Answer and explanation:
Product costs are those that are linked to the manufacturing of a good such as direct materials, direct labor, and overhead. Period costs are not involved directly in the manufacturing process but are important for the business. Examples of period costs are administrative wages, sales commissions, or depreciation. Thus:
A) <em>Sales salaries </em>(Period Costs)
B) <em>Paper used for the magazine </em>(Product Cost)
C) <em>Maintenance on printing machines </em>(Product Cost)
D) <em>Depreciation expense-corporate headquarters </em>(Period Cost)
Answer:
Beckett Co received $ 10.699,65
Explanation:
We have to determnate the balance of the invoice after the returned and the discount granted. We also have to receive the freight from the customer as we prepaid them to refund this amount against the customer:
invoice balance:
11,700 nominal less 1,350 return = 10,350
discount granted: 10,350 x 1% = (10.35)
freight refund <u> 360 </u>
total cash proceeds: 10.699,65
If I am correct your missing answer is Post Secondary Education
Answer:
The ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors is known as <u>COMPARATIVE ADVANTAGE</u>, what makes it such a powerful insight?
- D) It explains why if individuals, firms, and countries specialize and trade they will be better off
Explanation:
The Heckscher Ohlin theory of comparative advantage states that a country must produce the goods for which they have an abundance of factors of production, e.g. countries with a lot of land can produce agricultural products. When a country is able to produce goods at a comparatively lower price than other countries, they will be able to trade and benefit from it.
Benefits from trade are obtained not by absolute advantages in the production of goods, but by producing goods with a comparative advantage, i.e. lower opportunity cost.
For example, country A can produce 100 bushels of corn and 50 bushels of wheat. Country B can produce 50 bushels of corn and 35 bushels of wheat.
- country A's opportunity cost of producing 1 bushel of corn = 50/100 = <u>0.5</u> bushels of wheat
- country A's opportunity cost of producing 1 bushel of wheat = 100/50 = 2 bushels of corn
- country B's opportunity cost of producing 1 bushel of corn = 35/50 = 0.7 bushels of wheat
- country B's opportunity cost of producing 1 bushel of wheat = 50/35 = <u>1.43</u> bushels of corn
Even though country A has an absolute advantage in the production of corn and wheat, it will benefit from trade only if it specializes in the production of corn and imports wheat. On the other hand, country B will benefit from trade if it specializes in the production of wheat and imports corn.
Answer and Explanation:
Material participation in the business is when involvement in the business activity exceeds 500 hours during the year. Furthermore, if the activity is a significant activity of participation and the number of aggregate hours worked in all such activities exceeds 500 hours per year, of that kind participation is also construed as material participation.
Therefore, the participation of John and Jeff would be considered as material.
