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2 years ago

A group of sellers who agree to restrict their collective output in order to drive up prices above marginal costs is a:

1 answer:

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A group of sellers who agree to restrict their collective output in order to drive up prices above marginal costs is known as a:

Cartel

According to the given question, we are asked to show the term which can be best used to describe a group of sellers who make an agreement to reduce their collective output so that price of goods would increase above their marginal costs.

As a result of this, we can see that this group of people in the business world are known as cartel because they behave unethically so that they could have increased profit on sales.

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Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,288,076

Xelga [282]

Answer:

Using the FIFO cost method:

beginning WIP 34,600 units

materials $79,000 (100% complete)

conversion $48,200 (30% complete, 70% remaining = 24,220 EU)

units started 662,700

materials added $1,594,520

conversion costs added $566,356

ending WIP 24,100

100% complete for materials

40% complete for conversion = 9,640 EU

units completed and transferred out = 34,600 + 662,700 - 24,100 = 673,200

units started and completed = 662,700 - 34,600 - 24,100 = 604,000

total equivalent units for the month:

materials 662,700

conversion = 24,220 + 604,000 + 9,640 = 637,860

total cost per EU:

materials = $1,594,520 / 662,700 = $2.4061

conversion = $566,356 / 637,860 = $0.8879

total = $3.294

cost of ending WIP:

materials = 24,100 x $2.4061 = $57,987

conversion = 9,640 x $0.8879 = $8,559.36 ≈ $8,559

total = $66,546

cost of units transferred out = $79,000 + $48,200 + $1,594,520 + $566,356 - $66,546 = $2,221,530

total units transferred out = 673,200

production cost per unit = $2,221,530 / 673,200 = $3.30

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3 years ago

A savings account is a good choice for:

Elanso [62]

Answer:

d basic savings

Explanation:

I think not for sure

4 0

3 years ago

What does the term "judgment-proof" imply about a debtor? A. He/she has defaulted on a mortgage B. He/she has not property subje

Ierofanga [76]

Answer:

He/She has no property subject to execution.

Explanation:

It is description of a person who doesn't have the assets for the creditor to seize when the court order requires the debt repayment. A broke and unemployed person is judgement proof. The debtor having few legally protected assets and income is also judgement proof. Judgment proof is also called the collection proof and is not permanent. The judgement are valid for many years, the creditors continue to collect whatever the judgement allows even after they have won a lawsuit against a delinquent customer.

8 0

3 years ago

Lina Co. uses the allowance method to account for bad debts. On January 28, Lina determines that a $200 balance from ZRT, Inc. i

elena55 [62]

Answer:

c) credit to Accounts Receivable - ZRT.

f) debit to Allowance for Doubtful Accounts.

Explanation:

As for the information provided,

We know in allowance method, provision is created as and when there are doubtful debts, for which entry is

Bad Debts Expense Account Dr.

To Allowance for doubtful debts.

And when the bad debts are actually written off then,

The entry will reduce the balance of accounts receivables and that of allowance as well.

Entry will be:

Allowance for Doubtful debts A/c Dr.

To Accounts Receivables.

Thus, correct options shall be:

Option c) and f)

4 0

3 years ago

The following information is from Amos Company for the year ended December 31, 2019.

Juliette [100K]

Answer:

Explanation:

The preparation of the statement of retained earnings for Amos Company is shown below:

Retained earnings at December 31, 2018 (before discovery of error) $858,000

Less: Depreciation expense two years ago -$45,600

Add: net income $209,000

Less: Cash dividends declared and paid during the year -$11,000

Retained earnings at December 31, 2019 $1,010,400

3 0

3 years ago