Answer;
Cost of goods manufactured = Cost of finished goods available for sale - Beginning inventory of finished goods.
Cost of goods sold = Cost of finished goods available for sale - Ending finished goods
a. Cost of goods manufactured = Cost of finished goods available for sale - Beginning inventory of finished goods.
331,000 = a - 64,900
a = 331,000 + 64,900
= $395,900
b. Cost of goods sold = Cost of goods manufactured - Ending finished goods
b = 395,900 - 76,800
= $319,800
c. Cost of goods manufactured = Cost of finished goods available for sale - Beginning inventory of finished goods.
c = 178,600 - 18,800
= $159,800
d. Cost of goods sold = Cost of finished goods available for sale - Ending finished goods
d = 178,600 - 37,500
= $141,100
e. Cost of goods manufactured = Cost of finished goods available for sale - Beginning inventory of finished goods.
65,800 = 103,400 - e
e = 103,400 - 65,800
= $37,600
f. Cost of goods sold = Cost of finished goods available for sale - Ending finished goods
- missing figure (ending finished goods).
Answer: B. The firm hires 45 workers and earns a $1,200.00 Economic Profit
Explanation:
If the Market Equilibrium rate is $105 then the company should hire 45 workers as shown in the table.
If they did that, revenue would be $7,425
Expenses would be wages and fixed costs:
= Wages + fixed costs
= (45 workers * wage rate) + 1,500
= (45 * 105) + 1,500
= $6,225
Economic profit would be:
= 7,425 - 6,225
= $1,200
Answer: Understatement, $30,900
Explanation:
There will be an UNDERSTATEMENT of McGinnis' net income for the most recent fiscal year of $30,900.
The Understatement arises because as of year end which is June 30th, McGinnis were not paid for their services that cost $40,900 and instead will only be paid on the 8th of the next month so it was not accounted for in the net income.
The reason the net income understatement is $30,900 and not $40,900 is because McGinnis will still have to account for the payment to it's employees. If in a five day week they earn $12,500, that would mean that they earn $2,500 a day (12,500/5). Seeing as June ended on a Thursday, that is a 4 day week which means $2,500*4= $10,000.
That $10,000 will reduce the net income by that amount.
The net effect is a $30,900 UNDERSTATEMENT.
Answer:
<em>The Constitution contains the most important rules of our political system. It protects the rights of the people inside the country, and it explains their obligations. </em>
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