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Reil [10]
3 years ago
5

At a price of $200, a cell phone company manufactures 100000 phones. At a price of $300, the company produces 300000 phones. Wha

t is the price elasticity of supply? (Round your answer to two decimal places.)
Business
1 answer:
valkas [14]3 years ago
4 0

Answer:

2.5

Explanation:

P1=$200

P2=$300

S1=100000

S2=300000

The percentage change in price is:

\Delta P =\frac{300-200}{\frac{200+300}{2}}=0.4=40\%

The percentage change in supply is:

\Delta S =\frac{300000-100000}{\frac{100000+300000}{2}}=1=100\%

The price elasticity of supply is given by:

E=\frac{\Delta S}{\Delta P}=\frac{100\%}{40\%}=2.5

The price elasticity of supply is 2.5.

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Koczela Inc. has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 28,000 $ 23,0
astraxan [27]

Answer:

COGS= $241,000

Explanation:

<u>First, we need to calculate the cost of goods manufactured with allocated overhead:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 28,000 + 68,000 + 98,000 + 72,000 - 23,000

cost of goods manufactured= $243,000

<u>Now, we determine the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 57,000 + 243,000 - 61,000

COGS= $239,000

<u>Finally, we close the under/over applied overhead to COGS:</u>

<u></u>

Under/over applied overhead= real overhead - allocated overhead

Under/over applied overhead= 74,000 - 72,000

Underapplied overhead= $2,000

<u>We need to debit COGS and credit overhead:</u>

COGS     2,000

   Manufacturing overhead      2,000

COGS= 239,000 + 2,000

COGS= $241,000

5 0
3 years ago
Unlike merchant wholesalers, ___________ never actually own the goods they help to distribute. rack jobbers retailers cash-and-c
ANEK [815]
The correct answer is agents and brokers. Agents and brokers are considered to be a non-manufacturing traders by which they sell, buy, or even facilitate the traded products of which the goods that they sell are not theirs or they didn't actually owned it.
6 0
3 years ago
If you wanted to make sure a company has enough money available to pay its bills, which financial statement would be most helpfu
LenaWriter [7]

Answer:

D. Cash flow statement

Explanation:

A cash flow statement refers to a financial statement which is used to record and summarize the amount of liquid assets (cash and cash equivalents) entering and leaving a business entity.

Cash flow can be defined as the net amount of cash and cash-equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;

1. Operating cash flow: all cash generated from the business activities of an organization.

2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.

3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.

Hence, if you want to make sure a company has enough money available to pay its bills, the financial statement which would be most helpful is the cash flow statement because it is used to measure and analyze how well the company is doing financially in terms of generating revenue to pay its bills and debts.

5 0
3 years ago
The payroll register of Ruggerio Co. indicates $10,500 of social security withheld and $2,625 of Medicare tax withheld on total
Anna [14]

Answer:

From the information provided

Federal rate tax of earnings = 30000 × 0.6%

= 30000 × 0.006

= 180

State rate tax of earnings = 30000 × 5.4%

= 30000 × 0.054

= 1620

Medicare taxes = 2625

Social security taxes = 10500

Total payroll tax expenses = Medicare taxes + social security taxes + state rate tax on earnings + federal rate tax on earnings

= 10500 + 2625 + 180 +1620

= $ 14925

THUS,

JOURNAL ENTRY

___Accounts_______Debit ($)____Credit ($)

Payroll Tax Expense__ 14925

Social Security Payable___________ 10,500

Medicare Payable________________2625

FUTA Payable ___________________180

SUTA Payable ___________________1620

6 0
3 years ago
Read 2 more answers
On its year 1 financial statements, Seatax Corporation, an accrual-method taxpayer, reported federal income tax expense of $570,
Nookie1986 [14]

Answer: $570000

Explanation:

The book-tax difference, that's associated with its federal income tax expense that Seatax should have reported when computing its year 1 taxable income will be $570000.

It should be noted that the $570000 for the book tax difference is permanent as it isn't reversible for.the next fiscal period.

7 0
2 years ago
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