Answer: c. Cost of Goods Sold $9,500 $9,500 Inventory.
Explanation:
The journal entries that is required on December 31 to adjust the ending balance of inventory if the direct method is used to record the lower of cost or market write down will be gotten as the difference between the historical cost of the ending inventory and the current replacement cos of inventory. This will be:
= $316000 - $306500
= $9500
Therefore, the journal entry will be:
Debit: Cost of Goods Sold $9,500
Credit: Inventory $9,500.
M1 is the most liquid monetary aggregate.
A measure of the money supply in an economy is called an aggregate of money. To standardized monetary aggregates in the US, the following labels are applied:
MO The monetary base, usually referred to as the physical money supply or coinage and bank reserves maintained by the central bank,
M1: M0 in its whole plus traveler's checks and demand deposits
All of M1, money market securities, and savings accounts are considered M2.
Despite not being frequently noticed and being distinct from the money supply, the monetary base is a crucial monetary aggregates. The total amount of money in circulation as well as the fraction of commercial bank reserves that is kept on hand by the central bank are included. Since it may be multiplied using the fractional reserve banking system, this is also sometimes referred to as high-powered money (HPM).
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When <u>cost of production increase </u> business firms will supply lower quantity of output
<h3>Effect of production cost on prices </h3>
When the cost of production increases, producers will tend to produce a lesser quantity of goods and services and this is cause an increase in demand over supply in the open market.,
An increase in demand without a corresponding increase in supply will cause the supply curve to shift to the left.
Hence we can conclude that When <u>cost of production increase </u> business firms will supply lower quantity of output
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Answer:
B
Explanation:
Money has several functions, one of its principal function is using it as unit of account. By comparing the amount in dollars spent on running a car yearly to annual earnings instead of keeping track in terms of gasoline cost and quarts of oil shows that money has been used as a unit of account.
This means that the amount of gasoline gallons bought and quarts of oil has been essentially replaced by the cost of these purchases and hence avail is the power to use money as a unit of account
Answer:
c. Utilities expense is a mixed cost and rent expense is a fixed cost.
Explanation:
Seacrest Enterprises
1000 units 5000 Units
Total Cost Total Cost /Unit Total Cost Total Cost/Unit
Direct materials $5,000 $5.00 $25,000 $5.00
Utilities expense $1,000 $1.0 0 $3,750 $0.75
Rent expense $4,000 $4.00 $4,000 $0.80
Direct Materials show variable Costs
Utilities expense show mixed costs
Rent Expense show fixed costs
The correct answer is
c. Utilities expense is a mixed cost and rent expense is a fixed cost.
