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3 years ago

12

A ____________is anything offered to a market by the business to satisfy needs, could include physical products or intangible se

rvices. *

1 answer:

andre [41]3 years ago

7 0

Answer:

Product is the correct answer.

Explanation:

You might be interested in

High-Low Cost Estimation and Profit Planning Comparative 2007 and 2008 income statements for Dakota Products Inc. follow: DAKOTA

Vika [28.1K]

Answer:

(a)

5,500 units

(b)

6,125 units

Explanation:

First, we need to calculate the per unit selling price.

2007 2008

Unit sales 5,000 8,000

Sales revenue $60,000 $96,000

Selling Price $12 $12

Now we need th separate the vairbale and fixed cost from total expense using high low method

Variable cost = ( Higher activity Expense - Lower activity Expense ) / ( Higher activity - Lower activity )

Variable cost = ( $76,000 - $64,000 ) / ( 8,000 units - 5,000 units )

Variable cost = $12,000 / 3,000 units = $4 per unit

Fixed cost = $76,000 - ( $4 x 8,000 units ) = $44,000

Contribution Margin = Selling Price - Variable cost = $12 - $4 = $8

(a)

Breakeven Point = Fixed Cost / Contributin margin per unit

Breakeven Point = $44,000 / $8 = 5,500 units

(b)

Target sales = ( Fixed cost + Desired Profit ) / Contribution margin per unit

Target sales = ( $44,000 + $5,000 ) / $8 = 6,125 units

8 0

3 years ago

The four underlying assumptions of generally accepted accounting principles are economic entity, monetary unit, periodicity, and

DerKrebs [107]

Answer:

1. Going concern

2. Economic entity

3. Monetary unit

4. Periodicitys

Explanation:

1. Since Jumbo's Restaurant is planning to close, the assumption of continuity (going concern) is no more applicable. This should be disclosed. Instead asset was still recorded at historical price which is misleading.

2. Gorloks Tax Services is an economic entity, and the property and assets of owners are not considered to be for the business. In this case the boat Sam bought was wrongly reported as an asset of the company.

3. Claim Jumpers when reporting the 5 trucks purchased must include a monetary value for them. The assumption of monetary unit states that all items reported on the balance sheet must be expressed in monetary terms.

4. Cobbler's Etc violated the assumption of periodicity which states the financial position of the business must be declared in a particular accounting period. Accounting period can monthly, quarterly, biannually, and yearly. The business should choose and accounting period and ensure financial position is reported for each of them. In this case financial reporting is not consistent with reporting happening after 14 months and before that 18 months.

6 0

3 years ago

Preparing Journal Entries for Process Costing SystemDuring its first month of operation, Portia Company purchased $90,000 of mat

babunello [35]

Answer:

a.

Date Account Title Debit Credit

XX-XX-XXXX Raw materials inventory $90,000

Accounts Payable $90,000

b.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process Inventory $64,000

Raw materials inventory $64,000

c.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process inventory $30,000

Wages Payable $30,000

d.

Date Account Title Debit Credit

XX-XX-XXXX Work in Process Inventory $20,000

Manufacturing overhead $20,000

7 0

3 years ago

The decline in unit costs of a product or service that occurs as the absolute volume of production increases is known as

leva [86]

Answer:

A. economies of scale.

Explanation:

The economies of scale is the scale where the company has the advantage of the cost that reaped by the organization in the case when there is an efficient production. It could be accomplished when the level of production or the volume of the production rises by lowering the cost

Therefore as per the given situation, the option A is correct as it fits to the current situation

Hence, the correct option is A.

4 0

3 years ago

Lana Reid is an accounting clerk at Tenity Enterprises who is paid $18.15 per hour. During a week’s pay period, she worked 39 ho

butalik [34]

Answer:

$720.25

Explanation:

Given data:

Lana salary per hour = $18.15

total hour of work by her is 39 hr 41 minutes

we know from hundredth hour pay method

hundredth hr for 41 mints is $= \frac{(41}{60}) \times 100 = 68.33$

so we have 39 hrs 41 minutes that can be written as = 39.6833

So, salary for 39.6833 is $= $18.15 \times 39.6833 = $720.25$

4 0

3 years ago