Answer:
A. The market clearing price of the tickets is more than $480.
Explanation:
Market-clearing price is a level where the quantity demanded of a product matches or the quantity supplied. At this price, A product or service does not experience any surplus or shortages. It is the price where the demand curve and the supply curve intersect. The market-clearing price is the same as the equilibrium price.
As the price of $480, the demand for the show is at 6000, but supply is at 4000. There is a surplus in demand. The price of $480 is attractive to more people than supply can handle. Matching supply and demand would require the price to be set above the $480.
Answer:
A PURCHASE YOU DID NOT MAKE
Explanation:
I just took the quiz
A is correct, sales tax is the same for everybody in a state, no matter the income. Hope this helps!
Answer:
See explanations below.
Explanation:
1. Yes. Overhead should be applied to job W at year-end. Overhead is applied to every jobs whether or not they are completed at year end.
b. To calculate the amount of overhead to be applied to job W, we need to calculate first the overhead application rate based on direct labor cost through job V.
Direct labor cost. $8,000
Overhead applied $6,000
Overhead rate = [ Overhead applied / Direct labor cost ] × 100
= [6,000/8,000] × 100
= 75%
Overhead to be applied to job W
Direct labor cost $4,000
Overhead rate 75%
Overhead to be applied = $3,000
It therefore means that $3,000 should be applied to job W.
2. Because job W was not completed at the year end, it would then be included in the work in process inventory in the financial statements of Sigma Corporation at year end.
