The Third Unit of a 10-Unit Job Required 7

question 41

Essay

The third unit of a 10-unit job required 7.3 hours to complete. The fourth unit has been worked on for two hours, but it is not yet finished. Estimate the remaining amount of time that will be needed to finish this 10-unit job if the work has an 80 percent learning curve.

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Definitions:

Prepaid Insurance

An asset account that represents the amount of insurance premium payments made in advance for coverage extending beyond the current accounting period.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Insurance Expense

The cost incurred by a company to insure its assets, operations, or liabilities over a certain period.

Accounts Payable

Liabilities or amounts owed by a business to its suppliers or vendors for goods and services received.