Answer:
Explanation:
1. prime costs: direct materials+direct labour
= $22,000+$35,000
= $57,000
2. Conversion Costs= Direct labour + Manufacturing Overheads
= $35,000+ $17,500
= $52,500
3. Product Costs = direct material+ direct labour+ manufacturing overheads
= $22,000 + $ 35,000 + $17,500
= $74,500
4. Period Costs = Selling expenses+ administrative expenses
= $17,600 + $13, 400
= $31,000
If 13,750 equivalent units are produced, what is the equivalent material cost per unit = direct materials costs / unit produced
= $22,000/13,750
= $1.6 per unit
If 17,500 equivalent units are produced, what is the equivalent conversion cost per unit = total conversion costs/unit produced
= $52,500/17,500
=$3 per unit
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Answer:
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Explanation:
Answer:
Explanation:
Labor Rate Variance = (Budgeted Rate-Actual Rate) * Direct manufacturing labor hours
= (15 - 15.25)* 500
= 125 Unfavorable
Answer:
A) anchoring bias
Explanation:
Anchoring bias refers to a common mistake of relying heavily on the first information that we get, or in this case, the first information that we look for.
We all tend to suffer from anchoring bias, that is why it is one of the oldest sales techniques. Everyone has seen an ad that states a before price and a discount price. If the difference between the before price and the after price are significant, then we will consider that it is a bargain. Or a salesperson first shows us an expensive product, and then shows us a similar but lower priced product, we tend to believe the second product is cheap.
When most of us look for a job, of course we focus on the salary, since we want to work to earn money. But only focusing on the salary is seeing only half the picture, although the most important half. Other associated benefits or costs are usually not considered, e.g. a high paying job might also require dressing formally or spending a lot of time travelling.