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Ad libitum [116K]
2 years ago
7

What does economic problem mean?

Business
1 answer:
rusak2 [61]2 years ago
3 0

Answer: An economic problem is basically the problem of choice. Due to scarcity of resources, the problem which arises before an individual consumer also arises collectively before an economy.

Explanation: Yw and pls mark me as brainiest

You might be interested in
Exercise 19-9 Income statement under absorption costing and variable costing LO P1, P2 IThe following information applies to the
ivolga24 [154]

Answer:

When you are calculating variable costing, COGS only includes variable costs. All fixed costs are included as period costs at the end. Fixed costs are not carried forward either.        

             <u> Income Statement (variable costing) - J Cool Sky</u>

total sales $140 x 36,000 units sold =                                   $5,040,000

variable COGS                                                                        ($3,240,000)

variable direct costs ($60 + $22) x 36,000 = ($2,952,000)

<u>variable overhead ($8 x 36,000)                       ($288,000)                       </u>        

manufacturing margin                                                              $1,800,000

<u>variable administrative and selling costs ($11 x 36,000) =     ($396,000)  </u>  

contribution margin                                                                   $1,404,000

fixed costs                                                                                  ($633,000)

fixed overhead =                                               ($528,000)

<u>administrative and selling =                              ($105,000)                           </u> 

net income                                                                                    $771,000

In order to prepare the income statement using absorption costing, we must first determine COGS = [(total variable manufacturing costs + total fixed manufacturing costs) / total output] x units actually sold

COGS = {[($60 + $22 + $8) x 44,000] + $528,000} / 44,000] x 36,000 = [($3,960,000 + $528,000) / 44,000] x 36,000 = $102 x 36,000 = $3,672,000

          <u> Income Statement (absorption costing) - J Cool Sky</u>

total sales $140 x 36,000 units sold =                                   $5,040,000

<u>COGS                                                                                      ($3,672,000)</u>

gross profit                                                                                $1,368,000

variable administrative and selling costs $11 x 36,000 =       ($396,000)    

<u>fixed administrative and selling costs                                      ($105,000)</u>

net income                                                                                  $867,000

The difference between both accounting methods is that variable costing includes all fixed manufacturing costs during the period and the ending inventory is carried forward only at a lower cost since it only includes variable costs. Absorption costing calculates ending inventory using the total fixed costs, that is why COGS is lower.

3 0
3 years ago
The semester project came back from the copy store and the project leader has just noticed that the left side y-axis of a key Pa
storchak [24]

Answer:

Yes it can be done from using cumulative percentage line on right y-axis

Explanation:

for smallest bar= lowest percentage on right y-axis × 200/100

for 2nd smallest bar= ( next consecutive percentage- smallest percentage) × 200/100

and so on

3 0
3 years ago
What happens in your retirement if you have a lapse in your years of work history?
TiliK225 [7]

Your monthly benefit will be lower

6 0
3 years ago
A project manager is estimating costs on her video game development project. She utilizes total costs from a similar project tha
Mumz [18]

Answer:

A) Analogous Estimation

Explanation:

Analogous Estimation is the process of comparing past costs and expenses of projects to make estimations for the current projects. This is usually used when there is data limitation for accurate estimations on the current projects.

Parametric is where a unit rate is devised to calculate project costs comprising of several units.

Bottom up estimation deals with estimating smaller cost components and then using the sum of these components to make larger estimates.

Option D is based on rough estimates on the time and effort required for a project.

None of the other options thus take into account past work other than the analogous estimation technique.

Hope that helps.

3 0
3 years ago
Shawn exchanges a factory building for an apartment building in a qualifying like-kind exchange. The factory has a basis of $350
Setler [38]

Answer:

a.$30,000

b.The alternative i could suggest to Shawn is that he may sell the factory building instead of him to purchase the apartment building in order for him to recognize the loss which will inturn lower his taxes.

Explanation:

a. Calculation of what is Shawn’s realized gain or loss and the basis of the apartment building

Since Shawn tend to received the apartment building which has a Fair Market Value of $320,000 in exchange of his $350,000 worth of factory , this means he had a lost of $30,000 which is calculated as ($320,000-$350,000) which can therefore be deferred

b. The alternative i could suggest to Shawn is that he may sell the factory building instead of him to purchase the apartment building in order for him to recognize the loss which will inturn lower his taxes.

6 0
3 years ago
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