Answer:
Inventory is an Asset.
Explanation:
Inventory is an asset because when a company buys an asset, they are investing in it, because they will sell it and make revenue/profit from it.
Answer:
Explanation:
To find the income elasticity we first must recall the formula
which is the percentage change in quantity when income increases in one percent.
From the demand curve we can find 
by taking derivative of Q with respect to Y: 
Next we need to know what is the income at the equilibrium quantity of 1300, which we can back out from the data given in the question
Then
Bills accounting profit is
equals to revenue ($250,000) minus explicit (monetary) cost (50,000 and
30,000), while his economic profit is equals to accounting profit minus
implicit (opportunity) cost (3,000 and 100,000). Accounting profit is $170,000
and Economic profit is $67,000.
<span>Economic profit is always lower
than accounting profit because explicit costs and implicit costs are both
deducted to revenue. Implicit costs are cost that he should have earned if he
gives up his present resources. These costs are projected cost and are not yet
incurred.</span>
Knowledge management comprises a range of practices concerned with increasing awareness, fostering learning, speeding collaboration and innovation, and exchanging insights of individuals, teams, or entire organizations.
Answer:
$255,500
Explanation:
Prepare a Cost of Goods Manufactured Schedule to determine the cost of goods manufactured.
<u>Cost of Goods Manufactured Schedule</u>
Direct material used $ 75,000
Direct labor $ 93,000
Applied manufacturing overhead $ 70,000
Add Beginning work-in-process inventory $130,000
Less Ending work-in-process inventory ($112,500)
Cost of goods manufactured $255,500
