The equilibrium price and quantity increases
Answer:
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Explanation:
Answer:
95% of 55 trucks will have weights between 5915.5 lbs and 6084.5 lbs
Explanation:
Complete question:
Crossett Trucking Company claims that the mean weight of its delivery trucks when they are fully loaded is 6,000 pounds and the standard deviation is 310 pounds. Assume that the population follows the normal distribution. Fifty-five trucks are randomly selected and weighed. Within what limits will 95% of the sample mean occur
- Subtract 1 from sample size to find degree of freedom(df). Here sample size is 55,so
df= 55-1= 54
- To determine α, subtract confidence interval from 1 and then divide by 2. Here confidence interval is 95% or 0.95, so
α= (1-0.95)/2= 0.025
- Use t-distribution table(see attachment) to find t-value for α=0.025 and df=54. So t=2.021(since df=54 is not listed in the table, I have used the table row corresponding to the next lowest value of df that is 40)
- divide sample deviation, 310, by root of sample size that is 55. So,
= 41.8
- Now multiply the answers from last two steps 41.8 × 2.021= 84.5
- lower limit= 6000-84.5=5915.5
- upper limit= 6000+84.5=6084.5
95% of 55 trucks have weights between 5915.5 lbs and 6084.5 lbs
Answer:
$25,000
Explanation:
The value of inventory at the end of the end of the period will be equal to
Value of inventory = Cost of goods sent less the cost of goods already sold.
<em>Remember the arrangement is that of agency, hence the goods are not deemed to be sold except the agent has been able to exchange them for revenue in a sales contract with his own buyers.</em>
Also the sales commission would be reported under a separated ledger which will be reported as part of the operating expenses.
Amount of inventory = $105,000 - $80,000
= $25,000
Answer:
Job K818 selling price is $363,30
Explanation:
The first thing we have to do is to calculate the fixed overhead rate. So if the company predetermined fixed manufacturing over cost is $162,000 and we calculate the rate based on direct labor-hours and direct labour hours are 60,000, the fixed overhead rate would be $2.7 per hour ($162,000/60,000 hours)
Job K818 consists of 10 units.
It used $920 in materials and cost $1400 in direct labor.
It took 50 labour hours. So overhead is:
Variable: 50*$2.8=140
Fixed: 50*$2.7=$135
Total cost of Job K818 is $920+$1400+$140+$135= $2595
Unit cost of Job K818= $259,50
Price of Job K818= $259.5*1.4= $363.30