Answer:
False
Explanation:
The competitive market works completely on the force of demand and supply. In this market there is no other restrictions or perks from any third party.
With this the prices of any commodity depends upon the free flow of market.
When the government imposes any restriction on price ceiling, in the competitive market then the shortage of goods arise, as because no individual supplier generally, gets ready to supply the goods at such binding price, which generally, leads to inflation, which is not practical as government has binding price ceiling.
Thus, the statement is false.
Answer:
$1,980
Explanation:
The computation of the amount of cash Best Discount Store received is shown below:
= Sale value - returned merchandise inventory - discount
where,
Discount is
= (Sale value - returned merchandise inventory) × discount rate
= ($3,000 - $1,000) × 1%
= $20
So, the amount of cash received is
= $3,000 - $1000 - $20
= $1,980
Answer: Labor force
Explanation: Labor force refers to the section of individuals within an environment who are employed and those who are seeking to get a job within an organization. The term labor force also called work force could refer to workers within a particular organization or those within a certain geographic location. An environment with a pool of talented labor force will no doubt have a highly positive on the organizations within that environment because these organizations will be able to recruit or hire brilliant minds which is a characteristic of the labor force in the environment.
Answer:
Price 25,800 Favorable
Quantity 9,000 unfavorable
Explanation:
DIRECT MATERIALS VARIANCES
std cost $3.00
actual cost $2.80
quantity 129,000
difference $0.20
The actual cost was lower than standard, the variance is positive.
price variance $25,800.00
<u>we multiply the difference by the actual quantity purchased.</u>
std quantity 126000.00
actual quantity 129000.00
std cost $3.00
difference -3000.00
The actual lbs. used were higher, we use more than expected, the variance will be negative.
efficiency variance $(9,000.00)
<u>We apply the standard cost to each extra lbs used to get the quantity variance</u>
