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atroni [7]
3 years ago
10

On august 31 of the current​ year, harvey co. decided to change from the fifo periodic inventory system to the​ weighted-average

periodic inventory system. harvey uses u.s. gaap​, is on a calendar year​ basis, and does not present comparative financial statements. the cumulative effect of the change is​ determined:
Business
1 answer:
Vsevolod [243]3 years ago
4 0
The answer is "<span>As of January 1, Year 1".

The cumulative impact of an adjustment in accounting rule squares with the difference between retained income toward the start of time of the change and what retained profit would have been if the change was applied to all influenced earlier periods, accepting comparative financial statements are not exhibited. Starting retained profit of the earliest year exhibited is balanced for the cumulative impact of the change.
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2 years ago
Silence will operate as acceptance in the following circumstances except:
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Silence will operate as acceptance in the following circumstances except when the offeror indicates that silence will operate as acceptance
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3 years ago
In a monopolized market: total surplus is higher than in a competitive market, while consumer surplus is lower. consumer surplus
Damm [24]

Answer:

In a monopolized market, producer surplus is higher than in a competitive market, while consumer surplus is lower.

Explanation:

A monopolized market is a market in which there is only one producer or seller of a product. The monopolist has market power. A competitive market is a market with many buyers and sellers who cannot individually influence price. In a competitive market, the players are price takers. Consumer surplus measures the difference between what the consumer was willing to pay for a particular commodity and how much he actually pays. Producer surplus refers to the excess of price received by producer over the unit cost of production. Total surplus is the addition of consumer surplus and producer surplus.

In a monopolized market, total surplus is lower than in a competitive market because monopolistic market is characterised with lower quantity and higher prices when compared with competitive market. However, producer surplus is higher in a monopoly market than in a competitive market. This is because in monopoly market the seller makes economic profit by setting prices above his unit cost; this is not possible in competitive market since prices are set at the point where average revenue (price) equals average cost. There is dead weight loss in the outcome of a monopolistic market. This implies a lower total surplus when compared to competitive markets. Consumer surplus is lower in monopolized market because consumers pay higher prices for lower quantities than in competitive markets.

5 0
3 years ago
Average cost can never rise while marginal cost are decline
bezimeni [28]

The provided statement is false because when the marginal cost is greater than the average cost, then the average cost tends to rise.

<h3>What is the average cost?</h3>

The average cost is the cost per unit of a manufactured product. It is determined by dividing the total cost of production by the number of units produced.

The average cost can rise, fall, or have no effect totally depending on the relation of average cost with marginal cost. If marginal cost is higher than average cost. then average cost tends to rise whereas it falls in the reverse case. There is no change in the average cost if both of them are equal.

Therefore, the average cost rises in the scenario where it exceeds the marginal cost.

Learn more about the average cost in the related link:

brainly.com/question/26413746

#SPJ1

7 0
2 years ago
Explain, using examples, the abuse of monopoly power as a market failure.
saw5 [17]

Answer:

Explanation:

A monopoly is a market structure where there is only one supplier of a product and many buyers. An example of a monopoly is Microsoft; it is a price setter in the market. Abuse of monopoly power can occur when a firm dominates the market meaning no competitors within the industry. This abuse   could be in form of limiting output or setting higher prices to benefit from supernormal profits . This therefore leads to less choice for consumers.Over time, monopolies can become less innovative because they do not have competition and causing the market to fail and be inefficient; the price mechanism fails to take into account all of the costs and/or benefits of providing and consuming a good.

3 0
3 years ago
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