Answer:
The journal entries are shown below:
Explanation:
The journal entries are as follows
Raw materials inventory $90,000
To Cash $90,000
(Being the raw material is purchase for cash is recorded)
Factory overhead $17,000
Raw materials inventory $17,000
(Being the factory supplies is recorded)
Work in process inventory $66,100
Raw materials inventory $66,100
(Being the work in process is recorded)
Only these three entries are to be recorded)
Answer:
a. Janice must adjust the total value 2018 GDP for inflation.
Explanation:
Gross domestic product is defined as the amount of goods and services produced by a country in a particular period. It is a measure of economic growth of the country.
Real GDP is calculated from GDP by adjusting for inflation of deflation. Real GDP gives a more clear picture of the economy since it considers the reality of inflationary effect on prices.
For example when prices go up and GDP is used, it will seem the country is producing more. Which is a wrong assumption.
Real GDP give a more accurate insight into a countrie's productivity.
Answer:
$546,750
Explanation:
Sales 2,498,000
COGS (1,376,000)
gross profit 1, 112,000
S&A salaries (219,000)
other S&A (346,000)
underapplied MO (10,250) *
net income 536.750
*we need to compare the actual voerhead with the applied overhead:
<u>actual overhead:</u> 176,000 + 420,000 = 596,000
<u>applied overhead:</u>
overhead rate:
568,000 / 32,000 = 17.75
33,000 x 17.75 = 585.750
overhead
<u>debit credit</u>
596,000 585,750
10,250 underapplied overhead
As the applied was lower it is underapplied we need to recognzie more cot thus, the net income decrease.
Answer:
1.
c. Many
d. Differential
c. Monopolistic Competition
2
b. Few
c. Identical
a. Oligopoly
3
a. One
a. Unique
d. Monopoly
Explanation:
A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.
An example of monopolistic competition are restaurants
A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms.
An example of a monopoly is a utility company
It is only the drug company that is permitted to sell the drug. So, it is the only firm in the industry. Also, it is the only firm that offers experimental AIDS drug, so its product is unique.
An Oligopoly is when there are few large firms operating in an industry. In the cab industry, it is a duopoly that exists. This is a type of oligopoly where there are only two firms in the industry. Consumers do not care about the cabs they enter or the different services offered by the companies, so, the product is identical
Answer:
GDP= 9,872
Explanation:
The Expenditure Approach is a method of measuring GDP by calculating all spending throughout the economy including consumer consumption, investing, government spending, and net exports. This method calculates what a country produces, assuming that the finished goods and services of a country equals the amount spent in the country for that period.
The formula is:
GDP=C+I+G+/-NX
GDP: Gross Domestic Product
(C) consumer spending – this is the amount that all consumers spend on goods and services for personal use.
(I) investment – this is the amount that businesses or owners spend to invest in new equipment or expansions.
(G) government spending – this includes spending on new infrastructure like bridges and roads.
(NX) net exports – this includes spending on a country’s exports minus its spending on imports.
GDP= 6,728+1,767 +1,741+(1,102-1,466)
GDP= 9,872
