McKinnon Enterprises owns a professional ice hockey team, the Rockford Penguins. The company sells season tickets for its upcomi
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Answer:
Kindly find the complete questions attached.
a) 325,000 units were transferred to finished goods
direct materials 171,053
direct labor 85,526
factor overhead 68,421
(b) February's equivalent units of production was 445,000 units :
direct materials 234,211
direct labor 117,105
factor overhead 93,684
(c) the cost of direct material introduced into production during February was $234,211
(d) The cost of direct labor introduced into production in February was $35,132
(e) The factory overhead application rate was 80% of Direct Labor
(f ) Of the total cost (beginning inventory plus additional production cost), allocation to
ending work in process is 120,000 units costing $80,211
(g) Of the total cost (beginning inventory plus additional production cost), transfer to finished goods inventory is $217,237
(h) February's gross profit is $373,363
Please review the attached for detailed workings and presentation of the answers
Answer:
The equilibrium price will increase
Explanation:
Equilibrium price is defined as the price at which the quantity demanded and quantity supplied are equal.
At this point there is no excess demand or supply, they are both equal.
I'm the given scenario the new rice diet that is being marketed in the U.S. as a cure for cancer will lead to increase in demand for rice.
While a flood that affects the rice crop in California will reduce the ability of suppliers to supply. Leading to reduced quantities supplied to the market.
This results in increased prices for the now scarce rice in the economy
It is illustrated in the attached diagram where price increases from P1 to P2.
The new equilibrium quantity is Q1
