Answer:
<u>a. $2,673 over applied</u>
Explanation:
a. Remember, it was mentioned that the company's predetermined overhead rate is $81 per hour of bandsaw use, although the actual hours of bandsaw use 153.
Calculating the results we have $2,673 over applied (actual value= $81*153-$15,066).
b. In preparing an income statement all underapplied overhead would be recorded as a prepaid expense on the balance sheet and then corrected through increasing cost of goods sold at the end of the time period.
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Known as <u>compliance-based ethic codes</u> these ethical standards emphasize preventing unlawful behaviour by increasing control and by penalizing wrongdoers.
Compliance-based ethical codes are those that outline moral requirements with an emphasis on preventing unethical activity by tightening regulations and punishing offenders. Integrity-based ethical codes are those that specify an organization's guiding principles and foster a culture that encourages moral behavior. A compliance-based code of ethics is created to ensure that the company and its personnel abide by all rules and regulations properly. The prevention, detection, and punishment of non-compliant conduct are three important components. For instance, Jeremy's compliance-based code might forbid his employees from materially misrepresenting the truth when acting in the course of their job.
Learn more about Compiance based Ethic code here:
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Answers are:
<span>Producers supply the exact goods that consumers buy.
Consumers have enough goods, at the given price
</span><span>Producers use their resources efficiently
At the equilibrium price, the quantity bought= quantity sold. Consumers have enough goods at the given price, meaning that there isn't anyone who wants to buy the good at that price but can't, and producers use their resources efficiently.
The whole economy does not waste resources, since this is the market-efficient outcome, and there aren't many shortages or surpluses for the same reason. </span>
