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4 years ago

6

"a competitive firm is currently producing a quantity of output at which marginal revenue exceeds marginal cost. in order to inc

rease its profit, the firm should"

1 answer:

Andre45 [30]4 years ago

3 0

increase the output by one-unit so it will increase the firm's profit.

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Lorenzo Company uses a job order costing system that charges overhead to jobs on the basis of direct materials cost. At year-end

damaskus [11]

Answer:

a. Overhead Rate = 0.34

b. Direct Labour Cost = $53,820

Explanation:

a.

Overhead Rate based on direct materials is calculated as overhead cost/direct material cost

Overhead Cost = $612,000

Direct Materials Cost = $1,800,000

Overhead Rate = $612,000/$1,800,000

Overhead Rate = 0.34

b.

Given

Total cost of job in process = $90,000

Material Cost of job in process = $27,000

Overhead Applied = $9,180 (0.34% * $27,000)

Direct Labour Cost = Cost of job in process - Material Cost - Overhead Applied

Direct Labour Cost = $90,000 - $27,000 - $9,180

Direct Labour Cost = $53,820

8 0

3 years ago

Crane, Inc. had net sales in 2020 of $1,488,400. At December 31, 2020, before adjusting entries, the balances in selected accoun

Arte-miy333 [17]

Answer:

Explanation:

The journal entry to record the bad debt expense is shown below:

Bad debt expense A/c Dr $11,181

To Allowance for doubtful debts $11,181

(Being bad debt expense is recorded)

The computation of the bad debt expense is shown below:

= (Accounts receivable × estimated percentage given ) - (credit balance of Allowance for Doubtful Accounts)

= ($206,300 × 7%) - ($3,260)

= $14,441 - $3,260

= $11,181

4 0

3 years ago

A company purchased $2,000 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $300 worth of merchandise. On

wlad13 [49]

Answer:

The correct journal entry to record the payment on July 12 is:

Debit Accounts Payable $1,700

Credit Merchandise $34

Credit Cash $1,666

Explanation:

Credit terms of 2/10, n/30 means that 2% discount for the payment within 10 days and the full amount to be paid within 30 days.

On July 5:

Debit Merchandise $2,000

Credit Accounts payable $2,000

On July 7:

Debit Accounts payable $300

Credit Merchandise $300

On July 12, the company pays and takes the appropriate discount:

2% x ($2,000 - $300) = $34

The company uses a perpetual inventory system, and records purchases using the gross method.

The journal entry to record the payment:

Debit Accounts Payable $1,700

Credit Merchandise $34

Credit Cash $1,666

8 0

4 years ago

WILL GIVE BRAINLIEST!! Answer the following 3 questions A, B, or C.

vitfil [10]

Answer:

4.B 5.A 6.C thanks for the brainliest

5 0

3 years ago

In a long-run equilibrium, A. only a perfectly competitive firm operates at its efficient scale. B. both a perfectly competitive

BigorU [14]

Answer:

In a long-run equilibrium - only a perfectly competitive firm operates at its efficient scale - option A is the correct answer.

Explanation:

In the long-run equilibrium, only a perfectly competitive firm that operates at its efficient scale and a monopolistically competitive firm sets off with overabundant capacity.

Therefore, in a long-run equilibrium - only a perfectly competitive firm operates at its efficient scale - option A is the correct answer.

7 0

4 years ago