<h3><u>Answer;</u></h3>
credit, debit, and debit, respectively
<h3><u>Explanation</u>;</h3>
Normal balance of sales; Credit
Normal balance of sales discount; Debit
Normal balance of sale returns and allowances; Debit
- A normal balance is the expectation that a particular type of account will have either a debit or a credit balance.
- The normal balance of sales is credit.
- The sales returns and allowances account is subtracted from sales because these accounts have the opposite effect on net income. Therefore, sales returns and allowances is considered a contra‐revenue account, which normally has a debit balance.
- The account Sales Discounts is referred to as a contra-revenue account. Therefore; its is debit balance.
Answer:
A. The USA specializes in potatoes because of its comparative advantage in producing potatoes.
Explanation:
US 1 ton of potatoes or 0.5 tons of wheat = 2
Ireland 3 tons of potatoes or 2 tons of wheat = 1,5
Answer:
Answer : Average Marginal Cost, Marginal Cost = $2
The total cost per hour of the janitorial service firm = $32
Explanation:
The janitorial firm only uses labour as an input to clean offices and there are no fixed costs. This implies that the total cost is only the variable cost.
Each worker can clean 4 offices in an hour, therefore the output of each labour is 4units per office cleaned. The price/wages paid to each worker isb $8 per hour.
The total cost per hour of the janitorial service firm is $8x4 = $32 (wxq)
Now to clean one more office, the time required will be 15minuites, because each worker can clean 4 offices in an hour. To clean one more office , each worker will be paid $2($8/4)
The variable cost/total cost, average variable cost and the marginal cost of cleaning one more office will be
Variable cost =w.q = 2q
Average Variable Cost = VC/q = 2q/q = $2
sine the marginal cost also varies directly as the average marginal cost , the Marginal Cost is $2
Answer:
$434
Explanation:
Net sales = $2,910
-Cost of goods sold = $1,560 (Working)
=Gross profit = $1350
-Operating expenses = $730
=Profit before Tax = $620
-Tax 30% = $186
=Net Profit/Net Income= $434
<u>Working</u>
Cost of goods sold = Cost of goods available for sale - Closing Inventory if LIFO is elected
Cost of goods sold = 2,430 - 870 = 1560
Answer:
Total manufacturing overhead cost for T05P <u>$</u>303,000
Explanation:
Using the ABC system, the amount of total manufacturing overhead cost would be assigned to Product T05P is:
1. 4,000 / 9,000 machine hours x $180,000.....$80,000
2. 90 / 250 set ups x $125,000............................$45,000
3. 1 / 2 products x $44,000....................................$22,000
4. 6,000 / 10,000 labor hours x $260,000......<u>$156,000</u>
Total manufacturing overhead cost for T05P <u>$303,000</u>