Answer:
The answer is:
- 2022 most accurate inventory
- 2021 least accurate inventory
Explanation:
Garret Market uses a periodic inventory system (updates are made on a periodic basis) and in order to carry out this process correctly, the inventory should remain closed. Only in 2022 was the inventory closed, so it should be the most accurate. In 2021 the store remained fully opened and inventory was modified daily, so it should be the least accurate.
Answer:
Scarcity and Utility
I will explain the concepts of scarcity, value, and utility using my laptop and some writing pens. I have only one laptop available in my family. I use it 24-hours daily. I attach so much value (utility) to the laptop because it is only one. It is very scare in my household. On the other hand, I have a packet of writing pens. Pens are relatively not scare in my household. If my laptop is missing, I will raise uproar in the house. Everybody present will answer a tedious query. But, if one of the pens gets missing, I may not even be aware that it is missing. At the moment, I do not attach much value (utility) to the writing pens because I have many of them presently . Writing pens are not scare in my household, as I said earlier.
Using these examples, I have demonstrated the concepts of scarcity, utility, and value.
Explanation:
Therefore, scarcity is defined by the value and the relative availability of a good. Scarcity is a basic economic problem that shows the gap existing between limited resources and unlimited needs. Based on the lack experienced with satisfying a need, one has to always choose between alternatives in order to maximize resource allocation and utility.
Utility in Economics refers to the value or satisfaction derivable from the meeting of a human or economic need. It is initially connected to the concept of scarcity. But after attaining some level of utility, scarcity temporarily evaporates. And this is the dividing thin line. This is why they are mostly used together. "Something that is valuable is scarce and give utility." Something that is not highly valuable is not usual scarce and does not give much utility, at least, to an extent.
Answer:
Serendipity
Explanation:
From the question we are informed about Larry, who is the owner of small hotel resort, would like to advertise his hotel in major American newspapers and magazines as a part of his larger strategy. However, he doesn't have enough money to do so. One day, he meets Todd, the owner of a group of newspapers and magazines, who offers him advertising space in his publications on the condition that Larry provides him with a free stay at the hotel. This is an example of Serendipity.
Serendipity can be regarded as unplanned fortunate discovery, which is a common occurrence that could take place throughout the history of a particular product invention as well as scientific discovery. It can be explained as the luck that comes to some people way as they are finding or creation of interesting things as well as valuable things by chance
Answer:
differential cost of producing product C = $24 per pound
Explanation:
given data
B currently selling = $30 per pound
produce cost = $28 per pound
C would sell = $60 per pound
produce additional cost = $24 per pound
to find out
What is the differential cost of producing Product C
solution
we get differential cost of producing product C is express as
differential cost of producing product C = cost of (B+C) - cost of B .............1
put here value we get
differential cost of producing product C = (28+24) - 28
differential cost of producing product C = $24 per pound
Answer:
Explanation:
The journal entries are shown below:
a. Artwork A/c Dr $85,500
To Cash A/c $85,500
(Being work is reported on the government-wide financial statements)
Depreciation Expense A/c Dr $5,700
To Accumulated Depreciation A/c $5,700
(Being depreciation expense is recorded)
The depreciation expense is shown below:
= Original cost ÷ useful life
= $85,500 ÷ 15 years
= $5,700
b. Artwork expenditure A/c Dr $85,500
To Cash A/c $85,500
(Being work is reported on the fund financial statements
