Answer:
Shortage: there is more demand than there is at the equilibrium price. There is also less supply than there is at the equilibrium price, thus there is more quantity demanded than quantity supplied.
Your pretty much short in supply and cant fulfill the demand
While surplus
When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.
Theirs a a large amount of supply due to the pricing most likely beign high
Explanation:
Answer:
a) Spaghetti
Explanation:
Dollar value means the actual amount raised from selling. In this case,
spaghetti will have dollar sales of:
=340 x $12
=$4,080
Steak
=212 x $16
=$3,392
Therefore, spaghetti has higher dollar sales.
Answer:
The product cost for 24,500 units is $497,350.
Explanation:
The reason is that the the product cost always includes all the variable production cost and specific fixed production cost. In this scenario, direct material cost, direct labor cost, variable manufacturing overhead cost are variable production cost whereas the fixed manufacturing cost is specific fixed production cost which will form part of product cost. The remainder of the cost left is period cost.
Direct materials (24,500 * $7.7 per unit) $188,650
Direct labor (24,500 * $4.7 per unit) $115,150
Variable manufacturing overhead (24,500 * $2.2 per unit) $53,900
Fixed manufacturing overhead (24,500 * $5.7 per unit) <u>$139,650 </u>
Total product costs $497,350
Answer:
a) liabilities only
Explanation:
The journal entry to record the payroll tax expense is shown below:
Payroll tax expense A/c Dr
To Social security tax payable A/c
To Medicate tax payable A/c
To State Unemployment tax payable A/c
To Federal Unemployment tax payable A/c
(Being the payroll tax expense is recorded)
The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet
