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den301095 [7]
3 years ago
15

2. Distinguish between economic and non-economic wants.

Business
1 answer:
bulgar [2K]3 years ago
4 0

Answer:

Difference among the economic wants and the non- economic wants is shown below:

Explanation:

Wants is the term which is described as the desires for the things that the person or an individual may or may not actually require or needed.

a. Economic wants

1. Economic wants are those wants which generally known as the desires and are usually satisfied or fulfilled after taking or consuming he service, goods or in other cases leisure.

2. Economic wants is spending money in order to satisfy the want or the desire.

b. Non - economic wants

1. Non- economic wants are those wants which are generally the human needs, that is required or needed to be satisfied without involve the monetary cost or the value.

2. It might involve the water, air.

3. These are those wants that could be fulfilled without spending the money.

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Answer:

Finished goods inventory final balance= 12, 495

Explanation:

PRODUCTION COST COMPONENTS

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TOTAL PRODUCTION COST = 32,585

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UNIT COST= (Total Production Cost / Total Units Produced) = 32,585 / 6,650 = 4.9  

FINAL GOODS INVENTORY = (Total Units Produced – Total Units Sales) = 6,650 – 4,100 = 2,250

FINAL GOODS INVENTORY AMOUNT = (Final goods Inventory * Unit Cost) = 2,250 * 4.9 = 12,495

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If a company is using the accrual basis accounting method, when should it record its earned revenue?
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Taxes levied on the sale, manufacture or use of specific items such as liquor, cigarettes, and gasoline are known as
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