Answer:
At the time of purchase of raw material inventory,
Raw material inventory account will debit and accounts payable account will credit.
Therefore, the Journal entry for this transaction is as follows:
Raw Materials Inventory Account Dr. $36,000
To Accounts Payable $36,000
(To record the purchase of raw material on account)
Workings:
Raw material Inventory = Units of raw material purchased × Price per unit
= 6,000 × $6
= $36,000
Sampling error occurs when a sample somehow does not represent the target population.
Answer:
Statement (A) is true
<u>Explanation:</u>
Sample means a small group selected from a large group.The large group from which a sample is selected is called the population.Basically a sample is selected to draw conclusions regarding population because it is not possible to study the entire sample.But if sample sample does not represent the target population then our conclusions will not be accurate.This will give rise to sampling errors.
If occurs when sample is biased.So we need to be very careful while selecting a sample.It must represent the entire population not just a part of population.
Sampling error can be reduced by increasing the size of population,dividing population in groups,select appropriate population.
Sampling error occur when population is not correct as per our requirement,or when sample is selected randomly.It may also occur when sample selected does not respond ,at that time it becomes difficult to draw conclusions regarding population.
Answer:
North Park $13,000 $16,000 N
Upper River Beach 6,000 8,000 Y
South Shore 29,000 30,000 Y
Green Creek 900 1,300 N
Explanation:
The cleanup will happen in the area where the marginal benefit is more than the marginal cost. the North park will not be cleaned up. River beach will be cleaned Up. South shore will be cleaned up. Green creak will not be cleaned up.
Answer:
Incomplete question. Helpful details provided below.
Explanation:
A seven firm cartel implies a group of seven individual firms or companies that produce similar products who mutually agreed to supply certain amount of these products at a fixed price inorder to equally and fairly make profit.
In this case, the law of demand and supply applied resulting in a drop in price of Whatailsya because of excess supply.
