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3 years ago

How did you identify your customers?

1 answer:

6 0

Customers may be grouped by similar variables, such as age, gender, occupation, education, income levels, geographic location, industry, number of employees, number of years in business, products or services offered or other defined criteria.

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Suppose that a firm operating in perfectly competitive market sells 200 units of output at a price of $3 each. Which of the foll

miv72 [106K]

Answer:

The correct answer is option i.

Explanation:

A firm is operating in a perfectly competitive market.

The firm is selling 200 units of output.

The price of each unit of output is $3.

In a perfectly competitive market, a single firm faces a horizontal line demand curve. This horizontal line represents demand, price line, average revenue, and marginal revenue.

So if the price is $3, it implies that the marginal revenue and average revenue is also equal to $3.

The total revenue is $600.

4 0

3 years ago

Where is market equilibrium located

Lina20 [59]

Answer:

B. at the intersection of supply and demand

Explanation:

Equilibrium is a market condition where there no excess or shortage in demand and supply. It is when the quantity demanded matches the quantity supplied. At equilibrium, buyers and sellers are happy with the prevailing prices.

In a graph showing the demand and supply curve, the equilibrium point is the intersection of the supply and demand curve.

8 0

2 years ago

A(n) ________ breach of a contract occurs when a party renders inferior performance of his or her contractual obligations.

DanielleElmas [232]

The answer to this question is a material breach. A material breach is a breach of contract where in the other party failed to provide or perform what is needed in the contract. This also shows that the contract can no longer be completed.

6 0

3 years ago

In December, a company signed a contract with a regular customer to sell products for $100,000. In January, the company received

REY [17]

Answer: In January, when the products are delivered.

6 0

1 year ago

Jackson Company produces plastic that is used for injection-molding applications such as gears for small motors. In 2016, the fi

valentina_108 [34]

Answer:

a.Income Statement using variable costing

2016 2017

Sales $7,872,000 $9,840,000

Less Cost of Sales ($1,338,240) ($1,672,800)

Opening Stock $0 $334,560

Add Cost of Goods Manufactured $1,672,800 $1,338,240

Less Closing Stock ($334,560) $0

Contribution $6,533,760 $8,167,200

Less Expenses :

Fixed manufacturing costs ($3,075,000) ($3,075,000)

Selling Expenses : Variable ($862,920) ($1,082,400)

Selling Expenses : Fixed ($500,000) ($500,000)

Net Income / (loss) $2,095,840 $3,509,800

b.Income Statement using absorption costing

2016 2017

Sales $7,872,000 $9,840,000

Less Cost of Sales ($3,798,240) ($5,362,800)

Opening Stock $0 $949,560

Add Cost of Goods Manufactured $4,747,800 $4,413,240

Less Closing Stock ($949,560) $0

Gross Profit $4,073,760 $4,477,200

Less Expenses :

Selling Expenses : Variable ($862,920) ($1,082,400)

Selling Expenses : Fixed ($500,000) ($500,000)

Net Income / (loss) $2,710,840 $2,894,800

c. Reconciliation of Absorption costing Net Income to variable costing profit

2016 2017

Absorption Costing Net Income $2,710,840 $2,894,800

Fixed Manufacturing Cost in Opening Stock $0 $615,000

Fixed Manufacturing Cost in Closing Stock ($615,000) $0

Variable Costing Net Income $2,095,840 $3,509,800

Explanation:

Part a.

Under Variable Costing, Only Variable Manufacturing Costs are treated as Product costs. Fixed Manufacturing costs and All Non-Manufacturing Costs are treated as period costs.

Part b

Under Absorption Costing, Both Variable Manufacturing Costs and Fixed Manufacturing costs are treated as Product costs. All Non-Manufacturing Costs are treated as period costs.

Part c.

The difference between the Net Income under Absorption Costing and Variable Costing is due to Fixed Manufacturing Costs that are deferred in Inventory. This needs to be reconciled accordingly.

5 0

3 years ago