Answer:
1,000 Unfavorable
Explanation:
AH x AR = $84,000;
AH x SR = $83,000;
SH x SR = $85,000.
Compute the labor rate variance
then,
($84,000 - $83,000) = 1,000 Unfavorable
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Answer:
The PED is -0.4 and the demand for Reena's gloves is inelastic.
Explanation:
The price elasticity of demand(PED) measures the responsiveness of demand to changes in price of the product. If the PED is more than 1 than the demand is said to be elastic while if it is less than 1 than demand is inelastic.
PED = % change in Quantity demanded / % change in Price
PED = [(8 - 10) / 10] / [(6 - 4) / 4]
PED = -0.4
The demand for Reena's gloves is inelastic as PED is less than 1. The minus sign represents that it is a normal good.
Answer:
The correct answer is letter "C": be a straight line.
Explanation:
The Production Possibility Frontier (<em>PPF</em>) aims to determine what the maximum production would be using finite factors. Typically, the higher production of a good implies lowering the production of another. The PPF is represented by a graph with a vertical "X" axis and a horizontal "Y" axis for easiness in understanding.
Thus, if the factors for production were perfectly adaptable, the PPF curve will display a straight line in a graph.
Answer:
The Journal entry is as follows:
Accounts receivable A/c Dr. $2,604
To Sales $2,400
To Sales Tax Payable $204
(To record the sales and sales tax payable.)
Workings:
Sales Tax Payable:
= state sales tax + local sales tax
= ($2,400 × 6%) + ($2,400 × 2.5%)
= $144 + $60
= $204
