Question 6 of 22:

: In 2021, Garret Market remained fully open while conducting inventory, but in 2022 Garrett closed during inventory. In 2023, G

andreev551 [17]

Answer:

The answer is:

2022 most accurate inventory
2021 least accurate inventory

Explanation:

Garret Market uses a periodic inventory system (updates are made on a periodic basis) and in order to carry out this process correctly, the inventory should remain closed. Only in 2022 was the inventory closed, so it should be the most accurate. In 2021 the store remained fully opened and inventory was modified daily, so it should be the least accurate.

8 0

2 years ago

Read 2 more answers

Whenever marginal cost is greater than average total cost, A. average total cost is rising. B. marginal cost is falling. C. aver

Damm [24]

Answer:

A. average total cost is rising.

Explanation:

Whenever marginal cost is more than average cost it means it costs more to produce a unit now compared to the average cost of the previous units. Lets assume that a company produces 3 units of a good.

The first unit costs $1

The second unit costs $2

The third unit costs $3.

The average cost is (1+2+3)/3=2

Now if the marginal cost for producing a unit is more than the average cost for example if the marginal cost is 4, then this will mean that average total cost is rising. we can mathematically check this.

The first unit costs $1

The second unit costs $2

The third unit costs $3.

The fourth unit costs $4

Average cost= (1+2+3+4)/4=10/4=2.5

Here we see that the average cost increased from 2 to 2.5 because marginal cost was greater than average cost.

4 0

3 years ago

Bernice is an underwriter. she is reviewing a commercial crime coverage application. the coverage will be written using the disc

Mnenie [13.5K]

Answer:

A retroactive date endorsement

Explanation:

In Insurance, a retroactive date endorsement is used for most claims-made policy forms.

For a claims-made policies, the date which a professional liability coverage begins, covering for any incident that causes damage or harm to a third party on or after the date it occurred, provided the claims relating to it were filed with an active liability insurance coverage, is known as the retroactive date endorsement.

Hence, Bernice should add a retroactive date endorsement to the policy to protect the insurer against liability for such previous losses.

7 0

2 years ago

Read 2 more answers

The following information summarizes the standard cost for producing one metal tennis racket frame at Spaulding Industries. In a

astra-53 [7]

Answer:

Actual Price paid for materials = $4.2136 $\times$ 2,200 = $9,270

Actual price per unit = $4.2136

Explanation:

Provided information,

Standard Material per unit = $4

Total cost = $8,400

Standard Quantity = $8,400/$4 = 2,100 units

Provided Material Price variance = $470 unfavorable = - $470

$= (Standard Price - Actual Price) \times Actual Units$

Material Quantity Variance = $400 Unfavorable = - $400

$= (Standard Quantity - Actual Quantity) \times Standard Rate$

Using Material Quantity Variance

- $400 = (2,100 - Actual Quantity) $\times$ $4

-$400/$4 = 2,100 - Actual Quantity

Actual Quantity = 2,100 + 100 = 2,200 units

Now, putting this value in Material Price Variance we have,

- $470 = ($4 - Actual Price) $\times$ 2,200

-$470/2,200 = $4 - Actual Price

- $0.214 = $4 - Actual Price

Actual Price = $4 + $0.2136 = $4.2136

Final Answer

Actual Price paid for materials = $4.2136 $\times$ 2,200 = $9,270

Actual price per unit = $4.2136

8 0

3 years ago

Which of the following is true about mortgage-backed securities? I) They aggregate individual home mortgages into homogeneous po

quester [9]

Answer:

I ,II and IV

Explanation:

Mortgage backed securities are either a claim for equity in a pool of mortgages, or a duty secured by a pool. Such claims reflect home loan securities. Loans borrow from mortgage lenders and then sell bundles of those loans on the resale market.

Specifically, once those loans are paid off, they sell their claim to the mortgage cash inflows. The issuer of the mortgage needs to maintain the loan, receiving principal and interest payments, and transfers those payments on to the mortgage borrower.

Therefore according to the given situation the correct answer is I, II, IV

6 0

2 years ago