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3 years ago

What is one difference between a firm in a perfectly competitive industry and a firm in a monopolistically competitive industry?

Business

1 answer:

____ [38]3 years ago

5 0

Answer:

Letter b is correct. A monopolistically competitive firm faces competition from firms producing close substitutes.

Explanation:

Monopolistic competition is an economic situation that occurs when companies exhibit imperfect competition, that is, companies market similar but not identical products, which characterize them as substitute but not perfect substitute products.

Products may have different variables, such as quality, price and reputation in the market. The greater the degree of product differentiation, the more price control the company will have.

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Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at th

masha68 [24]

Answer:

Materials = 44,000

Conversion = 40,800

Explanation:

Step 1 Determine the Number of Closing Work In Process Units

Closing Work In Process Units = Opening Work In Process Units + Units started in process - Units transferred out

= 6,000 + 38,000 - 36,000

= 8,000

Step 2 Determine the equivalent units for March 2019

Materials :

Note : Materials are added at the be-ginning of the process, therefore Units Transferred Out and Closing Work In Process are 100% complete in terms of materials

Closing Work In Process Units - 100% = 8,000

Units transferred out - 100% = 36,000

Total equivalent units = 44,000

Conversion :

Note : Ending work-in-process was 60% processed, therefore 60% completed in terms of conversion costs

Closing Work In Process Units - 60% = 4,800

Units transferred out - 100% = 36,000

Total equivalent units = 40,800

7 0

3 years ago

The Assembly Department produced 1,000 units of product during March. Each unit required 1.25 standard direct labor hours. There

frutty [35]

Answer:

Debit Work in process for $15,625

Debit Direct labor time variance for $625

Credit Direct labor rate variance for $650

Credit Wage payable for $15,600

Explanation:

Before preparing the journal, the following calculations are done first:

Wage payable = Actual hours * Actual rate per hour = 1,300 * $12 = $15,600

Direct labor time variance = (Actual hours - Standard hours) * Standard direct labor rate = (1,300 - (1,000 * 1.25)) * $12.50 = $625 Unfavorable

Note: Direct labor time variance is Unfavorable because Actual hours is greater than Standard hours.

Direct labor rate variance = (Actual rate - Standard rate) * Actual hours = ($12 - $12.50) * 1,300 = -$650 Favorable

Note: Direct labor rate variance if Favorable because Actual rate is lower than the Standard rate.

Work in process = Wage payable + Absolute value of direct labor rate variance - Direct labor time variance = $15,600 + $650 - $625 = $15,625

The journal entries will now look as follows:

Date Particulars Debit ($) Credit ($)

Mar. 31 Work in process 15,625

Direct labor time variance 625

Direct labor rate variance 650

Wage payable 15,600

(To record the direct labor in the Assembly Department.)

4 0

3 years ago

Splish Brothers Inc. sold its accounts receivable of $70,300. What entry should Splish Brothers make, given a service charge of

Bingel [31]

Please help me! This is due tomorrow and I really need some help! Thank you.

8 0

3 years ago

g Corporation's cost formula for its bungalow operating cost is $2,960 per month plus $326 per day. For the month of December, t

Advocard [28]

Answer: $942 U

Explanation:

Budgeted cost was $2,960 per month plus $326 per day and there were 18 days of actual activity.

Budgeted cost = 2,960 + 326 * 18

= $‭8,828‬

Variance = Budgeted cost - Actual cost

= ‭8,828‬ - 9,770

= -$942

Budgeted cost is less than Actual cost which means the Variance is UNFAVORABLE.

5 0

3 years ago

Title to a certain real property is being held in a trust as collateral for a loan. What kind of deed will the trustee use to co

Shkiper50 [21]

Answer: Reconveyance deed

Explanation: A Reconveyance deed is used to indicate that a borrower has paid his loan or debt in full. A Reconveyance deed is issued by the trustee or lender to signal the transfer of title to the original owner after he or she must have satisfied the term of loan issued by the trustee. A Reconveyance deed is usually notarized containing a legal description of the property and its parcel number.

4 0

3 years ago