accountable for this in construction.
Respect for the standards and guidelines established in a contract is referred to as contract compliance. This frequently entails periodic inspections of an existing contract to look for deviations and assess compliance with compliance rules and standards.
Therefore, The process of making sure people and operations at all levels of the business abide by rules, regulations, and specifications is known as compliance management. Governments, industry groups, regulatory agencies, and employee unions are just a few of the many organizations that set requirements.
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See full question below
Which the following are pre-award considerations that impact post-award subcontracting compliance management?) (Select three that apply)
1)Will advance notification and consent to subcontract be required?
2) Will the prime contractor be required to attend the post-award orientation conference?
3)Will the contract be set aside for one of the small business socioeconomic categories?
4)Will the contract include government property?
Consider the following data representing the price of laptop computers (in dollars).
1204, 1206, 1345, 1306, 1207, 1078, 1357, 1232, 1228, 1302, 1189, 1177, 1083, 1094, 1326, 1071, 1427, 1348, 1420, 1253, 1270
Determine the frequency of the fifth class.
PLEASE SHOW STEPS
Answers
Answer: 6
Explanation: To determine the frequency of the fifth class, We first need to know the class intervals and the range of the data. Once we have this information we can count the number of data points that fall within the fifth class interval.
The class intervals can be found by dividing the range of the data by the number of classes desired.
The range of the data is 1427 - 1071 = 356
If we use 5 classes, each class will have a width of 356/5=71.2.
The fifth class interval would be 1071+4*71.2=1216<X<=1287.2.
Now, We can count the number of data points that fall within this interval, the frequency of the fifth class is the number of data points that fall within the fifth class interval.
The data points that fall within the fifth class interval are: 1206, 1207, 1232, 1228, 1253, 1270
Frequency of the fifth class=6.
A business must decide whether to open a new office in China. If it opens the
branch, it will increase its chances of selling a high volume of its products in
China. On the other hand, the business will have to spend a lot of money to
make the branch operational.
What would be an opportunity cost for the business if it chooses not to open
the new branch in China?
A. The business would have to open a new branch in a different
country
B. The business would increase its marginal benefits on each
product it makes
C. The business would be able to use the money it saves on other
projects.
D. The business would lose the chance to make more money in
China.
Answers
Legal status of a person or entity that cannot repay the debts they oweStays on credit report for 7 years
Answers
Answer:
i think its 5
Explanation:
because the overtime of this will add up
Human resources managers focus on which three of the following?
Maximizing the efficiency of logistic chains
Recruiting, hiring, training, retaining, compensating, appraising, promoting, reassigning, and firing employees
Scanning the environment to determine future HR needs
Managing employee grievances, absences, sick days, and paid-time-off days
Answers
Human resources managers focus on which three of the following are-
Recruiting, hiring, training, retaining, compensating, appraising, promoting, reassigning, and firing employees.Scanning the environment to determine future HR needs.Managing employee grievances, absences, sick days, and paid-time-off days.The department of a company tasked with discovering, selecting, hiring, and training job applicants is known as human resources (HR). HR is also in charge of managing employee benefits. A human resources department also manages employee terminations and compensation and benefits. Talent management, pay and benefits for employees, training and development, compliance, and workplace safety are the five key responsibilities of human resources.
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Connect information which relates.
Inside-out perspective Choose..
competitive intelligence
the organisation's goals and values
the resources and capabilities to achieve competitive advantage
the industry environment
Answers
Competitive intelligence bridges the gap between the organization's goals and values, the industry environment, and the resources and capabilities necessary to gain a competitive edge. The correct option is a.
Competitive intelligence plays a crucial role in connecting the organization's goals and values with the industry environment and the resources and capabilities required to achieve competitive advantage. Competitive intelligence involves gathering and analyzing information about competitors, market trends, and customer preferences to gain insights and make informed business decisions.
By understanding the industry environment through competitive intelligence, organizations can identify opportunities and potential threats. This knowledge helps align the organization's goals and values with the external factors impacting its success. For example, if the industry is shifting towards sustainable practices, an organization that values environmental responsibility can leverage this trend to enhance its competitive position.
Furthermore, competitive intelligence helps identify the resources and capabilities needed to achieve competitive advantage. It provides insights into the strengths and weaknesses of competitors, allowing organizations to benchmark their own capabilities and identify areas for improvement. This knowledge can guide strategic planning and resource allocation, ensuring that the organization aligns its resources with its competitive goals. The correct option is a.
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A profit-maximizing firm will use more of a factor of production when: The extra cost of using an additional factor unit is less than the marginal revenue product of the additional factor unit. The marginal physical product of the additional factor unit is greater than the marginal revenue product (MRP) of the additional factor unit. The marginal physical product of the additional factor unit is less than the marginal revenue product of the additional factor unit. The extra cost of using an additional factor unit is less than the marginal physical product of the additional factor unit.
Answers
Answer:
The extra cost of using an additional factor unit is less than the marginal revenue product of the additional factor unit.
Explanation:
A profit maximizing firm will continue to use more factors of production as long as the cost of the extra factors of production is equal to or less than the marginal revenue product. Marginal revenue product refers to the additional revenue generated by employing extra units of factors of production. It is calculated by multiplying the marginal product (the number of extra units produced) times the selling price of the extra units produced.
E.g. a firm that produces chairs will continue to increase its production level as long as the cost of direct labor, materials and variable manufacturing overhead is less or equal to the selling price of the chairs.
A profit maximizing firm is going to use more of a factor of production when The extra cost of using an additional factor unit is less than the marginal revenue product of the additional factor unit.
The correct answer is option A.
The reason for this answer is the fact that we have the condition where
MC = MRP
Marginal cost is equal to the Marginal revenue product.
The firm is going to produce more given the fact as more output revenue is more than cost.
The additional cost of another factor is Marginal cost, MC.
Here extra cost of using another factor = MC
given that WR = MC where wage is a cost,
Then the WR is greater than MRP hiring an additional worker would result in less revenue. So workers have to be hired less till we arrive at MR=MRP.
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external opportunities of a pharmacy business
Answers
The pharmacy sector is India's most profitable and fastest growing business sector. There are numerous business opportunities to begin in this sector.
Here are four areas of your pharmacy business that you might want to concentrate on, along with some resources to help you get started.
1.Profitability
2.Customer Contentment
3.Services
4.Leadership
There are many profitable segments available in the pharma sector, but the main issue is that people are not fully aware of these segments. Whether they come from a pharmacy background or not, they frequently struggle to find where to invest their hard core money or how to get started. Here we will discuss some important businesses in the pharmacy sector that will be beneficial to your business career.
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What makes Tesco so unique compare to other UAE retail business?
Answers
The reason why Tesco is unique compared to other UAE retail business is that Customers of Tesco model can purchase high-quality products that were created by their product team.
What is meant by the retail business?A retail business sells goods and services to customers in modest quantities, either in-person or online. Examples of retail include grocery, clothes, and medicine stores. The definition of the retail industry is: the commercial sector in which products are sold singly or in small quantities.
In contrast to wholesale, which involves selling to businesses or institutions, retail involves selling goods and services to people.
Tesco differs from other retail establishments in the UAE in that its customers can buy high-quality goods that were designed by Tesco's in-house product team.
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A diesel-powered tractor with a cost of $250,020 and an estimated residual value of $6,200 is expected to have a useful operating life of 73,000 hours. During April, the tractor was operated 200 hours. Determine the depreciation for the month. If required, carry out any division to two decimal places. $fill in the blank 1
Answers
Answer: 365
Explanation:
Which of the following explains why people became more malnourished after society started relying on agriculture
rather than hunting and gathering?
Commodities were exchanged using money, which was not equally available.
Commodities were often difficult to grow in areas where conditions suited societies
Commodities were controlled by the social elite and the food was not divided evenly
Commodities were found to be too much work for too little money so few people grew crops
Answers
Answer:
the answer would be the second one :)
Teams occur when a number of people have --------------- and recognise that their personal success is dependent on the success of others
Answers
Not sure what the options for the answer are (if there are any), but an appropriate entry in this box is "common goals," among other answers. Please let me know if you have any questions and provide me with the answer options if there are any.