Suppose the inverse demand function is given by ?=5?−5p=5q−5 where p is the market price and q is the quantity demanded. Calculate price elasticity of demand. Round your answer to the first decimal place. There is no value for p.

This is all the information the question gives.

Buffalo Company sells tablet PCs combined with Internet service, which permits the tablet to connect to the Internet anywhere and set up a Wi-Fi hot spot. It offers two bundles with the following terms.

1. Buffalo Bundle A sells a tablet with 3 years of Internet service. The price for the tablet and a 3-year Internet connection service contract is $471. The standalone selling price of the tablet is $243 (the cost to Buffalo Company is $163). Buffalo Company sells the Internet access service independently for an upfront payment of $283. On January 2, 2017, Buffalo Company signed 100 contracts, receiving a total of $47,100 in cash.

2. Buffalo Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for any repairs or upgrades to the tablet or the Internet connections) during the 3-year contract period. That product bundle sells for $565. Buffalo Company provides the 3-year tablet service plan as a separate product with a standalone selling price of $159. Buffalo Company signed 180 contracts for Buffalo Bundle B on July 1, 2017, receiving a total of $101,700 in cash.

In response to competitive pressure for Internet access for Buffalo Bundle A, after 2 years of the 3-year contract, Buffalo Company offers a modified contract and extension incentive. The extended contract services are similar to those provided in the first 2 years of the contract. Signing the extension and paying $84 (which equals the standalone selling of the revised Internet service package) extends access for 2 more years of Internet connection. 40 Buffalo Bundle A customers sign up for this offer.

Prepare the journal entry when the contract is signed on January 2, 2019, for the 40 extended contracts. Assume the modification does not result in a separate performance obligation.

Prepare the journal entry on December 31, 2019, for the 40 extended contracts (the first year of the revised 3-year contract).

Activity-Based Costing, Unit Cost, Ending Work-in-Process Inventory, Journal Entries

Feldspar Company uses an ABC system to apply overhead. There are three activity rates:

During September, Feldspar worked on three jobs. Data relating to these jobs follow:

During September, Jobs 13-280 and 13-282 were completed and transferred to Finished Goods Inventory. Job 13-280 was sold by the end of the month. Job 13-281 was the only unfinished job at the end of the month.

Required:

1. Calculate the per-unit cost of Jobs 13-280 and 13-282. Round unit cost to nearest cent.

2. Compute the ending balance in the work-in-process inventory account.

$

3. Prepare the journal entries reflecting (a.) the completion of Jobs 13-280 and 13-282 and (b.) the sale of Job 13-280 on account. Make the entry to record the cost of Job 13-280 first, followed by the entry to record the revenue from its sale. The selling price is 150 percent of cost.

A portion of the stockholders’ equity section from the balance sheet of Walland Corporation appears as follows. Notice that the company has two classes of preferred stock with different features, in addition to common stock.

Assume that all the stock was issued on January 1 and that no dividends were paid during the first two years of operation. During the third year, Walland Corporation paid total cash dividends of $736,000.

a. Compute the amount of cash dividends paid during the third year to each of the three classes of stock.

b. Compute the dividends paid per share during the third year for each of the three classes of stock. (Round your answers to 2 decimal places.)

c. What was the average issue price of each type of preferred stock?

Inventory Costing Methods—Perpetual Method

Arrow Company is a retailer that uses the perpetual inventory system.

Calculate the inventory cost of item A on August 11 (after the sale) using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.

Do not round until your final answers. Round your final answers to the nearest dollar.

1. Consider the following game. Player 1’s payoffs are listed first:

1. Imagine that player 1 makes a decision first and Player 2 makes a decision after observing player 1’s choice. What is the subgame-perfect equilibrium of this game?

2. Imagine that player 2 makes a decision first and Player 1 makes a decision after observing player 2’s choice. What is the subgame-perfect equilibrium of this game?

3. Are your answers to (a) and (b) above the same or different? Explain.

PA7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3]

Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31.

Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.

Required:

1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.)

1. 2-a. Of the four methods, which will result in the highest gross profit?

multiple choice 1

• Last-in, first-out

• Weighted average cost

• First-in, first-out

• Specific identification

1. 2-b. Of the four methods, which will result in the lowest income taxes?

multiple choice 2

• Last-in, first-out

• Weighted average cost

• First-in, first-out

• Specific identification

PA7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3] Gladstone Company tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic inventory system.

Assume its accounting records provided the following information at the end of the annual accounting period, December 31. Transactions Units Unit Cost Beginning inventory, January 1 1,500 $ 60 Transactions during the year:

a. Purchase, January 30 2,600 72 b. Sale, March 14 ($100 each) (1,150 )

c. Purchase, May 1 1,300 90 d. Sale, August 31 ($100 each) (1,600 )

Assuming that for Specific identification method (item 1d) the March 14 sale was selected two-fifths from the beginning inventory and three-fifths from the purchase of January 30. Assume that the sale of August 31 was selected from the remainder of the beginning inventory, with the balance from the purchase of May 1.

Required: 1. Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31 under each of the following inventory costing methods: (Round intermediate calculations to 2 decimal places and final answers to the nearest whole dollar amount.) 2-a.

Of the four methods, which will result in the highest gross profit? Last-in, first-out Weighted average cost First-in, first-out Specific identification 2-b. Of the four methods, which will result in the lowest income taxes? Last-in, first-out Weighted average cost First-in, first-out Specific identification

I need the specific identification part

PA7-1 Analyzing the Effects of Four Alternative Inventory Methods in a Periodic Inventory System [LO 7-3]