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PtichkaEL [24]
3 years ago
5

Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been selected

as the base year. In 2002, the basket's cost was $600; in 2004, the basket's cost was $650; and in 2006, the basket's cost was $700. The value of the CPI in 2004 was:___________
a. 92.3.
b. 106.3.
c. 108.3.
d. 152.0.
e. more than 155.0.
Business
1 answer:
olchik [2.2K]3 years ago
5 0

Answer:

c. 108.3

Explanation:

Calculation to determine what The value of the CPI in 2004 was:

Using this formula

Consumer Price Index (CPI) 2004 = (2004 Basket cost / Base year basket cost) x 100

Let plug in the formula

Consumer Price Index (CPI) 2004 = (650 / 600) x 100

Consumer Price Index (CPI) 2004 = 108.3

Therefore The value of the CPI in 2004 was:108.3

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6 0
3 years ago
Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,950 of materials on account.
horrorfan [7]

Answer:

Forest Components

Journal Entries:

1. Debit Materials Inventory $16,950

Credit Accounts Payable $16,950

To record the purchase of materials on account.

2. Debit Work in Process Inventory $16,780

Credit Materials Inventory $16,780

To record the issue of materials to the production department.

3. Debit Manufacturing Overhead $1,340

Credit Materials Inventory $1,340

To record the issue of materials to the service department.

4. Debit Accounts Payable $16,950

Credit Cash Account $16,950

To record the payment for the materials purchased on account.

5. Debit Materials Inventory $2,020

Credit Work In Process $2,020

To record the record of materials.

6. Debit Work in Process $32,500

Credit Factory Wages $32,500

To record the direct labor cost.

7. Debit Manufacturing Overhead $17,250

Credit Accounts Payable $17,250

To record the purchase of miscellaneous items for the plant.

8. Debit Manufacturing Overhead $36,700

Credit Depreciation Expense $36,700

To record depreciation expense on manufacturing plant.

9. Debit Work In Process $30,875

Credit Manufacturing Overhead $30,875

To apply overhead for the month.

b. T-accounts:

Materials Inventory

Accounts Titles         Debit    Credit

Balance                    $12,320

Accounts Payable   $14,930

Work in Process         2,020

Work in Process Inventory    $16,780

Balance                                  $12,490

Work-in-Process Inventory

Accounts Titles         Debit    Credit

Balance                    $11,755

Materials Inventory   16,780

Materials Inventory                $2,020

Factory Wages        32,500

Overhead                30,875

Finished Goods Inventory    79,330

Balance                                  10,560

Manufacturing Overhead

Accounts Titles                 Debit    Credit

Materials Inventory         $1,340

Accounts Payable           17,250

Depreciation Expense   36,700

Work In Process                         $30,875

Finished Goods Inventory

Accounts Titles         Debit    Credit

Balance                   $2,700

Work in Process     79,330

Cost of goods sold                75,100

Balance                                 $6,930

Cost of Goods Sold

Accounts Titles         Debit    Credit

Finished Goods      75,100

Explanation:

a) Data and Calculations:

Materials Inventory                 ?         $12,490

Work-in-Process Inventory     ?           10,560

Finished Goods Inventory $2,700       6,930

Cost of Goods Sold                ?         75,1000

Predetermined overhead rate = $412,870/$434,600 = $0.95

Overhead applied = $30,875 ($0.95 * $32,500)

5 0
3 years ago
Which is not a determinant of demand?
barxatty [35]

B is the correct answer

Hope this helps

6 0
3 years ago
Read 2 more answers
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