Answer:
Closing Inventory would be standing at $10000
Explanation:
The cost that forms part of the cost of inventory are all those production costs that are necessary to convert it into finished goods which in this case is:
Production cost = All direct costs are production costs
And
All Direct Cost = $7000 Direct Mat + $9500 Production Workers Wages + $8500 Direct Utilities bills = $25000
And the production cost incurred was for 5000 units which means the unit production cost was $5 ($25000 / 5000 units).
So closing inventory value would be = 2000 closing inventory units * $5
= $10000
Answer:
The correct answer is option D.
Explanation:
Suppose technological advancement has helped in decreasing the cost of producing organic produce. This means that the farmers can now produce more at the same cost. As a result, the supply of organic produce will increase. This will cause a rightward shift in the supply curve.
At the same time, the demand for organic produce has increased. This will lead to a rightward shift in the demand curve.
The rightward shift in both demand and supply curve will lead to an increase in the equilibrium quantity. The change in the price level depends on the extent of the change in demand and supply.
Answer:
Option B
Explanation:
In simple words, avoidable costs refers to those expenditures which can be avoided by the management of the business if they want to as such expenditures are usually made for additional support.
Irrelevant costs include factors which will not be impacted by a management action, whether positively or negatively. Consequently, unnecessary factors, such as static overhead as well as sunken factors, are overlooked in making the choice. Nonetheless, in addition to ultimately save the company it is important for a management to be able to discern an insignificant expense.
Answer:
D. $605,500
Explanation:
At the end of 2014, the Retained Earning balance was $533,000. This serves as our beginning balance for the year 2015.
Furthermore, Dividends are expected to be paid out, i.e. a deduction on the balance sheet.
Retained Earnings on the 2015 budgeted balance sheet = Beginning Balance + Expected Net Income - Expected Dividend
=533,500+112,000-40,000
=$605,500
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