Lecture : CROP PRODUCTION AND MANAGEMENT (class 8 science)-combined

59 views2 pages

priyoska

12 Dec 2022

School

St Kate's

Department

Accounting

Course

ACCT 2112

Professor

For unlimited access to Class Notes, a Class+ subscription is required.

Document Summary

Crop: plants of the same kind are cultivated at one place on a large scale to obtain food like. Kharif crop : the crop which are grown in rainy season are called kharif crops. Rabi crops : the crops which are grown in winter season are called rabi crops . Agriculture practises involves important steps taken during productions of the crop. Some of the steps are given below : Preparation of soil: it involves tilling and loosening of the soil . Sowing : it is the process of putting seeds into the soil. Adding manure & fertilizer : process to put organic substance called manure and chemical based fertilizer to spread humus and nutrients to the soil . Irrigation : supply of water at appropriate interval is called irrigation. Protection from weeds :removing weeds is necessary because it suck up all the nutrients from the crop. It can be removed with the help of khurpi and certain chemical called weedicide.

Related Questions

Characteristics of Production Process, Cost Measurement

Vince Melders, of EcoScape Company, designs and installs customlawn and garden irrigation systems for homes and businessesthroughout the state. Each job is different, requiring differentmaterials and labor for installing the systems. EcoScape estimatedthe following for the year:

Number of direct labor hours	6,720
Direct labor cost	$67,200
Overhead cost	$50,400

During the year, the following actual amounts wereexperienced:

Number of direct labor hours	6,045
Direct labor incurred	$66,495
Overhead incurred	$50,500

Vince Melders, owner of EcoScape, noticed that the wateringsystems for many houses in a local subdivision had the same layoutand required virtually identical amounts of prime cost. Vince metwith the subdivision builders and offered to install a basicwatering system in each house. The idea was acceptedenthusiastically, so Vince created a new company, IrrigationSpecialties, to handle the subdivision business. In its first threemonths in business, Irrigation Specialties experienced thefollowing:

	June	July	August
Number of systems installed	48	68	88
Direct materials used	$13,248	$18,768	$24,288
Direct labor incurred	$8,832	$12,512	$16,192
Overhead	$7,948.80	$8,758.40	$9,715.20

Required:

1. Should Irrigation Specialties use processcosting or job-order costing?

Job-order costing

2. If Irrigation Specialties uses an actualcosting system, what is the cost of a single system installed inJune? In July? In August? Round your answers to the nearestdollar.

June	$ per system
July	$ per system
August	$ per system

3. Now assume that Irrigation Specialties usesa normal costing system. Estimated overhead for the year is$45,900, and estimated production is 540 watering systems. What isthe predetermined overhead rate per system?

$ per system installed

What is the cost of a single system installed in June? In July?In August?

June	$ per system
July	$ per system
August	$ per system

taupecamel856

GroFast Company manufactures a high-quality fertilizer, which isused primarily by commercial veg-etable growers. Two departmentsare involved in the production process. In the Mixing Department,various chemicals are entered into production. After processing,the Mixing Department transfers a chemical called Chemgro to theFinishing Department. There the product is completed, packaged, andshipped under the brand name Vegegro.

Various chemicals----->MixingDept.----->Chemgro----->FinishingDept.----->Vegegro----->

In the Mixing Department, the raw material is added at thebeginning of the process. Labor and overhead are appliedcontinuously throughout the process. All direct departmentaloverhead is traced to the departments, and plant overhead isallocated to the departments on the basis of direct-labor. Theplant overhead rate for 20x2 is $.40 per direct-labor dollar.

The following information relates to production during November20x2 in the Mixing Department.

a. Work in process, November 1 (4,000 pounds, 75 percentcomplete as to conversion):

Raw material.............................................................................................................................................................$22,800

Direct labor at $5.00 per hour.................................................................................................................................24,650

Departmental overhead...........................................................................................................................................12,000

Allocated plant overhead.........................................................................................................................................9,860

b. Raw material:

Inventory, November 1, 2,000 pounds................................................................................................................$10,000

Purchases, November 3, 10,000 pounds............................................................................................................51,000

Purchases, November 18, 10,000 pounds..........................................................................................................51,500

Released to production during November, 16,000 pounds

c. Direct-labor cost, $103,350

d. Direct departmental overhead costs, $52,000

e. Transferred to Finishing Department, 15,000 pounds

f. Work in process, November 30, 5,000 pounds, 20 percentcomplete

The company uses weighted-average process costing to accumulateproduct costs. However, for raw-material inventories, the firm usesthe FIFO (i.e., first in, first out) inventory method.

Required: 1. Prepare a production report for the MixingDepartment for November 20x2. The report should show:

a. Equivalent units of production by cost factor (i.e., directmaterial and conversion).

b. Cost per equivalent unit for each cost factor. (Round youranswers to the nearest cent.)

c. Cost of Chemgro transferred to the Finishing Department.

d. Cost of the work-in-process inventory on November 30, 20x2,in the Mixing Department.

2. Prepare journal entries to record the following events:

a. Release of direct material to production during November.

b. Incurrence of direct-labor costs in November.

c. Application of overhead costs for the Mixing Department(direct departmental and allocated plant overhead costs.)

d. Transfer of Chemgro out of the Mixing Department.

byzantiummanatee604

Paul and Elder (2009) have defined critical thinking as: the art of analyzing and evaluating thinking with a view to improving it. The authors describe eight Elements of Thought involved in critical thinking:

Purpose (all reasoning has a purpose â goals, objectives)

Question at issue

Assumptions (presuppositions, axioms, line of reasoning, information taken for granted)

Point of View

Information (data, evidence)

Concepts and Theories

Interpretation and Inference (conclusions, solutions)

Implications and Consequences

When defining a subject, Nosich (2012) believes it starts with a âfundamental and powerful conceptâ.

The fundamental and powerful concept of Auditing is âInvestigationâ.

Auditing involves an analysis (or an âinvestigationâ) of the financial statements in order to issue an opinion of whether they are presented fairly in accordance with appropriate standards.

Required: In several paragraphs, answer the following questions.

âInternal Controlsâ are discussed throughout the Auditing course. We will examine various methods of âinvestigatingâ internal controls in order to understand the important role that they play in the Auditing process. Even though it is the very beginning of the course, it is important that you start to form your own definition of internal control. Answer the questions in the prompts below to help you define and describe internal control:

The assumptions of internal control are that in order for a business process to be effective, there must be separation of duties among authorization, custody and recording of transactions. How are those controls put in place in the Sales / Accounts receivable process? To answer this question, discuss how each of those components occurs in each of the following areas (rely on your own experience as a customer and/or the rules of accounting that you already know about how a sales / accounts receivable transaction is supposed to work):

The sale

Shipping

Billing

Collection

As the auditor, how would you determine whether the process is working correctly?

What actions or events would occur if you assume the process is working correctly when it is not?

What actions or events would occur if you assume the process is not working correctly when it is actually doing so?

taupetrout471

Lecture : CROP PRODUCTION AND MANAGEMENT (class 8 science)-combined

Document Summary

Get access

Related Documents

ENVIRON 201 Chapter Notes - Chapter 9: Parent Material, Polyculture, Ecosystem Services

ANTH 202 Lecture Notes - Lecture 5: World Health Organization, Nomadic Pastoralism, Slash-And-Burn

Related Questions