Answer:
the current price is below its equilibrium price
Explanation:
When the current price is below its equilibrium price, demand would exceed supply and a shortage would arise.
There is a surplus if quantity supplied exceeds quantity demanded. It usually occurs when price is above equilibrium price.
When quantity supplied is equal to quantity demanded, there's equilibrium.
I hope my answer helps you
Answer:
Allocated overhead = $704,200
Explanation:
Allocated overhead = overhead absorpton rate × labour hours
Overhead absorption rate = estimated overhead /estimated labour hours
= $( 330,000 + 300,000 + 46,000 + 330,000)/(3000+7000) labour hours
=$100.6 per hour
Overhead to be allocated to Product P99Y= $100.6
× 7000
= $704,200
Allocated overhead = $704,200
Answer:
C. The ability-to-pay principle.
Explanation:
According to my research on different tax methods, I can say that based on the information provided within the question this tax follows the ability-to-pay principle. This principle states that taxes should be levied according to a taxpayer's ability to pay. Since the tax in this situation is being placed on liquor, which is not a necessity, then it can be said that the buyer has the ability to pay the tax.
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Answer:
amount allocated to the work-in-process ending inventory $ 30,000
Explanation:
Spoilage is treated as abnormal loss.
Completed units of Finished goods = 5000 units (100% complete)
Abnormal loss units = 4000 units (100% complete as loss detected on completion)
Closing WIP units = 1000 units (100% complete in respect to material )
Total equivalent unit for material = 10,000 units
Total cost of material = $300,000
Material cost per equivalent unit = $ 30 per equivalent unit
Material cost in Closing WIP(1000 units @30) = $ 30,000