Answer:
73,000 units
Explanation:
The computation of equivalent units for conversion costs is shown below:-
Equivalent units = Units transferred ÷ Finished goods + (Units in closing Work in progress × Percentage of completion)
= (8,000 + 69,000 - 5,000) + (5,000 × 20%)
= 72,000 + 1,000
= 73,000 units
Therefore for computing the Equivalent units we simply applied the above formula.
Production possibilities curve between the two goods will be a straight, downward-sloping line if the opportunity cost rise.
<h3>What is production possibilities curve?</h3>
The production possibilities curve serves as graph that display the relationship between the resources and the output that can be produced.
Therefore, when the opportunity cost that exists between two goods, there will be. downward slope as regards the production possibilities curve.
Learn more about production possibilities curve at;
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Option C
the family size of the firm's target market would be part of the sociocultural forces in a firm's external environment
<u>Explanation:</u>
To achieve and grow, organizations must modify, utilize, and agree with the authorities in their external environments. Sociocultural environmental forces cover opinions, views, customs and traditions, practices, and lifestyles. Social factors involve reference groups, family, position, and status in the community.
Family is a particular reference group and can execute the most crucial role in shaping the purchasing decisions of themselves. Staying aware of and obtaining the major reference groups, persons or family formations in a community and construction marketing on them can improve small businesses achieve victory.
Consumer income has no correlation with the equilibrium price of a product. Thus the price will c. Not change
Explanation:
When the consumer income increases, they will be able to buy a product more if they require it and if they do not require it they are able to spend that money or save it up as they please to.
As equilibrium price of a product is completely dependent upon supply and demand correlation.
The income of the consumer has little to do with it unless a relation between increased income and increased demand is established, there is little evidence to show that there will be a fluctuation in the prices of the grass seed in this case.
Answer:
a. Inventory Turnover = 5.299 times or 5.30 times
b. Days in Inventory = 69 days
Explanation:
a)
To calculate the inventory turnover, we first need to find out the avergae inventory. The average inventory is calculated by adding the opening and the closing inventory and dividing the sum by 2.
- Average Inventory = (35750 + 63500) / 2 = $49625
The inventory turnover is,
- Inventory Turnover = Cost of Sales / Average Inventory
- Inventory Turnover = 263000 / 49625 = 5.299 times or 5.3 times
b)
Days in inventory is the period for which, on average, the inventory is kept and sold completely.
We can calculate days in inventory simply by dividing the number of days for which we are calculating the ratio for, say in this case one years or 365 days by the inventory turnover ratio we calculated.
Days in inventory = 365 / 5.30 = 68.8679 or 69 days
