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2 years ago

the graph to the right depicts the per unit cost curves and demand curve facing a shirt manufacturer in a competitive industry

1 answer:

4 0

Firms will continue to join this market until the industry as a whole begins to make a typical economic profit. To encourage new enterprises to enter the market, short-term profits motivate them to do so. In the long run, businesses will produce a normal or even negative economic profit.

<h3>What is a competitive industry?</h3>

Companies may join and depart the market easily in a competitive sector since there are minimal barriers to entry.

Generally, the equation for Profit per unit is mathematically given as

P= Price - ATC

Therefore

P= $7.49 - $6.63

P= $0.86

In conclusion, Profits in the short term encourage new businesses to join the market. Firms will make a typical or even negative economic profit in the long term.

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Effect of different inventory cost flow methods on financial statements

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Answer:

Compute the cost of goods sold and ending inventory, assuming (1) FIFO cost flow, (2) LIFO cost flow, and (3) weighted-average cost flow. Compute the income tax expense for each method

FIFO LIFO WA

Sales 131.200 131.200 131.200

Cost of goods 62650 63850 63.317,92

Gross profit 68.550 67.350 67.882

Salaries 38000 38000 38000

EBiT 30.550 29.350 29.882

Income tax 637,5 7337,5 7470,518868

net Income 22.913 22.013 22.412

b. Record the above transactions in general journal form

Db Inventory 23250

Cr Cash 23250

Purcahse 1

Db Inventory 25600

Cr Cash 25600

Purchase 2

Db Cash 131200

Cr revenue 131200

Sales

Db Cost of goods 62650

Cr Inventory 62650

Cost of goods

Explanation:

Units Cost Price Cost Price

Begining Inventory 220 150 33.000

purchase 1 150 155 33.250

purchase 2 160 160

Sales 410 320 131.200

FIFO Units Cost Sale Price Cost Price Cost

Begining Inventory 220 150 220 33.000 33000

purchase 1 150 155 150 23.250 23250

purchase 2 160 160 40 25.600 6400

Sales 410 320 131.200 62650

LIFO Units Cost Sale Price Cost Price Cost of g

Begining Inventory 220 150 100 33.000 15000

purchase 1 150 155 150 23.250 23250

purchase 2 160 160 160 25.600 25600

Sales 410 320 131.200 63850

WA Units Cost Sale Price Cost Price Cost of g.

Begining Inventory 220 150 0 33.000 0

purchase 1 150 155 0 23.250 0

370 152 56.250

purchase 2 160 160 0 25.600 0

530 154 410 81.850 63.317,92

Sales 410 320 131.200

FIFO LIFO WA

Sales 131.200 131.200 131.200

Cost of goods 62650 63850 63.317,92

Gross profit 68.550 67.350 67.882

Salaries 38000 38000 38000

EBiT 30.550 29.350 29.882

Income tax 7637,5 7337,5 7470,518868

net Income 22.913 22.013 22.412

Db Inventory 23250

Cr Cash 23250

Purcahse 1

Db Inventory 25600

Cr Cash 25600

Purchase 2

Db Cash 131200

Cr revenue 131200

Sales

Db Cost of goods 62650

Cr Inventory 62650

Cost of goods

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