Beef is known as the opportunity cost of a pound of beef. The quantity of meat that must be sacrificed in order to create one more barrel of oil is known as the opportunity cost of a barrel of oil.
We may use the production possibilities frontier (PPF) to calculate the opportunity cost if Venezuela can alternate between producing beef and oil at a steady pace. The opportunity cost of one thing in relation to the other good is represented by the PPF's slope. Given that it can generate 50 million barrels of oil and 300 million pounds of beef respectively, the PPF's slope in this instance would be -(50/300) = -1/6. As a result, a barrel of oil has an opportunity cost of -6 pounds of beef per barrel, and a pound of beef has an opportunity cost of -1/6 barrels of oil.
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identify what accounting is by selecting the correct statement. multiple choice question. accounting information is primarily used only at the end of a year when tax returns and financial statements are prepared. accounting is a system that identifies, records and communicates financial information. accounting information impacts internal users only.
The best alternative that accurately conveys the significance of accounting is "Accounting is a system that identifies, records, and transmits financial information."
The best way to define accounting is as the process of keeping financial records in accordance with the laws. Accounting is used to evaluate the figures and facts that are relevant to the organisation and to portray its financial position. Its breadth has grown in almost every commercial company. Accountants' labour is the foundation of today's financial markets. Business executives would lack the transparency they require to manage risks or plan initiatives without accounting, and investors would be unable to rely on up-to-date, accurate financial data.
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alex bought a chain of salons and spas. he invested his wealth and time to enhance the salons with full-service bars, child care for employees and guests, and premium furniture. since other salons and spas in the area are not offering these types of amenities, he expects this innovation will result in a profit. alex is a(n)
Alex is an entrepreneur. He has identified a gap in the market for salons and spas that offer full-service bars, child care, and premium furniture and has taken the initiative to invest his wealth.
It also offers the time to fill that gap by purchasing a chain of salons and spas and enhancing them with these amenities. By doing so, he is positioning himself to be competitive in the market and to potentially generate a profit. Entrepreneurs are individuals who identify opportunities and take the risk to start or invest in a business in order to meet a need or solve a problem. This can involve introducing new products or services, improving existing ones, or finding new ways to reach customers. Alex's actions demonstrate his entrepreneurial mindset and willingness to take risks in order to achieve his business goals.
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In your own words, explain Supply and Demand. In Assignment 1: Scarcity and Choice you are given an example of the supply and demand of PlayStation 2. Think about your life and then provide one example of your own of Supply and Demand.
RESPOND IN 5 SENTENCES !
Supply and demand is the fundamental concept of economics that explains how prices are determined in a market economy. The law of supply and demand states that the price of a good or service is determined by the intersection of the quantity supplied and the quantity demanded. When the quantity supplied is greater than the quantity demanded, the price will decrease, and when the quantity supplied is less than the quantity demanded, the price will increase. In my own example, during the holiday season, the demand for certain gifts such as toys, electronics, and clothing increases, while the supply remains the same, therefore prices tend to increase, and you can find some goods out of stock. Another example can be during a pandemic where the demand for masks and hand sanitizers increases while the supply is limited, prices tend to increase.
In the context of international marketing and commerce, which of the following are ways in which you can deal with the natural fluctuations in markets?
1. Currency Hedging: Currency hedging is a way to manage the risk of exchange rate fluctuations by buying or selling forwards, futures, options or other derivatives. This strategy allows companies to lock in a set exchange rate for a set period of time, thereby reducing the risk of exchange rate fluctuations and resulting losses.
2. Diversification: Diversification is a way of managing risk by investing in different markets and asset classes. This can help mitigate the effects of market volatility and provide a more stable return on investment.
3. Risk Management Strategies: Risk management strategies are designed to identify and reduce the risk of financial loss due to market fluctuations.
4. Market Intelligence: Market Intelligence is a way to monitor and analyze market trends and factors in order to predict market fluctuations and plan accordingly.
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dentify each of the following costs as either direct materials, direct labor, or factory overhead. The company manufactures tennis balls and bicycles.
1. Rubber used to form the cores 2. Brakes 3. Insurance on factory 4. Factory rent 5. Chains 6. Insurance on factory Manufacturing Costs
Manufacturing costs are the sum of all costs required to make a certain product. These costs can be further categorized as either direct materials, direct labor, or factory overhead.
Direct materials are utilized to make the brakes and the rubber that forms the cores. Factory overhead includes insurance.
Is production equipment subject to depreciation?Capital assets include equipment. A capital asset's cost can be written off, but not all at once. In principle, you depreciate an asset by subtracting a percentage of the cost from your tax return over a number of years.
How is equipment depreciation calculated for manufacturing purposes?Divide the equipment's initial cost, less its salvage value, by the anticipated number of units the asset should produce over its useful life to arrive at the depreciation expense for a given year. Then, multiply that quotient by the quantity of units (U) utilized this year.
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if the indian government passed legislation that was designed to limit the amount of mary kay products that could be imported into india, this would be an example of a
If the indian government passed legislation that was designed to limit the amount of Mary Kay products that could be imported into india, this would be an example of a quota.
Products from Mary Kay, Avon, and other cosmetics producers are produced and marketed all over the world, in places including the United States, Australia, India, and China. As a result, the cosmetics sector provides as an illustration of global competition.
When Mary Kay entered the Indian market, Mumbai's average salary was $2,850 and Delhi's was $1,420. (U.S.D.). Some of the highest average per capita earnings could be found in urban India. The "mass-tige pricing" plan, which would make Mary Kay affordable for the typical middle-class Indian consumer, was chosen by Mary Kay management in order to be successful in the Indian market. This is an illustration of how economic factors impact Mary Kay's brand's marketing strategy in India.
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n individual invests $13,000 in to an account that offers 1.2% interest compounded continuously. how much money will this individual have in the account after 5 years
This existent have$13803.46 plutocrat in the account after 5 times due to compounding the interest. The emulsion interest would be 803.46
Compound interest is adding interest to the star of a loan or deposit, i.e. star plus interest. This can be done by reinvesting the interest, adding it to the top espoused rather of repaying it, or taking the borrower to pay and earn interest on the star plus preliminarily accrued interest in the coming period. The result. emulsion interest is the norm in finance and economics.
It can be calculated using the formula FV = P *( 1 R/ N)( N * T). where FV is the unborn value of the loan or investment, P is the original star quantum, R is the number of times N represents his emulsion interest per time, and T represents the number of times.
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payton corporation has sales of $177,000, a contribution margin ratio of 37%, and a profit of $42,000. if 6,000 units were sold, what are total variable costs?
Sales for the company were $177,000, the contribution margin was 37%, and the profit was $42,000. In the event that 6,000 units are sold, the total variable expenses come to $111,510.
The selling price per unit less the variable cost per unit is the contribution margin. The amount of sales revenue referred to as "Contribution" is the fraction that is not used to pay variable costs and hence helps to cover fixed costs. The revenue that remains after all variable costs have been subtracted from total sales is known as the contribution margin. It is a gauge of how profitable particular goods or services are. Contrarily, the profit margin is calculated as net income divided by total sales.
The margin of contribution is 177000 * 37%
margin of contribution = 177000 * 0.35 = $65,490
Total variable costs are 177000 - 65490 = 111510
In contrast, the variable cost ratio is 63% if the contribution margin is 37%. Therefore, variable expenses are equal to sales multiplied by 63%
Variable Expenses = 177,000 * 63%
Variable Expenses = 177000 * 0.63 = $111,510
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an admin has noticed that the proration for their subscription products is not coming out to what they would expect. with a start date of january 1, 2017 and end date of january 1, 2018, the prorate multiplier is coming out to 1,083. the cpq admin is expecting a prorate multiplier of 1,003. what action should the admin take to correct this pricing issue?
The admin should change the subscription prorate precision in package settings to ' Month + day'.
The Subscription CPQ package setting The formula that CPQ used to determine a quotation line's Prorate Multiplier field is controlled by Prorate Precision. The prorate multiplier of a quotation line indicates how many pricing periods are included in the quote line's term, and the prorated list price of a quote line is the list unit price of the line times the prorate multiplier. It is obvious from the question above that the subscription runs from January 1, 2017, to January 1, 2018. Hence, it has been a year and a day. As a result, the setting in the package needs be changed to calculate both month and day since the subscription is for 12 months and a day in order for the subscription prorate calculation to be as requested by the Admin.
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One of the effects of gas prices rising from about $2 to about 4 per gallon was airlines ordering new, fuel-efficient aircraft. a. True b. False
The costs of money that households spend on gas is likely to increase as gas prices rise, leaving less money for other products and services.
What impact do oil prices have on gas prices?The cost of crude oil makes up the majority (54%) of the retail cost of regular gasoline, according to the most recent Energy Information Administration data. Distribution and marketing account for 17%, taxes for 18%, and refining for 11%.
Why are gas prices so high?Similar to other price rises, rising gas prices are a result of global inflation rates that have risen across almost all commodities and services. However, the price of gasoline has been increasing considerably more quickly than the price of other goods and services.
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how does this act impact college students who want to open a credit card?
The CARD Act also established guidelines for young adults looking to open credit card accounts by establishing a general minimum age requirement to open a credit card without a cosigner – to the age of 21 – with exceptions for young adults who can independently demonstrate their ability to repay their credit card debt.
What effect does this law have on college students who want to apply for credit cards?How does the CARD Act safeguard young people or college students? According to the CARD Act, anyone under the age of 21 must be accompanied by a parent or other adult who is at least 21.
What are the Credit Card Act's three main effects?The three main categories of the act's credit card provisions include consumer protections, improved consumer disclosures, and protections for young customers. Here are a few of the most important safeguards the CARD Act offers.
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Prepare journal entries to record the following transactions involving the short-term stock investments of Duke Co. , all of which occurred during the current year. A. On March 22, purchased 1,000 shares of RPI Company stock at $10 per share. Duke's stock investment results in it having an insignificant influence over RPI. B. On July 1, received a $1 per share cash dividend on the RPI stock purchased in part a. C. On October 8, sold 50 shares of RPI stock for $15 per share
the following transactions concerning Duke Company's short-term stock investments, all of which took place in the current year; for more information, scroll down.
What do you mean by investment?A investment made with the goal of earning income or capital gain is termed as an investment. An asset's value increasing over time is called to as appreciation. When an individual invests in a good, they need not intend to utilize it as a supply of immediate consumption, but rather as a tool for future money creation.
Transation- (a)
General journal- short term investments - trading (RPI company)
cash (1000* $10)
(To record purchase of short term investments)
Debit - 10,000
Credit - 10,000
Transation- (b)
General journal
Cash (1000 * $1)
dividend revenue
(To record dividend received)
Debit - 1,000
Credit - 1,000
Transation (c)
General journal- cash short term investments - Trading (RPI company)
Gain on sale of short term investment
(To record sale of short term investment)
Debit - 750
Credit - 500
250
Transation c
Cash= 50 * $15 =$750
short term investment - Trading (RPI Company) = 50 * $10 =$500
Gain on sale of investments 50 * $5 =$250
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You and your partner have become very interested in cross-country motorcycle racing and wish to purchase entry-level equipment. You have identified two alternative sets of equipment and gear. Package K has a first cost of $150,000, an operating cost of $6,500 per quarter, and a salvage value of $30,000 after its 2-year life. Package L has a first cost of $210,000 with a lower operating cost of $2,500 per quarter and an estimated $15,000 salvage value after its 4-year life. Which package offers the lower present worth analysis at an interest rate of 20% per year, compounded quarterly
Answer:
Explanation: To determine which package offers the lower present worth analysis, we need to calculate the present worth of each package using the formulas provided. The present worth of an investment is the current value of the future cash flows generated by that investment.
Package K:
First, we need to calculate the quarterly operating cost for 2 years: $6,500/quarter x 4 quarters/year x 2 years = $52,000
Then we need to calculate the total cost of the package: $150,000 + $52,000 + $30,000 = $232,000
Now we need to calculate the present worth of Package K: $232,000 / (1+0.2)^4 = $150,441.18
Package L:
First, we need to calculate the quarterly operating cost for 4 years: $2,500/quarter x 4 quarters/year x 4 years = $40,000
Then we need to calculate the total cost of the package: $210,000 + $40,000 + $15,000 = $265,000
Now we need to calculate the present worth of Package L: $265,000 / (1+0.2)^8 = $150,441.18
As we can see, package K has the same present worth of $150,441.18 at 20% per year, compounded quarterly. So both package K and package L has the same present worth analysis.
how did overproduction of goods lead to the stock market crash
The manufacturing and agricultural sectors both overproduced goods. Since there was an excess due to industries producing more goods then there was a need for, prices fell.
Why do we manufacture?Manufacturing is the process of creating products, either manually or mechanically, with the goal of selling them to clients. Raw materials or individual elements of a product . for example may be the items used in production. Production lines with lots of equipment and skilled staff are typically used for manufacturing.
Which three primary manufacturing types are there?Making processes come in three different flavors: make to stocking (MTS), manufacture to order (MTO), and make for assemble (MTA).
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Florida palms country club adjusts its accounts monthly. Club members pay their annual dues in advance by january 4. The entire amount is initially credited to unearned membership dues. At the end of each month, an appropriate portion of this amount is credited to membership dues earned. Guests of the club normally pay green fees before being allowed on the course. The amounts collected are credited to green fee revenue at the time of receipt. Certain guests, however, are billed for green fees at the end of the month. The following information is available as a source for pre- paring adjusting entries at december 31.
salaries earned by golf course employees that have not yet been recorder or paid amount to $9,600
Higher Accounts When revenues are earned but not yet collected, an asset called receivable is increased, or debited. The associated revenue account receives a credit.
The adjustment to revenue for which the seller has met its commitments but has not yet been paid or billed is recorded in which of the following entries?Revenues that the seller has earned from commitments fulfilled but have not yet been credited to accounts receivable should be recorded. Any part that the seller has satisfied its commitments during the current period should be deducted from Deferred Revenue.
When creating an adjusting entry for a transaction including accumulated income, which account should be credited?Accounts receivable are debited and the revenue account is credited to record accrued revenue. Accounts receivable and will be credited in the adjusting journal entry.
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Jorge is attending college next year. He just got information on the college costs and the financial aid package the college is offering. Jorge knows his parents can contribute $4,500 each year. Jorge’s College Costs & Financial Aid Package per Year Costs Financial Aid Package Tuition & Fees Grants & Scholarship $26,000 $18,500 Room & Board Work-Study $12,500 $8,500 How much will Jorge need to pay each year from his own savings and from loans? $3,000 $7,000 $7,500 $11,500
$7,000 will Jorge need to pay each year from his own savings and from loans. It is often a good idea to aim to pay off your debts before you begin saving. The correct option is B.
Given,
Tuition & Fees: $26,000
Room & Board: $12,500
Grants & Scholarship: $18,500
Work-Study: $8,500
Required to calculate the amount Jorge needs to pay from his own savings and loans =?
Total costs = $26,000 + $12,500 = $38,500
Total financial aid = $18,500 + $8,500 + $4,500= $31,500
Total amount to be paid = $38,500 - $27,000 - $4,500
Total amount to be paid = $7,000
Therefore, Jorge will be required to pay $7,000 per year from his personal savings and debts.
Thus, the ideal selection is option B.
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a 6-year-old girl was extracted from an apartment fire. she arrives with her voice being raspy, and she has audible stridor on presentation. ywhat is the next best step in management?
The condition must be handled by burn management, which must also be worried about any inhalation harm that could cause airways to enlarge and restrict to the 6-year-old girl.
In order to create a patent airway in some life-threatening circumstances, such as airway obstruction by a foreign body, angioedema, or significant face injuries, an incision is performed through the skin and cricothyroid membrane.
At the level of the cricothyroid membrane, the airway is at its narrowest in youngsters. Due to this, cricothyroidotomy is contraindicated in children under the age of two, and emergency surgical airway access typically entails needle jet ventilation and eventual tracheostomy.
Due to this, cricothyroidotomy is contraindicated in children under the age of two, and emergency surgical airway access typically entails needle jet ventilation and eventual tracheostomy. A tube is inserted through an incision in the cricothyroid membrane (CTM) during an operation known as a cricothyrotomy, sometimes known as a cricothyroidotomy, to create an airway for respiration and oxygenation. Burn management must take heed to this information.
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If there is a price ceiling of $7. 50, the difference between the price consumers have to pay and the highest price that they are willing to pay is, in numerals, $_____
If there is a price ceiling of $7.50, the difference in dollars between what buyers must pay and what they are willing to pay at the maximum price is $7.50.
Does a price cap alter the price at which things are balanced?Simply put, a pricing ceiling is a legal restriction. The economic situation is referred described as being in "equilibrium." The price ceiling may or may not be followed by consumers, therefore the actual price may be at or over the ceiling.
Is the $4.00 price cap a legally binding agreement)?Given that it is higher than the equilibrium price, a price floor set at $4 will be legally obligatory. At a price of $4, there are 12 items supplied and 6 items required, resulting in a surplus of one item.
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you bought a house exactly 16 years ago. you borrowed money under a 30 year mortgage from wintrust to buy the house. your monthly payment is $300. the loan has a fixed rate of 4% per year. i want to pay off the bank and be debt free. how much must you pay the bank to extinguish your loan?
To find out how much you would need to pay to extinguish your loan, you would need to calculate the remaining balance on the loan. Since you have a 30-year fixed rate mortgage with a 4% interest rate, you can use the following formula to calculate the remaining balance:
Remaining balance = Original loan amount x (1 + interest rate)^number of payments - (monthly payment x (((1 + interest rate)^number of payments - 1) / interest rate))
In this case, the original loan amount is unknown, but you can use the remaining balance and the number of payments you've made (which is 16 years x 12 months/year = 192 payments) to solve for it. You can use the above formula to solve the original loan amount, and then use the original loan amount to calculate the remaining balance by using the original loan amount and number of payments made (192) and then multiply it with the remaining balance.
It is important to note that the interest rate provided is annual, so you will have to divide it by 12 to get the monthly interest rate.
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which statement is a true description of assets? a) dividends paid to the shareholders b) amounts owed to employees c) resources used by the company
Assets are resources that a corporation owns or controls, have a monetary worth, and are anticipated to generate future financial benefits. It is correct to say "c) resources used by the company" when describing assets.
These assets may include both tangible ones like money, stock, real estate, and machinery, as well as intangible ones like patents, trademarks, and copyrights.
As dividends are payments made by a firm to its shareholders out of its profits, "a) dividends given to the shareholders" cannot be used to describe assets. They are not assets that the business owns or controls. A statement of assets does not include "b) Assets are not defined as "amounts owing to employees." Liabilities, which are responsibilities or debts that a business owes to others, include sums owing to employees. They stand in for monetary commitments the business will have to make in the future.
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true or false: the carrying value of bonds at any date after issuance should always be equal to the fair value of the bonds.
The carrying value of bonds at any date after issuance should always be equal to the fair value of the bonds - True.
The net amount, also known as carrying amount or book value, at which bonds are reported on the balance sheet is equal to the par value of the bonds less any unamortized discount or premium. Bonds' carrying values at maturity are always equal to their par values.
A bond's carrying value is more than its face value when it is issued at a premium. A bond's carrying value is lower than its face value when it is issued at a discount.
At maturity, the bond's face value will be equal to the book value, or carrying value. Regardless of whether issuance was at a premium, discount, or par, both of these claims are accurate.
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It should always be the case that the carrying value of bonds at any time after issuance equals their fair value.The statement is True
The amount at which bonds are reported on the balance sheet is the net amount, which is also referred to as the carrying amount or book value. It is equal to the bond's par value less any unamortized discount or premium. At maturity, bonds' carrying values are always equal to their par values.Bonds that are issued at a premium have a carrying value that is higher than their face value. Bonds that are issued at a discount have a carrying value that is less than their face value.The face value of the bond will match its carrying value when it matures. No matter whether issuance.To know more about bonds here
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in a consumer society, many adults channel creativity into buying things. true or false
Answer:yes
Explanation: people feel the need to buy because of advertisements and we have become more of a consumer economy through social media.
The greater the difference betweenvalue creation and cost: the greater the firm's economiccontribution. the more likely it will gain competitiveadvantage. true or false
According to the given statement the greater the difference between value creation and cost: the greater the firm's economic contribution. the more likely it will gain competitive advantage is true.
Definitions and examples of economythe method or system used to create, market, and purchase commodities and services in a nation or area. The conflict had an impact on the economy. The economy of the city will benefit from more tourism. Our economy is currently either strong or weak.
How is the economy run?Therefore, an economy develops a network of marketplaces made up of sellers and buyers. These economic markets distribute limited resources among its participants.
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what is the shift toward a more integrated and interdependent world economy called? group of answer choices globalization international trade moore's law foreign direct investment containerization
The shift toward a more integrated and interdependent world economy is called globalization.
What is globalization?Globalization refers to the increasing interconnectivity and interdependence of nations through the exchange of goods, ideas and cultures. This process is facilitated by advances in technology, transportation and communications that have made cross-border trade in goods and services easier and cheaper. As a result, economic activity is becoming more integrated and coordinated at the global level. Globalization has accelerated economic growth, but it has also brought with it adverse effects such as increased competition and unemployment. Moreover, globalization has cultural, political and social impacts, leading to increased cultural exchanges, conflicts of values and widening economic inequalities.
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an account will have a credit balance if a. there have been more decreases to the account balance than increases. b. total credits to the account exceed total debits. c. total debits to the account exceed total credits. d. the last transaction entered to the account was a credit.
If there are more credits than debits in an account, the account will have a credit balance. Thus option B is the correct answer.
This indicates that more money has been put into the account through credits, such as payments made in the form of deposits, refunds, or other sorts of payments, than has been taken out through debits, such as payments made in the form of expenses, withdrawals, or other types of charges.
The account will have a positive balance, or "credit balance," when the total credits exceed the total debits. Generally speaking, a credit balance is a positive balance in an account that is attained when all of the credits exceed all of the debits.
It is crucial to regularly check the account to make sure it is in good standing.
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Suppose the market for dodgeballs is competitive and in equilibrium. What will happen in the market if: 1. Games using dodgeballs become hugely popular the price of rubber, an input into the production of dodgeballs, increases 2. Assume that all dodgeballs are made of rubber and there are no close substitutes. The competitive equilibrium price O changes ambiguously O increases O decreases The competitive equilibrium quantity O changes ambiguously O increases O decreases
The competitive equilibrium price and quantity will both increase.
The price of dodgeballs will increase and the quantity of dodgeballs produced will decrease. This is because as the price of rubber increases, the cost of production for dodgeballs increases. This causes producers to reduce the quantity they produce and raise the price, resulting in a higher price and lower quantity in the market.Since the market is competitive, firms will pass this increase in costs onto consumers by charging a higher price. At the same time, the higher cost of production will lead firms to reduce their output of dodgeballs since their profits will decrease. This will lead to a decrease in the quantity of dodgeballs in the market.
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jersey jewel mining has a beta coefficient of 1.4. currently the risk-free rate is 3 percent and the anticipated return on the market is 6 percent. jjm pays a $3.70 dividend that is growing at 2 percent annually. do not round intermediate calculations. what is the required return for jjm? round your answer to two decimal places. % given the required return, what is the value of the stock? round your answer to the nearest cent. $ if the stock is selling for $104, what should you do? the stock is overvalued and should not be purchased. if the beta coefficient declines to 1.1, what is the new value of the stock? round your answer to the nearest cent. $ if the price remains $104, what course of action should you take given the valuation in d? the stock is overvalued and should not be purchased.
Redo stock value equation make RRoR .03 instead or .044,
$86, the stock should be purchased because it is overvalued.
What is the value of the stock?Required rate of return = Rf + (Rm-Rf)beta
-do parenthesis x beta FIRST, then add Rf
(.03-.02) x 1.4= .014
.014 + .03 = .044 = 4.4%
2. stock value= dividend (1+ growth rate)/required rate of return - growth rate
-plug in the number from the problem, RRoR is .044
3.7(1+.03)/.044-.03= $86
*course of action: do not buy because the stock is overvalued at $104
3. redo required rate of return: make beta 1 instead of 1.2 (answer is .03 or 3%)
-redo stock value equation: make RRoR .03 instead or .044
-answer= $86, so the stock should be purchased because it is overvalued
Redo stock value equation make RRoR .03 instead or .044,
$86, the stock should be purchased because it is overvalued.
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how to catastrophe proof fertilizers companies are considering new ways to make fertilizer as infl ation, disease, and war pushprices to all-time highs
The plasma oxidizes the nitrogen in the air and transports it to absorption columns, where it bubbles up through water.
The white shipping container appears little in the midst of 2,400 hectares of tomatoes, peppers, and other products near Fresno, California. Light shines through the porthole windows of a humming plasma reactor, which is fuelled by two rows of neighboring solar panels.
The plasma oxidizes the nitrogen in the air and transports it to absorbtion columns, where it bubbles up through water. Nitrogen oxides combine with hydrogen and oxygen in water to generate nitric acid, which is then kept in tanks.
As an alternative to conventional nitrogen fertilizer, the diluted nitric acid is delivered via a pipe attached to the farm's irrigation system.
Heavy sanctions imposed on Russia and Belarus during the February 2022 attack on Ukraine boosted the price of natural gas even further.
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Marigold Corp. S accounting records reflect the following inventories: Dec. 31, 2020 Dec. 31, 2019 Raw materials inventory $320000 $260000 Work in process inventory 300000 160000 Finished goods inventory 190000 150000 During 2020, $830000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000. Marigold Corp. S total manufacturing costs incurred in 2020 amounted to
Marigold Corp. S total manufacturing costs incurred in 2020 amounted to $ 2080000
What is Manufacturing?Manufacturing is the process of creating or producing items with the use of resources such as machinery, manpower, tools, chemicals, or biological formulations. It is the core of the economy's secondary sector.
Manufacturing is the process of creating products by hand or machine that will eventually be sold to customers. A product's raw materials or component parts may be utilized in manufacture. Typically, manufacturing takes place on a huge production line using equipment and experienced workers.
The computation of the total manufacturing cost is shown below:
Total manufacturing cost = Cost of direct materials used + direct labor cost + manufacturing overhead cost incurred
where,
Cost of direct materials used = Beginning balance of raw material + Purchase of direct materials - ending balance of raw material
= $260,000 + $830,000 - $320,000
= $770,000
So, the total manufacturing cost equals to
= $770,000 + $670,000 + $640,000
= $2,080,000
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