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mojhsa [17]
3 years ago
11

For the following questions, you need to determine whether each of the four factors given creates a positive demand shock, a neg

ative demand shock, a positive supply shock, or a negative supply shock for the market in bold. For example, if you are told, "Automobile workers receive higher wages: automobiles," you would indicate that the supply of automobiles will decrease due to higher input costs, and the supply curve will shift to the left.
Business
1 answer:
Levart [38]3 years ago
8 0

Answer:There will be negative shift in demand and a negative shift in supply.

Explanation:The increase in workers wages is a is a major determinant the inluences the cost of production.It therefore stand to reason that if the cost production in increasesd by workers wages,then the total cost of production will equally be increased leading to an increase in price of the product in question.The increases will be passed on the consumers in a form of higher prices which will eventually reduce tje demand for the product and hence a negative shift in demand and supply.

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B. $1,500 F

Explanation:

                                          Flexible    Planning     Activity  

                                          Budget     Budget      Variance

Customer served (q)             17             20  

Travel expense ($500q)   $8,500     $10,000     $1,500 (Favorable)

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3 years ago
Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2018: Factory rent $ 42,000
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Answer:

Results are below.

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<u>1) Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.</u>

<u></u>

Direct material= Thread + Premium quality cotton material + Buttons

Direct material= 1,000 + 42,000 + 750

Direct material= $43,750

<u>2) Direct labor is production or service labor that is assigned to a specific product, cost center, or work order.  </u>

Direct labor= Wages paid to seamstresses  + Wages paid to cutters Direct labor= 75,000 + 50,000

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<u>3) Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured</u><u>.</u>

Manufacturing overhead= Factory rent + Utilities for factory + Cutting room supervisor's salary + Factory insurance + Depreciation on sewing machines

Manufacturing overhead= 42,000 + 22,000 + 30,000 + 15,000 + 6,000

Manufacturing overhead= $115,000

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Total manufacturing costs= $283,750

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Prime cost= 43,750 + 125,000

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6) Conversion cost= direct labor + MOH

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Conversion cost= $240,000

7) <u>Period costs are not directly tied to the production process</u>. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

Period costs= Company advertising + Depreciation on salespersons' vehicles + President's salary

Period costs= 18,000 + 25,000 + 75,000

Period costs= $118,000

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