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2 years ago

Calculate costs of goods sold for Day Company

Business

1 answer:

UkoKoshka [18]2 years ago

4 0

The cost of goods sold for Day Company for the period ended December 31, 2021, is $5,000.

<h3>What is the cost of goods sold?</h3>

The cost of goods sold is the difference between the beginning inventory added to the period's purchases or finished goods while subtracting the ending inventory.

In other words, the cost of goods sold is the difference between the cost of goods available for sale and the ending inventory.

<h3>Data and Calculations:</h3>

Beginning inventory = $1,000

Purchases = $7,000

Ending inventory = $3,000

Cost of goods sold = $5,000 ($1,000 + $7,000 - $3,000)

Thus, the cost of goods sold for Day Company for the period ended December 31, 2021, is $5,000.

Learn more about the cost of goods sold at brainly.com/question/25947903

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He schedule below represents the willingness of a typical consumer to pay for wine in a year. Suppose there are 10,000 identical

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Answer:

a. $30,000.

Explanation:

Willingness to pay is the highest amount a consumer would be willing to pay for a good or service. In this example, the willingness to pay is $50.

Consumer surplus is the difference between price of a product and the willingness to pay.

To calculate the total consumer surplus , refer to the attached image, the consumer surplus is the shaded triangle.

The total consumer surplus = 1/2 base × (height)

The height is the difference between the willingness to pay and the price of the wine = $50 -$30 =$20

The base is the total quantity purchases at $30 =

1/2 × 3 × ($20) = $30

There are 10,000 consumers, therefore consumer surplus =$30,000

I hope my answer helps you.

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3 years ago

The increasing participation of women in the labor force has been termed the:

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<span>Women participating in the labor force is known as shattering the glass ceiling. The term originated in the 1980s and refers to woman who are moving up in the business world.</span>

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3 years ago

Which statement is the best description of a price‑taker as it pertains to perfect competition?

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Answer:

The correct answer is letter "A": Mary Beth grows cotton. She finds that she can always sell her entire crop at the market price. However, if she asks a price that is even slightly higher she cannot sell any of her cotton.

Explanation:

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<em>All companies sell the same goods or services. </em>
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<em>All firms have relatively small market shares. </em>
<em>Buyers have full product and price information. </em>
<em>The industry is characterized by low or no barriers to entry and exit of the industry.</em>

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Thus, <em>in Mary Beth's case, she cannot ask for a different price than the one of the market because in a perfectly competitive market it is controlled by supply and demand. Companies cannot set the price.</em>

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3 years ago

Calculate GDP loss if equilibrium level of GDP is $8,000, unemployment rate 8.8%, and the MPC is 0.80. Hint: (Use Okun's law to

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Answer:

Loss of gdp = 7.6%

Eliminate gdp loss = 121.6

Explanation:

According to Okun's law , 12% loss of gdp.

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Cyclical unemployment = 8.8% - 5%

Cyclical unemployment =3.8%

Loss of gdp = 3.8%(2)

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Eliminate gdp loss = 121.6

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4 years ago