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Making dresses in a labor intensive process. Indeed, the production function of a dress making firm is well described by the equation Q=L - L^2/800, where Q denotes the number of dresses per week and L is the number of labor hours per week. The firms cost of hiring an extra hour of labor is $20 per hour (wage plus fringe benefits.) The firm faces the fixed selling price, P = $40. b.) Over the next 2 years, labor costs are expected to be unchanged, but dress prices are expected to increase to $50. What effect will this have on the firm's optimal output? Explain. Suppose that inflation is expected to increase the firm's labor cost and output price by identical (percentage) amounts. What effect would this have on the firm's output. c.) Finally, suppose that MCL =$20 and P=$50 but that labor productivity (output per labor hour) is expected to increase by 25%over the next 5 years. What effect would this have on the firm's optimal output? Explain.
Based on the preceding information, will Jarman report finished goods inventory on its balance sheet for Contract 1? If so, elucidate the amount of this inventory? If not, explain why not.
I n exchange for all of the Quartz stock, Hugh receives 1,000 shares of Turquoise Corporation common stock (value $20,000), and Stacy receives 50 shares of Turquoise preferred (value $20,000). Hugh also receives $160,000 in bonds. The exchange qu..
Total assets turnover of 2.7 times. Determine the firm's net income and Calculate the firm's ROA
If the predetermined overhead rate was $6 per machine hour, overhead was underapplied by $40,000, and actual machine hours were 70,000; illustrate what was the actual overhead cost?
Prepare closing entries as appropriate. What would have been the difference in the year-end financial statements, if any, had the county not made the budgetary entries?
Assuming that Tiberand owns 25 percent of Schilling and applies the equity method, what journal entry is recorded at the end of 2010 to defer the unrealized gross profit?
Will the company make any adjustment because of the tax rate increase? If so, illustrate what will be the impact of the adjustment on 2011 tax expense and net income?
Management proposed changing the estimated useful life of the computers to two years. Prepare the journal entry necessary at the end of 2013 to record depreciation on the computers.
Brewster considered the conversion to be a following culminating event, and the investors considered their investment in convertible bonds to be debt rather than equity.
Prepare basic journal entries under the proper accounting method to record Big Co.'s investments in Little Co. and Small Co. based on facts provided.
determine the best method to allocate $1,000,000 of common costs (secretarial staff, reception personnel etc), either by salary or number of employees.
The selling price of these goods is $75,000. Hastings purchased $20,000 of goods that were shipped on December 27. FOB destination, that will be received by Hastings on January 3. Determine correct amount of inventory that Hastings should report.
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