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M1-10 (Algo) Calculating Costs [LO 1-4] Randy Inc
M1-10 (Algo) Calculating Costs [LO 1-4] Randy Inc. produces and sells tablets. The company incurred the following costs for the May: Advertising cost for monthly television ads Attachable keyboard Insurance for delivery truck Factory supervisor's salary Marketing manager's salary Assembly worker wages Miscellaneous soldering material used to seal case Hourly wages for factory security guard CEO's salary Speakers $ 7,200 21,200 720 3,900 3,600 31,000 1,400 2,550 8,100 5,550 Required: Determine each of the following: 1. Direct material $ 2. Direct labor $ $ $ 3. Manufacturing overhead 4. Total manufacturing cost 5. Total period cost 6. Total variable cost 26,750 31,000 6,450 64,200 23,520 56,150 23,5201 $ $ 7. Total fixed cost $
Provide a comprehensive definition of Entrepreneurship.
Expert Solution
| 1 | Direct Material | |
| Attachable Keyboards | 21,200 | |
| Speakers | 5,550 | |
| 26,750 | ||
| 2 | Direct labor | |
| Assembly Worker Wages | 31,000 | |
| 31,000 | ||
| 3 | Manufacturing Overhead | |
| Factory Supervisor Salary | 3,900 | |
| Wages for Factory Security Guard | 2,550 | |
| Soldering Material Used to Seal Case | 1,400 | |
| 7,850 | ||
| 4 | Total Manufacturing Cost | |
| Direct Material | 26,750 | |
| Direct labor | 31,000 | |
| Manufacturing Overhead | 7,850 | |
| 65,600 | ||
| 5 | Total Period Cost | |
| Advertising cost for monthly television ads | 7,200 | |
| Insurance for delivery truck | 720 | |
| Marketing manager's salary | 3,600 | |
| CEO's salary | 8,100 | |
| 19,620 | ||
| 6 | Total variable cost | |
| Direct Material | 26,750 | |
| Direct labor | 31,000 | |
| 57,750 | ||
| 7 | Total fixed cost | |
| Manufacturing overhead | 7,850 | |
| Total period costs | 19,620 | |
| 27,470 |
ans 2
Brief introduction to entrepreneurship
Entrepreneurship is factor of production which performs functions of Enterprise. In economics Land, Labour, Capital, Organisation and Enterprise are the five factors of production.
Entrepreneurship in a depth can be considered as a process of action undertaken by an entrepreneur to setup his enterprise. Entrepreneurship can be explained as a creative and innovative response to the environment. Those will take place in fields like business, agriculture, social work and education.
It is necessary to have complete knowledge about the economic and political environment particularly about the economic policies of the government and the financial,commercial institutions for entrepreneur.
In simple language entrepreneurship is doing new things or doing things which are already being done in a new way.
According to Dr. J.E. Stepenek, “Entrepreneurship” is the capacity to take risk; ability to organise and desire to diversify and make innovations in the enterprise.
According to Higgins, Entrepreneurship is meant for the function of seeing investment and production opportunity, organising in enterprise to undertake a new production process, raising capital, hiring labour, arranging the supply of raw materials, finding site, introducing new techniques and commodities, discovering new sources of raw materials and selecting top managers for day to day operation of the enterprise.
It also be said as entrepreneurship is a composite skill, the resultant of many qualities and traits. These include imagination ready to take risk, ability to bring together and utilize other factors of production such as capital, land and labour along with intangible factors such as capability to mobilise scientific and technological developments.it involves taking risk and making essential investments under conditions of uncertainty. it isassociated with innovation, planning and taking decisions so as to increase productivity in industry, business and agriculture .hence plays a key role in the process of economic development.
Definition in simple terms
Entrepreneurship is a process an entrepreneur undertakes to establish his enterprise. It is a resultant mix of qualities and traits of an entrepreneur and can be defined as a process undertaken by entrepreneur to augment his business interests. It is an act involving innovation and creativity that will go towards establishing his/her enterprise.It is process to undertake calculated risks to achieve a predetermined set of goals /objectives.
Growth
Our national economy is most flexible to the growth of small business enterprise. Small business units offer a more convenient means of developing entrepreneurship by providing the means of entry into business for new entrepreneurship talents. Small-scale industries are labour-intensive and can play a predominenet role in solving the major problem of unemployment.
Success for a successful entrepreneurship
1. Regular inflow of information related to buyers, consumers, distributors, dealers, retailers, transporters about raw material, quality aspects, government organisations, employees and competitors.
2. Satisfying the needs of consumers.
3. Generation of adequate cash flows
4. Regular assessment of objectives of the enterprise.
5. Focus on improving productivity.
6. Maintenance of quality up-to standard.
7. Latest technology usage
8. Be innovative.
9. Always motivate employees
10. Recycling of scrap or wastage
11. Time management.
It is a process of combining resources to produce new goods or services. Entrepreneurs are also required to play other roles of capitalist and manager.
Benefits
The main 3 important benefits are
1. Economic Growth:These provide economic upliftment of society and generate labour employment.
2. Productivity Improvement:It helped in improving the productivity, which means the ability to produce more goods and services with less labour and other inputs.
3. New technologies, products and services:It helps in promoting innovative technologies, products and services by using latest technology.
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