Answer:
Central Bank
Explanation:
A public authority that provides banking services to commercial banks and regulates financial institutions and markets is called a "Central Bank".
A Central Bank oversees the activities of commercial banks and creates regulations in order to control the activities of financial institutions.
Every commercial bank is answerable to the Central bank. This enables the central bank to provide the services needed by the commercial banks.
The Central bank is the apex financial institution.
Answer: 1.6 cheesecakes
Explanation: Opportunity cost is simply the cost of a forgone alternative. It is the cost of an opportunity forgone (and the loss of the benefits that could be received from that opportunity); the most valuable forgone alternative.
If Marv can decorate 8 wedding cakes or 13 cheesecakes, it follows that the opportunity cost of making 8 wedding cakes is 13 cheesecakes. The question asks the cost of making a cake. This is given by:
13/8 = 1.625 cheesecakes
= 1.6 cheesecakes to the nearest tenth as the answer.
Answer:
b) $0.40 per unit and $8,000.
Explanation:
The computation of the high-low method, the variable cost per unit and the total fixed costs is given below:-
Total Cost Production Units
April $120,000 280,000
May $74,000 165,000
June $90,900 230,000
Using High Low method
Variable Cost per unit = (High Cost - low Cost) ÷ (High Cost Units - low Cost Units)
= ($120,000 - $74,000) ÷ (280,000 - 165,000
)
= $46,000 ÷ 115,000
= $0.40
Fixed Cost = Total Cost - Variable Cost per unit × Production unit
= $120,000 - $0.40 × 280,000
= $8,000
Answer:
Question 1
b. $100,000
Question 2
(a) Goods held on consignment from another company.
Explanation:
Question 1
Calculation to determine what the cost of the ending inventory under LIFO is
Using this formula
Cost of the ending inventory =(Inventory, Jan. 1 Units*Cost )+[(Dec 31 Units on hand- Inventory, Jan. 1 Units)*Purchase, June 19 Cost ]
Let plug in the formula
Cost of the ending inventory =(8,000 * $11) + (1,000 *$12)
Cost of the ending inventory =$88,000+$12,000
Cost of the ending inventory =$100,000
Therefore the cost of the ending inventory under LIFO is $100,000
Question 2
GOODS HELD ON CONSIGNMENT FROM ANOTHER COMPANY should NOT be included in the PHYSICAL INVENTORY of a company but rather be included in the inventory of the sender of the goods which is the CONSIGNOR.
