Answer:
Capitalism is based on individual initiative and favors market mechanisms over government intervention, while socialism is based on government planning and limitations on private control of resources.
Answer:
The report for cost of goods sold during 2018 intels $23196 million.
Explanation:
cost of goods sold = Sales revenue - Gross profit
= (59387 - 36191)
= $23196 million
Therefore, The report for cost of goods sold during 2018 intels $23196 million.
Answer:
The correct option is B, higher than the net operating income under variable costing
Explanation:
In calculating the net operating profit under variable costing, the fixed manufacturing cost of $15,000 is deducted as a whole in arriving at net profit.
However, under absorption costing method, only the goods sold are charged with their own portion of fixed manufacturing cost totaling $15,000
Fixed under variable costing method=$15,000
fixed cost under absorption costing method=$15,000/5,000*4500=$13500
Since fixed cost is lower under absorption costing method, net profit tends to be higher.
