Marbry Corporation's balance sheet and income statement appear below.

In which type of economy do people grow crops for their own use?

VARVARA [1.3K]

The type of economy that people grow crops for their own use is traditional .The correct answer is D.

5 0

3 years ago

Zoe Corporation has the following information for the month of March: Purchases $ 92,000 Materials inventory, March 1 6,000 Mate

NARA [144]

Answer:

Part (a) a statement of cost of goods manufactured

Raw Materials (see calculations) 90,000

Direct labor 25,000

Factory overhead 37,000

Total Manufacturing Cost 152,000

<em>Add</em> Opening Work In Progress 22,000

<em>Less</em> Closing Work In Progress (23,500)

Cost of goods manufactured 106,500

Part (b) an income statement for the month ended March 31

Sales 257,000

Less Cost of Goods Sold

Opening Stock of Finished Goods 21,000

Add Cost of goods manufactured 106,500

Less Closing Stock of Finished Goods (30,000) (97,500)

Gross Profit 159,500

Less Expenses

Sales and administrative expenses (79,000)

Net Income 80,500

Part (c) the "Inventory" section of the balance sheet

Raw Materials 8,000

Work In Progress 23,500

Finished goods inventory 30,000

Total 61,500

Explanation:

Part (a) a statement of cost of goods manufactured

Calculate the Cost of Raw Materials transferred to Manufacturing Process;

Hint: Open a Raw Materials T - Account.

Debits :

Materials inventory March 1 $6,000

Purchases $92,000

Totals $98,000

Credits :

Materials inventory, March 31 8,000

Manufacturing Account (<em>Balancing figure</em>) $90,000

Totals $98,000

6 0

3 years ago

Total costs for Locke & Company at 140 comma 000 units are $ 289 comma 000, while total fixed costs are $ 195 comma 000. T

Kobotan [32]

Answer: Total variable costs at a level of 260,000 units would be $1,74,460.

Explanation:

Total cost at 140,000 units = $249,000 and

Fixed cost = $195,000

Number of units = 140,000

∴ Total variable cost at 140,000 = Total cost - Total fixed cost

= 249000 - 195000

= $94000

Variable cost per unit = $\frac{Total\ variable\ cost}{Number\ of\ units}$

= $\frac{94000}{140000}$

= $0.671 per unit

Hence,

Total variable costs at a level of 260,000 units would be = Variable cost per unit × Number of units

= 0.671 × 260,000

= $1,74,460

5 0

3 years ago

Three (3) State taxes and briefly describe each

siniylev [52]

The three state taxes are what you earn, taxes on what you buy, and taxes on what you own.

Earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes;

Buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes;

Own: property taxes, tangible personal property taxes, estate, and inheritance taxes, and wealth taxes.

8 0

2 years ago

assuming there are only two types of outputs in a country: consumer goods and nuclear missiles. all else being constant, as the

Tatiana [17]

All else being constant, as the nation produces more missiles, B. every additional missile will reduce consumer goods production by more and more.

<h3>What is the law of diminishing marginal returns?</h3>

The law of diminishing marginal returns states that after some optimal level of capacity is reached in a production process, an additional factor of production would result in a lessening of consumer goods or output (quantity of production).

This ultimately implies that, the law of diminishing marginal returns would only hold for an economic situation in which some inputs are variable and some inputs are fixed.

In this context, we can infer and logically deduce that as the nation produces more missiles (all else being constant), every additional missile will cause a decrease in the production of consumer goods by more and more in accordance with the law of diminishing marginal returns.

Read more on diminishing marginal returns here: brainly.com/question/13767400

#SPJ1

Complete Question:

Assuming there are only two types of outputs in a country: consumer goods and nuclear missiles. All else being constant, as the nation produces more missiles,

the opportunity cost of consumer wants being satisfied will diminish.

every additional missile will reduce consumer goods production by more and more.

the more likely it is to satisfy all consumer wants.

7 0

1 year ago