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3 years ago

Larned Corporation recorded the following transactions for the just completed month.

Business

1 answer:

Galina-37 [17]3 years ago

7 0

Answer and Explanation:

The journal entries are shown below:

Raw materials inventory $76,000

To Accounts payable $76,000

(being the raw material purchased on account)

Work in process inventory $65,000

Manufacturing overhead $9,000

To Raw materials inventory $74,000

(Being the work in process and overhead is recorded)

Work in process inventory $101,500

Manufacturing overhead $21,500

To Cash $123,000

(being cash paid is recorded)

Manufacturing overhead $195,000

To Accumulated depreciation-Equipment $195,000

(being the manufacturing overhead is recorded)

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In case a):

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So, from the start in x axis in Q_s = 3 you draw the line (a) to the y axis Q_f(a) = 60 and you draw the line (b) to the y axis Q_f(b) = 30

To get the oportunity cost you have to divide the cost of what is given up (food) by what is gained (shelter).

Oportunity_Cost_Food(a) = 5/100 = 0.05

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