11 Allocation of Joint Costs and Accounting for By-Product/Scrap Objectives After completing this chapter‚ you should be able to answer the following questions: LO.1 LO.2 LO.3 LO.4 LO.5 How are the outputs of a joint process classified? What management decisions must be made before beginning a joint process? How is the joint cost of production allocated to joint products? How are by-product and scrap accounted for? How should not-for-profit organizations account for the cost of a joint activity?
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traditional cost system. It calculates a plant-wide overhead rate by dividing total overhead costs by total direct labor hours. Assume‚ for the calculations below‚ that plant overhead is a committed (fixed) cost during the year‚ but that direct labor is a variable cost. 1. Calculate the plant-wide overhead rate. Use this rate to assign overhead costs to products and calculate the profitability of the four products. The assignment spreadsheet provides a starting point for your calculations
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Direct and Indirect Representation Living in a democratic society‚ we as Americans have the right to vote on just about all aspects of our lives. The votes that we cast either have a direct or an indirect representation of our beliefs. In cases such as city and statewide laws‚ our beliefs are directly represented; in all national and organizational matters our votes have an indirect impact. The decisions are made by elected officials who we vote into office to represent our beliefs. One example
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1 In a process cost system‚ product costs are summarized: on job cost sheets. when the products are sold. after each unit is produced. on production cost reports. What decision criteria should managers use in selecting projects when there is not enough capital to invest in all available positive NPV projects? the internal rate of return the discounted payback the profitability index the modified internal rate of return 3 Horizontal
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When you see your crush in public‚ you’re supposed to scream and run back to your house to check their Facebook for the next five hours. First things first: having a crush on your teacher is not weird. It might feel really awkward and embarrassing‚ but it happens to both girl’s and guys all the time. It’s natural to grow feelings for someone you see on a regular basis‚ who you interact with a lot‚ look up to and probably find attractive. You see it all the time in movies and TV shows‚ and trust
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What famous place would you like to visit? Use reasons and details to support your answer. If I had the chance to visit one famous place‚ it would be Paris. Paris is a must see place. I have not had the chance to visit it before‚ therefore it is my dream destination. However‚ some might think visiting this capital is an ordinary thing and could happen. Personally‚ it is more than a possible thing. I would like to visit the Eiffel Tower which is one of the famous landmarks in France. I want
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There are lots of differences between the relationship I have with my dad versus my mom. I spend more time with my dad comparatively than my mom which makes a big difference to my relationship with each of them. Eating things my dad would eat‚ to being influenced to a big time hockey fan. My mom could not be as open and have a kid mind while playing with me. Being active for my dad is a big deal‚ therefore me and him always try to be as active as we can. For example we always play hockey in
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model to the children is saying please and thank you when I have asked for something or been given something by both the staff and the children. By doing this the children learn manners as well as understanding that good manners are a way of showing their respect and politeness towards other people. I have also used positive behaviour‚ such as being friendly‚ smiling and helpful‚ and practising positive behaviour in front of the children which teaches them to be kind and helpful to others. I have
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Basics of Direct Taxes(Income Tax Act) and Indirect Taxes(VAT‚ CST‚ Excise duty‚ Service Tax etc.‚) The Persons who are taxed are called “Assessees”. Assessees or “Person” under the Income Tax Act‚ 1961(as amended Yearly under the respective Finance Acts) are as follows:- 1) Individual 2) Hindu Undivided Family(HUF) 3) Firm or Association of Persons(AOP) 4) Joint Stock Company 5) Every other person Whether an Assessee is liable to be taxed and if so‚ on what income etc.‚ depends on the
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defined as the difference between revenue and ____. Answer Selected Answer: total economic cost Correct Answer: total economic cost Question 2 5 out of 5 points Recently‚ the American Medical Association changed its recommendations on the frequency of pap-smear exams for women. The new frequency recommendation was designed to address the family histories of the patients. The optimal frequency should be where the marginal benefit of an additional pap-test: Answer Selected Answer: equals the
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