Answer:
The marginal product of fifth worker = 50 gallons.
Explanation:
4 workers produce = 450 gallons of milk
5 workers produce = 500 gallons of milk
The marginal product of fifth worker can be calculated by subtracting the total product when there are 4 workers from the total product when there are 5 workers.
The marginal product of fifth worker = 500 – 450 = 50 gallons.
20. An emergency operations plan: A. Focuses on standard operating procedures for responding to one single type of incident. B. Serves primarily as a budgeting document for acquiring emergency management resources. C. Establishes the overall authority, roles, and functions performed during incidents. D. Is required in order for a jurisdiction to receive Federal assistance with mitigation initiatives.
The correct answer is C. Establishes the overall authority, roles, and functions performed during incidents.
Explanation:
Emergency operations plans are documents that officially define the response to emergency or important incidents such as fires, floodings, attacks, among others. These plans are quite specific and due to this, they establish supplies, roles, functions, and those involved in the response. Moreover, emergency operation plans are used by organizations to have an appropriate management of emergency and similar situations. According to this, the option that best describes this concept is C.
The cost method that will yield an ending inventory that is closer to current prices is the a.FIFO inventory cost method. b.LIFO inventory cost method. c.specific identification inventory cost method. d.weighted average inventory cost method.
Answer: a.FIFO inventory cost method
Explanation: The First-In-First-Out inventory costing method involves applying the price associated with the oldest inventory purchase to goods sold. When the FIFO inventory method is used, when the number of goods purchased for the oldest inventory is exhausted, the cost of goods sold is then associated with the next oldest inventory. With these cost inventory method, the ending inventory always moves closer to the current prices of goods since the older inventory cost is applied first.
Shelley has been hired as a marketing specialist at a large, international firm. On Shelley's first day of work, she attends an orientation session. Which of the following is LEAST likely to be addressed during Shelley's orientation program?
A) organizational structure
B) company policies and rules
C) compensation and reward system
D) daily and weekly task requirements
Answer:
D) daily and weekly task requirements.
Explanation:
In this scenario, Shelley has been hired as a marketing specialist at a large, international firm. On Shelley's first day of work, she attends an orientation session.
In the orientation session, what new employees are most likely to be briefed or talked to about is the organizational structure, company policies and rules and compensation and reward system. In human resources management, it is important to get new employees acquainted with the essential informations, rules, regulations, and guidelines that exist in an organization.
Hence, daily and weekly task is least likely to be addressed during Shelley's orientation program because she's not likely to commence her duties on the first day and her responsibilities or roles would be introduced to her by her functional or line manager.
Soft and Silky, Inc. manufactures bedding sets. The budgeted production is for 53,000 comforters in 2017. Each comforter requires 6 yards of material. The estimated January 1, 2017, beginning inventory is 31,000 yards. The desired ending balance is 30,000 yards of material. If the material costs $1.50 per yard, determine the materials budget for 2017. a.$475,500 b.$385,500 c.$478,500 d.$477,000
Answer
Material purchase budget ($)= $475,500
Explanation:
The material purchases budget is determined by adding the the closing stock of materials to the material usage budget and subtracting the opening inventory of materials.
Material purchase budget= Material usage budget + closing inventory - opening inventory
Material usage budget = Production budget × standard quantity per unit
= 53,00 × 6 yards = 318,000
Material purchase budget(quantity) = 318000 + 30,000 - 31,000 = 317,000
Material purchase budget ($) = Material purchase budget (in quantity) × standard price
= 317,000× $1.50 = $475,500
Material purchase budget ($)= $475,500
Ace Credit Card Company agrees to transfer cash to Seller Company deposit of that company's credit card sales sales. If Seller Company deposits $57,300 credit eard statements is true?
A. Ace will receive $56,154 cash from Seller Company
B. Seller Company will receive cash $56,154 from Ace
C. Ace will receive $57,300 cash from Seller Company
D. Seller Company will receive $57,300 cash from Ace
E. Ace will pay Seller Company a $1,146 credit card fee
Answer:
The question is incomplete, below is a possible match of the complete question:
Ace Credit Card Company agrees to transfer cash to Seller Company immediately upon deposit of that company's credit card sales receipts. Ace charges a 2% fee for all credit card sales. If Seller Company deposits $57,300 credit card sales receipts, which of the following statements are true?
A. Ace will receive $56,154 cash from Seller Company
B. Seller Company will receive cash $56,154 from Ace
C. Ace will receive $57,300 cash from Seller Company
D. Seller Company will receive $57,300 cash from Ace
E. Ace will pay Seller Company a $1,146 credit card fee
The correct answer is:
Seller Company will receive cash $56,154 from Ace (B)
Explanation:
Since Ace charges a 2% fee for all credit card sales, for a deposit of $57,300 by Seller company, the 2% service charge will be deducted, and to find how much cash seller company will receive, we will calculate the balance on the deposited amount after the 2% fee has been deducted. This is done as follows.
2% of $57,300 = 2/100 × 57,300
= 0.02 × 57,300 = $1,146
Therefore, balance after deduction:
= 57,300 - 1,146 = $56,154
Hence, seller company will receive a cash of $56,154 from Ace for the credit card sales.
uncertainty avoidance (e.g., Greece, Portugal, and Uruguay) is associated with a need for structure, avoiding differences, and very formal business conduct governed by many rules, whereas a _______ uncertainty avoidance (e.g., Singapore, Jamaica, and Hong Kong) is characterized by an informal business culture, acceptance of risk, and more concern with long term strategy and performance than with daily events. A. Lower, higher B. Higher, lower C. Positive, negative D. Negative, positive
Answer:
B. Higher, lower
Explanation:
Uncertainty avoidance refers to how tolerant is the society in respect to ambiguity and unpredictable things. High uncertainty avoidance cultures don't like uncertainty and try to control this through laws and rules. Low uncertainty avoidance cultures feel comfortable with uncertainty and people tend to be tolerant to changes and have few rules.
According to that, the answer is that higher uncertainty avoidance (e.g., Greece, Portugal, and Uruguay) is associated with a need for structure, avoiding differences, and very formal business conduct governed by many rules, whereas a lower uncertainty avoidance (e.g., Singapore, Jamaica, and Hong Kong) is characterized by an informal business culture, acceptance of risk, and more concern with long term strategy and performance than with daily events.
The costs of lead contamination have been estimated to be $1 billion for medical care of those sickened by lead, plumbing repairs, and reduced earnings of those affected by lead. This $1 billion can best be classified as:
Answer:
Social cost of market failure
Explanation:
Market failure is an economic situation in which an imperfection in the market mechanism prevents an optimal outcome.
The $1 billion cost of lead contamination intended for the medical care of those sickened by lead, plumbing repairs and reduced earnings of those affected is called social cost of market failure.
Whenever external benefits and costs exist, the market will not produce at the optimal outcome leading to social cost of market failure by an organization.
External costs are costs that are imposed without compensation on a third party.
In market A, a 4% increase in price reduces quantity demanded by 2%. In market B, a 3% increase in price reduces quantity demanded by 4%. The price elasticity of demand in market A and market B are considered______ and ______, respectively. Group of answer choices
Answer:
Price elasticity of market A = Inelastic
Price elasticity of market B = Elastic
Explanation:
Elasticity in the case of market A.
Given the percentage change in demand = 2%
Percentage change in price = 4%
Elasticty of demand = %Change in demand / %change in price
= 2 / 4
= 0.5 (Inelastic)
Elasticity in the case of market B.
Given the percentage change in demand = 4%
Percentage change in price = 3%
Elasticty of demand = %Change in demand / %change in price
= 4 / 3
= 1.33 (elastic)
Nick manages a grocery store in a country experiencing a high rate of inflation. He is paid in cash twice per month. On payday, he immediately goes out and buys all the goods he will need over the next two weeks in order to prevent the money in his wallet from losing value. What he can't spend, he converts into a more stable foreign currency for a steep fee. This is an example of the of inflation.
Answer:
Shoe leather cost
Explanation:
Inflation is a persistent rise in general price levels.
shoe leather cost is the cost incurred by people that do not want to hold cash in a period of high inflation so as to avoid paying inflation tax.
Nick's shoe leather costs includes buying goods immediately he is paid and converting the money he cant spend into foreign currency
If a 10% decrease in the price of one product that you buy causes an 8% increase in quantity demanded of that product, will another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded?
Answer:
No
Explanation:
to determine if another 10% decrease in the price cause another 8% increase (no more and no less) in quantity demanded, we have to determine the price elasticity of demand.
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
8% / 10% = 0.8
demand in inelastic so a 10% reduction in price would lead to a less than 8% change in quantity demanded
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Which step in developing a mission statement requires you to think about who is affected by your organization and how they might measure your success?
Answer:
Considering the stakeholders' perspectives.
Explanation:
Considering the stakeholders' perspectives is a step in developing a mission statement which requires that you to think about who is affected by your organization and how they might measure your success.
Generally, when the top executives or management are developing a mission statement, decisions, and goals, it is very essential and important that they ensure it is favourable to the stakeholders. Stakeholders can be defined as a group of people who have interest or shares in a business entity and are affected by the decisions of the company.
Hence, the stakeholders perspective needs to be considered at all times because they're part of the business and their actions can affect the success of the business.
"Closed-loop" production seeks to integrate what is presently waste back into production. In an ideal situation, the waste of one firm becomes the resource of another, and such synergies can create eco-industrial parks. This principle is often referred to as:
Answer:
Biomimicry.
Explanation:
"Closed-loop" production seeks to integrate what is presently waste back into production. In an ideal situation, the waste of one firm becomes the resource of another, and such synergies can create eco-industrial parks. This principle is often referred to as biomimicry.
Biomimicry can be defined as a technological-oriented systems or model which is typically focused on the application of nature's elements or processes, and lessons into proper use for the purpose of solving real-life problems. Some examples of biomimicry are Tree-climbing robot mimics inch worms, Gecko climbing feet, Bird skull shoe, Armadillo backpack etc.
Under a just-in-time inventory system, a company can reduce the amount of working capital it needs to finance inventory, freeing capital for other uses and/or lowering the total capital requirements of the enterprise.
a) true
b) false
Answer:
True.
Explanation:
Under a just-in-time inventory system, a company can reduce the amount of working capital it needs to finance inventory, freeing capital for other uses and/or lowering the total capital requirements of the enterprise.
In Business management, Just-in-time (JIT) is an inventory management method used by a company wherein goods, products, components, and labor are made available exactly when needed or just few hours before they are needed in the production process.
Basically, It is an inventory management system that companies use to reduce wastage to the barest minimum, thereby, freeing capital for other uses and/or lowering the total capital requirements of the enterprise.
Hence, just-in-time when used judiciously can help a company reduce the amount of working capital it needs to finance inventory management.
Investments are different from savings accounts in that they A. Offer high profit potential B. Are FDIC-insured C. Guarantee to never lose money D. Can only be accessed online
Answer:
Option A, Offer high-profit potential, is the right answer.
Explanation:
Option A, “Offer high-profit potential” is the current answer because the savings account provides a fixed interest rate and this interest rate is sometimes unable to match the inflation. However, the investments give high profits. Moreover, there is zero risks associated with the savings accounts but there may be the risk involved in the investments. For example, investment in mutual funds given high profit but also involves the market risk.
Suppose that the wage is $20 per hour in a two-sector (manufacturing and agriculture) specific-factors model. Currently, the prices of manufactured and agricultural outputs are $5 and $1, respectively; the marginal product of labor in the manufactured sector is 6 units per hour; and the marginal product of labor in the agricultural sector is 10 units per hour. What will happen to the distribution of labor between the two sectors?
Options :
A) Nothing will happen. The current allocation of labor between the two sectors is ideal.
B) The manufacturing sector will demand more labor, and the agricultural sector will demand less labor at the current wage.
C) The agricultural sector will demand more labor, and the manufacturing sector will demand less labor at the current wage.
D) Both the agricultural and the manufacturing sector will demand more labor at the current wage.
Answer: B) The manufacturing sector will demand more labor, and the agricultural sector will demand less labor at the current wage.
Explanation: Analysing the marginal product of labor for the TWO sectors ; the manufacturing and agricultural which measures the change in production output as labor is increased. The output produced by increasing labor is 6units for manufacturing and 10 units for agricultural, agricultural seems greater, however, comparing output with the price per unit of product, manufacturing and agricultural sells for $5 and $1 respectively. Meaning manufacturing generates ($5 * 6) = $30 while agricultural generates ($1 * 10)) $10 per increase in number of Labor.
Therefore, at the current wage of $20, revenue made by hiring one more unit of labor into the agricultural sector cannot even cater for it's wage. Therefore, agricultural sector will demand less while manufacturing will demand more.
Suppose that the marginal utility of good Y = 2X2 and the marginal utility of good X = 4XY. What is the slope of the indifference curve when Y = 7 and X = 2? Assume that good X is on the horizontal axis and good Y is on the vertical axis.
Answer:
The slope of indifference curve is 7.
Explanation:
The marginal utility of good Y = 2X^2
The marginal utility of good X = 4XY
Given Y = 7
X = 2
The slope of the indifference curve is otherwise termed as the marginal rate of substitution. So, we can find the slope by dividing the marginal utility of Y by the marginal utility of X.
Slope = MUx / MUy
= 4XY / 2X^2
= 4Y / 2X
Now insert the value of X and Y.
= (4×7) / (2×2)
= 28/4
= 7
Hence the slope of the indifference curve is 7.
On April 1, Griffith Publishing Company received $24,480 from Santa Fe, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. What is the adjusting entry that should be recorded by Griffith Publishing Company on December 31 of the first year?
Answer:
Dr Unearned Fees, $6,120
Cr Fees Earned, $6,120
Explanation:
Based on the information given we were told that the On April 1, the Company received the amount of $24,480 for 36-month subscription in which the company credited Unearned Fees for the amount received therefore the adjusting entry that the company should be record on December 31 of the first year will be:
Dr Unearned Fees, $6,120
Cr Fees Earned, $6,120
Working:
Amount the company received $24,480 ÷Months of Subscription 36 months
*April to December will give us 9 months
Hence,
$24,480/36*9
=$680*9
=$6,1,20
Read this statement: The primary goal of the business firm is to maximize the wealth of the firm's owners. For a corporation, this statement means that managers should focus on maximizing the wealth of its shareholders or its:
Answer:
The correct answer is: Stock Price.
Explanation:
To begin with, those organization that are focus on making profits are the ones who have to work in order to ensure the fact of maximizing the wealth of is shareholders or its stock price so in that way when the price rises the money that will enter the company will be increase as well too. So that is why that the managers to the companies must focus on the task of improving the production and all the systems of the organization so that will mean that the company is trying to sell more and therefore to maximize its profits due to its primary goal.
The six member countries that have embraced a common market are disappointed with the outcome of their economic integration. They want something that entails a closer economic integration and cooperation than a common market and decide to pursue a common currency. They are forming a(n)
Answer:
The correct answer is "Economic union ".
Explanation:
An economic union becomes a category of the block of commerce that consists of a shared marketplace including another customs union. The participating countries get both good legislation on drug control, the free flow of goods, services as well as growth factors as well as a similar foreign exchange strategy.So that they forming an Economic union.
Prior to being banned in 2002 by the McCain-Feingold Act, unlimited monetary contributions that were earmarked for party-building expenses at the grassroots level or for generic party advertising were known as....
A) matching funds
B) soft money
C) hard money
D) support funds
Answer:
B.
Explanation:
Soft money can be defined as a money raised by party or committees that's not been regulated by the federal campaign finance. Such campaign contributions are not made within the federal law and thus are illegal to raise. These monetary contributions are used for party building activities such as electoral registration programmes. The origin of soft money dates back to the Watergate reforms.
In the given case, the monetary contributions were used for party-building expenses or generic party advertising. Thus this monetary contribution is known as soft money.
So, the correct answer is option B.
Even when economic indicators show that the economy is down, small businesses often thrive. Think of a small business in your community that would do well, even if people did not have a lot of extra money to spend, and explain the advantages it has over larger businesses.
Answer:
A drug store is a type of business that is likely to do well even in an economic recession.
This is because drug stores sell an essential good, that often has a high price, and that is needed by many people, specially those who suffer from chronic diseases.
In other words, people will likely reduce their consumption of many other goods before reducing their consumption of prescription drugs.
Ed Stall is an investor who owns 1 share of YY industries and a put option on 1 share of YY. The exercise price of the put option is $100 and YY currently trades at $99. The option premium was $3. If the price of YY at expiration is $50, the value of Stall's position is:
Answer:
$100
Explanation:
The reason is that the minimum value that the buyer of the put option will have is its exercise price because if I have right to sell an asset with exercise price of $100 and the market value of the underlying asset goes below $100 say $90, then I will prefer exercising the option and will receive $100. But suppose if the market price of the underlying asset goes above exercise price and is say $110 then I will benefit by selling the product in the market by receiving $110 not by exercising the put option and receiving $100.
So we can see from the above scenario, the minimum price that the put option holder can get by exercising the put option is its exercise price, hence $100 is the right answer.
Jerome says that he will spend exactly $25 (think sales/revenue) each month on new apps for his mobile device, regardless of the price of apps. Jerome’s demand for apps is a. Perfectly elastic. b. Unit elastic. c. Perfectly inelastic. d. Somewhat inelastic, but not perfectly inelastic.
Answer:
Option B, unit elastic.
Explanation:
The option “b” is correct because as per the expenditure method to calculate the elasticity of demand when the total expenditure (TE) remains the same regardless of the increase or decrease in the price or quantity then the elasticity is equal to one. Thus when elasticity is equal to one this is called the unit elastic demand. thus, option b is right.
Jen is investing in a partnership with Lisa. Jen contributes equipment that originally cost $65,000, has accumulated depreciation of $20,000, thus giving it a book value of $45,000, and has a fair value of $52,000. The entry to record Jen’s initial contribution to the partnership includes a
Answer:
Debit to equipment for $52000
Explanation:
Based on the information given we were told that Jen had a fair value of the amount of $52,000. This means that the Journal entry to record the initial contribution to the partnership will tend to include a DEBIT TO EQUIPMENT FOR THE AMOUNT OF $52,000 which is the fair value amount.
Debit to equipment for $52,000
Sunland Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company’s Cash account per its general ledger showed a balance of $6,823.90. The bank statement from Emporia State Bank on that date showed the following balance.
EMPORIA STATE BANK
Checks and Debits Deposits and Credits Daily Balance
5-317,053.00
A comparison of the details on the bank statement with the details in the Cash account revealed the following facts
1. The statement included a debit memo of $57.00 for the printing of additional company checks
2. Cash sales of $900.15 on May 12 were deposited in the bank. The cash receipts entry and the deposit slip were incorrectly made for $950.15. The bank credited Sunland Company for the correct amount
3. Outstanding checks at May 31 totaled $285 25, and deposits in transit were $1.897.15.
4. On May 18, the company issued check No. 1181 for $684.00 to H. Moses, on account. The check, which cleared the bank in May, was incorrectly journalized and posted by Sunland Company for $648.00
5. A 52.792.00 note receivable was collected by the bank for Sunland Company on May 31 through electronic funds transfer
6. Included with the canceled checks was a check issued by Tomins Company to C. Pernod for $343.00 that was incorrectly charged to Sunland Company by the bank
7. On May 31, the bank statement showed an NSF charge of $465.00 for a check issued by Sara Ballard, a customer to Sunland Company on account
Prepare the bank reconciliation at May 31, 2017. (List items that increase balance as per bank & books first. Round answers to 2 decimal places, eg. 52.75)
Answer:
Bank account reconciliation:
Bank account balance $7,053
+ Deposits in transit $1,897.15
+ Check charged by error $343
- Outstanding checks ($285.25)
Reconciled bank account $9,007.90
Cash account reconciliation:
Cash account balance $6,823.90
+ Note receivable collected by bank $2,792
- Bank fees for printing checks ($57)
- Error on deposit slip ($50)
- Error on recording check ($36)
- NSF check ($465)
Reconciled cash account $9,007.90
Services can be______because the real people who provide them may vary in their abilities and motivations, or even their moods, resulting in differences in perceived quality.
Answer:
Inconsistent.
Explanation:
Services can be inconsistent because the real people who provide them may vary in their abilities and motivations, or even their moods, resulting in differences in perceived quality.
In Business and customer relationship management, the consistency of a service is solely dependent on the individual saddled with the responsibility of providing the service.
For instance, if Staff X isn't happy about something or is depressed, the staff is most likely to act lukewarm or annoying towards the service takers, therefore making the service inconsistent in comparison with other staffs and days.
Jayden created a cell model using a glass bottle with a cork. He said that the cork could be opened to eliminate waste material that’s generated after digestion in the cell. A number of particles resembling organelles are in the bottle. Which organelle’s function will cause Jayden to open the cork to eliminate waste material?
Answer:
"Lysosome" is the correct answer.
Explanation:
Lysosomes will become the waste-removing feature, they have active enzymes as well as chemicals to absorb or even just recycle products from cells.It's indeed a subcellular organelle present in almost all forms of eukaryotic cells as well as taking responsibility for something like the absorption of molecules, older sections of cells, or even microorganisms.So that the above seems to be the right answer.
Answer:
the correect awnser is D
Explanation:
Lysosomes would be the function that eliminates waste.Lysosomes have powerful enzymes and acids to digest and recycle cell material
Q 7.37: Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new storeroom clerk, about diverting inventory to sell for personal gain. This example of the ________, which may lead to _________.
Answer:
Human element; collusion.
Explanation:
In this scenario, Eric Hansen is a receiving clerk who has just been denied a raise. He has approached his subordinate, who is the new storeroom clerk, about diverting inventory to sell for personal gain. This is an example of the human element, which may lead to collusion.
Human element can be defined as a strategic technique for improving and dealing with the way or manner employees work together in a business environment in order to achieve greater organizational performance and accomplishments. Human element can be used to improve openness, sincerity and honesty among the the very many people (employees) working individually or together as a team in an organization.
In this case, when the storeroom clerk agrees to Eric's suggestion, this would lead to both of them diverting inventory to sell for personal gain. This is simply an act of collusion.
Collusion is an illegal cooperation or agreement between two or more people with an ulterior motive, for personal benefits.
g) Recovery schedule is a: i. A schedule prepared by the contractor to recover lost costs. ii. A schedule prepared by the owner and given to the contractor to make adjustments in the work plan. iii. A schedule prepared by the contractor after the project had fallen behind with adjustments that expedite the remainder of the project to ensure a timely finish. iv. None of the above.
Answer: iii. A schedule prepared by the contractor after the project had fallen behind with adjustments that expedite the remainder of the project to ensure a timely finish
Explanation:
The recovery schedule is a method of recovering time by the contractor. Just like the progress schedule, it should be noted that the recovery schedule is the responsibility of a contactor.
Therefore, it is a schedule prepared by the contractor after the project had fallen behind with adjustments that expedite the remainder of the project to ensure a timely finish.
Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $369,000, $146,000, and $97,600, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $30,200, and work in process at the end of the period totaled $28,400.
Required:
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.*
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.*
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department during
Complete question :
Sweeties, Inc., manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $369,000, $146,000, and $97,600, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $30,200, and work in process at the end of the period totaled $28,400.
Required:
(1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials.*
(2) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct labor.*
(3) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for factory overhead. (b.) On September 30, journalize the entry to record the transfer of production costs to the second department, Sifting.
Answer:
Kindly check explanation
Explanation:
1)
Account title - - - - - - - - Dr - - - - - - - Cr
Work-in - process(refining dept) - - $369,000 Dr
Direct materials - - - - - - - - - - - - - - $369,000 Cr
(2)
Account title - - - - - - - - Dr - - - - - - - Cr
Work-in - process (refining dept) -- $146,000 Dr.
wages payable - - - - - - - - - - - $146,000 Cr.
3)
Account title - - - - - - - - Dr - - - - - - - Cr
Work-in-process(refining dept) - $97,600 Dr.
Factory overhead - -- - - - - - - - - - $97,600 Cr.
B) Transfer of production cost to second department :
Work-in-process (sifting dept) - - - - $614,400 Cr.
Work-in-process (refining dept) - - - $614,400 Dr.
Beginning + (incurred / purchases) - ending
[$30,200 + $(369,000 + 146,000 + 97,600) - $28400] = $614,400