Answer:
The journal entry is :
Debit : Work In Process $21,000
Credit : Direct Labor Cost $18,000
Credit : Indirect Labor Cost $3,000
Explanation:
The Work In Process Account is used to accumulate the manufacturing costs during the production period. Debit this Account with any costs incurred in manufacturing to show increase in the Product Cost and Credit the respective labor accounts to show decrease or utilization of these accounts. Note the remainder of costs of $18,000 goes to direct labor.
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.
Answer: False
Explanation:
Service variability means that the quality of services depends on who provides them. Also where it was provided, when it was provided, and how it was provided are taken into consideration.
Service variability are changes in the quality of identical service that are beung provided by different vendors. It should be noted that the difference in change is due to the nature of the service, delivery method used and the individual providing the service.
The answer should be b. (Sorry if I’m wrong)
Answer: E. 18,000
Explanation:
Wesley Corporation has 80,000 shares of common stock authorized. This the total amount of common stock that is available for sale by the company.
Only 50,000 shares of common stock were issued and 12,000 shares of common stock as held as treasury stock.
Then the total number of outstanding shares of Wesley Corporation amounts to 80,000 - 50,000 - 12,000 = 18,000
