A prototype includes ________ in a category. an exemplar includes ________ in the category.
1 answer:
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Answer: $320
Explanation:
The Profit as the question shows is the Total Revenue less the total cost.
Total Revenue.
This will be the amount of goods sold multiplied by the price they are sold at.
The monopolist maximises output where Marginal Revenue equals Marginal Cost which from the graph is 4 units.
The price they sell at is the intersection of this quantity with the demand curve which is at $120.
Total Revenue = Units Sold * Price
= 4 * 120
= $480
Total Cost
The total cost will be the average cost per unit multiplied by the number of units sold. The relevant average cost is the cost associated with the maximised out of 4 units which according to the graph is $40.
= Average cost * number of units
= 40 * 4
= $160
Profit = 480 - 160
= $320
Answer and Explanation:
1. The computation of overhead rate based on direct labor cost is shown below:-
Overhead rate = Overhead applied × 100 ÷ Direct labor cost
= 888 × 100 ÷ 1,200
= 74%
2. The Preparation of job-order cost sheet for the four jobs is shown below:
Particulars Job 86 Job 87 Job 88 Job 89
Beginning balance $6,888 $6,820
Direct materials $3,000 $7,000 $2,100 $1,500
Direct labor $800 $6,000 $900 $500
Applied overhead
is 74% of direct labor $592 $4,440 $666 $370
Total $11,280 $24,260 $3,666 $2,370
3. The computation of ending balances of Work in Process and Finished Goods is shown below:-
Work in process of Job 88 = $3,666
Finished goods = Total of Job 86 + Total of Job 89
= $11,280 + $2,370
= $13,650
4. The computation of the Cost of Goods Sold for March is shown below:-
Cost of goods sold is
= Job 87
= $24,260
