1. In the first scenario given above, THE PRODUCT IS NOT HOMOGENEOUS.
Different schools offer different courses at different levels for different categories of students. Each student will have to find the school that is suitable for him. Thus, the products in this market are not the same.
2. In the second scenario given above, THE MARKET MEET ALL THE CRITERIA REQUIRED FOR A COMPETITIVE MARKET.
The product is homogeneous, the buyers are many and the sellers also are many. For a market to be considered competitive, the buyers and the seller must be many, the products must be homogeneous and there must be free entry and exist.<span />
The term is "selection".
Paul B. Baltes was a German therapist whose expansive scientific plan was dedicated to building up and advancing the life-span orientation of human advancement. He was likewise a scholar in the field of the psychology of aging. Baltes was born in 1939 and died in 2006 at the age of sixty-seven.
Its is true that the cost of land owned by a business is recorded in the Land account and this account is classified as an expense.
<h3>
What is an expense?</h3>
An expense is referred to as the operating cost or capital of a business. It is all the money spent in the production process. It is recorded in the income statement.
This includes the cost of purchasing land used for the business.
Therefore, the cost of land owned by a business is recorded in the Land account and this account is classified as an expense.
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Answer:
B) $30,500
Explanation:
Calculation for Kapanga's work in process inventory balance at the end of October
First step is to calculate the Variable Overheads
Variable Overheads = 150% × $5,000
Variable Overheads = $75,000
Now let calculate work in process inventory balance using this formula
Work in process inventory balance = Direct Material + Direct Labor + Variable Overheads
Let plug in the formula
Work in process inventory balance= $ 18,000 + $ 5,000 + $ 7,500 = $ 30,5000
Work in process inventory balance= $30,500
Therefore Kapanga's work in process inventory balance at the end of October will be $30,500
<u>Calculation of Abburi Company’s manufacturing overhead:</u>
It is given that company's manufacturing overhead is 60% of its total conversion costs. And Conversion cost is a sum of Direct Material and Direct Labor costs. Hence we can say that:
Manufacturing overhead = (Direct Material + Direct Labor Costs)*60%
= (26600+40000)*+60%
= 39960
Hence, Abburi Company’s manufacturing overhead is<u> $39,960</u>