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Wittaler [7]
3 years ago
15

(Table: Cherry Farm) Use Table: Cherry Farm. If Hank and Helen have one of 100 farms in the perfectly competitive cherry industr

y and if the price is $5, in the short run the industry will supply _____ pounds.

Business
1 answer:
Dmitry_Shevchenko [17]3 years ago
6 0

Answer:

500

Explanation:

please find attached the table referred to in this question and a second table where marginal cost is included

A perfect competition is characterised by many buyers and sellers of homogeneous goods and services. Market prices are set by the forces of demand and supply.

in a perfect competition, price = marginal cost = marginal revenue

Marginal cost = total cost 2 - total cost 1

e.g. marginal cost at 2 units of output = $7 - $2 = $5

Hank and Helen would supply at the point  where marginal cost is equal to $5.

looking at the second attached table, there are two points where marginal cost is equal to $5. at output 1 and output 5.

at output one, Hank and Helen would be earning a loss because total cost is greater than total revenue. so they would not supply at this point.

at output five, Hank and Helen would earn a profit and thus would supply at 5 units of output.

Since all firms face and identical cost structure, the industry supply would be 100 x 5 = 500 pounds

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Answer:

A. Prepare a bank reconciliation at July 31.

                                        Crane Video Company

                                             Bank Reconciliation

                                                        July 31

Cash balance per bank statement                             $7,263

Add: Deposits in transit                                                 1300

                                                                                      8,563

Less: Outstanding checks                                              591

Adjusted cash balance per bank                                $7,972

Cash balance per books                                             $7,284

Add: Collection of N/R ($700 plus

accrued interest $36 less collection

fee $20)                                                                          716

                                                                                       8,000

Less: Bank service charge                                               28

Adjusted cash balance per books                               $7,972

B. Journalize the adjusting entries at July 31 on the books of Crane Video Company.

The adjusting entry would be,

Date           Account Title                         Debit        Credit

Jul 31         Cash                                         716

                 Miscellaneous Expense           20

                 Notes Receivable                                         700

                 Interest Revenue                                            36

(to record Collection of N/R ($700 plus accrued interest $36 less collection fee $20)

31              Miscellaneous Expense            28

                 Cash                                                                28

(to record bank service charge)

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Total Direct Labor Spending Variance

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= $17,340 - $16,005

= $1,335 favorable

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