Question

One of the more popular input measures used to determine the progress toward completion in the percentage of completion method is the

Option 1: Units Produced
Option 2: Labor Hours Expended
Option 3: Materials Purchased
Option 4: Operating Income

Answer 1

Productivity can be measured using alternative methods like GDP per worker and marginal product, which help in optimizing resource utilization and assessing cost-effectiveness of production based on input costs.

Step-by-step explanation:

Yes, there are other ways to measure productivity besides the amount produced per hour of work. Productivity can also be measured by Gross Domestic Product (GDP) per worker, which takes into account the economic output produced by each worker. Another productive metric is the marginal product, which refers to the additional output resulting from one more unit of variable input, such as labor.

This helps to determine the most effective use of resources at various production stages to achieve optimal yields. Additionally, productivity comparisons can be made by considering the number of workers required to produce a unit of product, helping companies decide on the most cost-effective production method based on current input costs.