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3 years ago

If demand shifts to the right when income increases, we can conclude that the good is:_____

Business

1 answer:

11111nata11111 [884]3 years ago

7 0

Answer:

A normal good

Explanation:

Normal goods are goods that are demanded as income level rises. With a higher income level, a rational consumer is expected to have more purchasing power and demand more of a good that is considered normal (hence the name).

Goods that are demanded less as income rises are termed inferior goods. They are the direct opposite of normal goods.

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allatin County Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1 and operated at 100% o

vodomira [7]

Answer:

Sales 2,600,000

Less Cost of Goods Sold

Opening Stock 0

Add Cost of Goods Manufactured

Direct materials 1,218,000

Direct labor 522,000

Variable factory overhead 87,000

Fixed factory overhead 130,500

Less Closing Stock (350×(1,957,500/4,350) (157,500) (1,800,000)

Gross Profit 800,000

Less Expenses

Selling and administrative expenses:

Variable selling and administrative expenses (60,000)

Fixed selling and administrative expenses (25,000)

Net Income 715,000

Explanation:

Product Cost (Absorption Costing) = Direct Materials + Direct Labor + Variable Overhead + Fixed Overheads

Period Cost (Absorption Costing) = All Non- Manufacturing Overheads

7 0

3 years ago

When a tax is placed on a product, it’s_________increases, so it’s_________ may decrease. People react to the higher prices by b

Ivan

Answer:

The answer is product, sales, similar products.

Explanation:

Hope This Helps.

4 0

2 years ago

dupe's age and olu's add upto 25 years. Eight years ago , dupe was twice as old as olu. how old are they now?

Bas_tet [7]

Dupe's present age = 14 years

Olu's present age = 11 years

Explanation:

Let Dupe's age be x. Let Olu's age be y. Since their ages add up to 25 years, x + y = 25
Eight years ago Dupe's age was double that of Olu's age. Solving by simultaneous equations. Four methods are Elimination Method, Graphical Method, Substitution Method, and Matrix Method. Let us try out Elimination method for solving a pair of simultaneous linear equations that reduces one equation to one that has only a single variable. Once this has been done, the solution is the same as that for when one line was vertical or parallel.
Therefore, eight years ago, Dupe's age was 6 and Olu's age was 3 so that x=2y becomes, 6=2*3. Eight years hence, x=6+8=14 and y=3+8=11. That makes, x or Dupe's age as 14 years and y or Olu's age as 11 years.

6 0

4 years ago

During its first year in business, Comfy Home accounted for its inventory using the last in first out (LIFO) method. In the seco

Dmitry [639]

Answer:

Consistency principle

Explanation:

Accounting principles are defined as the general rules of.axcpunting that businesses are expected to follow when reporting financial information.

Accounting principles include:

- Accrual principle

- Conservatism principle

- Consistency principle

- Cost principle

- Economic entity principle

- Full disclosure principle

- Going concern principle

- Matching principle

- Materiality principle

- Monetary unit principle

- Reliability principle

- Revenue recognition principle

- Time period principle

Consistency principle requires one the continue using an accounting method consistently for future accounting periods so that information can be easily comparable.

In the given scenario the accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason.

This is an example of consistency principle

5 0

3 years ago

Chip used the local yellow pages to compile a random sample of 100 small businesses to take part in his experiment about hiring

mel-nik [20]

From the given description, Chip is using an experimental design called (A) matching.

Matching is a type of experimental design where the researcher divide his or her samples into two groups of treatment conditions, which serves to ensure that before the treatment, both groups have the samples with the same characteristics, thus ensuring that the results of the experiment would not be influenced by any confounding variables that the samples have.

Chip is doing this to ensure that samples that have been influenced by other variables which determine their decision to hire are distributed evenly in both the experimental and control group.

5 0

3 years ago