Answer:
Quantity supplied and Supply schedule
Explanation:
Quantity supplied is the amount or number of the quantity of the commodity or the product that the producers are willing to sell at a specific price and at a particular time.
In short, it is defined as the amount of the goods, the businesses offer at the particular price.
The supply schedule is the schedule or the chart which states the product which the supplier have to produce in order to meet the demands of the customers.
In short, it is the table or the chart which states the quantity being supplied at the different prices in the market.
Answer:
$2,460,000
Explanation:
For computing the cost of the goodwill, first we have to calculate the fair value of the net asset which is shown below:
The fair value of net asset = The fair market value of assets + excess value of land - the fair market value of liabilities
= $6,940,000 + $414,000 - $2,740,000
= $4,614,000
And, the purchase value of Sun land is $7,074,000
So, the goodwill would be
= $7,074,000 - $4,614,000
= $2,460,000
Answer:
monopolistic competition
Explanation:
An increase in competition, decreases the firms share of market and hence qty supplied will fall and will lead dis-economies of scale.
This will lead to the price increase.
An increase in population, would lead to higher qty demanded, given share of the firm and competition, production costs will fall.
An annual reporting period consisting of any twelve consecutive months is known as Fiscal year.
The government and enterprises utilize a fiscal year (FY), usually referred to as a budget year, as the time frame for accounting to create annual financial accounts and reports. A fiscal year may not end on December 31 and is made up of 12 months or 52 weeks.
Government accounting, which differs between nations, and budgeting employ a fiscal year. Additionally, it is employed by companies and other organizations for financial reporting.
Companies and workplace groups use a fiscal year, which is a 12-month period, to submit, review, and communicate their financial accounts, budgets, and objectives. This period of time need not follow the conventional January to December calendar year pattern. Every company has a unique nature when it comes to generating revenue and succeeding.
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According to the given statement The cost of merchandise sold for the year is $284.
<h3>What is periodic inventory system with example?</h3>
Examples of periodic systems include recording beginning inventory and treating all purchases as credits. Businesses instead do a physical count at the end and reconcile their accounts based on this rather than recording their unique sales during the period to debit.
<h3>What is periodic inventory control system?</h3>
Physical counts are used in periodic inventory systems to measure the inventory levels. After every sale or buy, the perpetual method updates inventory records continuously while keeping track of the inventory balance. Compared to larger merchants, small business owners with lower inventories gain more from periodic systems.
<h3>Briefing:</h3>
Cost of merchandise sold = Beginning finished goods inventory + Inventory purchased during the period - Ending finished goods inventory
Cost of merchandise sold = $115 + $543 - $374
Cost of merchandise sold = $284
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