<h2>Goods & services is an example of "economic activity".</h2>
Explanation:
Economic activity is basically an action pertaining to production, distribution and consumption of goods.
Any activity which involves money for which we get products are called "economic activity".
Exchange of Product / services which involves money can be considered as economic activities.
Out of box information:
In the ancient days, people get product for another product and this was going on when the currency was not invented.
The word economy was coined by "Aristotle".
Answer:
a. $1,375
b. $1,240
Explanation:
FIFO method
FIFO assumes that the inventory to arrive first will be sold first. Inventory values depend on earlier purchases
Inventory = 185 x $5 + 75 x $6
= $1,375
LIFO method
LIFO assumes that the inventory to arrive last will be sold first. Inventory values depend on recent purchases
Inventory = 130 x $7 + 55 x $6
= $1,240
Answer:
$6,300
Explanation:
The computation of expenses that can be deducted is shown below:-
Expenses that can be deducted = Fee paid for club after getting contract(for 5 months) + Replacement cost + Travelling
= ($1,000 × 5) + $500 + $800
= $6,300
Therefore for computing the expenses that can be deducted we simply add Fee paid for club after getting contract, replacement cost and travelling and the rest amount is not relevant for computation.
Answer:
b. $(132,000)
Explanation:
west
Sales 478500
less: variable costs 327300
Contribution margin 151200
less: Traceable fixed costs <u>147600</u>
Effect on net operating income 3600
company present net operating
loss is (-159600 + 31200) -128400
less: Dropping the west Division
would reduce net operating
income by 3600
The overall company net
operating loss would be -132000
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