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weqwewe [10]
3 years ago
8

"Other things equal, when the price of a good rises, the quantity demanded of the good falls, and when the price falls, the quan

tity demanded rises." This relationship between price and quantity demanded a. applies to most goods in the economy. b. is represented by a downward-sloping demand curve. c. is referred to as the law of demand. d. All of the above are correct
Business
1 answer:
Daniel [21]3 years ago
6 0

Answer:

d. All of the above are correct

Explanation:

Demand refers to the quantities of a product that buyers are willing to purchase at a given price over time. The relationship between demand and price is explained in the law of demand. The law asserts that everything else remaining constant, the demand for a product is indirectly related to its price.

The demand curve illustrates the relationship between price and demand for a service or product. The curve is downward sloping showing how the quantity demanded changes with changes in price. Most goods will behave as per the demand curve. However, inferior goods tend to behave differently. An increase in income reduces the demand for an inferior product.

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Work in Process, May 31 (75,000 units, 100% complete for direct materials; 20% complete for conversion costs). Costs incurred in
Anettt [7]
The answer may be 5 but roynd to the nest 10
6 0
3 years ago
Colil Computer​ Systems, Inc., manufactures printer circuit cards. All direct materials are added at the inception of the produc
Natasha2012 [34]

Answer:

D. $246,000

Explanation:

As per the given question the solution of direct material cost assigned to good units​ completed is provided below:-

To reach Cost transferred out we need to follow some steps which is following below:-

Step 1. Cost per unit = cost of material used ÷ Units started

= $300,000 ÷ 12,500

= $24

Now,

Step 2. Goods units completed = Started units × Cost per unit

= 6,250 × $24

= $150,000

Step 3. Normal spoilage = Cards units × Cost per unit

= 4,000 × $24

= $96,000

and finally

Cost transferred out = Goods units completed + Normal spoilage

= $150,000 + $96,000

= $246,000

To reach allocation of Cost transferred out we simply put the values into formula.

7 0
3 years ago
Pincus Associates uses the allowance method to account for bad debts. During 2021, its first year of operations, Pincus provided
Gemiola [76]

Answer:

What journal entry did Pincus record to write off uncollectible accounts during 2021

Dr Allowance for Uncollectible Accounts $ 6,300

Cr Accounts receivable $ 6,300

What journal entry did Pincus record to recognize bad debt expense for 2021?

Dr Bad Debt Expense $ 8,040

Cr Allowance for Uncollectible Accounts $ 8,040

Explanation:

Pincus provided a total of $156,000 of services on account.  

Dr Accounts receivable $ 156,000

Cr Sales $ 156,000

In 2021, the company wrote off uncollectible accounts of $6,300  

Dr Allowance for Uncollectible Accounts $ 6,300

Cr Accounts receivable $ 6,300

By the end of 2021, cash collections on accounts receivable totaled $132,300.  

Dr Cash $ 132,300

Cr Accounts receivable $ 132,300

Balances on Accounts 31.12.2012 before adjustment  

Accounts receivable CREDIT $ 17,400

Allowance for Uncollectible Accounts DEBIT $ 6,300

Pincus estimates that 10% of the accounts receivable balance at 12/31/2021 will prove uncollectible.  

Dr Bad Debt Expense $ 8,040

Cr Allowance for Uncollectible Accounts $ 8,040

If the company applies the allowance method, it means that the account Allowance for Uncollectible Accounts must show as balance the % of estimated value.

Because the company already has a DEBIT balance ($6,300) in the Allowance for Doubtful Accounts  it's necessary to register an entry that COMPLEMENT ($8,040) the existing value and reflect the value estimated as bad debts ($1,740).

Bad Debt Expense = $8,040 - $6,300 = $1,740

It's necessary to reflect $1,740 in the Allowance for Uncollectible Accounts as Credit, so we need an entry of $8,040.

7 0
3 years ago
Which of the following is the term used to describe costs which change day to day, week to week and month to month based on busi
sergij07 [2.7K]

Answer:

Variable costs

Explanation:

Variable costs is the term that describes business costs that vary with the production level. An increase in output increases the variable costs. Variable costs are progressive and increase or decrease with the production volume.

Examples of variable costs include raw material and distribution costs. Variable costs contrast with fixed costs, which remain constant throughout a financial period.

7 0
2 years ago
Photo Framing's cost formula for its supplies cost is $1,070 per month plus $17 per frame. For the month of November, the compan
Ainat [17]

Answer:

$311 unfavorable

Explanation:

The computation of the spending variance is shown below:

= Actual  supplies cost - flexible supplies cost

where

Actual supplies cost is $11,700

And, the flexible supplies cost would be

= Actual level of activity × price per frame + supplies cost per month

= 607 frames ×$17 + $1,070

= $10,319 + $1,070

= $11,389

Now put these values to the above formula  

So, the value would equal to

= $11,700 - $11,389

= $311 unfavorable

4 0
3 years ago
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