Answer:
$7.38
Explanation:
The average cost method recalculates a new cost per unit with each and every purchase made. This new costs would then be used to calculate the costs of goods sold and inventory value.
Average cost per unit = Total Costs ÷ Units available for sale
= (200 x $7 + 800 x $7 + 600 x $8) ÷ 1,600
= $7.375 or $7.38
The average cost per unit for May is $7.38
Answer: below
Explanation:
- The sawdust should be sold as is without being processed into Presto
Logs.
- The pieces of unfinished lumber should be processed
Answer: The correct answer is "D. Caleb is personally jointly and severally liable along with Anna.".
Explanation: Caleb is personally jointly and severally liable along with Anna. When there is joint and several liability, a person has the right to claim payment of a debt or compensation for damage to any of those responsible or even all of them, without anyone being able to excuse themselves to evade their responsibility.
Answer:
false
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
While the market for lettuce sells identical items, there are many buyers and sellers
Answer:
Depreciation for
2017 = $2,540
2018 = $10,160
Explanation:
Provided, Total cost of the machine = $77,980
Estimated salvage value = $6,860
Therefore, value to be depreciated = $77,980 - $6,860 = $71,120
Total life of asset = 7 years
Depreciation for the year 2017 = October to December = 3 months
Depreciation for the year 2018 = 
= $10,160
Under straight line method depreciation is fixed for each year, but in the given case in 2017 the asset is used only for 3 months, thus depreciation will be charged for 3 months only.
Final Answer
Depreciation for
2017 = $2,540
2018 = $10,160
