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nevsk [136]
3 years ago
5

A firm in a monopolistically competitive market is similar to a monopoly in the sense that (i) they both face downward-sloping d

emand curves. (ii) they both charge a price that exceeds marginal cost. (iii) free entry and exit determines the long-run equilibrium. a. (i) only b. (ii) only c. (i) and (ii) only d. (i), (ii), and (iii) only
Business
1 answer:
Alik [6]3 years ago
7 0

Answer:

c. (i) and (ii) only

Explanation:

Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors.

A monopoly is a market situation in which there is only one seller of a product which has no close substitute. It is a market in which one firm has the prevailing power in the industry.

A firm in a monopolistically competitive market is similar to a monopoly in the sense that (i) they both face downward-sloping demand curves. (ii) they both charge a price that exceeds marginal cost.

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MC Qu. 116 CWN Company uses a job order costing... CWN Company uses a job order costing system and last period incurred $90,000
ANTONII [103]

Answer:

65%

Explanation:

Calculation to determine its predetermined overhead rate for the next period should be:

Using this formula

OH rate = Estimated overhead next period/direct labor

Let plug in the formula

OH rate = $65,000/$100,000

OH rate = 65%

Therefore If CWN bases applied overhead on direct labor cost, its predetermined overhead rate for the next period should be: 65%

4 0
2 years ago
The following information applies to the questions displayed below.
zhenek [66]

Answer:

Lobo Co.

Journal Entries:

Nov. 11 Debit Cash $7,875

Credit Sales Revenue $7,875

To record the sale of 105 razors for cash.

Nov. 11 Debit Cost of Goods Sold $2,100

Credit Inventory $2,100

To record the cost of goods sold for 105 razors at $20 each.

Dec. 16: Debit Cash $16,500

Credit Sales Revenue $16,500

To record the sale of 220 razors for cash.

Debit Cost of Goods Sold $4,400

Credit Inventory $4,400

To record the cost of goods sold.

Jan. 5: Debit Cash $11,250

Credit Sales Revenue $11,250

To record the sale of 150 razors for cash.

Debit Cost of Goods Sold $3,000

Credit Inventory $3,000

To record the cost of goods sold.

Adjusting Journal Entries:

Nov. 30: Debit Warranty Expense $630

Credit Warranty Liability $630

To record the warranty expense for November sales.

Dec. 9: Debit Warranty Liability $300

Credit Inventory $300

To replace 15 razors.

Dec. 16: Debit Warranty Expense $1,672

Credit Warranty Liability $1,672

To record the warranty expense for December sales.

Dec. 29: Debit Warranty Liability $600

Credit Inventory $600

To replace 30 razors.

Dec. 31: Debit Income Summary $2,302

Credit Warranty Expense $2,302

To recognize the warranty expense for the period.

Jan. 5: Debit Warranty Expense $900

Credit Warranty Liability $900

To record warranty expense for January sales.

Jan. 17: Debit Warranty Liability $1,000

Credit Inventory $1,000

To record the replacement of 50 razors.

Jan. 31: Debit Warranty Expense $100

Credit Warranty Liability $100

To recognize warranty expense for January sales.

2. The Warranty Expense for November is $630 and for December is $1,602.

3. The Warranty Expense for January is: $1,000

4. The balance of the Estimated Warranty Liability account as of December 31 is:

= $1,402

5. The balance of the Estimated Warranty Liability account as of January 31 is:

= $1,302

Explanation:

a) Data and Calculations:

Cost per new razor = $20

Retail selling price = $75

Expected warranty costs = 8% of dollar sales

b) Estimated Warranty Liability Account:

Nov. 30: Credit Warranty Liability  $630

Dec. 9: Debit Warranty Liability    ($300)

Dec. 16: Credit Warranty Liability $1,672

Dec. 29: Debit Warranty Liability  ($600)

Dec. 31: Balance                           $1,402

Jan. 5: Credit Warranty Liability    $900

Jan. 17: Debit Warranty Liability ($1,000)

Jan. 31 Balance                            $1,302

Warranty Expense Account:

Nov. 30: Debit Warranty Expense  $630

Dec. 16: Debit Warranty Expense $1,672

Dec. 31: Debit Income Summary $2,302

Jan. 5: Debit Warranty Expense $900

Jan. 31: Debit Warranty Expense $100

Jan. 31: Debit Income Summary $1,000

5 0
3 years ago
The ledger of Windsor Company at the end of the current year shows Accounts Receivable $149,000, Sales Revenue $853,000, and Sal
nadya68 [22]

The sales revenue will be recorded in the comprehensive Income after net of sales return.

The account receivables shows the credit sales made and the amount not recovered till yet from the customers.

Hence sales will come at top of profit and loss.

Sales return will come in noted to the financial statements in sales note.

And account receivables will be shown in balance sheet as current asset.

5 0
3 years ago
Master Production Scheduling is a process that brings all the demand and supply plans for the business (sales, marketing, develo
kow [346]

Answer:

False

Explanation:

Master Production Schedule, is used to determine when the materials will be used to produce an item.

Master Production Schedule (MPS) gives a formal detail of the production plan and converts this plan into specific material and capacity requirements. The requirements with respect to labor, material and equipment are then assessed.

Master production scheduling helps keep customer delivery promises through delivering in a timely and cost-effective manner.

5 0
3 years ago
Advertising is important for most companies, especially companies such as P&G that sells mostly to end customers. But, most
kari74 [83]

Explanation:

All for-profit companies have a marketing strategy.

P&G is a business to consumer (B2C) company, so no matter how much you sell your products to large retailers, the end user will always be an individual whose needs may change and the company must be mindful that their products comply with user requirements.

P&G can establish marketing actions through retailers for which it sells, with in-store display advertising models. You can also use customer interaction to get fundamental feedback so that the company guides its pricing strategy and new product development.

So even with established market products, relationship marketing is a key strategy for large corporations that want to build customer loyalty and achieve market leadership.

5 0
3 years ago
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