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saul85 [17]
3 years ago
5

Concord Corporation reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw mate

rials inventory 300000 Ending work in process inventory 900000 Ending raw materials inventory 480000 Raw materials purchased 930000 Direct labor 870000 Manufacturing overhead 690000 Concord Corporation's cost of goods manufactured for the year is
Business
1 answer:
jek_recluse [69]3 years ago
3 0

Answer:

Concord Corporation's cost of goods manufactured for the year is  $2,490,000

Explanation:

For computing the cost of goods manufactured, we have to use the formula which is given below:

= Opening Work in progress inventory + Direct material used + direct labor + manufacturing overhead - ending work in progress inventory

In the given question, the direct material used is not given, so we have to compute it. The formula is given below:

= Opening balance of raw material inventory + Purchase of raw material - ending balance of raw material inventory

= $300,000 + $930,000 - $480,000

= $750,000

And, the other values will remain the same.

So, the answer would be equal to

= $1,080,000 + $750,000 + $870,000 + $690,000 - $900,000

= $2,490,000

Hence, Concord Corporation's cost of goods manufactured for the year is  $2,490,000

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Suppose Marco is willing to tutor for $15 an hour. On Tuesday, he will tutor Kelly for 1 hour and Mike for 3 hours. Kelly will p
grandymaker [24]

Answer:

Total producer surplus= $30

Explanation:

Producer surplus is the difference between the price a seller is willing to sell and the market price or actual price at which the item is bought. The producer surplus is the additional benefit the seller gets from a sale.

Consumer surplus= Market price - Price seller is willing to sell for

Marco is willing to sell at $15 hour

Kelly is willing to pay $30 per hour

Mike is willing to pay $20 per hour

Surplus from Kelly= 30- 15= $15

Surplus from Mike= 20- 15= $5

Total producer surplus= ($15*1 hour) + ($5 *3 hours)

Total producer surplus= 15 + 15= $30

3 0
2 years ago
A(n) _____ is in control of an agency relationship because he or she defines the tasks and objectives of the relationship./pract
NARA [144]

Answer:

Principal

Explanation:

The principal has the right to abolish the relation or set the objectives of the agent and allocation of task and authority delagated to the agent. This control is given to principal by law to protect his interests.

8 0
3 years ago
In the case of a small country, producer surplus Group of answer choices is not changed by tariffs or quotas. increases the same
rusak2 [61]

Answer:

increases the same amount with tariffs and equivalent quotas.

Explanation:

In Economics, a surplus refer to the amount by which the quantity supplied of a good exceeds the quantity demanded of the same good.

A producer surplus is the amount by which a buyer is willing to pay for a particular good minus the cost of producing the same good.

On the other hand, a consumer surplus is the amount by which a buyer is willing to pay for a particular good minus the amount the buyer actually pays for it.

In the case of a small country, a producer surplus increases (raises) the same amount (an amount a buyer is willing to pay for a good minus the cost of producing the good) with tariffs and equivalent quotas.

A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.

Generally, tariffs can reduce both the volume of exports and imports in a country. In order to generate revenues, domestic government make use of tariffs while quotas do not generate any revenue for them.

4 0
3 years ago
At December 31, 2020, Oriole Company has outstanding noncancelable purchase commitments for 37,600 gallons, at $3.24 per gallon,
adell [148]

Answer:

Unrealized holding Gain or Loss - Income (Dr.) $20,304

Estimated Liability on purchase commitments (Cr.) $20,304

Explanation:

Oriole Company has agreed to purchase Gallons of raw material for a defined price of $3.24 per gallon. The price is reduced on December 31, 2020. The Difference between the prices of gallons is recorded as unrealized gain on debit and liability is credited.

$3.24 - $2.70 = $0.54 * 37,600 Gallon = $20,304

Unrealized holding Gain or Loss - Income (Dr.) $20,304

Estimated Liability on purchase commitments (Cr.) $20,304

The raw material is purchased at the price of $2.70 per gallon and the 36,000 gallons are purchased. The journal entry to record this transaction is,

Raw material (Dr.) $76,896

Estimated liability on purchase commitments (Dr.) $20,304

Cash (Cr.) $97,200

6 0
3 years ago
Which of the following people would tend to favor a communist economy?
valentinak56 [21]
C. Liz wants to live in a country where the government makes almost all the economic decisions.
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