society. The function of an economic system is to resolve the basic economic problem - scarcity which means that the resources are limited but wants are infinite. This distribution has three dimensions: * What is to be produced * How is it to be produced * For whom is it to be produced. There are 2 economic systems which are commonly used world-wide. There are: the free market system in which the role for the government is limited and the planned system where the government takes viturally total control
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products are sold. Under variable costing‚ fixed manufacturing overhead is treated as a period cost and is charged in full against the current period’s income. 7-2 Selling and administrative expenses are treated as period costs under both variable costing and absorption costing. 7-3 Under absorption costing‚ fixed manufacturing overhead costs are included in product costs‚ along with direct materials‚ direct labor‚ and variable manufacturing overhead. If some of the units are not sold by the end of
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Electra Manufacturing‚ Inc.‚ produces control valves used in the production of oil field equipment. The control valves are sold to various gas and oil engineering companies throughout the United States. Projected sales in units for the coming four months are as follows: January ……………… 20‚000 February …………….. 25‚000 March ……………….. 30‚000 April ………………… 30‚000 The following data pertain to production policies and manufacturing specifications followed by Electra: a. Finished goods inventory on
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Costs assigned to the building of a house should appear on the income statement when Answer a. the purchase order to manufacture the house is received. b. the house is sold. c. cash is collected for the sale of the house. d. the house is completed. The basic document for keeping track of costs in a job order costing system is a Answer a. labor time card. b. job order cost card. c. process cost report. d. materials requisition form. The following information is available at the
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India • Appy Fizz • Banta (lemon-flavored soft drink) • Bovonto (grape soda produced by Kali Mark) • Campa Cola (popular Indian soda introduced in 1977) • Cloud 9 (energy drink) • Coca-cola • Frooti (mango-flavored drink from Parle Agro) • Gold Spot • Guptas (8 flavoreds soft drinks introduced in 1947) • h2o (powered carbonated soda) • Limca (lemon-lime soda) • LMN (lemon drink produced by Parle Agro) • Mangola Slice • Maaza (mango drink from Coca-Cola) • Mohammad Cola • Mountain
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in 1979‚ ABSOLUT VODKA has achieved significant worldwide sales growth‚ from 10‚000 nine-liter cases (90‚000 liters) to 11.0 million nine-liter cases in 2010 (99.0 millions of liters).Every bottle of ABSOLUTVODKA is produced in Åhus‚ in southern Sweden. • ABSOLUT VODKA is produced from winter wheat‚ a hardy wheat grain that gives ABSOLUT VODKA its smooth grain character. Every year approximately 80‚000 tons are used to produce ABSOLUT VODKA. Over one kilo (two pounds) of grain is used for every
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form a part of manufacturing expenses which should be charged to the cost of finished goods produced. 2. In the given current situation Kings Mountain Distillery charges the cost of barrels to the income statement in the year when the barrels are purchased. If KMD would charge the cost of barrels to inventory‚ then only the costs of the inventory sold would be charged to the COGS (cost of goods sold). For the year of 1996‚ we have the following situation: - opening inventory is 172‚000
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of "Shanzai! MediaTek and the "White Box" Handset Market" Synopsis: Shanzhai Media Tek is a power house in the generation of handset. This has advanced through the several process and steps in technology. The first handsets that were produced by the company were the first generation 1G phones. They were synonymous because of the verity that they utilized analog transmission. However‚ the advancements in technology have since rendered analog transmission obsolete. This has been marked
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called Fertikil. The product is sold nationwide to retail nurseries and gardening stores. Taylor Nursery plans to sell a similar fertiliser–weedkiller through its regional nursery chain under its private label. Taylor has asked Swift to submit a bid for a 25 000 kilogram order of the private brand compound. While the chemical composition of the Taylor compound differs from that of Fertikil‚ the manufacturing process is very similar. The Taylor compound would be produced in 1000 kilogram batches.
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1. Consider production in a two-input economy‚ with inputs L and K as usual‚ but without any substitution possibilities. Specifically‚ suppose that every unit of L requires exactly four units of K if output is to be increased. (If the firm hires another unit of L and less than four more units of K‚ then output does not increase. If the firm hires another unit of L and more than four more units of K‚ then output rises by the same as if just four more units of K were purchased with the new unit of
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