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3 years ago

In 1 or 2 sentences, describe why sellers in a perfectly competitive market have no control over price.

1 answer:

8 0

Because in a perfectly competitive market, the sellers have to fluctuate how much their product cost based on how the majority of how products like his or hers sell for in or around his or her area of business.

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Smith Corporation makes and sells a single product called a Pod. Each Pod requires 3.0 direct labor-hours at $11.20 per direct l

nordsb [41]

Answer:

$792,960

Explanation:

Data provided

Number of pods = 23,600

Direct labor hours = 3

Direct Labor Rate per hour = $11.20

The computation of Budgeted direct labor costs is shown below:-

Budgeted Direct labor Cost = Number of pods × Direct Labor Hours required per pod × Direct Labor Rate per hour

Budgeted Direct labor Cost = 23,600 × 3 × $11.20

= $792,960

3 0

3 years ago

(True) or (False)? A long-term liability that has a portion of it due in the current year should have part reported on the balan

QveST [7]

Answer:

True

Explanation:

The liability that has an obligation to pay the debt within 12 month is known as the current liabilities but the obligation to pay the debt above 12 months is known as long term liability

So if the portion of its due in the current year so the same is considered as current liability and rest would be recorded as a long term liability

Hence, the given statement is true

4 0

2 years ago

True or False: Homeowners in states like Texas or Florida may have to purchase special insurance based on their home's geographi

zlopas [31]

True, it’s a good idea because it helps protect your home and other assets

3 0

2 years ago

Read 2 more answers

The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.Raw Materials Invento

konstantin123 [22]

Answer:

A) cost of goods manufactured schedule

Factory Insurance 4,700

Factory Utilities 29,100

Factory Machinery Depreciation 19,000

Direct Labor 147,750

Plant Manager`s Salary 65,600

Indirect Labor 26,560

Factory Property Taxes 9,810

Factory Repairs 1,600

Add Beginning Work in Process Inventory 26,800

Less Closing Work in Process Inventory (22,300)

Cost of Goods Manufactured $308,620

B) income statement through gross profit

Sales Revenue 564,000

Less Sales Discounts (4,700)

Net Sales 559,300

Less Cost of Goods Sold :

Finished Goods Inventory 98,200

Add Cost of Goods Manufactured 308,620

Less Closing Finished Goods Inventory (26,100) (380,720)

Gross Profit 178,580

C) current assets section of the balance sheet at June 30,2017

Current Assets

Raw Materials Inventory 46,000

Work in Process Inventory 22,300

Finished Goods Inventory 26,100

Accounts Receivable 27,100

Cash 35,600

Total Current Assets 157,100

Explanation:

Raw Materials Consumed in Production Calculation

Open a Raw Materials T - Account as follows :

Debit :

Opening Balance $51,100

Purchases $97,500

Totals $148,600

Credit :

Closing Balance $46,000

Requisitioned for Production (Balancing figure) $102,600

Totals $148,600

3 0

3 years ago

Which recommendation would be most suitable for a 40-year old client whose main objective is retirement income and preservation

melisa1 [442]

Answer:

Fixed deferred annuity

Explanation:

Fixed deferred annuity is a form of saving investment where interest is paid on the invested amount at a rate set by the investment company and defined in the contract , and the interest can be deferred into the future till a withdrawal is made from the annuity contract.

Taxes are not paid but deferred until withdrawal which allows the opportunity to control when to pay taxes , a good investment sense for long term investment.

This makes it a good investment for a risk adverse investor who will not require investment income until later years but its main goal is retirement income and preservation of capital.

5 0

3 years ago