Answer:
The operating income for the year is $97,000
Explanation:
For computing the operating income, first, we have to calculate the cost of goods sold. The formula to compute the cost of good sold is shown below:
= Beginning merchandise inventory + Purchases during the year - Ending merchandise inventory
= $33,200 + $92,000 - $35,000
= $90,200
Now, the operating income would be
= Sales - the cost of good sold - selling and administrative expenses
= $262,900 - $90,200 - $75,700
= $97,000
Answer:
SUPPLY
LAW OF SUPPLY
Explanation:
Supply is the buyer's ability & willingness to sell at a given price, period of time.
Law of Supply states : Positive relationship between price & quantity demanded, other factors remaining constant. It implies higher price increases supply, lower price decreases supply (other factors same)
<span>The answer is d. quantity demanded equals quantity supplied</span>
Answer:
These costs are called overhead cost.
Explanation:
Costs that are incurred as part of the manufacturing process but are not clearly associated with specific units of product or batches of production, including all manufacturing costs other than direct material and direct labor costs, are called overhead cost. These costs can not be associated with specific product so they are allocated to product cost based on estimation.
These cost include accounting fees, advertising, depreciation expense insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities
These costs are futher divided in two categories that is variable overhead cost and fixed overhead cost.
An industry in which numerous price-taking firms produce identical products.
