Answer:
True
Explanation:
In a perfectly competitive market, all producers sell identical goods or services. Additionally, there are many buyers and sellers. Because of these two characteristics, both buyers and sellers in perfectly competitive markets are price takers. Market price is set by the forces of demand and supply.
If the seller attempts to set his own price and sets it above the market price, the seller would lose all its customers and make zero sales.
If the seller attempts to set his own price and sets it below the market price, the seller would make losses .
I hope my answer helps you.
Answer:
$14,000
Explanation:
Sale made = Accounts Receivable on 30 June + Collections of accounts - Accounts Receivable on 1 June
= $15,000 + $25,000 - $10,000
= $30,000
Cost of goods sold = Sales made ÷ rate of mark-up on cost
= $30,000 ÷ 150% × 100%
= $20,000
Estimated cost of the June 30 inventory = Inventory Balance on June 1 + Purchases made during June - Cost of goods sold
= $18,000 + $16,000 - $20,000
= $34,000 - $20,000
= $14,000
The term used from the income statement to calculate turnover is (b) Sales
<h3>How to determine the term?</h3>
The turnover of property plant & equipment and receivables is calculated using
Turnover = Sales ÷ Average Inventory
The dividend in the above equation is Sales
Hence, the term used from the income statement is (b) Sales
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Answer:
c. $84,300.
Explanation:
The computation of the total cost of the land is shown below:
= Purchase cost of land + commission incurred + property taxes + title insurance
= $75,000 + $4,500 + $4,000 + $800
= $84,300
We simply added that costs which are related to the land i.e purchase cost, commission , property taxes ,and title insurance. The $1,000 cost should not be considered.
