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3 years ago

An increase in the price of milk causes a decrease in the demand for cereal. The two products are

Business

2 answers:

Alika [10]3 years ago

7 0

Complements is the answer

antoniya [11.8K]3 years ago

4 0

The correct answer is B. Complements

Explanation:

In economics and related, the term "complements" is used to describe products or services that are closely related as these are often consumed together. Due to this, the increase or decrease in demand, supply or price will often affect complements similarly.

This concept applies to milk and cereal because many people consume these two products together; also, an increase in the price of one causes a decrease in the demand of the other as people are less likely to buy cereal if milk is more expensive and vice versa. Thus, the two products are complements.

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Which of the following is NOT considered a step in activity-based costing?

statuscvo [17]

Answer: C. Identify a single overhead rate as the predetermined overhead rate.

Explanation:

Activity based costing works by assigning indirect and overhead costs to the activities that caused the costs to be incurred and then assigning those activities to the products those activities helped produce such that indirect and overhead costing is more accurate.

The steps involved include, tracing and allocating overhead costs to activity coat pools, identifying and classifying the major activities involved in the manufacture of specific products, and assigning overhead costs to products based on cost drivers.

It does not include identifying a single overhead rate as the predetermined overhead rate. This is a step is in Standard Costing.

4 0

3 years ago

What is a hot question? And why are they all really old? Like from last year?

Liula [17]

R u hot that's a hot questions

4 0

4 years ago

Better Houses, Inc. has been contracted to build an addition on the Joyners' house. It built half of the addition and then unexp

topjm [15]

Better Houses, Inc. has been contracted to build an addition on the Joyners' house. It built half of the addition and then unexpectedly announced that it was not going to finish the job. Such a desertion of work is called "Abandonment of contractual obligations".

<h3>What is contractual obligations?</h3>

Contractual obligations are responsibilities that each party is bound by law to fulfill under the terms of the agreement.

Each contract involves one or both parties exchanging anything of value in connection with a variety of duties, such as goods, services, money, etc.

Elements of a Contract are-

Offer: An offer was made when one of the parties pledged to carry out or refrain from carrying out a specific action in the future.

Promise of consideration: A promise of something of value in return for the intended conduct or inaction. This can be demonstrated by a substantial outlay of resources, a promise to provide a service, a commitment not to do something, or reliance on the promise. The incentive for the parties to enter into the agreement is known as consideration.
Acceptance: The offer was unmistakably accepted. Acceptance can be demonstrated through words, actions, or by carrying out the contract's requirements. In general, the terms of the acceptance must match those of the offer. If not, the acceptance is interpreted as a counteroffer and rejection.

To know more about the contractual obligations, here

brainly.com/question/22433474

#SPJ4

8 0

2 years ago

During the year, direct labor costs of $30,000 were incurred, manufacturing overhead totaled $42,000, materials purchased we

andriy [413]

Answer:

Total Manufacturing Cost = $96,347

Explanation:

Total manufacturing cost include all the costs related directly to the production, and does not include any indirect costs, or cost of selling and administration.

Thus, for the information provided we have,

Since not provided assumed no opening and closing inventory.

Total manufacturing cost =

Direct Labor Cost $30,000

Add: Manufacturing Overhead $42,000

Add: Materials Purchased $27,000

Less: Indirect Material included = ($2,653)

Total Manufacturing Cost = $96,347

4 0

4 years ago

During its fiscal year, a Pension Trust Fund buys 1,000 shares of stock, for which it pays $33,000. At year end, the stock has a

zysi [14]

Answer: d. the investment should be reported at a value of $28,000.

Explanation:

Investments should be recorded at their fair value in the financial statements. If a loss is made but the company is still holding on to the investment then the loss is unrealized which is the case here.

When there is an unrealized loss, it is to be debited to the Unrealized loss account and credited to the investment account to show that it is reducing. This will then leave the balance of the investment account at the fair value which in this case is $28,000.

7 0

3 years ago