Answer:
Part 1
Absorption Costing Net Income = $760,700
Part 2
Income under absorption costing will be: Lower than income using variable costing
Explanation:
The difference in net income under absorption costing and variable costing is because of fixed costs that are in closing inventory.
If we are given net income under one method we can find the net income under the other method by performing a reconciliation as follows :
Reconciliation of Variable Costing Income to Absorption Costing Income
Variable Costing Net Income $767, 200
Add fixed cost in closing stock (4, 700 × $2.50) $11,750
Less fixed costs in opening stock (7, 300 × $2.50) ($18,250)
Absorption Costing Net Income $760,700
Answer:
firms originate, produce, and market their products and services worldwide.
Explanation:
Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.
Some examples of international economic organizations involved in global economy and trade are;
World Trade Organization (WTO).
United Nations (UN).
International Monetary Fund (IMF).
Global competition exists when firms originate, produce, and market their products and services worldwide.
Answer:
The correct answer would be option A, Conduct primary research for firsthand information.
Explanation:
As George is asked to make a presentation documenting about the customers' reaction about the company's recent release of hand held GPS device. His company launched the GPS hand held devices and now the company wants to know the customers' feedback. So the best method is to conduct a primary research. Primary Research will include collecting the data about the likeness or dis likeness of the GPS devices directly from the customers who are using it. This would serve as the firsthand information and it should be included in the presentation that George is preparing.
