Answer:
$19,090
Explanation:
LIFO assumes that the last units to arrive will be sold first. Therefore, the cost of goods sold will be based on later (recent) prices.
Therefore,
Cost of Sales = 390 units x $35 + 170 x $32 = $19,090
Answer: Option B
Explanation: A perfect competition market structure is the one in which there are several number of buyers and sellers having complete knowledge and operating at a small level.
Several buyers and sellers in a single market makes it impossible for an individual to affect the price on its own and every participant have to accept the price determined by market forces of supply and demand.
Thus, option A is correct.
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Answer:
If Concord Corporation purchase from outside it total cost will increase by $4500.
Explanation:
Cost of producing the units using current production:
Direct Material Cost $21000
Direct Labour Cost $5500
Variable Overhead Cost $19000
Total Cost of Production $45500
So, Purchase cost minus production cost
Gives $50000 - $45500 increase in cost purchase over production by $4500
Note:
Fixed cost is irrelevant for Concord Corporation either purchase or produce it will remain same.