Answer:
False
Explanation:
The assertion is false that when LIFO is used with the periodic inventory system, cost of goods sold is assigned costs from the most recent purchases at the point of each sale, rather than from the most recent purchases for the period.
Under this method it is <u>at the end of the accounting year that the Inventory account is adjusted to equal the cost of the merchandise that is unsold.</u>
It is important to note that under LIFO periodic (not LIFO perpetual) <u>we wait until the entire year is over before assigning the costs. </u>Then we flow the year's last costs first, even if those goods arrived after the last sale of the year.
Answer:
Elastic demand
Unit elastic demand
Inelastic demand
Explanation:
Elasticity of demand measures the degree of responsiveness of quantity demanded to changes in price.
Elasticity of demand = percentage change in quantity demanded/ percentage change in price.
Denand is elastic if when price is increased, the quantity demanded changes more than the increase in price. Quanitity demanded is more sensitive to changes in price.
If price is increased, the quantity demanded falls and as a result the total revenue earned by sellers falls.
The elasticity of demand is usually greater than 1 when demand is elastic.
Demand is unit elastic if a change in price has the same proportional change on quantity demanded. The coefficient of elasticity is equal to one.
If price is increased, the quantity demanded changes by the same proportion so there's no change in total revenue of sellers.
Demand is inelastic if a change in price has little or no effect on quantity demanded.
Coefficient of elasticity is usually less than one.
If price is increased, there is little or no change in the quantity demanded and as a result the revenue earned by sellers increase.
I hope my answer helps you
Answer:
transferred out = 1550 units
Explanation:
given data
beginning WIP inventory = 600 units
received = 1,500 units
end of month with process = 550 units
to find out
transferred out
solution
we get here transferred out by the given equation that is
Units in Work in process at the end of the month = Beginning WIP inventory + Units receive or started - transferred out ..................1
put here value we will get
550 = 600 + 1500 - transferred out
transferred out = 1550 units
Answer:
A.
Explanation:
Economic systems refers to the different ways in which a government moves and distributes the resources that the country needs, including labor, capital, entrepreneurs, physical resources and information resources. That being said the two main characteristics that explains how they differ would be who owns the factors of production which are the 5 stated above, and the methods used to coordinate economic activity.
