CHAPTER 9 INVENTORY COSTING AND CAPACITY ANALYSIS TRUE/FALSE 1. Absorption costing “absorbs” only variable manufacturing costs. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: absorption costing Absorption costing “absorbs” all manufacturing costs‚ both fixed and variable. 2. Variable costing includes all variable costs — both manufacturing and nonmanufacturing — in inventory. Answer: False Difficulty: 1 Objective: 1 Terms to Learn: variable costing
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Except being sold by exporting. b) An economy produces final goods and services with a market value of $800 billion in a given year‚ but only $750 billion worth of goods and services is sold to domestic or foreign buyers. Is this nation’s GDP $800 billion or $750 billion? Explain your answer. $800 billion is the nation’s GDP for the year. Because GDP includes the market value of final goods and services produced‚ despite the consequences of whether these products are sold. The unsold
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Total revenue is the amount of all the sources of the company’s income. The total revenue consists of the total profit over a period of time. The total revenue is calculated by taking the price of the widget and multiplying it by the quantity produced. For Example‚ the marginal value would be greater if the company made one more widget and the total revenue increased. There would be no changes in revenue if the company decided to sell another widget and the marginal revenue was zero.
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storage. Majority of people from Pompeii and Herculaneum relied strongly on the production of wine and olive oil as their main sources of income. Grape vines grew plentifully in the rich soil on the slopes of Vesuvius. From grapes‚ wine was produced and sold locally‚ the demand for wine was great in Pompeii‚ as there were over 130 bars and taverns in the city. Taverns themselves did not produce the wine‚ but relied on the big farm cellars outside the walls of Pompeii. Wheat was farmed to be crushed
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recognition involves assigning or matching expenses to periods of time. Some expenses are closely related to the revenues assigned to periods of time. For example‚ the costs of goods sold during a period reflect the costs of materials‚ labor‚ and manufacturing overhead incurred to produce units of product that were sold. These costs are called product expenses. Other expenses are closely related to the periods of time to which revenues are assigned. For example‚ costs are incurred to maintain sales
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Could be solved by distinguishing between two types of output Intermediate Goods: all outputs that are used as inputs by other producers in a further stage of production Final Goods: goods that are not used as inputs by other firms but are produced to be sold for consumption‚ investment‚ government‚ or exports during the period under consideration Extremely difficult to distinguish final goods from intermediate goods Economists use the concept of value added Value Added: the value of
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Econ 201 Final exam – 310 points Highlight the 20 multiple choice answers and type in the short answer‚ essay or problems responses. Save the document and post the attachment into the assignment screen for grading. Good luck to all. Gary Multiple Choice – 20 Questions – 6 points each question Total of 120 points for Multiple Choice 1. If the level of aggregate expenditures is greater than real GDP‚ then the level of output is expected to: a) increase b) decrease
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People today may argue that what happened during the Industrial Revolution in the late 1700s may have been positive or may have brought problems to the working class. There were many creations and turnouts that greatly impacted the world. With the positive turnouts‚ there were also negative happenings due to some poor choices and the impacts that were positive towards society. Throughout the Industrial Revolution‚ there were beneficial changes for the access to goods to purchase‚ however‚ there were
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factor: 36x9y9 – 27x7y7 + 90x4y3 8. Simplify the complex function. a). [pic] = b). [pic] c) [pic]= d) [pic]= 9. A manufacturer’s cost is given by C = 400 [pic] + 200‚ where C is the cost and n is the number of parts produced. Find the cost when 512 parts are produced. 10. Two cars leave an intersection. One car travels north; the other east. When the car traveling north had gone 9 mi‚ the distance between the cars was 3 mi more than the distance traveled by the car heading east. How far
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MARKETING THE QUALITY COMMITMENT The main aim of the Parle is to maintain a hygienic condition. It begins from the procurement of the raw material to the packaging and storage of the final product to ensure that a product of long lasting freshness is produced and delivered to the stores for consumers. Expert staff is responsible for the thorough checking of every batch of biscuits and confectionaries using the most modern equipment and technologies ensuring the consistent quality of the products throughout
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