The term? "market" in economics refers to

Larned Corporation recorded the following transactions for the just completed month. $80,000 in raw materials were purchased on

sesenic [268]

Answer and Explanation:

The Journal entry is shown below:-

a. Raw material Dr, $80,000

To Account payable $80,000

(Being purchase of raw material is recorded)

Here we debited the raw material as it increased the assets and we credited the accounts payable as it also increased the liabilities

b. Work in process Dr, $62,000

Manufacturing overhead Dr $9000

To Raw material $71,000

(Being raw material used is recorded)

Here we debited the work in progress , the manufacturing overhead as it increased the assets and expenses and credited the raw material as it decreased the assets

c. Work in process Dr, $101,000

Manufacturing overhead Dr, $11,000

To Cash $112,000

(Being paid to labor is recorded)

Here we debited the work in progress , the manufacturing overhead as it increased the assets and expenses and credited the cash as it decreased the assets

d. Manufacturing overhead Dr, $175,000

To Accumulated depreciation-Equipment $175,000

(Being manufacturing overhead is recorded)

Here we debited the manufacturing overhead as it increased the expenses and we credited the accumulated depreciation of depreciation as it reduced the assets

5 0

3 years ago

Individual profit earned by Dave, the oligopolist, depends on which of the following? (i) The quantity of output that Dave produ

UkoKoshka [18]

The options are:

(i) The quantity of output that Dave produces (ii) The quantities of output that the other firms in the market produce (iii) The extent of collusion between Dave and the other firms in the marketa. (i) and (ii)b. (ii) and (iii)c. (iii) only d. All of the above

Answer:

d. All of the above

That is

(i) The quantity of output that Dave produces

(ii) The quantities of output that the other firms in the market produce

(iii) The extent of collusion between Dave and the other firms in the market.

Explanation:

An oligopoly is defined as an economy where there are small number of firms that cannot prevent others from having much impact in the market. These firms control the way are done with regards for price.and supply of goods and services.

So in this type of market the profit earned by Dave will depend on quantity of output produced by Dave, quantity of goods manufacturerd by other firms, and Dave's degree of collusion with other firms.

7 0

3 years ago

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Mary will receive $12,000 per year for the next 10 years as royalty for her work on a finance book. What is the present value of

butalik [34]

Answer:

$67,800

Explanation:

We can use annuity formula to find the present value of the royalties received for the upcoming ten years.

The annuity formula used here is attached with the answer.

The first step would be finding annuity factor at 12%.

So

Annuity Factor = (1-(1+r)^-n) / r

By putting values, we have:

Annuity Factor = (1 - (0.322)) / 0.12 = 5.65

Present Value = Annual Cash flow * Annuity Factor

PV = $12,000 * 5.65 = $67,800

5 0

4 years ago

Effect of different inventory cost flow methods on financial statements

Viefleur [7K]

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

1

Db Inventory 23250

Cr Cash 23250

Purcahse 1

2

Db Inventory 25600

Cr Cash 25600

Purchase 2

3

Db Cash 131200

Cr revenue 131200

Sales

4

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

0

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

0

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

1

Db Inventory 23250

Cr Cash 23250

Purcahse 1

2

Db Inventory 25600

Cr Cash 25600

Purchase 2

3

Db Cash 131200

Cr revenue 131200

Sales

4

Db Cost of goods 62650

Cr Inventory 62650

Cost of goods

5 0

3 years ago

How did railroad technology improve profits for companies? . . . a. It resulted in faster and cheaper long-distance shipping.. b

labwork [276]

It resulted in faster and cheaper long distance shipping and this was the way the railroad technology helped to improve profits for companies. The correct option among all the options that are given in the question is the first option or option "a". I hope it helped you.

4 0

3 years ago

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