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2 years ago

True or false:

Business

1 answer:

Sedaia [141]2 years ago

5 0

Answer:

True

Explanation:

Monopolistic competition is a form of competition involving an industry in which products and services offered are similar but not perfect substitutes. This type of industry, is familiarized with customers in their everyday lives.

Monopolistic competition has characteristics between perfect competition and monopoly and firms involved have similar degrees of market power. Firms in this industry are also price makers as producers in this type of industry, have control over the pricing of their goods and services.

Demand is subject to changes in price, indicating that demand is highly elastic in monopolistic competition. Entry and exit barriers are low in a monopolistic competitive industry and decisions made by one firm, does not directly affect the decisions of its competitors.

Restaurants, hair salons, cleaning products are examples in this type of industry.

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Eastview Company uses a perpetual LIFO inventory system, and has the following purchases and sales:

Rom4ik [11]

Answer:

The value of cost of goods sold is $2,730 as shown below

Explanation:

The sale of 120 units made on January 17 is valued at $1,080 (120*$9) taking from stock purchased last on January 1

The sale of 160 units on January 29 is valued at $1,650 (150 units*$11) taking the items purchased last on January 20

The cost of goods sold =$1,080+$1,650

Cost of goods sold=$2,730

The value of closing inventory=30*$9+10*$11

=$270+$110

=$380

Hence value of costs of good sold is $2,730 while closing inventory is valued at $380

7 0

3 years ago

The process of dividing work activities into separate job tasks is known as ________.

Dmitrij [34]

The process of dividing work activities into separate job tasks is known as division of labor.

The separation of tasks inside any economic system or organization is known as the division of labor, allowing members to specialize

People, groups, and nations are given or learn to acquire specialized talents, and they either join forces or trade to benefit from the additional powers of others.

Equipment, natural resources, talents, and training are all examples of specialized capabilities, and it's frequently crucial to have a combination of these assets working together.

For instance, a person can specialize by getting the right equipment and learning how to use it, just as a company might specialize by getting specialized machinery and employing or training expert personnel.

The basis for commerce and the origin of economic interdependence is the division of labor.

Learn more about specialize here:

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5 0

1 year ago

In the audit of notes payable, an auditor testing the ASB balance assertion of accuracy and valuation most likely would: _______

MariettaO [177]

Answer:

I think it's c

Explanation:

6 0

2 years ago

Marcelino Co.’s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are

Setler [38]

Answer:

A journal entry was prepared to record the transactions of Marcelino Company during the month of April with the scheduled cost of goods.

Explanation:

Solution

The first step is to take is preparing a journal entries to record the transactions of Marcelino Company during the month of April.

(a) JOURNAL ENTRIES OF MARCELINO COMPANY

Job 306 Job 307 Job 308 April Total

Balances on 31st

March

Direct materials 29000 35000 64000

Direct labor 20000 18000 38000

Applied overhead 10000 9000

(b)

Costs during April

Direct materials 135000 220000 100000 455000

Direct labor 85000 150000 105000 340000

Applied overhead 42500 75000 52500 170000

Cost of Manufacturing 32150 507000 257500 1086000

Status on April 30 Finished (sold)Finished (unsold)In process

April Profit Statement

Manufacturing Cost 1086000

Less Closing WIP job 306 257500

Less Finished goods 307 507000

ADD overhead under applied 5000

Cost Of Goods sold 326500

Sales Value 635000

Gross Profit 308500

OverheadActualy incured

Indirect material 50000

Indirect labor 23000

Factory rent 32000

Factory Utility 19000

Factory equipment 51000

OverheadActualy incured 175000

Overhead applied 170000

Overhead under applied 5000

We create another Journal for Marcelino Company

Journal Credit Debit

Material Control 500000

Account Payable 500000

Overhead control 175000

Overhead payable 175000

Wage Control 363000

Wage Payable 363000

Work in progress 455000

Material Control 455000

Work in progress 340000

Direct labor 38000

Work in progress 170000

Applied overhead 170000

Overhead under applied 5000

Cost of Goods sold 5000

Finished Goods 507000

Work in progress 507000

5 0

2 years ago

Which of the following describes the results of an increase in supply on price and quintity in the market?

Furkat [3]

Answer:

This question is incomplete. However, I found the full question with choices from the web ;

Which of the following describes the results of an increase in supply on price and quantity in the market?

a.) Both price and quantity increase

b.) Both price and quantity decrease

c.) Price increases and quantity decreases

d.) Price decreases and quantity increases

e.) Insufficient information

Explanation:

If the supply of a product or service increases in the market, it means that there will be an increase in the quantity of that product/service. Due to the interplay of the law of demand and supply, competition among suppliers will increase, driving the price down. Therefore, there will be a fall the equilibrium price and increase in quantity , making choice D correct.

7 0

3 years ago