Yes According to the Mid Point Method The degree to which customers are receptive to price changes is gauged by their price elasticity of demand.
<u>WORKING OF MID POINT METHOD</u>
Demand is considered to be elastic if consumer behaviour changes significantly in reaction to a minor change in price, as opposed to inelastic if customers alter their purchasing behaviour very little in response to a large change in price.
- The percentage change in quantity subtracted from the percentage change in price represents the price elasticity of demand. The following formula may be used to calculate the percentage change in the number of oranges requested in this area using the midpoint method:
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Answer:
Option (c) is correct.
Explanation:
Given that,
Labor costs = $175,000
Production order = $150,000
General factory use = $25,000
Factory overhead applied to production = $23,000
Therefore, the journal entry is as follows:
Work in process A/c Dr. $23,000
To Factory overhead $23,000
(To record the factory overhead applied to production)
Answer:
1. Allocation Base
Definition: A measure that causes or influences the incurrence of a cost.
2. Direct Labor Time
Definition: A source document that shows how a worker spent time each week.
3. Ticket Indirect Costs
Definition: Costs not easily traceable to producing a product, job or service.
4. Job Coat Shoot
Definition: A detailed record of costs incurred to complete a specific job.
5. Job Order Costing
Definition: An accounting system used by companies that offer customized or unique products or services.
6. Materials Requisition Form
Definition: A form that lists the quantity of direct materials to be used in a job.
7. Overapplied Overhead
Definition: The amount of actual overhead is less than the applied overhead.
8. Underapplied Overhead
Definition: The amount of actual overhead is greater than the applied overhead.
9. Predetermined Overhead
Definition: Estimated manufacturing overhead divided by estimated cost driver.
10. Rate Process Costing
Definition: An accounting system used by companies to make standardized or homogeneous products or services.
