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Airida [17]
3 years ago
9

Following is partial information for the income statement of Audio Solutions Company under three different inventory costing met

hods, assuming the use of a periodic inventory system: Required: 1. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods. 2. Prepare an income statement through pretax income for each method. Sales, 327 units; unit sales price, $51; Expenses, $1,540 3. Rank the three methods in order of income taxes paid (favorable cash flow

Business
1 answer:
ioda3 years ago
7 0

Answer:

1,2- See attached pictures.

3-

1. LIFO

2. Average

3. FIFO

Explanation:

See attached pictures.

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Explain at least two elements of the free enterprise system here in the U.S.
Andreas93 [3]

Answer:

1.  Private ownership of factors of production

2.  Freedom to engage in commercial activities

Explanation:

<u>1.  Private ownership of factors of production</u>

In the US, individuals and firms are allowed to own properties. A significant percentage of the factors of production are in the hands of the private sector. Firms and individual influences the production of goods and services because they allocate resources to meet market demand.

<u>2.  Freedom to engage in commercial activities</u>

Entrepreneurs have the freedom to choose the type of business they want to start. They can also select the location and the time they want to operate. There are no upper limits to firms that can participate in the market.  Consumers are free to choose their suppliers. The market presents a variety of goods and services to consumers to pick from.

4 0
3 years ago
How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitiv
Hatshy [7]

If supply decreases and demand is constant, there would be an increase in equilibrium price while equilibrium quantity would decrease.

If demand decreases and supply is constant,  there would be a a fall in equilibrium price and equilibrium quantity.

If supply increases and demand is constant, it would lead to a fall in equilibrium price and equilibrium quantity.

If demand increases and supply increases, it would lead to an increase in equilibrium quantity and an indeterminate effect on equilibrium price.

If demand increases and supply is constant, there would be an increase in equilibrium quantity and price.

If supply increases and demand decreases, it would lead a fall in equilibrium price and an indeterminate effect on equilibrium quantity.

If demand increases and supply decreases, equilibrium price increases and there is an indeterminate effect on equilibrium quantity.

If demand decreases and supply decreases, equilibrium quantity declines and there is an indeterminate effect on equilibrium price.

<h3>How do these changes affect equilibrium price and quantity?</h3>

If supply decreases while demand remains constant, there would a shift to the left of the supply curve. This would lead to an increase in equilibrium price while equilibrium quantity would decrease.

If demand decreases while supply remains constant, there would a shift to the left of the demand curve. This would lead to a fall in equilibrium price and equilibrium quantity.

If supply increases while demand remains constant, there would a shift to the right of the supply curve. This would lead to an decrease in equilibrium price while equilibrium quantity would increase.

If demand increases, there would be an increase in equilibrium quantity and price. If supply increases, it would lead to an decrease in equilibrium price while equilibrium quantity would increase. The two would lead to an increase in equilibrium quantity and an indeterminate effect on equilibrium price.

If demand increases, there would be an increase in equilibrium quantity and price.

If supply increases it would lead to an decrease in equilibrium price while equilibrium quantity would increase. If demand decreases it would lead to a fall in equilibrium price and equilibrium quantity. It would lead a fall in equilibrium price and an indeterminate effect on equilibrium quantity.

If demand increases, there would be an increase in equilibrium quantity and price. If supply decreases it would lead to an increase in equilibrium price while equilibrium quantity would decrease. Taking these two effects together, equilibrium price increases and there is an indeterminate effect on equilibrium quantity.

If supply decreases it would lead to an increase in equilibrium price while equilibrium quantity would decrease. If demand decreases, it would lead to a fall in equilibrium price and equilibrium quantity. Taking these two effects together, equilibrium quantity declines and there is an indeterminate effect on equilibrium price.

Here is the complete question:

How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market, that is, do price and quantity rise, fall, or remain unchanged, or are the answers is indeterminate because they depend on the magnitudes of the shifts? Use supply and demand to verify your answers. Supply decreases and demand is constant. Demand decreases and supply is constant. Supply increases and demand is constant. Demand increases and supply increases. Demand increases and supply is constant. Supply increases and demand decreases Demand increases and supply decreases. Demand decreases and supply decreases.

To learn more about supply curves, please check: brainly.com/question/26073189

5 0
3 years ago
Where can you find books when you Tabe To another level of class like level A D M and E
Elodia [21]

check on the internet or something, the internet has a lot of insane things for sale

5 0
3 years ago
In the last two years, BMW AG, the Bavarian auto maker, has developed a car made primarily from carbon-fibers that is not only l
Elis [28]

The new manufacturing plant of BMW vehicles will be engaged in the process of mass production.        

<h3>What is mass production?</h3>

The process of production, wherein a large proportion of goods or inventories are produced by a business organization to reduce the costs of production, is known as mass production.

Hence, option B states about mass production. Complete question has been added in the image for reference.

Learn more about mass production here:

brainly.com/question/17725162

#SPJ1

5 0
2 years ago
If the marginal propensity to consume is 0.75, and there is no investment accelerator or crowding out, a $115 billion increase i
rodikova [14]

Answer: $460 billion, but the effect would be larger if there were an investment accelerator.

Explanation:

If the MPC = 0.75 and there is no investment accelerator or crowding out, then a $115 billion increase in the government expenditures would result in the shift in the aggregate demand curve right by:

= $115 billion ÷ (1 - 0.75)

= $115 billion ÷ 0.25

= $115 billion × 1/0.25

= $115 billion / 0.25

= $460 billion.

Therefore, there'll be a shift in the aggregate demand curve right by $460 billion, but the effect would be larger if there were an investment accelerator

4 0
3 years ago
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