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Kitty [74]
2 years ago
14

What are the two steps a producer can take to gain an absolute advantage? produce more goods. use high-quality resources. produc

e more expensive goods. use fewer resources. produce high-quality goods. use local resources.
Business
1 answer:
erica [24]2 years ago
6 0

Answer:

The correct answers are 1) produce more goods and 4) use fewer resources.

Explanation:

In the economic theory the definition of absolute advantage is the ability to produce as much of a product as possible while using few resources. On the other hand, comparative advantage is something that can help a producer sell a good at a low price which is attractive for customers while retaining good sale margins.

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Succulent Juice Company manufactures and sells premium tomato juice by the gallon. Succulent just finished its first year of ope
Naddik [55]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Number of Gallons Produced 80,000

Number of Gallons Sold 70,000

Sales Price $3.00/gallon

Unit Product Cost (variable costing) $1.45/gallon

Contribution Margin $84,000

Total Fixed Manufacturing Overhead $?

Total Fixed Selling & Administrative $25,000

Variable Selling & Administrative $?Total Fixed Selling & Administrative $25,000

Variable Selling & Administrative $?

Inventory value under absorption costing $29,500

T<u>he difference between the absorption and variable costing method is that the first one includes the fixed manufacturing overhead in the product cost.</u>

Absorption= direct material + direct labor + total unitary overhead

Variable=  direct material + direct labor + unitary variable overhead

First, we will calculate all the missing information:

Sales= 3*70,000= 210,000

Total variable cost= 210,000 - 84,000= 126,000

Unitary varaible cost= 126,000/70,000= $1.8 per unit

Unitary variable selling and administrative= 1.8 - 1.45= 0.35

Unitary inventory production cost (absorption)= 29,500/10,000= $2.95

Unitary fixed manufacturing cost= 2.95 - 1.45= 1.5

Now, we can determine the income statement under absorption and variable costing method:

A<u>bsorption costing:</u>

Sales= 210,000

COGS= 70,000*2.95= (206,500)

Gross profit= 3,500

Total Fixed Selling & Administrative= (25,000)

Variable Selling & Administrative= (0.35*70,000)=

Net operating income= (46,000)

<u>Variable costing method:</u>

Sales= 210,000

Total variable cost= (126,000)

Contribution margin= 84,000

Total Fixed Selling & Administrative= (25,000)

Total fixed manufacturing overhead= (80,000*1.5)= (120,000)

Net operating income= (61,000)

4 0
4 years ago
If a journal entry and posting for the use of one month of rent from the prepaid rent account during the year is accidently omit
tensa zangetsu [6.8K]

Answer:

Expenses will be understated, hence, Net Income will be overstated.

Rent prepaid will be overstated, hence, current assets will be overstated.

Explanation:

Ordinarily, rent prepaid is meant to be credited every month to the tune of the the value that has been consumed and then added to period expenses to reduce net income.

In the statement of Financial Position, the same amount that has been consumed should be used to reduce balance in rent prepaid account, otherwise, current assets will be overstated if no adjustment is made.

4 0
3 years ago
Q.1.2.2 Explain the implications on Airbnb should South Africa implement a<br><br> command economy.
icang [17]

Answer:

Throughout the next part, the description of the question is detailed.

Explanation:

Airbnb had already expanded fast throughout South Africa but since its inception throughout 2015.

  • It received criticism from the established accommodation sector, like certain other innovative companies.
  • Throughout order to assess Airbnb's impact, Creation story intelligence was requested for separate research to evaluate Airbnb's commercial importance.
5 0
3 years ago
Hey um hi if you need help leeme know ig ·ω·
choli [55]
Answer: Okay that’s good lol and same here too
5 0
3 years ago
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The type of good for which the consumer compares several alternatives on such criteria as price, quality, and style is a(n) A. s
swat32

Answer:

A. shopping product.

Explanation:

The answer is shopping product because it is a product in which the customer takes some time reviewing alternatives and characteristics before making the final purchasing decision.

B2B products refers to businesses that sell products to other bussinesses, specialty products are the ones customers specifically look because of a particular characteristic or the brand and they won't compare alternatives, convenience products are the ones a customer buys all the time and doesn't take a lot of consideration and unsought product are the ones that consumers don't know anything and are not interested in buying like funeral plans.

7 0
3 years ago
Read 2 more answers
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