Answer:
D. Treated as a loss in the period incurred.
Explanation:
The process-costing system is used by firms that produce goods that goes through a set of manufacturing departments i.e it's used when firms mass produce nearly identical or similar units through various processes.
Under process-costing system, direct costs of production are accumulated, summarized, and then assigned to all the units produced during the period.
Thus, a single product cost is calculated by dividing process cost in each manufacturing department by the respective units produced during the production period.
Some organizations that use the process-costing system are oil refineries, chemical processing companies, eraser manufacturing companies, and food production companies.
In a process-costing system, the cost of abnormal spoilage should be treated as a loss in the period incurred.
The abnormal spoilage refers to the cost exceeding normal level, associated with spoiled units of a manufacturing process. It should be treated as a loss in the period incurred because it cannot be recovered
Answer:
(C) Decrease No effect
Explanation:
at purchase:
30,000 shares x 16 dollars each:
Treasury stock 480,000 debit
Cash 480,000 credit
--purchase of own share--
Then we will decrease retained earnings for the difference in the cash proceed on the sale and our treasury stock.
30,000 x 12 dollars = 360,000 cash proceeds
treasury stock 480,000
decrease in RE 120,000
cash 360,000 debit
retained earnings 120,000 debit
Treasury Stock 480,000 credit
Answer:
The correct answer is option c.
Explanation:
A perfectly competitive market has a large number of buyers and sellers. The firms are price takers and the price is determined by the market forces. Thus the monopoly firms face a horizontal demand curve. This horizontal line represents price, average revenue, and marginal revenue. The equilibrium is obtained where price, (average revenue and marginal revenue) is equal to marginal cost. There is no restriction on entry and exit of firms in the long run. That's why firms face a break-even in the long run.
While in a monopoly market there is a single firm. This firm fixes price higher than marginal cost. The demand curve of the monopoly is a downward sloping showing relatively elastic demand. A monopoly firm can earn profits in both the short run as well as the long run.
I believe the answer to this question is "<span>A discrete random variable". </span>
The sales era was 1920s-1940s
