Prepare the Payroll Register. Fill in the blanks.

A. Prepare the Payroll Register.

B. In the space below, prepare the general journal entry to pay the December 2 payroll. Assume there is a FICA-Social security wage limit as noted on the register. The FICA rates are noted on the register.

C: In the space below, record the employers share of the payroll taxes attributable to the December 2 payroll. Assume of FUTA rate of 0.8%, and a SUTA rate of 2% of the first $7,000 of employee wages per year.

NOTE: Only the wages of the last employee are subject to unemployment taxes

You live in a town with 300 adults and 200 children, and you are thinking about putting on a play to entertain your neighbors and make some money. A play has a fixed cost of $2,000, but selling an extra ticket has zero marginal cost. Here are the demand schedules for your two types of customers:

To maximize profit, you would charge $____??? for an adult's ticket and $____??? for a child’s ticket. Total profit in this case would be $___???.

The city council passes a law prohibiting you from charging different prices to different customers.

Now you set a price of $____??? for all tickets, resulting in $___?? in profit.

Indicate whether each of the following groups of people is better off, worse off, or the same because of the law prohibiting price discrimination.

Suppose the fixed cost of the play were $2,600 rather than $2,000.

Complete the following sentences indicating how this would change your answers to the previous parts.

In the presence of price discrimination, the adult price of a ticket would INCREASE, REMAIN THE SAME, OR DECREASE?, and the child price would INCREASE, DECREASE, OR REMAIN THE SAME? . Total profit would RISE OR FALL? to $____?.

If price discrimination were banned and the monopolist continued to produce the play no matter what the profit, the price of a ticket would INCREASE, DECREASE, OR REMAIN THE SAME? , and total profit would RISE OR FALL? To $____?.

1. Explain the difference between the market demand curve and the demand curve facing a perfectly competitive firm. Which is more elastic?
2. Because of an increase in the wage rate that it must pay its workers, a perfectly competitive firm’s marginal costs increase so that its marginal cost curve shifts upward. If the price of the product does not change and the firm does not shut down, in a diagram show the impact the higher wage rate has on the quantity the firm produces.
3. Draw a diagram showing the long-run equilibrium for a perfectly competitive firm. Is it possible for a perfectly competitive firm to earn an economic profit in the long run? Explain your answer.

Answer the following multiple choice questions.

5. If firms in a perfectly competitive industry are incurring persistent economic losses, then in the long run some firms will
   1. exit and the price will fall.
   2. exit and the price will rise.
   3. enter and the price may either rise or fall.
   4. exit and the price may either rise or fall.
   6. A perfectly competitive firm’s supply curve is the same as
      1. all of its marginal cost curve.
      2. its marginal cost curve above the minimum point on the AVC curve.
      3. its marginal cost curve above the minimum point on the ATC curve.
      4. its marginal cost curve above the AFC curve.

7. Based on the table above, what is the marginal revenue of the tenth unit of output?
   1. $190
   2. $100
   3. $10
   4. $9

8. A perfectly competitive firm shuts down if its
   1. total revenue is less than its average fixed cost.
   2. total revenue is less than its fixed cost.
   3. price is less than its average variable cost.
   4. price is less than its total variable cost.

Periodic Inventory by Three Methods; Cost of Merchandise Sold

The units of an item available for sale during the year were as follows:

There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 30 units at $114

Mar. 10 Purchase 60 units at $126

Aug. 30 Purchase 10 units at $134

Dec. 12 Purchase 100 units at $138

There are 40 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Cost of Ending Inventory and Cost of Goods

Sold Inventory Method. Ending Inventory Cost of Goods Sold

First-in, first-out (FIFO) $   $

Last-in, first-out (LIFO). $ $

Weighted average cost   $ $

1. A company manufactures a product that passes through two processes. A quantity schedule for a recent month for the first process is as follows:

Work in process, beginning (60% materials, 75% conversion costs added last month)        20,000

Units stated into production                                                                                                                       180,000

Units transferred to the next process                                                                                                      190,000

Work in Process, ending (100% material, 60% conversion costs added this month)             10,000

Costs in the beginning work in process of the first processing department were materials $4,000 and conversion cost $14,200.

Costs added during the month were materials $56,000 and conversion costs $360,360.

Required: Using the weighted average cost method determine the equivalent units for the month for material and conversion. Compute the costs per equivalent unit for the month for the first process.

Periodic inventory by three methods; cost of goods sold

The units of an item available for sale during the year were as follows:

There are 80 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar.

Periodic Inventory by Three Methods; Cost of Merchandise Sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units @ $90 Mar. 10 Purchase 50 units @ $100 Aug. 30 Purchase 10 units @ $104 Dec. 12 Purchase 90 units @ $110 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Merchandise Inventory and Cost of Merchandise Sold Inventory Method Merchandise Inventory Merchandise Sold First-in, first-out (FIFO) $ $ Last-in, first-out (LIFO) Weighted average cost

You are going to create a console based program to keep track of a small business that sells Doodads.

First you will need to create a class Doodad that keeps track of two integers and two Strings.

Next, create a constructor for the Doodad.

Next, add getters and setters for each of the fields (two integers and two Strings).

You need to use Doodad.java (see the starter code)

Inside your main method ask the user to read in the two integers and two Strings. Create a Doodad object and add it to an array of 100 Doodad objects. Allow the user to keep entering in Doodad objects until the user wishes to quit.

Once the user is done entering Doodad objects, show the information about the Doodads they entered.

You will show the first number, followed by a space, followed by the first word.

Suppose that the inverse demand equation for a firm's product is P = 420?10Q. (11.2) The total cost is given by the equation TC = 500+20Q^2. (11.3) a. What are the profit-maximizing price and quantity from a single-price strategy? b. Given your answer to part a, what is the firm's total operating profit? What is the firms total operating profit if it engages in perfect first-degree price discrimination? What is the firm's total economic profit?