Answer:
price-taking assumption.
free entry assumption.
Explanation:
A perfectly competitive market is one in which different firms compete for consumers of their products. The characteristics of the perfectly competitive market are:
- products are nearly identical
- all the firms are price takers. That is they are not able to determine price independently
- buyer knowledge of information about products is perfect and available to all
- free entry and exit to the market
- resources are perfectly mobile
In the given scenario above two of these rules are not obeyed.
Alcoa was effectively the sole seller of aluminum because the firm owned nearly all of the aluminum ore reserves in the world.
So they determine the price ( they are not price takers)
Also since they own nearly all the aluminium reserves there is no free entry for new firms
Option A. 300000.
The four main ways to account for inventory are specific identification, first in first out, last in first out, and weighted average methods.
The retail inventory method is an accounting method used to estimate the value of a store's merchandise. The retail method provides the ending inventory balance for a store by measuring the cost of inventory relative to the price of the merchandise.
The FIFO method is the most popular inventory method because it's the one that most closely matches the actual movement of inventory for most businesses. This method assumes that the first products you acquired will be the first that are sold.
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Answer:
Ratio analysis
Explanation:
Financial statements are used to show the assets, liabilities, revenues, expenses, and owners equity of a business entity within a given time frame.
Income statement is revenue less expense within a given period. While the balance sheet shows the financial position of a business at a particular point, that is its assets, liabilities, and owner equity.
Information form financial statements are analysed by the use of ratio analysis to gain a better understanding of financial condition of an organisation.
Ratio analysis compares the magnitude of line items within financial statements to determine liquidity, profitability, solvency and operational efficiency of a business.
For example current ratio shows how well a business can use its current assets to settle its current liability, this is a liquidity ratio.
<span>Sales revenue on January 1, 2016 would be recorded as $515,000 becasue if the amount if paid today that is the amount that would be received. For every day that follows sales revenue would be calculated by the following equation (515,000+(.08*515,000/365)</span>