Answer:
Total cost is $200,000 and the bill for the job is $407.5
Explanation:
The total cost would be:
Total cost = Wages + Benefits + Overhead
= $110,000 + $40,000 + $50,000
= $200,000
Cost per hour = Total Cost / Labor hours
= $200,000 / 5,000
= $40 per hour
Profit per hour required is $20 per hour
Total rate per hour = Cost per hour + Profit per hour
= $40 + $20
= $60 per hour
The bill for the job would be:
Let the bill be X
Total bill = Used part cost + Repair cost per hour (1.5 hr is 93) + Loading charges
X = $70 + 93 + .6X
0.4 X = $163
X = $163 / 0.4
X = $407.5
One problem with government operation of monopolies is that the government typically has little incentive to reduce costs.
<h3>What is a monopoly?</h3>
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. The demand curve is downward sloping. A monopoly sets the price for its goods and services.
An example of a monopoly is a utility company
Here is the complete question:
One problem with government operation of monopolies is that a. a benevolent government is likely to be interested in generating profits for political gain. b. the government typically has little incentive to reduce costs. C. a government-regulated outcome will increase the profitability of the monopoly. d. monopolies typically have rising average costs.
To learn more about monopolies, please check: brainly.com/question/10441375
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Answer:
the payment of the insurance premiums
Explanation:
Consideration in contract law refers to an exchange of something of value, e.g. I pay $5 in exchange for a hamburger.
In insurance contracts, consideration provided by the insured refers to paying the insurance premium. Consideration provided by the insurance company is the promise to pay in case of a covered loss.
Answer:
The value of the inventory at the lower of cost or market price is:
= $21,170.
Explanation:
a) Data and Calculations:
Product Inventory Cost per Unit Market Value per Unit LCNRV
Quantity (Net Realizable Value)
Model A 12 $106 $102 $1,225 (12*$102)
Model B 45 84 70 3,150 (45*$70)
Model C 36 254 243 8,748 (36*$243)
Model D 31 85 88 2,635 (31*$88)
Model E 41 132 148 5,412 (41*$132)
Total cost of inventory based on LCNRV (per item) $21,170
Answer:
C. Debit Cost of goods Sold $5,000;
Credit Inventory $5,000
Explanation:
Preparation of the necessary adjusting entry to record inventory shrinkage
Since we assumed that the physical count of inventory showed $158,000 of inventory on hand and the inventory records reported $163,000 the first step to do is to find the difference between the two amount which is ($163,000-$58,000) given us a different of $5,000 which will now be recorded as:
Debit Cost of goods Sold $5,000
(163,000-158,000)
Credit Inventory $5,000
