Limber Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: According to the company's records, the conversion cost in beginning work in process inventory was $15,264 at the beginning of June. Additional conversion costs of $68,208 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)
Answers
Limber Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below:
Unit % of completion
Beginning working in progress 18,000 80%
Started into production 81,000
Ending working progress 17,000 * 80%
According to the company's records, the conversion cost in beginning work in process inventory was $15,264 at the beginning of June. Additional conversion costs of $68,208 were incurred in the department during the month. What was the cost per equivalent unit for conversion costs for the month? (Round off to three decimal places.)
Answer:
cost per equivalent unit for conversion costs = $0.873
Explanation:
Completed units= opening inventory + started unit - closing inventory
= 18000 + 81,000 - 17,000 = 82 ,000 units
Item units Equivalent unit
Completed units 82,000 100% × 82,000 = 82,000
Production 17,000 80% ×17,000 = 13600
Total equivalent unit 95,600
Cost per equivalent unit= total conversion cost / total equivalent units
= ($15,264 + $68,208)/95,600 units = $0.873
cost per equivalent unit for conversion costs=$0.873
Related Questions
Define Entrepreneur and Intrapreneur. Why are Intrapreneurs also very valuable?
Answers
Intrapreneur is a a manager within a company who promotes innovative product development and marketing.
It helps businesses generate growth, and also adds a level of flexibility
1 It is impossible to motivate, only to demotivate. Discuss.
Answers
Explanation:
This statement suggests that motivation is not something that can be given to someone, but rather something that can only be taken away or undermined. In other words, people are already motivated to some degree, and it is external factors that can either enhance or diminish that motivation.
There is some truth to this statement. People are generally motivated by internal factors such as personal goals, values, and interests. However, external factors such as work conditions, compensation, and recognition can impact the level of motivation a person feels. For example, if an employee is not compensated fairly or does not receive recognition for their work, they may become demotivated and their overall motivation may decrease.
On the other hand, external factors can only go so far in motivating someone. If an individual does not have a personal interest in a task or does not believe it aligns with their values, no amount of external motivation will be enough to sustain long-term effort.
In conclusion, while external factors can have an impact on motivation, it is ultimately the individual's internal factors that determine their level of motivation. Therefore, the statement "it is impossible to motivate, only to demotivate" is partially true
Answer:
This statement implies that motivation comes from within an individual and cannot be forced upon them by external factors. While external factors such as rewards or recognition can create temporary motivation, long-term motivation ultimately comes from an individual's own values, interests, and goals. However, negative factors such as lack of support or recognition, unrealistic goals, and poor working conditions can demotivate individuals and decrease their intrinsic motivation. Therefore, it is important for leaders and organizations to create a supportive environment that fosters intrinsic motivation and minimizes external demotivators.
One of the mentioned assumptions of portfolio management theory is that investors are rational. A
rational investor:
Answers
Answer:
Prefers a higher return for a given risk and prefers a lower risk for given return.
Explanation:
Why is there is a difference between the roles of a manager, a monitor and an entrepreneur? Support your answer with an example.
1.2 Explain in your own words the following two factors that managers should consider when using teamwork competency in the workplace:
1.2.1 Creating a supportive environment
1.2.2 Managing team dynamics
Answers
An entrepreneur is the owner of the company while the monitor and manager are employees.
Who is an Entrepreneur?This is the individual which owns the company and bears the risk and enjoys most of the reward derived from it.
The entrepreneur serves as an innovator, the manager helps to control the affairs of the company while the monitor oversees compliance.
Creating a supportive environment will there is an inclusive environment which will boost productivity.Managing team dynamics involves understanding the roles and behavior of team members which ensures they are suited to the rule for increased productivity and less errors.Read more about Entrepreneur here https://brainly.com/question/353543
Sally is looking to invest in Agricon Products when its P/E ratio is lower than 15. Each share is currently projected to earn $1.30 this year. Which
of the stock prices listed below would give the P/E ratio she is looking for?
1. $18 a share
II. $19 a share
III. $20 a share
Select the best answer from the choices provided.
А.
I only
В.
III only
Ос.
I and II only
OD. III, and III
Answers
Answer:
C
Explanation:
P/E ratio is a method of valuing a company. It is derived by dividing price of the stock by earnings
1. $18/1.3 = 13.8
2. 19/1.3 = 14.6
3. 20 / 1.3 = 15.4
The first and second stock have a P/E ratio is lower than 15.
1. Which class of medications does the Centers for Medicare and Medicaid Services limit the PRN use to 14 days?
Anticholinergics
Antipsychotic medications
Antiarrhythmics
Beta-blockers
Answers
The Centers for Medicare and Medicaid Services limit PRN use to 14 days for Antipsychotic medications.
PRN prescription and administration are generally used for psychotropic and psycholeptics medications, including antipsychotics, neuroleptics, anxiolytics, sedatives, and hypnotics.
PRN antipsychotic orders are restrained to 14 days simplest. PRN antipsychotic orders might not be extended past the 14-day restriction. documents the scientific purpose for the brand new order, which ought to consist of how the resident benefits from the medication as a result of the PRN order.
The PRN prescription stands for 'pro re nata,' which means that the management of medication is not scheduled. as a substitute, the prescription is taken as wished.
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Variety spice of life
Answers
Which of the following is something that companies are likely to engage in
with famous, well-publicized sports teams?
A. Direct marketing
B. Customer frequency programs
c. Merchandising
D. Sponsorship
SUBMIT
Answers
Given below are some instructions on how to make a sandwich
Answers
A sandwich is a common and popular food that is easy to prepare and eat. It consists of two slices of bread with various fillings, such as vegetables, cheese, or meat, in between them.
Here are the instructions for making a sandwich in the passive voice:
a) Two slices of soft bread should be taken.
b) The crust should be trimmed.
c) Butter should be applied evenly on them.
d) The filling (cucumber or tomato slices, grated cheese, etc.) should be prepared.
e) The filling should be placed on one of the slices and covered with the other.
f) It should be pressed gently and chilled for some time.
g) It should be eaten when ready.
h) It will taste good.
The passive voice is used when the focus is on the action or the object that receives the action, rather than the person or thing performing the action. In the case of making a sandwich, the passive voice is useful for making the instructions clear and easy to understand.
The question was incomplete, Find the full content below:
Given below are some instructions on how to make a 'sandwich'. Read them carefully and then rewrite each of them in the passive voice.
a) Take two slices of soft bread.
b) Trim their crust.
c) Apply butter evenly on them.
d) Prepare the filling (cucumber or tomato slices, grated cheese, etc.)
e) Place filling on one of the slices and cover with the other.
f) Press gently and chill for sometime.
g) Eat it when ready,
h) It will taste good.
Please help me as fast as possible
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The law in your state allows an employer to create an
enforceable agreement that restricts an employee's
postemployment activities as long as the restriction is
reasonable in terms of purpose, geographic area, and
duration. Your employer is a dominant force in the
technology industry, an industry that is ever changing at
a rapid pace. As a result, top employees want the flex-
ibility to move from company to company. Of course,
having and keeping top employees is a competitive
advantage. Assume that you are an executive charged
with determining whether your firm will embrace a
postemployment restriction within its contracts of
employment. If you adopt a justice theory approach,
what result might you adopt, and why? If you adopt a
utilitarianism approach, what result might you adopt,
and why?
Answers
Utilitarian theory respects all persons equally without particular regard and assists people in making moral decisions. The utilitarian theory provides a basic technique. According to utilitarian philosophy, humans value all moral terms such as self-sacrifice, justice, and honesty.
There are various philosophies of justice, including utilitarianism, justice as fairness, and libertarianism. Utilitarians were those who supported utilitarian doctrine. With utilitarian theory being one of the theories of justice, the researcher was compelled to investigate how the theory provides justice to people, how it impacts human behaviour, and the issues the theory faces in the present world. Act utilitarians argue that their theory gives compelling grounds to reject many conventional moral statements and substitute them with moral perspectives based on the consequences of actions. People who are persuaded by act utilitarianism's critics may decide to abandon utilitarianism outright and adopt another form of moral theory.
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Determine the total expenses based on the following data
assets 72,000
owner's equity 70,000
revenues 20,000
liabilities 16,000
Answers
From the given data, it appears that the expenses result in a negative value of $-14,000. This indicates a deficit, which suggests that the company's liabilities and owner's equity exceed its assets.
To determine the total expenses based on the given data, we need to use the accounting equation: Assets = Liabilities + Owner's Equity. In this case, we are given the values of assets, owner's equity, and liabilities.
Assets = $72,000
Owner's Equity = $70,000
Liabilities = $16,000
Using the accounting equation, we can calculate the total expenses by rearranging the equation:
Expenses = Assets - Liabilities - Owner's Equity
Expenses = $72,000 - $16,000 - $70,000
Expenses = $-14,000
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Which of the following is an example of a control activity that satisfies the accuracy control objective for sales invoices?Invoice quantities are compared to shipment and customer order quantities
Answers
Invoice quantities are compared to shipment and customer order quantities, is an example of a control activity that satisfies the accuracy control objective for sales invoices.
What is accuracy ?Accuracy and precision refers to the two measures of observation error. Accuracy indicates how close a given set of measurements are to the true value, and precision indicates how close the measurements are to each other. In other words, precision is a description of random error and a measure of statistical variability. Accuracy is the degree of closeness between a measured value and its true value. Precision is the degree to which repeated measurements under the same conditions yield the same results. Accuracy refers to how close a measurement is to a standard or known value. For example, if a particular material weighs 3.2 kg in a laboratory, but the actual or known weight is 10 kg, the measurement is not accurate.In this case the measured value is not close to the known value.To learn more about accuracy from the given link :
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a)You own a picture frame store and want to determine the number of pictures you must sell in order to break even. The average price your consumes are willing to pay for each picture is $75.00. Your fixed costs are $32,000.00 and your unit variable cost is $35.00. Under these conditions what quantity must you sell to break even? Show your work as described in Chapter 19 (page 595).
b) At the break-even point, what is your profit?
c) What happens with each additional picture you sell over the break-even point number? Provide a dollar amount to your answer.
Answers
Under these conditions, 800 pictures to break even.
At the break-even point, the profit is exactly $0.
For each additional picture sold over the break-even point, the profit increases by $40.00.
The calculation according to given information is:
Break-even quantity = Fixed costs / (Price - Unit variable cost).Break-even quantity = $32,000 / ($75 - $35)Break-even quantity = 800.The profit is exactly zero at the break-even point. This is because the break-even point is the level of output at which the costs of manufacturing equal the revenues for a product.
The average price clients are willing to pay for each photo is $75.00, and the unit variable cost is $35.00, thus the unit contribution margin is $40.00.
As a result, the significance of the break-even point is the aforementioned.
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WBS for the knowledge area of Human/Resource Management for a low-cost housing project
Answers
Here's an example of a WBS for the knowledge area of Human/Resource Management for a low-cost housing project:
The wbs for a knowledge area of Human/Resource Management for a low-cost housing projectHuman/Resource Management
1.1 Staffing Plan
1.1.1 Define project roles and responsibilities
1.1.2 Identify required staffing resources
1.1.3 Determine the project team structure
1.1.4 Develop a staffing plan and budget
1.2 Recruitment and Selection
1.2.1 Create job descriptions and specifications
1.2.2 Advertise and promote job openings
1.2.3 Review resumes and conduct initial screenings
1.2.4 Conduct interviews and select candidates
1.2.5 Perform background checks and reference checks
1.2.6 Extend job offers and negotiate terms
1.3 Training and Development
1.3.1 Assess training needs for project team members
1.3.2 Develop a training plan and schedule
1.3.3 Conduct training sessions and workshops
1.3.4 Provide on-the-job training and mentoring
1.3.5 Evaluate training effectiveness and adjust as needed
1.4 Performance Management
1.4.1 Set performance expectations and goals
1.4.2 Monitor and assess individual and team performance
1.4.3 Provide feedback and coaching to improve performance
1.4.4 Conduct performance appraisals and evaluations
1.4.5 Identify and address performance issues or conflicts
1.5 Resource Allocation
1.5.1 Identify project resource requirements
1.5.2 Allocate resources based on project needs
1.5.3 Monitor resource utilization and availability
1.5.4 Optimize resource allocation to meet project objectives
1.6 Stakeholder Management
1.6.1 Identify project stakeholders and their interests
1.6.2 Develop a stakeholder engagement plan
1.6.3 Communicate and manage stakeholder expectations
1.6.4 Address stakeholder concerns and resolve conflicts
1.6.5 Maintain positive relationships with stakeholders
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c) “Shadow price is the increase in value created by having one additional unit of a limiting resource at original cost”. Provide a comprehensive real world example of where a shadow price can be calculated with multiple limiting factors and with more than one product. Your answer should be in a form of a short case study roughly 4 or 5 sentences. (5 marks)
Answers
A real world example of shadow pricing would be in a case where a manufacturer produces two product A and B with 2 input such as raw materials and labor.
How is this so?Two products (A & B) are produced through the use of two primary resources: labor & raw materials. To produce one unit of product A, we require roughly an hour's worth (60 minutes) of work time from our available pool.
Also, approximately two pounds worth of our current stockpile must be incorporated into each instance as well. Comparatively speaking, producing one unit from group B takes almost three times that much effort (3 hours' time), but only requires about half as much by weight (a single pound).
Our maximum allowance stands at exactly 60 work-hours across all levels plus another hundred pounds maximum in terms concerning these earthly elements - with that established pricing amounts to a flat rate where five dollars buys us one metric pound whereas ten dollars goes towards hourly wages; so what is their shadow price?
When dealing with limited input availability, the optimal allocation of resources and production process optimization can be achieved using shadow prices. In this regard, it has been determined that labor's shadow price stands at $10 per hour while the shadow price for raw materials is set at $5 per pound.
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Which of the following statements is true about secondary markets?
A. A buyer may incur search costs and find a seller on their own through a direct search.
B. A broker may bring buyers and sellers together, charging a commission.
C. A dealer may sell and buy securities using his inventory, therefore reducing search costs. The dealer's return is the bid-ask spread.
D. An auction market allocates the selling shares to the highest bidder.
Answers
Answer:
True statement about secondary markets is:
B. A broker may bring buyers and sellers together, charging a commission.
Explanation:
In a typical secondary market, investors buy and sell outstanding shares among themselves. Acting as an intermediary between the stock exchange and the investor, a broker arranges the buying and selling of shares among investors, charging a commission for their work. They facilitate the sale and purchase of shares in the secondary market.
Pd 4(A) Set 2 iz Question 7 (1 point) When investing in individual stocks, you should expect that... O a Stock prices for a company are relatively easy to predict d GRADES Next Page Back Unforeseen company events can have a dramatic impact on the stock price for a company You will have an informational edge by reading an article about a company you want to invest in Stock prices for an individual stock will be more stable over the long-term than prices for a diversified index fund S ✓ Sub Question 7 of 19 |
Answers
An investor should carefully consider their risk tolerance and investment goals before deciding whether to invest in individual stocks or index funds.
When investing in individual stocks, you should expect that unforeseen company events can have a dramatic impact on the stock price for a company. This is because the company's stock price reflects not only the company's current financial situation but also investors' expectations for the company's future performance.Unforeseen company events such as changes in leadership, new competitors, or regulatory changes can cause investors to reassess their expectations for the company's future performance, which can lead to fluctuations in the stock price.An investor should not expect that stock prices for a company are relatively easy to predict. This is because stock prices are influenced by a variety of factors, including company financial performance, economic conditions, market trends, investor sentiment, and geopolitical events. While some investors may try to predict stock prices using technical analysis or fundamental analysis, it is important to recognize that these methods have limitations and cannot guarantee accurate predictions.An investor can gain an informational edge by reading an article about a company they want to invest in. Reading articles about a company can provide valuable insights into the company's financial situation, growth prospects, and risks. However, it is important to recognize that reading articles is only one part of the investment process and should be supplemented by other sources of information, such as financial statements, analyst reports, and market data.An investor should not expect that stock prices for an individual stock will be more stable over the long-term than prices for a diversified index fund. In fact, individual stocks are generally more volatile than index funds because they are more susceptible to company-specific risks. By contrast, index funds are diversified across multiple companies and sectors, which can help to reduce overall portfolio risk.
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"Group decision making is better". Do you agree or disagree with the statement? Give 3 reasons why do you say so?
Answers
Answer:
I agree because it make the group bring out more ideals
sometimes group decision make some people to voice out their problems
group decision help organization and firms to operate in good aims
operations management course concept
Answers
The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.
This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.
Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.
The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.
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Most of a distribution manager's decisions must balance cost reduction
against which other benefit?
A. Superior customer service
B. Price increases
C. Greater efficiency
D. Higher profits
Answers
A.
I hope this helps! Have a good rest of your day/night :)
Superior customer service is the other benefit is Most of a distribution manager's decisions must balance cost reduction against. Hence,
What is Superior customer service?Superior customer service goes above and beyond the usual interactions with a customer to make sure that they feel heard, appreciated, understood, and valued.
The help we give consumers both before and after they make a purchase of goods or services is referred to as customer service. Whether we are creating pamphlets, answering calls, or carrying out cutting-edge research, our goal is to deliver exceptional customer service.
In essence, the three main elements of good customer service are professionalism, patience, and a "people-first" approach. While every customer's experience with customer care is different, as long as you're following these guidelines, you're doing things correctly.
Thus, option A is correct.
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Communicating Effectively
Posttest
You work as an administrative assistant in an engineering firm. A co-worker constantly makes fun of the
engineers by whispering comments to you about the engineers' appearance and behavior.
Read the following possible courses of action and decide which is the BEST way to handle the situation
and which is the WORST way to handle the situation.
1. Make fun of the co-worker behind his back to get back at him.
2. Avoid the co-worker and suggest others do the same until he stops making comments.
3. Tell the engineers exactly what the co-worker says about them.
4. Confront the co-worker and tell him to stop making fun of the other people.
Which is the BEST way to handle the situation?
Option 1
Option 2
Option 3
Option 4
>
Which is the WORST way to handle the situation?
Option 1
Option 2
Option 3
Option 4
Answers
The Best way to handle the situation or communicate effectively the problem is Confront the co-worker and tell him to stop making fun of the other people. The Worst way to handle the situation is Avoid the co-worker and suggest others do the same until he stops making comments.
Thus, the best way is option 4 and worst way is option 2.
What is effective communication?The process of exchanging ideas, opinions, knowledge, and facts in order to ensure that the message is received and understood with clarity and purpose is known as effective communication. The sender and the receiver are both delighted when we communicate successfully.
You work as an administrative assistant in an engineering firm. A co-worker constantly makes fun of the engineers by whispering comments to you about the engineers' appearance and behavior. Confronting the the co-worker and telling him to stop making fun of the other people is the effective communication for the situation and avoiding the co-worker and suggest others do the same until he stops making comments is the worst way to deal with the situation
Therefore, Option 4 and 2 are the correct answers.
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Which of the following encourages creativity and innovation. Flexibility, realistic expectations, persistence or organized planning
Answers
Flexibility fosters invention and creativity.
what is flexibility?If we take corporate work into consideration.
Instead, workplace flexibility is fostering an environment where workers may balance work and personal obligations while still performing at a high level. Options for when, where, and how the work is completed are part of flexible work arrangements.
Creative thinking demands flexibility, which makes it easier to come up with original and creative ideas. If someone is flexible, they will have creative thoughts.
In that we are working with ideas, flexibility is similar to fluency. Yet, while fluency focuses on producing as many ideas as possible, flexibility focuses on producing concepts that are unique from one another.
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Juan, age 41, earns a salary of $28,000 and is not an active participant in any other qualified plan. His wife, Agnes, has no earned income. What is the maxi-mum total deductible contribution to their IRAs
Answers
Answer:
$11,000
Explanation:
Traditional Roth IRA accounts can only be made by individuals who make less than $139,000 a year or by a couple that makes less than $206,000 when making a joint account. Those that meet that requirement are able to contribute a maximum of $5,500 per individual into the account. Since Juan's salary does not surpass the limit and his wife has no earned income. Then they can contribute a grand total of $11,000 into the account which would be $5,500 each.
5,500 + 5,500 = 11,000
These scenarios only refer to transportation costs. They do not adequately account for variations over time. For example, when relative labor costs decline, or when land rent goes down, an industry can sustain an increase in transportation costs - this is referred to as the substitution principle. Discuss one other variable not mentioned by Weber that would affect the location of a factory.
Answers
Answer:
Labor wages and availability of resources.
Explanation:
Weber has planned to move the factory to a new location. The new location will increase the cost of transportation. There are many other factors which Weber should consider before deciding to go for a relocating the factory. Weber should consider availability of raw material, he should also look for labor wages and availability of sufficient labor and other basic resources for smooth production process.
Labor wages and availability of resources is the one of the major factors should be considered before selecting the location of a factory.
What are the factors affecting the location of a factory?Availability of Raw MaterialTransport FacilitiesMarket locationLabor AvailabilityFuel and Power availabilityAvailability of WaterClimatic ConditionsFinancial and Other AidsWeber should consider availability of raw material, he should also look for labor wages and availability of sufficient labor and other basic resources for smooth production process.
Hence, Weber should consider Labor wages and availability of resources as it would affect the location of the factory.
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Melissa's retirement plan is described in her employee handbook as follows:NoncontributoryCliff vesting (100%) after 3 years of full-time employmentMonthly retirement benefits based on average salary over the last 3 years of employment and the total number of years worked for the companyWhich of the following statements about this retirement plan is true?
a. If Melissa leaves this company before working full time for 3 years, she will not receive any benefits.
b. Melissa will have to make investment decisions regarding her retirement plan.
c. For Melissa, vesting takes place gradually over the first 3 years of employment.
d. Melissa's retirement plan is a defined contribution plan.
e. Melissa will have to pay money into the plan.
Answers
a. If Melissa leaves this company before working full time for 3 years, she will not receive any benefits.
This is true based on the information provided. The plan is noncontributory, which means Melissa does not need to make contributions to the plan. Additionally, the cliff vesting feature means that Melissa will not be vested (or entitled to the benefits) until she has worked full-time for 3 years.
How can insurance help with meeting savings goals?
Answers
Answer:
Explanation:
PROVIDING FOR YOUR FAMILY IF YOU PASS AWAY. ...
PROTECTING YOUR INCOME FROM DISABILITY. ...
GROWING YOUR MONEY OVER TIME. ...
SAVING FOR AN EMERGENCY. ...
SAVING FOR COLLEGE. ...
LIVING COMFORTABLY IN RETIREMENT
My mom does insurance
Hope this helps
If Crusoe increases production of berries from 42.0 pounds to 52.0 pounds and production is efficient, his opportunity cost of producing 1 pound of berries is enter your response here pound of fish.
Answers
Crusoe's opportunity cost for producing a pound of berries would be 0.4 pounds of fish.
What is the opportunity cost of the fish?This can be found as:
= Change in quantity of fish / Change in quantity of berries
Solving gives:
= (30 - 26) / 52 - 42
= 4 / 10
= 0.4 pounds of fish
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Gfbhrfjugbcfvjgfbnkgfbjjff if fvhhhgfvvb
Answers
Answer:
I agree, I see the strength in your work
DEMAND WORKSHEET Exercise 4: Identifying the determinants of demand. You have seen have how an increase in demand is depicted on a graph by a shift in the demand curve. When the demand curve shifts upward and to the right this is indicative of an increase in demand When the demand curve shifts to the left, this is indicative of a decrease in demand. Factors that result in a change in demand are the determinants of demand. Complete the table below. For each determinant of demand: indicate whether demand will increase or decrease provide an explanation as to why
Answers
• There will be an increase in demand as the population grows. This is because there are more individuals who are going to be consuming the economy’s goods.
Population decrease
• There will be a decrease in the demand and the population lessens. This is because there are less individuals who want to consume the economy’s goods.
Increase in most people’s income
• This will cause an increase in demand. This is because consumers income has risen so they can now afford to buy more of of the goods they normally purchase or they can buy new goods they don’t normally purchase. Due to this circumstance there will be an increase in demand
Decrease in most people’s income
• This will lead to a decrease in demand. Reason being is that consumers may no longer be able to afford certain goods and as such they will consume less of these goods causing demand d to decrease.
Price of substitute increases
• This will cause a decrease in demand. When there is a price decrease in a substituted good consumer will lessen their purchase and and aim to purchase more of a different good for the same satisfaction at a lower cost.
Price of substitute decrease
• Now that the price of the substitute decreases it will cause a surge in demand. This is because consumers can now afford this food and will change from a substitute to their normal good.
Price of complementary good increases
• This will cause a flux in demand. This is because when the price of a complementary good increases, consumer can no longer afford this good and will buy less of it. With the price of a complementary good increasing, the demand for the good that it complements will decrease as well.
Price of complementary good decrease
• This will cause a surge in demand. Consumers can now afford to buy a complementary good and will in turn buy the good that it complements as well.
Product becomes a popular fad
• This will cause a increase in demand as consumers shift their taste from one good to another.
Product now out of fashion
• This will cause a decrease in demand as this good is no longer trending. This will cause consumers to shift their want to a different more trendy good.
There is an expectation that the price of the good will soon fall.
• This will cause a decrease in demand. This is because consumers have the knowledge that the price of the good will soon fall, so they will not buy and of the good until the price of the good falls.
There is a fear that the economy will go into recession where many firms will fail and unemployment will increase.
• There will be an increase in demand. This is because consumers are fearing that they soon won’t be able to afford any good. Due to this circumstance they will buy a surplus of products and store it for these expected unfortunate times.
Hope this helps:)
Answer:
hi
Explanation:
Prepare journal entries to record the following merchandising transactions of Lowe's, which uses the perpetual inventory system and
the gross method.
August 1 Purchased merchandise from Aron Company for $8,000 under credit terms of 1/10, n/30, FOB destination, invoice dated
August 1.
August 5 Sold merchandise to Baird Corporation for $5,600 under credit terms of 2/10, n/60, FOB destination, invoice dated August
5. The merchandise had cost $4,000.
August 8 Purchased merchandise from Waters Corporation for $7,000 under credit terms of 1/10, n/45, FOB shipping point, invoice
dated August 8.
August 9 Paid $190 cash for shipping charges related to the August 5 sale to Baird Corporation.
August 10 Baird returned merchandise from the August 5 sale that had cost Lowe's $500 and was sold for $1,000. The merchandise was
restored to inventory.
August 12 After negotiations with Waters Corporation concerning problems with the purchases on August 8, Lowe's received a price
reduction from Waters of $700 off the $7,000 of goods purchased. Lowe's debited accounts payable for $700.
August 14
At Aron's request, Lowe's paid $160 cash for freight charges on the August 1 purchase, reducing the amount owed (accounts
payable) to Aron.
August 15 Received balance due from Baird Corporation for the August 5 sale less the return on August 10.
August 18 Paid the amount due Waters Corporation for the August 8 purchase less the price allowance from August 12.
August 19
Sold merchandise to Tux Company for $4,800 under credit terms of n/10, FOB shipping point, invoice dated August 19. The
merchandise had cost $2,400.
August 22
Tux requested a price reduction on the August 19 sale because the merchandise did not meet specifications. Lowe's gave a
price reduction (allowance) of $800 to Tux and credited Tux's accounts receivable for that amount.
August 29 Received Tux's cash payment for the amount due from the August 19 sale less the price allowance from August 22.
August 30 Paid Aron Company the amount due from the August 1 purchase.
Answers
Based on the given merchandising transactions, a journal entry has been prepared below:
Journal EntriesNo Date General Journal Debit Credit
1 Aug 01 Merchandise inventory $6,000
Accounts payable-Aron $6,000
2 Aug 05 Accounts receivable-Baird $4,200
Sales $4,200
3 Aug 05 Cost of goods sold $3,000
Merchandise inventory $3,000
4 Aug 08 Merchandise inventory $5,000
Accounts payable-Waters $5,000
5 Aug 09 Delivery expense $200
Cash $200
6 Aug 10 Sales return and allowances $1,000
Accounts receivable-Baird $1,000
7 Aug 10 Merchandise inventory $500
Cost of goods sold $500
8 Aug 12 Accounts payable-Waters $500
Merchandise inventory $500
9 Aug 14 Accounts payable-Aron $190
Cash $190
10 Aug 15 Cash ($3,200 - $3,136) $3,136
Sales discounts ($3,200 x 2%) $64
Accounts receivable-Baird ($4,200 - $1,000) $3,200
11 Aug 18 Accounts payable-Waters ($5,000 - $500) $4,500
Merchandise inventory ($4,500 x 1%) $45
Cash ($4,500 - $4,455) $4,455
12 Aug 19 Accounts receivable-Tux $3,600
Sales $3,600
13 Aug 19 Cost of goods sold $1,800
Merchandise inventory $1,800
14 Aug 22 Sales return and allowances $600
Accounts receivable-Tux $600
15 Aug 29 Cash ($3,600 - $600) $3,000
Accounts receivable-Tux $3,000
16 Aug 30 Accounts payable-Aron ($6,000 - $190) $5,810
Cash $5,810
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