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jek_recluse [69]
2 years ago
5

Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in t

he raw materials account was $24,000 and the ending balance was $44,000. Raw materials purchases during the month totaled $71,000. Manufacturing overhead cost incurred during the month was $115,000, of which $2,800 consisted of raw materials classified as indirect materials. The direct materials cost for May was:
Business
1 answer:
Alisiya [41]2 years ago
3 0

Answer:

$48,200

Explanation:

The computation of the direct material cost for the month of May is shown below:

Direct materials cost = Beginning raw materials inventory + purchases made  - Ending balance of raw materials - Indirect materials

= $24,000 + $71,000 - $44,000 - $2,800

= $48,200

Hence, the direct material cost for the month of May is $48,200

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Total revenue:
pishuonlain [190]

Answer:

remains unchanged as price increases when demand is unit elastic.

Explanation:

Total revenue = price × quantity

Demand is elastic when a small change in price has a greater effect on the quantity demanded.

If price is increased and demand is elastic, quantity demanded would fall more than the increase in price and total revenue falls.

Demand is inelastic if a small change in price has little or no effect on quantity demanded.

If price is increased and demand is inelastic, change in quantity demanded would be less than changes in price. As a result, total revenue would increase.

Demand is unit elastic if a change in price has an equal proportional effect on quantity demanded. The elasticity of demand always sums up to one.

If price is increased and demand is unit elastic, there would be no change in total revenue.

I hope my answer helps you

5 0
3 years ago
In the country of Wiknam, the velocity of money is constant. Real GDP grows by 3 percent per year, the money stock grows by 8 pe
vaieri [72.5K]

Answer:

(a) 8%

(b) 5%

(c) 4%

Explanation:

According to the classical quantity theory of money,

Money supply × Velocity = Price Level × Real GDP

Money supply denoted by M

Velocity is denoted by V

Price level is denoted by P

Real GDP is denoted by Y

Therefore,

Change in M + Change in V = Change in P + Change in Y

Since, we know that V is constant, so V = 0

∴ Change in M = Change in P + Change in Y

(a) Nominal GDP = Price × Real GDP

Change in P + Change in Y = Change in Nominal GDP = Change in M

Change in M = 8%, it is given in the question.

Therefore, Change in Nominal GDP = 8%

(b) Change in M = Change in P + Change in Y

      8% = Change in P + 3%

Change in P = 8% - 3%

                     = 5%

We know that change in price level is the inflation rate. Hence, the inflation rate is equal to the 5%.

(c) Real interest rate is the difference between the nominal interest rate and  the inflation rate.

Real interest rate = Nominal interest rate - Inflation rate

                             = 9% - 5%

                             = 4%

6 0
3 years ago
A company's competitive advantage will not endure for long when that competitive advantage can be
Tanya [424]
Quickly or easily duplicated by other companies
4 0
3 years ago
Bailey Company's flexible budget cost formula for indirect materials, a variable cost, is $0.60 per unit of output. If the compa
kolezko [41]

Answer:

$4,600

Explanation:

Standard rate = $0.60

Unit produced = 9,000

Favorable spending variance = $800

Material spending variance = [Standard rate - Actual rate) * Unit produced

Material spending variance = [Standard rate*Unit produced - Actual rate*Unit produced

$800 = [$0.6*9000) - Actual cost

Actual cost = [$0.6*9000) - $800

Actual cost = $5,400 - $800

Actual cost = $4,600

4 0
2 years ago
Which of the following correctly indicate a difference between M1 and M2? Check all that apply. Fiat money Savings deposits Comm
Julli [10]

Answer:

Savings deposits

Explanation:

M1 and M2 are monetary aggregates that represent different classifications of the money supply.

M2 as a monetary aggregate, includes all the types of money included in M1, plus other money types like savings deposits, and money-market deposit accounts.

In other words, while savings deposits are included in M2, they are not included in M1.

3 0
3 years ago
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