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EleoNora [17]
3 years ago
6

When a firm is operating in a perfectly competitive labor market the wage the firm increases with the number of workers hired. t

he firm can buy as much or as little labor as it wants at a fixed, going wage rate. the firm’s marginal expense of labor (MEL) equals the cost of all workers hired.
Business
1 answer:
djverab [1.8K]3 years ago
7 0

Answer: When a firm is operating in a perfectly competitive labor market: <u>"the firm can buy as much or as little labor as it wants at a fixed, going wage rate."</u>

Explanation:

1-  "the wage the firm increases with the number of workers hired" - Is incorrect because The salary paid by the company is treated as a constant salary.

2- Correct.

3- "the firm’s marginal expense of labor (MEL) equals the cost of all workers hired." is  incorrect because the firm’s marginal expense of labor (MEL) is equal to the salary (wage) rate.

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It’s D

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The units of an item available for sale during the year were as follows: Jan. 1 Inventory 40 units at $165 $6,600 Aug. 13 Purcha
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Answer:

a. FIFO - Inventory Used: $39900  Remaining Inventory: $14700

b. LIFO - Inventory Used: $41700 Remaining Inventory: $12900

c. Weighted Average Cost - Inventory Used: $40950 Remaining Inventory: $13650

Explanation:

Jan 01. Beginning inventory = 40 x $165 = $6600

Aug 13. Purchases 200 x $180 = $36000

Nov 30. Purchases 60 x $200 = $12000

Ending inventory = 75 units

Inventory Used = 300 – 75 = 225

(a) First-In-First-Out (FIFO)

This is the method where the inventory first received is the one that is used first. Common method when the inventory is perishable and would be wasted if left too long.

Inventory Used:

40 x $165 = $6600

185 x $180 = $33300

Total = $39900

Remaining Inventory:

15 x $180 = $2700

60 x $200 = $12000

Total = $14700

(b) Last-In-First-Out

Method whereby the inventory received latest is used first. Common in goods that are bulky. the inventory on top (latest purchased) is used first.

Inventory Used:

60 x $200 = $12000

165 x $180 = $29700

Total = $41700

Remaining Inventory:

40 x $165 = $6600

35 x $180 = $6300

Total = $12900

(c) Weighted Average Cost

This is whereby you divide the cost of goods sold by the number of units available for sale.

54,600 / 300 = $182

Inventory Used: 225 x $182 = $40950

Remaining inventory = 75 x $182 = $13650

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