Answer:
The firms make a $1 per bushel in profit.
Explanation:
When the price is greater than the long run total costs, then a profit is being generated. This helps the firms in the perfectly competitive oat industry to remain in the industry since they are making 100% profit on their investments, which they may not get elsewhere. If they are not making such large profits, some of the firms may decided to leave the industry and relocate their resources to other industries where they can make enough profits.
Answer:
A. Debit: Bad Debt Expense 2,500
Credit: Allowance for Doubtful Accounts 2,500
250,000 x .01 = 2,500
B. Debit: Bad Debt Expense 2,750
Credit: Allowance for Doubtful Accounts 2,750
3,000 - 250 = 2,750
Answer:
B. $304,060
Explanation:
We know that
Ending balance of finished goods inventory = Beginning balance of finished goods inventory + Cost of Goods manufactured - Cost of Goods Sold
= $304,560 + $290,500 - $291,000
= $304,060
We simply applied the above formula to compute the ending balance of finished goods inventory by considering the beginning balance of finished goods inventory, cost of goods manufacture and cost of goods sold.
Answer:
3N + 25M + P ≤ 45
Explanation:
Let the number of Newspaper Stories taken=N
Newspaper stories take 3 hours to write.
Total Hour spent on Newspaper Stories=3N
Let the number of Magazine Articles taken =M
Magazine articles take much longer to write 25 hours per article.
Total Hour spent in Magazine Articles=25M
Let the number of Proofreading jobs taken =P
Proofreading pays for every 1 hour
Total Hour spent in Proofreading jobs=P
Since both newspaper stories and magazine articles must be completed in the week they are started.
The writer doesn't want to work more than 45 hours per week. So his total hour in a week is less than or equal to 45.
The Constraint that limits the amount of time the writer will work in a week is given as:
3N + 25M + P ≤ 45
