Senator approxmire is Incorrect because the monopsonist's effective MRC curve becomes ABCD, which means that it<span> would choose to hire more workers, from L1 to L2, following the imposition of the minimum wage.
When monopsonist exist, the majority of workers within a certain area will be employed by a single entity. When we enacted minimum wage, indeed the company's salary expense will be increased, but this will goes along with the total productivity increased by the happy employees.</span>
Answer:
Explanation:
The journal entry to record the establishment of the fund on September 1 is:
Debit: Petty Cash. $460
Credit: Bank. $460
Being cash drawn for petty cash.
Other journal entry for the disbursement of the petty cash fund are:
1. Debit: Office Supplies. $94
Credit: Petty cash. $94
Being cash paid for office supplies
2. Debit:Merchandise inv. $170
Credit: Petty Cash. $170
Being cash paid for merchandise inventory
3. Debit: Miscellaneous exp. $43
Credit : Petty cash. $43
Being cash paid for miscellaneous expenses.
Option D. The term relevant range is the range over which Cost relationships are approximately linear.
<h3>What is relevant range?</h3>
This is the term that is used to refer to the assumption that the cost relationships are valid.
What this means is that the existing relationship between cost and any activity are linear, in a straight line.
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Answer:
1. $590
2. $9.83
Explanation:
1.
Total Number of Direct Labor Hours:
= Total Labor Cost ÷ Labor Rate Per Hour
= 150 ÷ 15
= 10 Hours
Total Overheads:
= Total Number of Direct Labor Hours*Predetermined Overhead Rate
= 10 × 21
= 210
Total Manufacturing Cost = 230 + 150 + 210
= $590
2.
Average Cost:
= Total Manufacturing Cost ÷ Number of Units
= 590 ÷ 60
= $9.83
