Answer:
A competitive price-searcher market is a market where there are low entry or exit barriers, and the suppliers can determine the price of their products. Some economists believe that this type of market is inefficient because the suppliers are not able to sell enough output in order to minimize their average costs. Since the demand is very elastic in price searcher markets, any price change will cause a drastic change in the quantity demanded.
Price searcher markets share a lot of similarities with perfect competition markets, the main difference is that suppliers and consumers are not price takers. This means that any supplier can change their sales output by changing their price, which leads to greater competition.
Answer:
Target costing
Explanation:
Target costing is a demand-based pricing strategy in which the budget is determined based on a target cost that is stablished according to the customer's willingness to pay. The cost of production added to the desired profit margin should not surpass the customer's willingness to pay in order for this method to be applied.
Answer:
Dr Work in Process 574,000
Dr Manufacturing Overhead 163,000
Cr Wages Payable 737,000
Explanation:
Preparation of the journal entry to record the direct and indirect labor costs incurred during the year
Based on the information given the appropriate journal entry to record the direct and indirect labor costs incurred during the year will be :
Dr Work in Process 574,000
Dr Manufacturing Overhead 163,000
Cr Wages Payable 737,000
(574,000+163,000)
(Being to record direct and indirect labor costs incurred )
Answer:
d. Assets understated by $670.000, liabilities understated by $234,500 and shareholders' equity understated by $435,500
Explanation:
Assets in Inventory will be understated by $670.000, this will also understate the tax payable to authorities by $234,500 because profits will be understated and equity will be understated by $435,500.
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