a) Complete the following table: [Calculate Marginal Physical Product,Average Fixed Costs, Average Variable cost, Average Total Cost andMarginal cost. Make sure you put the formulas on the question or youranswer sheet].Quantity Marginal Total Average Potalof Output Physical(Units)FixedVariableAverage TotalAverage MarginalInput Input,Fixed FixedVariable Variable CostsTotal Cost Cost(Capital LabourUnits) (workers)ProductCosts CostscostsCostsFormula:Formula: Formula Formula Formula FormulaFormula110100502281001003471001504671002001861002501 Add fileb) If input prices increases, which curve shift and in which direction?1.1.

A cost is an expense incurred in the production or sale of a product or the preparation of an asset…

Answered: a) Complete the following table:…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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What is the high-low method used to estimate? a. variable costs and production capacity b. total costs and recommended sales price c. cost per unit produced and total fixed costs d. management salaries and estimated production time
PLEASE ANSWER ALL. Write “True” if the statement is true and write “False” if the statement is false A fixed cost is constant per unit of product. Cost accumulation, cost allocation, and cost objects are interrelated. A variable cost remains constant per unit, though in total increases as activity levels increase.
For the given cost function C(x) = 28900+ 500x + x², First, find the average cost function. Use it to find: a) The production level that will minimize the average cost X = b) The minimal average cost $
Following are four series of costs measured at various volume levels. Identify each series as either fixed, variable, mixed, or step-wise. Hint. It can help to graph each cost series. Volume Series A Series B Series C Series D (Units) 0 400 800 1,200 1,600 2,000 2,400 Series A $ 2,540 3,140 3,740 4,340 4,940 5,540 6,140 Series B $ 1,040 1,040 2,080 2,080 3,120 3,120 4,160 Series C $ 5,040 5,040 5,040 5,040 5,040 5,040 5,040 Series D $0 3,640 7,280 10,920 14,560 18, 200 21,840
Which cost accounting method assumes that the cost of production is driven by the number of units produced? A. Activity-Based Costing (ABC)B. Standard CostingC. Absorption CostingD. Variable Costing
Assume that the average cost function of a company is described by the following equation: AC = 2 x Q2 - 16Q + 90 At what production quantity, that is at what number of units, is the average cost at a minimum? a) 2 b) 3 c) 4 d) 6 please show calculation and method
QUESTION 1 Which of the following statements describes the behaviour of variable costs? O a. They are constant per unit of output O b. They vary per unit of output as production volume changes O . They are constant in total when production volume changes O d. They vary in total, from period to period when production is constant
Armada Shipping is a global logistics company. The company is organized into two divisions: Contracts and Retail. The Contracts Division, which is by far the larger division, handles customers who have regular shipping requirements and have signed contracts specifying costs and schedule for up to one year. The Retail Division handles shipments for customers who have only occasional shipping requirements and pay on an as-used basis. Billing for all customers is handled by the corporate Accounts Receivable Department. Accounts Receivable performs two major activities: billing and accounts. Billing refers to preparing and sending the bills as well as processing the payments. Accounts refers to establishing accounts, ensuring credit status, following up on collection, and so on. The costs of the Accounts Receivable Department are allocated to the two divisions based on the number of bills prepared. The manager of the Contracts Division has complained that the allocated costs from Accounts…
8
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Greek Manufacturing Company produces and sells a line of product that are sold usually all year round. The company has a maximum production capacity of 100,000 units per year. Operating at normal capacity, the business eamed Operating Income of $600,000 in 2020. The following cost data has been prepared for the year ended December 31, 2020. Selling price per unit.. Production Costs: Direct Materials Direct Labour Variable Manufacturing Overhead Fixed Manufacturing Overhead.. Fixed Selling & Administrative Expenses.. Variable selling expense per unit $50.00 $10.00 $8.00 $7.00 $450,000 $300,000 $10.00 Required:
When using the high-low method to estimate costs, the formula “Change in Cost divided by Change in Units” (or “Change in Total Cost divided by Change in Activity Level”) is used to estimate the: Fixed cost per unit Mixed cost per unit Profit per unit Indirect cost per unit Variable cost per unit Differential cost per unit Opportunity cost per unit

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