Answer:
$200
Explanation:
When Supplies inventory are purchased, a debit is posted to Supplies inventory and a credit to cash account or accounts payable.
As the inventories are used, debit Supplies expense and credit Supplies inventory account.
Given that $1,000 was the debit in the books and $800 per count, it means the books balance needs to be written down to the physical balance. The difference to be posted
= $1,000 - $800
= $200
This will be done by
Debit Supplies expense $200
Credit Supplies Inventory $200
Being entries to record inventory used in July
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Answer:
Italy has a comparative advantage in the production of cheese
Explanation:
Suppose that Italy and Sweden both produce rye and cheese.
Italy's opportunity cost of producing a pound of cheese is 5 bushels of rye while Sweden's opportunity cost of producing a pound of cheese is 10 bushels of rye.
<u>By comparing the opportunity cost of producing cheese in the two countries, you can tell that Italy has a comparative advantage in the production of cheese because it has a lower opportunity cost (as a matter of fact half the cost) in comparison with Sweden.</u>
<u>Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners</u>
