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Scarcity exists because | Numerical analysis homework help

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1. Scarcity exists because: (Points : 10) 
a. human wants exceed the resources available to satisfy them.
b. some individuals have low income.
c. the costs of production are high.
d. some people make bad economic decisions
e. people take too much leisure time.

2. Which of the following statements best describes the study of economics? Economics studies how: (Points : 10) 
a. to organize production so that scarcity does not occur.
b. firms make profits.
c. we make choices in the face of scarcity.
d. to create incentives so that scarcity does not exist.
e. businesses reach decisions.

3. The study of economics is best described as a study of: (Points : 10) 
a. the factors that influence the stock and bond markets.
b. capitalism.
c. the choices made in producing goods and services.
d. coping with scarcity, and choices made as a result of scarcity in a society.
e. how people earn a living.

4. Economics is the social science that studies: (Points : 10) 
a. the real reasons people buy goods and services.
b. the psychology of individuals and businesses.
c. whether a nation has enough natural resources.
d. how people make choices to cope with scarcity.
e. how choices made in the social interest could eliminate scarcity.

6. Items that are purchased by individuals for their own enjoyment are called (Points : 10) 
a. consumption goods and services.
b. capital goods.
c. government goods and services.
d. exports of goods and services.
e. private goods

7. What would be an example of consumption good? (Points : 10) 
a. Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
b. The local driver’s license office purchases a new digital camera and printer.
c. Rhianna gets a haircut.
d. Jake buys an iPhone.
e. Donald Trump purchases furniture for his office.

8. The largest share of total production in the United States is (Points : 10) 
a. consumption goods and services.
b. capital goods.
c. government goods and services.
d. exported goods and services.
e. imported goods and services.

9. What would be an example of capital good? (Points : 10) 
a. Jeanette buys a new dress.
b. The local driver’s license office purchases a new digital camera and printer.
c. Antonio, the manager of the local Taco Hut, purchases a new deep fryer.
d. Apple sells computers to Japan.
e. Rhianna gets a haircut.

10. Goods and services bought by the government account for about ________ percent of total production. (Points : 10) 
a. 2
b. 8
c. 17
d. 35
e. 67 

11. The primary focus of microeconomics is: (Points : 10) 
a. to examine the operation of the entire (aggregate) economy.
b. to examine the behavior and operation of the individual units or sectors that make up the economy.
c. our government’s monetary policy.
d. the levels of employment and inflation.
e. to study how we managed to eliminate scarcity.

 

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July 1, 2023
    

 

111. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: 

April 1, work in process:

 

  Materials cost, 3,000 units

$  7,500

  Conversion costs, 3,000 units,

 

    2/3 completed

6,000

Materials added during April, 10,000 units

26,000

Conversion costs during April

31,000

Goods finished during April, 11,500 units

---

April 30 work in process, 1,500 units,

 

  1/2 completed

---

 

 

All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is: A. $2.60B. $2.58C. $3.02D. $2.26

112. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: 

April 1, work in process:

 

  Materials cost, 3,000 units

$  7,500

  Conversion costs, 3,000 units,

 

    2/3 completed

6,000

Materials added during April, 10,000 units

26,000

Conversion costs during April

31,000

Goods finished during April, 11,500 units

---

April 30 work in process, 1,500 units,

 

  1/2 completed

---

 

 

All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is: A. $2.70B. $2.53C. $3.02D. $5.60

113. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the average cost method is used to cost inventories was: A. 15,650B. 14,850C. 18,000D. 17,250

114. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for materials if the average cost method is used to cost inventories was: A. 15,650B. 18,000C. 17,250D. 17,700

115. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the material cost per unit (to the nearest cent) would be: A. $2.04B. $1.59C. $1.91D. $2.00

116. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the conversion cost per unit (to the nearest cent) would be: A. $3.71B. $2.84C. $2.97D. $3.23

117. Which of the following industries would normally use job order costing systems and which would normally use process costing systems?Business consultingChemicalsFoodMovieSoap and cosmeticsWeb designer 

Business consultantJob Order

ChemicalsProcess

FoodProcess

Movie studioJob Order

Soap and cosmeticsProcess

Web designerJob order

118. The Desert Springs Water Company has two departments. Purifying and Bottling. The Bottling Department received 62,000 liters from the Purifying Department. During the period, the Bottling Department completed 60,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,000 liters. How many liters were started and completed during the period? 

57,000 liters started and completed (60,000 completed - 3,000 beginning WIP)

 

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July 1, 2023
    

 

111. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: 

April 1, work in process:

 

  Materials cost, 3,000 units

$  7,500

  Conversion costs, 3,000 units,

 

    2/3 completed

6,000

Materials added during April, 10,000 units

26,000

Conversion costs during April

31,000

Goods finished during April, 11,500 units

---

April 30 work in process, 1,500 units,

 

  1/2 completed

---

 

 

All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is: A. $2.60B. $2.58C. $3.02D. $2.26

112. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: 

April 1, work in process:

 

  Materials cost, 3,000 units

$  7,500

  Conversion costs, 3,000 units,

 

    2/3 completed

6,000

Materials added during April, 10,000 units

26,000

Conversion costs during April

31,000

Goods finished during April, 11,500 units

---

April 30 work in process, 1,500 units,

 

  1/2 completed

---

 

 

All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is: A. $2.70B. $2.53C. $3.02D. $5.60

113. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the average cost method is used to cost inventories was: A. 15,650B. 14,850C. 18,000D. 17,250

114. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for materials if the average cost method is used to cost inventories was: A. 15,650B. 18,000C. 17,250D. 17,700

115. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the material cost per unit (to the nearest cent) would be: A. $2.04B. $1.59C. $1.91D. $2.00

116. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the conversion cost per unit (to the nearest cent) would be: A. $3.71B. $2.84C. $2.97D. $3.23

117. Which of the following industries would normally use job order costing systems and which would normally use process costing systems?Business consultingChemicalsFoodMovieSoap and cosmeticsWeb designer 

Business consultantJob Order

ChemicalsProcess

FoodProcess

Movie studioJob Order

Soap and cosmeticsProcess

Web designerJob order

118. The Desert Springs Water Company has two departments. Purifying and Bottling. The Bottling Department received 62,000 liters from the Purifying Department. During the period, the Bottling Department completed 60,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,000 liters. How many liters were started and completed during the period? 

57,000 liters started and completed (60,000 completed - 3,000 beginning WIP)

 

default image
July 1, 2023
    

 

111. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: 

April 1, work in process:

 

  Materials cost, 3,000 units

$  7,500

  Conversion costs, 3,000 units,

 

    2/3 completed

6,000

Materials added during April, 10,000 units

26,000

Conversion costs during April

31,000

Goods finished during April, 11,500 units

---

April 30 work in process, 1,500 units,

 

  1/2 completed

---

 

 

All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The materials cost per equivalent unit (to the nearest cent) for April is: A. $2.60B. $2.58C. $3.02D. $2.26

112. The debits to Work in Process--Assembly Department for April, together with data concerning production, are as follows: 

April 1, work in process:

 

  Materials cost, 3,000 units

$  7,500

  Conversion costs, 3,000 units,

 

    2/3 completed

6,000

Materials added during April, 10,000 units

26,000

Conversion costs during April

31,000

Goods finished during April, 11,500 units

---

April 30 work in process, 1,500 units,

 

  1/2 completed

---

 

 

All direct materials are placed in process at the beginning of the process and the average cost method is used to cost inventories. The conversion cost per equivalent unit (to the nearest cent) for April is: A. $2.70B. $2.53C. $3.02D. $5.60

113. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for conversion if the average cost method is used to cost inventories was: A. 15,650B. 14,850C. 18,000D. 17,250

114. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. The number of equivalent units of production for the period for materials if the average cost method is used to cost inventories was: A. 15,650B. 18,000C. 17,250D. 17,700

115. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the material cost per unit (to the nearest cent) would be: A. $2.04B. $1.59C. $1.91D. $2.00

116. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of the $12,500, $8,000 was for material and $4,500 was for conversion costs. 14,000 units of direct materials were added during the period at a cost of $28,700. 15,000 units were completed during the period, and 3,000 units were 75% completed at the end of the period. All materials are added at the beginning of the process. Direct labor was $32,450 and factory overhead was $18,710. If the average cost method is used the conversion cost per unit (to the nearest cent) would be: A. $3.71B. $2.84C. $2.97D. $3.23

117. Which of the following industries would normally use job order costing systems and which would normally use process costing systems?Business consultingChemicalsFoodMovieSoap and cosmeticsWeb designer 

Business consultantJob Order

ChemicalsProcess

FoodProcess

Movie studioJob Order

Soap and cosmeticsProcess

Web designerJob order

118. The Desert Springs Water Company has two departments. Purifying and Bottling. The Bottling Department received 62,000 liters from the Purifying Department. During the period, the Bottling Department completed 60,000 liters, including 3,000 liters of work in process at the beginning of the period. The ending work in process was 5,000 liters. How many liters were started and completed during the period? 

57,000 liters started and completed (60,000 completed - 3,000 beginning WIP)

 

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Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

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Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

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