What economic system is demonstrated by the work at the New York Stock Exchange?

QuestionA baseball team is deciding where to celebrate their tournament victory. They decide between two restaurants by voting,

Damm [24]

Answer:

majority rule

Explanation:

4 0

3 years ago

Hart Company made 3,040 bookshelves using 22,040 board feet of wood costing $271,092. The company's direct materials standards f

kifflom [539]

1. a. The computation of the direct materials price variance is as follows:

= $2,204 ($12.20 - $12.30) x 22,040) Unfavorable

1.b. The computation of the direct materials quantity variance is as follows:

= $27,816 (24,320 - 22,040) x $12.20) Favorable

2. The direct materials variance that Hart will investigate further is the direct materials quantity variance, which is 10.3% ($27,816/$271,092 x 100) of the actual direct materials costs instead of the direct materials price variance, which is only 0.8% of the actual direct materials costs.

3. The journal entry to charge direct materials costs to Work in Process Inventory and record and close the materials variances are as follows:

a. Recording the Direct Materials Costs and Variances

Debit Work in Process $296,704 ($12.20 x 8 x 3,040)

Debit Direct Materials Price Variance $2,204

Credit Direct Materials Quantity Variance $27,816

Credit Raw Materials $271,092

To record the charge of direct materials to work in process based on standard cost.

b. Closing the Direct Materials Variances:

Debit Direct Materials Quantity Variance $27,816

Credit Direct Materials Price Variance $2,204

Credit Cost of Goods Sold $25,612

To close direct materials variances to the cost of goods sold.

Data and Calculations:

Units of bookshelves produced = 3,040

Feet of board used = 22,040

Cost of board feet of wood = $271,092

Per Unit Standard Actual

Price $12.20 $12.30 ($271,092/22,040)

Board feet 8 7.25 (22,040/3,040)

Learn more the computation of direct materials variances here: brainly.com/question/16048600

3 0

2 years ago

If firms can easily enter and exit a market, then A. firms will produce at minimum average cost in the short run. B. firms will

enyata [817]

Answer:

The correct answer is option C.

Explanation:

`If firms can easily enter and exit the market, then firms operating in the market will earn zero economic profit in the long run. This is because the short run is too short for firms to enter and exit so potential firms will enter and exit in the long run.

If the existing firms will be having negative profits, the firms having loss will exit the market. This will reduce market supply. As a result, the price level will increase. This will go on until all firms will have zero economic profits.

Similarly, if the existing firms are having positive economic profits in the long run, the other firms will enter the market. This will increase the market supply such that the price level decreases. This will go on till all the firms will be having zero economic profits.

5 0

3 years ago

Hi there !

Zanzabum

Answer:

Capital expenditures are typically one-time large purchases of fixed assets that will be used for revenue generation over a longer period while revenue expenditures are typically referred to as ongoing operating expenses, which are short-term expenses that are used in running the daily business operations.

6 0

2 years ago

Read 2 more answers

The margin of safety ratio is computed as actual sales divided by break-even sales. is used to determine the break-even point. i

max2010maxim [7]

Answer:

indicates what percent decline in sales could be sustained before the company would operate at a loss.

Explanation:

Since, Margin of safety ratio = Expected Sales - Break even sales

therefore,

The correct statement is : The margin of safety ratio indicates what percent decline in sales could be sustained before the company would operate at a loss.

8 0

3 years ago