Introduction to Business
OER 2018 Edition
ISBN: 9781947172548
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1.3, Problem 1CC
What is economics, and how can you benefit from understanding basic economic concepts?
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Presented below is information related to Swifty Inc.'s inventory,
assuming Swifty uses lower-of-LIFO cost-or-market.
(Per unit)
Skis
Boots
Parkas
Historical cost
$285.00 $ 159.00
$ 79.50
Selling price
$318.00
$217.50
$ 110.63
Cost to distribute
$ 28.50
$ 12.00
$ 3.75
Current replacement cost
$304.50 $157.50
$ 76.50
Normal profit margin
$ 48.00
$ 43.50
$ 31.88
Determine the following:
a. The two limits to market value (i.e., the ceiling and the floor) that
should be used in the lower-of-cost-or-market computation for skis.
Celling Limit $
Floor Limit $
b. The cost amount that should be used in the lower-of-cost-or-market
comparison of boots.
The cost amount $
c. The market amount that should be used to value parkas on the basis
of the lower-of-cost-or-market.
The market amount $
All 3 questions take and provide correct solutions
Carmelita Inc. has the following information available:
Costs from Beginning
Direct
materials
Conversion
costs
Inventory
Costs from Current
Period
$5,100
6,800
$ 20,200
1,46,900
At the beginning of the period, there were 500 units in a process that
was 45% complete as to conversion costs and 100% complete as to
direct materials costs. During the period, 5,100 units were started and
completed. The ending inventory contained 400 units that were 29%
complete as to conversion costs and 100% complete as to materials
costs. The company uses the FIFO process cost method.
The equivalent units of production for direct materials and conversion
costs, respectively, were:
a. 5,100 from direct materials and 5,491 for conversion costs.
b. 5,491 for direct materials and 5,500 for conversion costs.
c. 5,491 for direct materials and 5,491 for conversion costs.
d. 5,500 for direct materials and 5,491 for conversion costs.
Chapter 1 Solutions
Introduction to Business
Ch. 1.1 - Explain the concepts of revenue, costs, and...Ch. 1.1 - What are the five factors of production?Ch. 1.1 - What is role of an entrepreneur is society?Ch. 1.2 - Define the components of the internal and the...Ch. 1.2 - What factors within the economic environment...Ch. 1.2 - Why do demographic shifts and technological...Ch. 1.3 - What is economics, and how can you benefit from...Ch. 1.3 - Compare and contrast the world's major economic...Ch. 1.3 - What is the difference macroeconomics and...Ch. 1.4 - What is a business cycle? How do businesses adapt...
Ch. 1.4 - Why is full employment usually defined as a target...Ch. 1.4 - What is the difference between demand-pull and...Ch. 1.5 - What are the two kinds of monetary policy?Ch. 1.5 - What fiscal policy tools can the government use to...Ch. 1.5 - What problems can a large national debt present?Ch. 1.6 - What is the relationship between prices and...Ch. 1.6 - How is market equilibrium achieved? Describe the...Ch. 1.6 - Draw a graph that shows an equilibrium points for...Ch. 1.7 - What is meant by market structure?Ch. 1.7 - Compare and contrast perfect completion and pure...Ch. 1.7 - How does an oligopoly differ from monopolistic...Ch. 1.8 - What steps can companies take to benefit from the...Ch. 1.8 - Why is the increasing demand for energy worldwide...Ch. 1.8 - Describe several strategies that companies can use...Ch. 1 - Ethics Activity Historically, diesel cars have not...Ch. 1 - What are some advantages of Walmart purchasing...Ch. 1 - What impact is Walmart's acquisition of...Ch. 1 - How will the aggressive e-commerce plan...
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