if the cost of the beginning work in process inventory is $63,000, direct materials cost is $353,000, direct labor cost is $219,000, and overhead cost is $322,000, and the ending work in process inventory is $58,000, calculate the cost of goods manufactured.

Answers

Answer 1

Cost of goods manufactured = Beginning WIP + Costs added - Ending WIP

= 56,000+346,000+212,000+315,000-51,000

=$878,000. Hence, option D is appropriate.

What is the WIP?

The terms "work in process,"(WIP) "work in progress," "goods in process," and "in-process inventory" all relate to the worth of an industry's partially finished goods that are awaiting completion and potential sales. WIP is a vital input for computing inventory on even a company's balance sheet and is utilized in supply chain management.

You would need to manually count each object and calculate the valuation to determine the WIP correctly. Fortunately, you can calculate a precise estimate using the work-in-process formula. The formula is: Ending WIP Inventory = Starting WIP Inventory + Manufacturing Costs - COGM.

Hence, option D is correct.

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Full Question:-

If the cost of the beginning work in process inventory is $56,000, direct materials cost is $346,000, Direct labor cost is $212,000, Overhead cost is $315,000, and the Ending work in process inventory is $51,000, Calculate the cost of goods manufactured:

a) $980,000.

b) $563,000.

c) $873,000.

d) $878,000.

e) $929,000.


Related Questions

Personal finance please help me thank youu

Personal finance please help me thank youu

Answers

Personal finance is the management of an individual's financial resources. It involves making informed decisions about earning, spending, saving, investing, and managing debt. Proper management of personal finances is essential for achieving financial goals and avoiding financial stress.

The first step in managing personal finances is creating a budget. A budget helps individuals to track their expenses and income and ensure that they are spending within their means. It is essential to prioritize expenses and allocate resources accordingly. This involves distinguishing between needs and wants and making necessary adjustments. Savings are a crucial aspect of personal finance. Individuals should aim to save at least 10% of their income to build an emergency fund and save for long-term goals.

Saving requires discipline and consistency, and it is essential to develop a savings plan that is achievable. Investing is another critical aspect of personal finance. Investing helps individuals to grow their wealth and prepare for future financial needs. It is crucial to research investment options and diversify investment portfolios to minimize risks. Managing debt is also essential for personal finance. Individuals should aim to minimize debt and pay off high-interest debts first. It is important to avoid accumulating unnecessary debt, such as credit card debt, which can quickly spiral out of control.
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Business executives becoming more optimistic about future sales, operating costs, and profits will cause the investment demand curve to shift to the

Answers

Business executives will becoming more optimistic about the future sales, operating costs, and profits will cause the investment demand curve shift to the right.

An increase in optimism among business executives indicates that they believe their companies will perform better in the future. This can lead to increased investment, as businesses may choose to expand their operations, invest in new equipment or technology, or hire additional workers to meet anticipated demand.

As a result, an increase in business optimism will shift the investment demand curve to the right. This means that at any given interest rate, businesses will be willing to invest more in new projects, which will lead to an increase in overall investment in the economy.

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--The given question is incomplete, the complete question is

"Business executives becoming more optimistic about future sales, operating costs, and profits will cause the investment demand curve to shift to the --------."--

if an increase of oil prices leads to the overall price of goods to rise, what type of inflation is a likely cause?

Answers

Answer:

cost-push inflation

Explanation:

one drawback of intermittent production processes is that they tend to be much slower than continuous processes. group starts

Answers

One drawback of intermittent production processes is that they tend to be much slower than continuous processes False LG: 4/LL: 1

When comparing process layouts to product layouts, which of the following is not true?

The efficiency of process layouts is not always higher than that of product layouts. Key needs for a product or service are connected to process capabilities through product profiling.

What procedure calls for extended production runs that eventually produce finished goods?

Continuous process: Over time, lengthy production runs produce final commodities. Intermittent process: To produce various products, the production run is brief and the machines are constantly changed.

Why is it possible to create items specifically for niche markets while only slightly raising prices?

With only a slight increase in cost, CAD/CAM has made it possible to custom-design items to suit the preferences of niche markets.

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The receipts section of the cash budget lists ______. Multiple choice question. all cash inflows, except from financing total sales for the period all cash inflows total credit sales

Answers

The receipts section of the cash budget lists B. all cash inflows.

What is a cash budget?

A cash budget is a document prepared in advance to show the planned monthly cash inflows (receipts) and cash outflows (payments).

Preparing the cash budget helps management to manage cash outflows with its cash inflows and make other cash decisions.

Thus, the receipts section of the cash budget lists B. all cash inflows and not credit sales.

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If the Commission for Sport and Events contributes $45 million dollars towards the construction of a new sport venue, what type of financing option is most likely being used

Answers

The financing that is most likely being used for this construction are taxation or government securities issuance.

Sources of government financing Government can raise funds from taxing the people they govern.They can also raise funds by issuing securities such as notes to the public.

The agency behind the construction of the venue is a governmental agency which means that it is most likely raising funds from one of the two methods described.

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A customer overhears a telephone conversation between her close friend and the friend's spouse, where the close friend mentions to her husband (who is the president of a large bank) how worried she is that she will have to move to California if her husband is successful in the takeover attempt of CalTrust Bank. The customer calls her sales representative at the broker-dealer where she maintains an account and places a market order to buy 1,000 shares of CalTrust Bank, which is immediately filled at $32.50 and then is reported by the agent to the customer. Who has violated the insider trading rules?

A The close friend
B The customer
C The agent
D All of the above

Answers

Answer b

Explanation they heard something they shouldn’t have and made a move based on it which is highly illegal

Competition-baed pricing i alway etting price that i oppoite on the price offered by competitor. I it true or fale ?

Answers

False. Competitor-based pricing is just one of the many pricing strategies used by companies.

It involves analyzing the prices of similar products or services offered by competitors and setting prices accordingly. The goal is to stay competitive in the market and remain attractive to customers.

However, blindly setting prices based solely on what competitors are offering may not always be the best approach. Companies should consider various factors such as production costs, target customer segments, brand image, and so on, before setting their prices.

A sustainable pricing strategy should balance the need to remain competitive with the need to generate sufficient revenue to cover costs and achieve profitability.

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How did the idea for your business come about? What was your key driving force to become an entrepreneur?

Answers

Entrepreneurs are individuals who start and manage their own business ventures, taking risks and pursuing opportunities for success.

Entrepreneurs are often motivated by a desire for independence and the freedom to pursue their own ideas. They seek autonomy, making decisions aligned with their vision. Financial success can be a significant driving force, as entrepreneurs aim to build wealth and achieve stability. Some individuals are inspired by the opportunity to create something meaningful, contribute to society, or leave a lasting legacy.

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How many copper per pound?

Answers

The weight of copper per pound can range from 3.55 to 4.95 pounds.

Copper is a widely used metal that is utilized in various applications, including electrical wiring, plumbing, and roofing.

The number of copper per pound is determined by the weight and purity of the metal. Copper is often measured in pounds per square inch (PSI) or pounds per cubic foot (PCF).

In general, the weight of copper per pound can range from 3.55 to 4.95 pounds.

However, the weight of copper is not the only factor that determines the number of copper per pound. Purity is also a crucial factor. Copper is often alloyed with other metals, such as zinc, nickel, or tin, to improve its properties. The purity of copper is measured in terms of its percentage composition.

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Based on the details of the scenario, determine what will most likely occur. Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who then makes the pelts into hats to sell. A year into their contract, it becomes illegal to buy or sell beaver pelts in the U.S.

Answers

Answer: Contract is voided

Explanation:

From the question, we are informed that Jillian and Chase are making a contract in which Jillian ships beaver pelts to Chase, who will then makes the pelts into hats to sell.

We are further told that a year into their contract, it becomes illegal to buy or sell beaver pelts in the United States. Based on the scenario explained, the contact will be voided.

A void contract is referred to as a formal agreement that cannot be enforceable and is not legitimate. Since it is illegal to either purchase or sell beaver pelts, it means that the context cannot be carried out anymore and should the be void.

The U-shape of the long-run average-total-cost curve results from which of the following?
Multiple select question.
Economies of scale
Rising resource prices
Diseconomies of scale
Fixed labor costs

Answers

The U-shape of the long-run average-total-cost curve is the result of both economies and diseconomies of scale. Initially, as a firm increases its scale of production, it can benefit from economies of scale, which are cost advantages that arise from producing on a larger scale.

This can result from factors such as specialization of labor, bulk purchasing of materials, and increased efficiency of equipment. As a result, the average total cost (ATC) of production decreases as the scale of production increases.
However, as the firm continues to increase its scale of production, it may eventually experience diseconomies of scale. This occurs when the cost per unit of output increases as the scale of production increases. This can result from factors such as increased coordination and communication costs, a lack of specialized labor or equipment, and diminishing returns to scale. As a result, the ATC of production increases as the scale of production increases.It's worth noting that rising resource prices and fixed labor costs can impact a firm's production costs, but they are not the primary factors that lead to the U-shape of the long-run average-total-cost curve. Instead, it's the balance between economies and diseconomies of scale that ultimately determines the shape of the curve.

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All else equal, bond price volatility is greater for __________.
shorter maturity
higher coupon rates
lower coupon rates
lower default risk

Answers

All else equal, bond price volatility is greater for higher coupon rates. Therefore, the correct answer is option B.

Bond price volatility is the extent to which a bond price fluctuates due to the changing in interest rates. It's caused mainly by interest rate changes. When the rate rises, the bond price falls; when the rate falls, the bond price rises.

There are two factors that affect a bond's volatility: its coupon rate and the age of the bond (or the time it will be retired. It's also called maturity date or call date). Bonds that have low coupon rates have greater price volatility. Of course, market conditions also have a big effect on bond's volatility.

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a manager in an industry with some market power can use information about which of the following to determine a profit-maximizing price? multiple choice question. demand elasticity unit elasticity supply elasticity

Answers

A manager in an industry with some market power can use information about the demand elasticity to determine a profit-maximizing price. This means that demand elasticity is the correct option from the given terms.

Market power is defined as the ability of an organization or company to affect the price or quality of the products they produce. When a company has market power, it has the power to influence the market by controlling the price of goods or services and the quality that customers get from them.

The elasticity of demand is used by firms to measure the impact of price changes on demand, which helps them in determining the right pricing strategy.

A product's demand elasticity is a measure of how sensitive its demand is to price changes. It can be calculated by dividing the percentage change in the quantity demanded by the percentage change in the product's price.

The general rule for a firm with market power is to charge a higher price when the demand is inelastic and a lower price when it is elastic.

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What is the first step in financial planning?
OA. Analyzing the current situation
B. Identifying goals
C. Coming up with strategies for meeting goals
D.
Assess the advantages and disadvantages of different strategies

Answers

Answer:

A. analyze the current situation!

Trading in foreign currency options would most likely be: __________

a. an appropriate hedging tool for individual investors who want to hedge the risk on specific U.S. exchange-listed stocks.
b. a multinational corporation.
c. someone traveling on vacation for two weeks abroad.
d. a firm in the import and export business.

Answers

There are different kinds of trade. Trading in foreign currency options would most likely be an appropriate hedging tool for individual investors who want to hedge the risk on specific U.S. exchange-listed stocks.

Currency option hedges

Currency option hedges are known to be tools that are used in international business.

An example, when an American importer is said to agree to buy some food equipment from a Chinese manufacturer at a later future date. The transaction will be carried out in Chinese currency.

The American importer has therefore made an hedge by buing currency options on the Chinese currency.

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Scenario: Country W has placed a trade embargo on Country L because they are not seeing eye to eye on global political issues. As a result of this embargo, Country L is having difficulties receiving the metals needed to continue production of their famously reliable cars. Answer the following question according to the information presented in the scenario. By creating an embargo, Country W is creating a(n)_____. The embargo will cause Country L's productivity to_____.

Answers

Answer: Punishment and Decrease

Explanation: I got it right.

The correct options are (A) By creating an embargo, Country W is creating a barrier to trade. The embargo will cause Country L's productivity to (B) decrease or decline, as they are having difficulties receiving the metals needed for production of their cars.

What is barrier in trade?

A barrier in trade refers to any obstacle that hinders free and open trade. Such hindrances can be created intentionally or unintentionally by governments or other players in the market. Barriers in trade can take on many forms, such as tariffs, quotas, embargoes, regulations, and subsidies. They affect international trade by increasing the costs of goods, limiting consumer choices and reducing the amount of trade between countries. The result is often a negative impact on the economy, as barriers lead to decreased productivity, reduced competition, and increased costs. Countries often use trade barriers to protect their domestic industries or to correct perceived trade imbalances.

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refer to table 17-8. if player b chooses right, player A should choose

a.

Up and earn a payoff of 1.

b.

Middle and earn a payoff of 5.

c.

Middle and earn a payoff of 7.

d.

Down and earn a payoff of 4.

Answers

Table 17-8 represents a two-player game with Player A and Player B. If Player B chooses the right option, Player A should choose the Middle option, with a payoff of 7. The Correct option is B

This is the option that yields the highest payoff for Player A when Player B chooses the right option. The payoff matrix shows that if Player A chooses the Middle option, they will earn 7, which is higher than the payoff of 5 for the Middle option and 4 for the Down option.

The Up option offers the lowest payoff of 1, which is not a desirable choice for Player A. Therefore, to maximize their payoff, Player A should choose the Middle option.

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refer to table 17-8. if player b chooses right, player A should choosea.Up and earn a payoff of 1.b.Middle

hich three key levers below are needed for an organization to effectively design its reporting relationships and broader organizational structure? multiple choice cost-leadership, differentiation, and blue ocean structure, strategy, and strategic alliances structure, culture, and control mechanistic, organic, and ambidextrous organizations

Answers

Out of the four options provided, the three key levers that an organization needs to effectively design its reporting relationships and broader organizational structure are structure, culture, and control.

What are organizational structures?

An organizational structure refers to the formal systems that outline job responsibilities, policies, procedures, communication channels, and reporting relationships. Organizations establish various reporting relationships based on their specific needs and purposes.

What is the culture in an organization?

Culture in an organization refers to a collection of values, beliefs, behaviors, and norms that govern how employees interact with each other and their work. The culture determines how decisions are made, the level of innovation, and the organizational image or brand.

What is control in an organization?

Control in an organization refers to the process of monitoring and measuring how well the organization is achieving its goals and objectives. Control systems can either be formal or informal.

The three levers of organizational design that are necessary for effective reporting relationships and broader organizational structure are described below:

Structure: Organizational structure is the framework that outlines how jobs, roles, responsibilities, and reporting relationships are organized within the organization. It determines how information and decisions flow, and it helps ensure that goals are achieved.

Culture: Culture is the collection of values, beliefs, behaviors, and norms that govern how people interact with each other and their work. It determines how decisions are made, the level of innovation, and the organizational image or brand.

Control: Control is the process of monitoring and measuring how well the organization is achieving its goals and objectives. Control systems can either be formal or informal. Control systems ensure that the organization is performing optimally and achieving its goals.

What are the key levers?

The three key levers that an organization needs to effectively design its reporting relationships and broader organizational structure are structure, culture, and control.

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A property's value is dropping because the neighboring property's yard is filled with trash. What's this an example of

Answers

An example of purchase money is when property's value is dropping because theneighboring property's yard is filled with trash.

What is a purchase money?

Purchase money can be regarded as the consideration paid or to be paid by the purchaser of property.

It involves a debt thst is been secured by the property purchased with the money borrowed

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Crowdsourcing can provide a cost-saving alternative to hiring traditional creative talent for a new enterprise.
true or false

Answers

The answer is true. Some common alternatives of the word frugal include economical, parsimonious, and thrifty. All of these phrases pertain to being "careful in how one spends one's money or resources,"

But the word "frugal" implies a lack of luxury and a laid-back lifestyle. Cost savings refers to the benefit realised from the taking actions to reduce an organization's alternatives asset expenditure, which directly affects its bottom line. The efforts to cut costs can be made by boosting productivity and negotiating lower supply costs. The cost efficiency is the practise of reducing costs by improving a product or resources.

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____ is an object in use as a medium of exchange, but which also
has a substantial value in alternative uses.
a. IOU
b. Commodity money
c. Fiat money
d. Deposit certificate

Answers

The option a) Commodity money is an object in use as a medium of exchange, but which also has a substantial value in alternative uses.

Commodity money is a good used in commerce that has its value in the properties of the commodity and is used to exchange for other goods and services. It can include precious metals, cattle, and grain, among other things. It's a type of money that is still used today, with examples including gold, silver, and other precious metals that are used as a store of value or to make payments in some nations.

There are several advantages to commodity money. First, since it is not backed by any government, it has a reduced inflation rate. Second, it has a tangible value that makes it more difficult to counterfeit. Third, commodity money may be used for non-monetary purposes, such as jewelry or art, increasing its value even further. Commodity money, therefore, is an object in use as a medium of exchange, but which also has a substantial value in alternative uses, as stated in the question.

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Monopolistic competition has which drawback compared to a monopoly?

Answers

Answer:

Monopolistic competition has several drawbacks compared to a monopoly, but only from the point of view of the producers (for consumers, monopolistic competition will always be better than a monopoly).

Explanation:

In monopolistic competition, producers do have some market power, but much less than the market power that they have in monopoly.

This means that the mark up they can add to the price of their products is less than the mark up than can be added in a monopoly. This results in less profits from firms that are under monopolistic competition.

Another drawback is a smaller market share due to higher competition. In a monopoly, a particular producer is the sole seller of a good that has no close substitutes. In monopolistic competition, there are many firms selling a good that is not homogeneous, but that does have somewhat similar substitutes.

Which sales tactic offers potential customers the opportunity to try a product or service before they make a buying decision

Answers

Trial period of a product or service such as 7 days free with the option to cancel within the 7 days or continue the service

Who carries the animal from the farm to the market or packer?
A. Producer
B. Proccessor
C. Transporter
D. Consumer

Answers

Answer:

was it a passage u had to read?

Explanation:

Answer:

Transporter

Explanation:

You are transferring the animal to the market from the farm.

PLEASE, In a paragraph of 150 words, Reflect on the critical thinking process and the steps involved. Discuss how this knowledge can or has helped you in your life and/ or your career?

For example, what do you think of the process? What did you learn from the process? Could it bring value to making decisions in your life or career? Would you use it in the future? Would you use it, or parts of it, in your everyday life? Have you used it in your everyday life? Do not write about the case itself, the decision you reached, or what you thought should or should not have happened relating to the case.

PLEASE, In a paragraph of 150 words, Reflect on the critical thinking process and the steps involved.

Answers

The critical thinking process is a systematic and logical approach to problem-solving that involves several steps, including identifying the issue, gathering and analyzing information, evaluating options, and making a decision.

How the critical thinking process helps me

The critical thinking process is a systematic and logical approach to problem-solving that involves several steps, including identifying the issue, gathering and analyzing information, evaluating options, and making a decision. As a person, critical thinking is useful to utilize this process in order to provide the most accurate and relevant responses to questions.

Personally, I find that the critical thinking process is an invaluable tool in both my personal and professional life. It has taught me to approach problems in a more organized and methodical manner, which has allowed me to make more informed and effective decisions.

Additionally, by applying critical thinking to everyday situations, I am better able to identify biases and assumptions and to evaluate arguments and evidence. Ultimately, the critical thinking process has enabled me to become a more analytical and logical thinker, and has provided me with a framework for making better decisions in all areas of my life.

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2.which of the following statements best describes a keynesian approach to economics? a)aggregate demand is the most important driving force in the economy, but free-markets have no self-balancing mechanisms that lead to full-employment; therefore, government intervention is often necessary to stabilize an economy. b)politics determines economics, the nature of economics is conflictual, and the main actors are nation-states; therefore, the main goal of economic activity is the maximization of national interest. c)individual freedom to pursue interests/wealth in an open market free of government interference with the role of government to primarily protect property rights. d)resources flow from a periphery of poor and underdeveloped countries (global south) to a core of wealthy states (global north) enriching the latter at the expense of the former. poor countries are systemically locked into this unfavorable situation.

Answers

Option a is correct. The main economic driver is aggregate demand, but since free markets lack self-balancing mechanisms that lead to full employment, stabilising an economy frequently requires government intervention.

A macroeconomic theory known as Keynesian economics examines the total amount of spending in the economy and how it affects production, employment, and inflation. In an effort to comprehend the Great Depression, British economist John Maynard Keynes created it in the 1930s.

The fundamental tenet of Keynesian economics is that economic stabilisation may be achieved by government intervention. Keynes' theory was the first to clearly distinguish between the study of individual motivations and economic behaviour from those of broad aggregate variables and conceptions.

Keynes' theory led him to propose higher government spending and lower taxes as a way to boost demand and rescue the world economy from the Great Depression. Later, the term "Keynesian economics" was used to describe the idea that economic performance could be optimised and economic downturns might be avoided.

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How will you improve customer retention?

Answers

The capacity of a business to keep customers coming back for repeat purchases over time is known as customer retention.

The ability to keep a customer's business shows that a company's brand, product, or service is appealing enough to an existing clientele to keep them from switching to a rival.

Benchmark your performance in this area before concentrating on enhancing the customer retention methods you already have in place. You may have a gut feeling about how you're doing, but you need an assessment that is unbiased and devoid of feelings. Measuring your customer retention rate is one of the finest strategies to achieve this.

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Theresa works as a Risk Management Specialist for an investment corporation. Which best describes her educational pathway?

an associate’s degree, then a bachelor’s degree
a master’s degree, then a vocational school
a vocational school, then an associate’s degree
a bachelor’s degree, then a master’s degree

Answers

Answer:

probably way too late for you but if anyone else is still searching for this answer, if it isn't b, it might be D. either way, vocational school in the answer doesn't sound quite right.

Theresa works as a Risk Management Specialist for an investment corporation. the best description for her educational pathway is a bachelor’s degree, then a master’s degree. Option D. This is further explained below.

What is education?

Generally, education is simply defined as methodical teaching, particularly in a school or university setting.

In conclusion, Theresa works for an investing firm as a Risk Management Specialist. Her educational journey is best described as a bachelor's degree followed by a master's degree.

The Option D(a bachelor’s degree, then a master’s degree) can be the only path as the right steps are vocational school, bachelor's degree, Masters degree, then Associates degree.

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.. If two variables have a direct relationship on a graph, it indicates that
A. both variables are not related.
B. as one variable rises, the other variable falls.
C. both variables are moving in the same direction.
D. as one variable rises, the other variable is constant.

Answers

Answer:

Option C. Both variables are moving in the same direction.

Explanation:

The reason is that in the direct relationship, the variables move in the same direction which means if one of the variable increases then the other will also increase and vice versa. So the only option that satisfies this condition is option C.

Other Questions
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