Answer:
The answer is: Supply curves must reflect all costs of production, and demand curves must reflect consumers´ full willingness to pay.
Explanation:
The characteristics of a competitive market are:
- Many buyers and sellers
- Companies make a similar product.
- Both buyers and sellers have access to perfect information about price.
- No transaction costs.
- No barriers to entry into or exit from the market.
Theoretically if all of the above conditions occur, profit maximizing companies will combine with utility maximizing consumers, and markets will tend to produce efficient outcomes.
Answer:
TOTAL 258,000
TOTAL 258,000
Explanation:
Calculation to reconcile the number of physical units Using the FIFO method
PHYSICAL UNITS
Beginning Inventory 74,000
Units Started 184,000
TOTAL 258,000
PHYSICAL UNITS
Units Completed 164,000
(258,000-94,000)
Ending Inventory 94,000
TOTAL 258,000
Therefore Using the FIFO method to reconcile the number of physical units will give us 258,000 and 258,000
The answer is material math error.
An adjusting entry is essentially a bookkeeping modification that improves the accuracy of the financial statements by reflecting the revenue and spending on an accrual basis, which is typically but not always the case. At the conclusion of the accounting period, adjustments are made. This might happen towards the end of the month or at the end of the year.
Prior period adjustments are errors or mistakes committed in the prior reporting period. These mistakes must be remedied or eliminated by taking suitable corrective action. Prior period items include factual errors, arithmetic errors, and errors in applying accounting rules.
Therefore, material math error is the correct option.
To know more about adjustment to financial statements click here:
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