Steve owns a bike store, his total costs are $1.2 million per year. Last year, Steve sold 1,200 bikes. Steve's average total cost was $1,000 per bike.
To solve: take the total costs of $1.2 million and divide it by the number of bikes sold, $1,200
Average total cost = 1,200,000/1,200
Average total cost = $1,000
Answer:
C. 23,000
Explanation:
Inventory currently as the warehouse $20,000: less damaged stocks $3000.00
= $20,000.00-$3,000= $ 17,000.00
Add inventory not in the warehouse: i.e., Consignee and transits goods
=$2000 + $ 4000= $6000
Total year end inventory = $17000+$ 6000
=$23,000.00
Answer:
b. The mayor would be correct if demand were price inelastic; the city manager would be correct if demand were price elastic.
Explanation:
-An elastic demand is when the change in the price generates a high percentage change in the quantity demanded.
-An inelastic demand is when the change in the price generates a low percentage change in the quantity demanded.
According to this, the answer is that the mayor would be correct if demand were price inelastic because the increase in price won't generate an important change in the demand which allows to increase the revenues and the city manager would be correct if demand were price elastic because the decrease in the price would generate a higher change increasing the demand which can allow to raise revenues.
Scarcity occurs when the demand for something exceeds the supply. Examples often occur with natural resources when they are over used. Think of over fishing, hunting or poor farming. The choice to over hunt in present may cost hunting opportunities in the future.
Answer:
The answer is: The COGS is $635
Explanation:
We will use the following entries:
- Initial merchandise inventory $210
- Purchased merchandise inventory $635
- Ending merchandise inventory $160
Cost of goods sold = initial inventory + purchases - ending inventory
Cost of goods sold = $210 + $635 - $160 = $685