Answer:
The purpose of a job cost sheet is to record the various costs that went into the manufacturing of a product or the provision of a service. This will enable the company know how much the process cost so that the company can understand the cost of the product better and make informed decisions based on this.
The information generally included in a job cost sheet include:
Direct labor hours Direct materials used and their costMaterial requisition number Manufacturing overhead rate and the basis (eg labor hours or machine hours).Total cost of production.actor Co. can produce a unit of product for the following costs: Direct material $ 8.60 Direct labor 24.60 Overhead 43.00 Total product cost per unit $ 76.20 An outside supplier offers to provide Factor with all the units it needs at $48.40 per unit. If Factor buys from the supplier, the company will still incur 60% of its overhead. Factor should choose to:
Answer:
Relevant cost to make = Direct materials + Direct labor + Variable overhead
Relevant cost to make = $8.60 + $24.60 + $43.00 (1-60%)
Relevant cost to make = $8.60 + $24.60 + $17.20
Relevant cost to make = $50.40
Outside supplier cost ($48.40) < Relevant cost to make ($50.40). So, Factor should choose to buy because the relevent cost is less than outside supplier cost.
You are stowing items and come across an aerosol bottle of hairspray. What
should you do? Please choose all that apply.
Question Completion with Options:
o Stow the hairspray
o Raise an Andon
o Remove it and secure it with bubble wrap
o Place a Flammable sticker on the bottle
Answer:
What to do:
o Stow the hairspray
Explanation:
Stowing means the arrangement or placement of items, especially in a neat, compact way to enable easy retrieval when required. Therefore, you should continue what you have started by arranging the bottle of hairspray where it belongs in the appropriate packing space. Stowing ensures that items are properly arranged and put in their proper places or conditions when they are not in use.
When coins were jfirst used, they only had an image on one side. Why did coins start to have images on two sides?
Answer:
The coins have images on both sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
Coins start to have images on two sides because the coin issuers, or seigniors, wanted to see their faces on the coins.
When and why were coins used as money?People traded products and services before money was created. The Mesopotamian people did not invent the shekel, which is regarded as the first known form of money, until roughly 5,000 years ago. Printed coins were used to pay troops, it was approximately 650–600 B.C. when gold and silver coins first appeared. The first real coins were struck in the prehistoric kingdoms of Lydia and Ionia and were made of electrum, a mineral composed primarily of gold and at least 20 percent silver.
The Lydians started minting gold coins in the period between 560 and 546 BC after learning how to separate the gold from the silver in electrum. Coins are significant historical primary sources. They communicate king names together with their titles, images, locations, dates, dynasties, accomplishments, and logos.
Learn more about coins here:
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What would cause an economy to be producing at a point inside its production possibilities curve?
Answer:
The correct answer is: the lack of effectivization in the use of their resources inside the economy to obtain the best outcomes possibles.
Explanation:
To begin with, in the economic theory the term known as production possibilities curve refers to a strategic tool, a graphic that can be used by the professionals of the area in order to understand how the economy is working with its resources, if the economy is producing well enough then the economy should be getting great development results and the point inside the graphic should be in the limit of the curve, but if the point is in the inside of the curve then that means that the resources inside that particulary economy are not being fully use to their best in order to obtain the best outcome so that will explain that there is still possibility to expand the production according to the theory of the tool itself.
In a closed economy, public saving is the amount of a. income that households have left after paying for taxes and consumption. b. spending that the government undertakes in excess of the taxes it collects. c. income that businesses have left after paying for the factors of production. d. tax revenue that the government has left after paying for its spending.
Answer:
In a closed economy, public saving is the amount of
d. tax revenue that the government has left after paying for its spending.
Explanation:
Public saving or budget surplus in a closed economy describes the excess of government revenue (obtained through taxation of individuals and businesses in the economy) and government expenditures on goods and services. In an open economy, transfers are deducted before arriving at the public saving. In all economies, the addition of private (individual and business) and public savings result to national investments.
Examine a product that has recently changed prices when you were at the grocery store in the past week. Analyze one determinant of supply and demand that has created the price to increase or decrease in your example. How did the change in demand or supply affect the market price in your example
Answer:
In the store the bread seemed to have a higher demand this week. When we went monday the shelfs were full of bread and the bread was 3.75 and when we went saturday it was 3.99. I think because it was in higher demand the bread went uo in cost so they wouldn't sell out.
PillPack is an example of a startup organization that grew out of the identification of a problem that needed a solution.
a. True
b. False
Answer:
True
Explanation:
Unobserved effects versus idiosyncratic errors
Suppose you have two years' worth of panel data on wages and work experience of adults; however, the data set has no further information on the characteristics of the individuals in the data set. Specifically, you have cross-sectional wage and work experience data on individuals in 2006, and cross-sectional data on those same individuals in 2012. You plan to use the following fixed effects model to analyze the effects of work experience on wages:
log (wage it ) = βo + 80 yr10, + B1 experit + ai + uit
where
wage it = yearly wage of individual i at time t, in dollars
yrl0, =1 in the year 2010 (t = 2), and =0 otherwise (t = 1)
exper = years of work experience of individual i, at time t
ai = unobserved (time-invariant) effect
uit = idiosyncratic error
Two other factors that can influence wage, which you have not controlled for in your model, are height and industry of employment.
Use the following table to indicate which term in the fixed effects model captures the effect of height, which term captures the effect of industry of employment, and which term captures the effect of work experience.
ai uit β1
Work experience
Height
Industry of employment
Answer:
The terms that capture the effect of industry of employment and work experience are:
Industry of employment = uit
Work experience = β1
Height = ai
Explanation:
a) Data:
ai uit β1
Work experience
Height
Industry of employment
b) Explanation
The "idiosyncratic error" (uit) describes the unobserved factors that impact the dependent variable. For example, industry of employment, and this factor vary from one-time period to the next.
The unobserved (time-invariant) effect (ai) refers to the height of the industry of employment, which does not vary over time.
Finally, work experience is depicted by β1, which is a factor that changes with time.
A car dealer leases a small computer with software for $5,000 per year. As an alterative he could buy the computer for $7,500 and lease the software for $3,500 per year. Any time he would decide to switch to some other computer he could cancel software lease and sell the computer for $500.
If he buys the computer nad leases the software, what is the payback period?
a. 3 years
b. 4 years
c. 5 years
d. 6 years
If he kept the computer and software for 8 years, what would be the benefit-cost ratio, based on a 5% interest rate.
a. 1.5
b. 1.4
c. 1.3
d. 1.2
Answer:
1. The payback period is:
= 3 years
2. The benefit-cost ratio is:
= 1.1
Explanation:
a) Data and Calculations:
Leasing Computer Buying Computer &
with Software Leasing Software
Annual lease payment $5,000 $3,500
Cost of computer $7,500
Salvage value of computer $500
Usage period 8 years 8 years
Interest rate 5% 5%
Present value annuity factor 6.463 6.463
Present value factor for salvage 0.677
Present value of annuity $32,315 $29,782 ($22,621 + $7,500 - 339)
$22,782 = ($3,500 * 6.463 + $7,500 - ($500 * 0.677))
Benefit-cost ratio = $32,315/$29,782 = 1.1
The balance in the Prepaid Insurance account after the adjusting entries have been recorded represents the: A. cost of the insurance expired during the period B. value of the insurance prepayment that remains to benefit future periods C. cash paid for insurance of current and future periods D. amount owed for insurance at the end of the accounting period
Answer:
B.value of insurance prepayed
g Privett Company Accounts payable $33,411 Accounts receivable 66,433 Accrued liabilities 6,512 Cash 22,494 Intangible assets 37,191 Inventory 89,982 Long-term investments 110,819 Long-term liabilities 75,872 Marketable securities 34,976 Notes payable (short-term) 29,393 Property, plant, and equipment 671,232 Prepaid expenses 1,809 Based on the data for Privett Company, what is the quick ratio, rounded to one decimal point
Answer:
1.79
Explanation:
Quick ratio = (Current assets - Inventory - Prepaid expenses) / Current liabilities
Quick ratio = (Account Receivable + Cash + Marketable securities) / (Account Payable + Accrued liabilities + Notes payable)
Quick ratio = (66,433 + 22,494 + 34,976) / (33,411 + 6,512 + 29,393)
Quick ratio = $123,903 / $69,316
Quick ratio = 1.78751
Quick ratio = 1.79
Instead of investing a lump of sum of $25000,Brittany Royer decides to svae the money in a vault for 2years. Assuming the inflation being 2.5%per year,how much will her purchasing power decline in 2years
Answer:
$1265.63
Explanation:
Inflation is a persistent rise in the general price levels
Types of inflation
1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise
2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect
Loss in purchasing value = future value of the amount saved - amount saved
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$25000 (1.025)² = $26.265.625
Amount lost = $26.265.625 - $25,000 = $1265.63
Here are selected 2017 transactions of Akron Corporation.
Jan. 1 Retired a piece of machinery that was purchased on January 1, 2007. The machine cost $62,000 and had a useful life of 10 years with no salvage value
June 30 Sold a computer that was purchased on January 1, 2015. The computer cost $36,000 and had a useful life of 3 years with no salvage value. The computer was sold for $5,000 cash
Dec. 31 Sold a delivery truck for $9,000 cash. The truck cost $25,000 when it was purchased on January 1, 2014, and was depreciated based on a 5-year useful life with a $4,000 salvage value.
Required:
Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Akron Corporation uses straight-line depreciation.
Answer:
Akron Corporation
Journal Entries:
Jan. 1 Debit Assets Disposal $62,000
Credit Equipment $62,000
To transfer the cost of equipment to the Assets Disposal account.
Debit Accumulated Depreciation $62,000
Credit Assets Disposal $62,000
To transfer the accumulated depreciation to the Assets Disposal account.
June 30 Debit Assets Disposal $36,000
Credit Computer $36,000
To transfer the cost of the computer to the Assets Disposal account.
Debit Accumulated Depreciation $30,000
Credit Assets Disposal $30,000
To transfer the accumulated depreciation to the Assets Disposal account.
Debit Cash $5,000
Credit Assets Disposal $5,000
To record the proceeds from the disposal.
Dec. 31 Debit Accumulated Depreciation $12,600
Credit Assets Disposal $12,600
To transfer the accumulated depreciation to the Assets Disposal account.
Debit Assets Disposal $25,000
Credit Delivery Truck $25,000
To transfer the cost of the delivery truck to the Assets Disposal account.
Debit Cash $9,000
Credit Assets Disposal $9,000
To record the proceeds from the disposal.
Dec. 31 Debit Loss on Disposal of Assets $4,400
Credit Assets Disposal $4,400
To record the loss from the disposal of assets.
Explanation:
a) Data and Analysis:
Jan. 1 Accumulated Depreciation $62,000 Assets Disposal $62,000 Assets Disposal $62,000 Equipment $62,000
June 30 Assets Disposal $36,000 Computer $36,000 Accumulated Depreciation $30,000 Assets Disposal $30,000 Cash $5,000 Assets Disposal $5,000
Dec. 31 Accumulated Depreciation $12,600 Assets Disposal $12,600 Assets Disposal $25,000 Delivery Truck $25,000 Cash $9,000 Assets Disposal $9,000
Dec. 31 Loss on Disposal of Assets $4,400 Assets Disposal $4,400
