21. If a competitive firm is selling 250 units of its product at a price of $22 per unit and earning zero economic profit, then

its average total cost is equal to $22.

its average total cost is less than $22.

its average variable cost is equal to $22.

its average total cost is more than $22.

The daily production data of a firm are given below. The wage rate is MYR 20 per day for each labor (variable input) and it is the only variable cost incurred. Additionally, output refers to the total products and it is in hundreds of units.

a. Complete these production data. Calculate the average and marginal product per labor, the total variable cost, total cost, marginal cost, average fixed cost, average variable cost and average total cost for each level. Show your calculations.

…………………………………………………………………………………………………..

…………………………………………………………………………………………………..

…………………………………………………………………………………………………..

b. Based on your answer above, evaluate the patterns and relationship between:

1. Total product (TP) and marginal product (MP).

………………………………………………………………………………………

………………………………………………………………………………………

………………………………………………………………………………………

2. Average product (AP) and marginal product (MP).

………………………………………………………………………………………

………………………………………………………………………………………

………………………………………………………………………………………

3. Marginal product (MP) and marginal cost (MC).

………………………………………………………………………………………

………………………………………………………………………………………

………………………………………………………………………………………

[Total: 25 marks]

Solve the follwing Problem

Weighted Average Cost Method with Perpetual Inventory

The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are as follows:

Required:

1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 5, using the weighted average cost method. Round unit cost to two decimal places, if necessary. Round all total cost amounts to the nearest dollar.

2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

3. Determine the ending inventory cost as of March 31.
$

Read and answer the following questions below

Barracuda Inc. is a lamp-fixture manufacturer that is considering an entry strategy into the U.S. home-furnishings manufacturing industry. The existing landscape consists of many players but none with a controlling share. There are currently 2,500 home furnishings firms, and only 600 of those have more than 15 employees. Average net profit after tax is between 4 and 5 percent. While the industry still primarily comprises single-business, family-run firms that manufacture furniture domestically, imports are increasing at a fairly rapid rate. Some of the European imports are leaders in contemporary design. Relatively large established firms are also diversifying into the home- furnishings industry via acquisition. Supplier firms to the home-furnishings industry are in relatively concentrated industries (such as lumber, steel, and textiles). Retailers, the intermediate customer of the home-furnishings industry, have been traditionally very fragmented. Customers have many products to choose from, at many different price points, and few home-furnishing products have strong brands. Also, customers can switch easily among high- and low-priced furniture and other discretionary expenditures (spanning big-screen TVs to the choice of postponing any furniture purchase entirely).

1. Your challenge is to use the five-forces framework to summarize the opportunities and threats facing Barracuda as it considers entry into the home-furnishings manufacturing industry. Which threats are greatest to current incumbents?

2. how intense is competitive rivalry likely to be among incumbents of the home-furnishings manufacturing industry?

1. True or False: In cluster sampling, subjects are pulled from the population in groups.

2. True or False: Sampling Error is only considered to be committed or caused by the researcher.

5. Which variable is described as the outcome variable?

A. Independent variable

B. Constant Variable

C. Dependent variable

D. Extraneous

6. Which of the following variables are continuous? Select all that apply

A. The number of people in the movie theater

B. weight of a package of hamburger meat

C. number of chairs sold in a month

D. the weight of a child

E. The height of a building

7. Which of the following are quantitative data? Select all that apply.

A. Age of your car

B. Color of your hair

C. Name of your pet

D. Length of your commute to campus

E. Height of your car

F. Height of 20 4 year olds

Stephen Hall is a 25 year-old with an entrepreneurial dream and an eclectic background. His dream is to start a travel agency that specializes in sports-related trips. These would include travel packages to attend professional sports events throughout the world and multi-country tours that are built around specific sporting competitions. Stephen knows there are travel agencies that already do this, but he feels it is a growing market and his knowledge of sports and his ability to work well with customers should help him be successful. He estimates he needs $150,000 bankable business plans for entrepreneurial ventures 236 to start this business, most of which will go into marketing expenses. His father has agreed to give him $50,000 and now he is writing a plan to show to potential investors. Stephen’s background includes interest and experience in many sports. He was an excellent wrestler in high school and college where he majored in computer science and graduated with a 2.8 grade-point average. After graduating, he worked at a storefront travel agency that had no particular specialty. He currently is a customer-service rep for a regional airline at the major airport near his home. While in high school and college, Stephen held many part-time jobs including running the deep-fat fryer in a fast food restaurant, working for a moving company, and being a security guard at a movie theater. Without overstating his qualifications, Stephen wants to point out his knowledge, relevant work experience, and personal skills that will make potential investors confident in supporting his venture. But he feels somewhat defensive talking about his background. His school career was not stellar and his jobs have been largely minimum wage and clerical. Stephen is considering not including a resume in his plan and avoiding discussion of his own background in the text of his business plan. He is also wonders if there is some way to define his business strategy that would better match his qualifications or if he can describe his experience and skills in the best light without exaggerating. 1. Playing the role of a potential investor, what do you consider Stephen’s strengths and weaknesses? 2. What kind of resume should Stephen prepare? 3. Write a one paragraph description of Stephen that stresses how his qualifications and abilities could make this venture successful.

Problem 16-3A Weighted Average: Process cost summary; equivalent units LO C2, C3, P4

Fast Co. produces its product through a single processing department. Direct materials are added at the start of production, and conversion costs are added evenly throughout the process. The company uses monthly reporting periods for its weighted-average process costing system. The Work in Process Inventory account has a balance of $104,300 as of October 1, which consists of $23,100 of direct materials and $81,200 of conversion costs.

During the month the company incurred the following costs:

During October, the company started 160,000 units and transferred 170,000 units to finished goods. At the end of the month, the work in process inventory consisted of 30,000 units that were 80% complete with respect to conversion costs.

Required:
1. Prepare the company’s process cost summary for October using the weighted-average method.
2. Prepare the journal entry dated October 31 to transfer the cost of the completed units to finished goods inventory.

Prepare the company’s process cost summary for October using the weighted-average method. (Round "Cost per EUP" to 2 decimal places.)

• Record the transfer of goods to finished goods inventory.

Problem 23-1A

Cook Farm Supply Company manufactures and sells a pesticide called Snare. The following data are available for preparing budgets for Snare for the first 2 quarters of 2017.

1. Sales: quarter 1, 28,300 bags; quarter 2, 42,500 bags. Selling price is $61 per bag.
2. Direct materials: each bag of Snare requires 4 pounds of Gumm at a cost of $3.8 per pound and 6 pounds of Tarr at $1.75 per pound.
3. Desired inventory levels:

Type of Inventory
January 1
April 1
July 1
Snare (bags) 8,400 12,300 18,100
Gumm (pounds) 9,200 10,200 13,400
Tarr (pounds) 14,500 20,200 25,300

4. Direct labor: direct labor time is 15 minutes per bag at an hourly rate of $14 per hour.
5. Selling and administrative expenses are expected to be 15% of sales plus $176,000 per quarter.
6. Interest expense is $100,000.
7. Income taxes are expected to be 30% of income before income taxes.

Your assistant has prepared two budgets: (1) the manufacturing overhead budget shows expected costs to be 125% of direct labor cost, and (2) the direct materials budget for Tarr shows the cost of Tarr purchases to be $303,000 in quarter 1 and $425,500 in quarter 2.

(Note: Do not prepare the manufacturing overhead budget or the direct materials budget for Tarr.)

[Partially correct answer.] Your answer is partially correct. Try again.

Prepare the sales budget.

COOK FARM SUPPLY COMPANY
Sales Budget
[Entry field with correct answer]

June 30, 2017
For the Quarter Ending June 30, 2017
For the Six Months Ending June 30, 2017
Quarter
Six
Months
1
2
Expected unit sales
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with incorrect answer]
Unit selling price
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
Total sales
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]

Prepare the production budget.

COOK FARM SUPPLY COMPANY
Production Budget
[Entry field with correct answer]

For the Quarter Ending June 30, 2017
For the Six Months Ending June 30, 2017
June 30, 2017
Quarter
Six
Months
1
2
[Entry field with correct answer]

Beginning Direct Materials
Total Required Units
Cost per Pound
Direct Materials per Unit
Beginning Finished Goods Units
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Total Materials Required
Required Production Units
Direct Labor Cost per Hour
Expected Unit Sales
Direct Materials Purchases
Direct Labor Time per Unit
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Total Required Direct Labor Hours
Total Pounds Needed for Production
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Add
Less
:
[Entry field with correct answer]

Total Required Direct Labor Hours
Total Materials Required
Direct Labor Time per Unit
Total Pounds Needed for Production
Direct Materials Purchases
Expected Unit Sales
Total Required Units
Total Cost of Direct Materials Purchases
Beginning Direct Materials
Beginning Finished Goods Units
Direct Materials per Unit
Direct Labor Cost per Hour
Required Production Units
Desired Ending Finished Goods Units
Total Direct Labor Cost
Cost per Pound
Desired Ending Direct Materials
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Direct Materials Purchases
Desired Ending Direct Materials
Total Required Units
Expected Unit Sales
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Total Direct Labor Cost
Required Production Units
Direct Labor Time per Unit
Direct Materials per Unit
Total Cost of Direct Materials Purchases
Total Required Direct Labor Hours
Total Pounds Needed for Production
Total Materials Required
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Add
Less
:
[Entry field with correct answer]

Total Required Direct Labor Hours
Direct Labor Time per Unit
Total Pounds Needed for Production
Beginning Finished Goods Units
Cost per Pound
Total Required Units
Total Materials Required
Beginning Direct Materials
Direct Materials Purchases
Desired Ending Finished Goods Units
Desired Ending Direct Materials
Direct Materials per Unit
Direct Labor Cost per Hour
Expected Unit Sales
Required Production Units
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Desired Ending Finished Goods Units
Beginning Finished Goods Units
Direct Materials per Unit
Total Materials Required
Total Cost of Direct Materials Purchases
Expected Unit Sales
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Direct Labor Cost per Hour
Direct Labor Time per Unit
Required Production Units
Desired Ending Direct Materials
Direct Materials Purchases
Total Direct Labor Cost
Cost per Pound
Beginning Direct Materials
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with incorrect answer]

LINK TO TEXT
LINK TO TEXT

[Partially correct answer.] Your answer is partially correct. Try again.

Prepare the direct materials budget. (Round Cost per pound answers to 2 decimal places, e.g. 52.70.)

COOK FARM SUPPLY COMPANY
Direct Materials Budget—Gumm
[Entry field with correct answer]

For the Six Months Ending June 30, 2017
For the Quarter Ending June 30, 2017
June 30, 2017
Quarter
Six
Months
1
2
[Entry field with correct answer]

Total Pounds Needed for Production
Total Required Direct Labor Hours
Direct Materials Purchases
Desired Ending Finished Goods Units
Desired Ending Direct Materials
Expected Unit Sales
Total Required Units
Total Direct Labor Cost
Direct Labor Cost per Hour
Units to be Produced
Total Cost of Direct Materials Purchases
Total Materials Required
Direct Labor Time per Unit
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Direct Materials per Unit
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Total Pounds Needed for Production
Total Required Units
Total Materials Required
Direct Labor Time per Unit
Direct Materials per Unit
Total Direct Labor Cost
Cost per Pound
Beginning Direct Materials
Beginning Finished Goods Units
Desired Ending Direct Materials
Total Required Direct Labor Hours
Units to be Produced
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Direct Materials Purchases
Expected Unit Sales
Total Cost of Direct Materials Purchases
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Beginning Finished Goods Units
Total Cost of Direct Materials Purchases
Total Pounds Needed for Production
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Total Required Units
Total Required Direct Labor Hours
Units to be Produced
Direct Labor Time per Unit
Total Materials Required
Beginning Direct Materials
Cost per Pound
Direct Labor Cost per Hour
Direct Materials per Unit
Direct Materials Purchases
Expected Unit Sales
Total Direct Labor Cost
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Add
Less
:
[Entry field with correct answer]

Direct Materials per Unit
Total Direct Labor Cost
Desired Ending Direct Materials
Total Required Direct Labor Hours
Direct Materials Purchases
Direct Labor Time per Unit
Beginning Direct Materials
Total Cost of Direct Materials Purchases
Total Required Units
Units to be Produced
Beginning Finished Goods Units
Total Materials Required
Cost per Pound
Direct Labor Cost per Hour
Expected Unit Sales
Total Pounds Needed for Production
Desired Ending Finished Goods Units
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Beginning Direct Materials
Direct Materials per Unit
Units to be Produced
Desired Ending Direct Materials
Direct Materials Purchases
Beginning Finished Goods Units
Total Cost of Direct Materials Purchases
Cost per Pound
Total Required Direct Labor Hours
Desired Ending Finished Goods Units
Total Materials Required
Expected Unit Sales
Total Direct Labor Cost
Direct Labor Cost per Hour
Total Pounds Needed for Production
Total Required Units
Direct Labor Time per Unit
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Add
Less
:
[Entry field with correct answer]

Total Pounds Needed for Production
Total Cost of Direct Materials Purchases
Units to be Produced
Total Direct Labor Cost
Desired Ending Direct Materials
Cost per Pound
Total Required Direct Labor Hours
Desired Ending Finished Goods Units
Direct Labor Time per Unit
Total Materials Required
Total Required Units
Beginning Direct Materials
Direct Labor Cost per Hour
Direct Materials per Unit
Beginning Finished Goods Units
Direct Materials Purchases
Expected Unit Sales
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Direct Materials Purchases
Desired Ending Finished Goods Units
Total Materials Required
Direct Labor Time per Unit
Direct Materials per Unit
Direct Labor Cost per Hour
Units to be Produced
Desired Ending Direct Materials
Expected Unit Sales
Total Cost of Direct Materials Purchases
Beginning Finished Goods Units
Cost per Pound
Total Direct Labor Cost
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Required Units
Beginning Direct Materials
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Total Direct Labor Cost
Expected Unit Sales
Total Cost of Direct Materials Purchases
Direct Labor Time per Unit
Total Required Units
Direct Materials Purchases
Beginning Finished Goods Units
Direct Materials per Unit
Beginning Direct Materials
Units to be Produced
Total Materials Required
Desired Ending Finished Goods Units
Total Pounds Needed for Production
Direct Labor Cost per Hour
Total Required Direct Labor Hours
Cost per Pound
Desired Ending Direct Materials
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
[Entry field with correct answer]

Total Pounds Needed for Production
Total Required Units
Direct Labor Cost per Hour
Direct Materials Purchases
Total Required Direct Labor Hours
Desired Ending Finished Goods Units
Units to be Produced
Direct Labor Time per Unit
Beginning Direct Materials
Beginning Finished Goods Units
Cost per Pound
Total Direct Labor Cost
Direct Materials per Unit
Total Materials Required
Desired Ending Direct Materials
Expected Unit Sales
Total Cost of Direct Materials Purchases
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]

Prepare the direct labor budget. (Enter Direct labor time per unit in proportion to hours, e.g. for 45 minutes the proportion will be 0.75.)

COOK FARM SUPPLY COMPANY
Direct Labor Budget
[Entry field with correct answer]

For the Six Months Ending June 30, 2017
June 30, 2017
For the Quarter Ending June 30, 2017
Quarter
Six
Months
1
2
[Entry field with correct answer]

Direct Materials Purchases
Total Materials Required
Desired Ending Finished Goods Units
Total Pounds Needed for Production
Total Required Direct Labor Hours
Beginning Direct Materials
Beginning Finished Goods Units
Expected Unit Sales
Cost per Pound
Total Cost of Direct Materials Purchases
Total Required Units
Desired Ending Direct Materials
Direct Labor Cost per Hour
Total Direct Labor Cost
Direct Labor Time per Unit
Units to be Produced
Direct Materials per Unit
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Expected Unit Sales
Cost per Pound
Total Pounds Needed for Production
Total Required Direct Labor Hours
Total Materials Required
Total Required Units
Total Direct Labor Cost
Desired Ending Direct Materials
Total Cost of Direct Materials Purchases
Units to be Produced
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Beginning Direct Materials
Direct Materials Purchases
Beginning Finished Goods Units
Direct Labor Time per Unit
Direct Materials per Unit
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Beginning Direct Materials
Beginning Finished Goods Units
Direct Labor Cost per Hour
Total Required Direct Labor Hours
Cost per Pound
Desired Ending Direct Materials
Desired Ending Finished Goods Units
Direct Materials Purchases
Total Cost of Direct Materials Purchases
Direct Labor Time per Unit
Total Materials Required
Expected Unit Sales
Direct Materials per Unit
Total Direct Labor Cost
Total Pounds Needed for Production
Total Required Units
Units to be Produced
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Desired Ending Direct Materials
Direct Materials per Unit
Expected Unit Sales
Direct Materials Purchases
Total Materials Required
Desired Ending Finished Goods Units
Total Pounds Needed for Production
Beginning Direct Materials
Total Cost of Direct Materials Purchases
Total Direct Labor Cost
Beginning Finished Goods Units
Direct Labor Cost per Hour
Units to be Produced
Cost per Pound
Total Required Units
Direct Labor Time per Unit
Total Required Direct Labor Hours
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
[Entry field with correct answer]

Cost per Pound
Direct Labor Time per Unit
Total Required Direct Labor Hours
Units to be Produced
Beginning Direct Materials
Direct Materials Purchases
Direct Materials per Unit
Beginning Finished Goods Units
Desired Ending Finished Goods Units
Direct Labor Cost per Hour
Desired Ending Direct Materials
Total Cost of Direct Materials Purchases
Expected Unit Sales
Total Direct Labor Cost
Total Required Units
Total Materials Required
Total Pounds Needed for Production
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]

Prepare the selling and administrative expense budget.

COOK FARM SUPPLY COMPANY
Selling and Administrative Expense Budget
[Entry field with correct answer]

June 30, 2017
For the Quarter Ending June 30, 2017
For the Six Months Ending June 30, 2017
Quarter
Six
Months
1
2
[Entry field with correct answer]

Variable Cost
Budgeted sales in units
Total
Fixed Cost
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with incorrect answer]

[Entry field with correct answer]

Budgeted sales in units
Variable Cost
Fixed Cost
Total
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
[Entry field with correct answer]

Variable Cost
Fixed Cost
Total
Budgeted sales in units
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with incorrect answer]
[Entry field with correct answer]

Budgeted sales in units
Total
Fixed Cost
Variable Cost
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]
$
[Entry field with incorrect answer]

LINK TO TEXT
LINK TO TEXT

[Partially correct answer.] Your answer is partially correct. Try again.

Prepare the budgeted multiple-step income statement for the first 6 months. (Round intermediate calculations to 2 decimal places and final answer to 0 decimal places, e.g. 1,255.)

COOK FARM SUPPLY COMPANY
Budgeted Income Statement
[Entry field with correct answer]

June 30, 2017
For the Quarter Ending June 30, 2017
For the Six Months Ending June 30, 2017
[Entry field with correct answer]

Sales
Interest Expense
Income Before Income Tax
Beginning Inventory
Operating Expenses
Net Income / (Loss)
Purchases
Selling and Administrative Expenses
Gross Profit
Cost of Goods Sold
Total Operating Expenses
Ending Inventory
Income from Operations
Income Tax Expense
$
[Entry field with incorrect answer]
[Entry field with correct answer]

Total Operating Expenses
Income from Operations
Income Tax Expense
Beginning Inventory
Cost of Goods Sold
Net Income / (Loss)
Interest Expense
Operating Expenses
Ending Inventory
Gross Profit
Purchases
Selling and Administrative Expenses
Sales
Income Before Income Tax
[Entry field with incorrect answer]
[Entry field with correct answer]

Income Tax Expense
Gross Profit
Purchases
Interest Expense
Income Before Income Tax
Sales
Selling and Administrative Expenses
Total Operating Expenses
Net Income / (Loss)
Income from Operations
Beginning Inventory
Cost of Goods Sold
Operating Expenses
Ending Inventory
[Entry field with incorrect answer]
[Entry field with correct answer]

Operating Expenses
Cost of Goods Sold
Selling and Administrative Expenses
Sales
Beginning Inventory
Ending Inventory
Total Operating Expenses
Gross Profit
Purchases
Interest Expense
Income from Operations
Income Before Income Tax
Income Tax Expense
Net Income / (Loss)
[Entry field with incorrect answer]
[Entry field with incorrect answer]

Income from Operations
Gross Profit
Beginning Inventory
Net Income / (Loss)
Interest Expense
Purchases
Sales
Selling and Administrative Expenses
Income Tax Expense
Cost of Goods Sold
Income Before Income Tax
Total Operating Expenses
Operating Expenses
Ending Inventory
[Entry field with incorrect answer]
[Entry field with incorrect answer]

Net Income / (Loss)
Beginning Inventory
Income Before Income Tax
Operating Expenses
Gross Profit
Purchases
Cost of Goods Sold
Sales
Ending Inventory
Income from Operations
Income Tax Expense
Selling and Administrative Expenses
Total Operating Expenses
Interest Expense
[Entry field with incorrect answer]
[Entry field with incorrect answer]

Purchases
Net Income / (Loss)
Cost of Goods Sold
Operating Expenses
Sales
Selling and Administrative Expenses
Income from Operations
Ending Inventory
Total Operating Expenses
Income Tax Expense
Interest Expense
Income Before Income Tax
Beginning Inventory
Gross Profit
[Entry field with incorrect answer]
[Entry field with incorrect answer]

Total Operating Expenses
Gross Profit
Interest Expense
Operating Expenses
Income Before Income Tax
Income from Operations
Beginning Inventory
Cost of Goods Sold
Income Tax Expense
Net Income / (Loss)
Ending Inventory
Purchases
Sales
Selling and Administrative Expenses
[Entry field with incorrect answer]
[Entry field with correct answer]

Gross Profit
Income from Operations
Sales
Beginning Inventory
Interest Expense
Total Operating Expenses
Cost of Goods Sold
Income Before Income Tax
Selling and Administrative Expenses
Ending Inventory
Income Tax Expense
Net Income / (Loss)
Operating Expenses
Purchases
$
[Entry field with incorrect answer]

The total cost (TC) and inverse demand equations for a monopolist are: TC=100+5Q^2 P=200?5Q

a. What is the profit-maximizing quantity?

b. What is the profit-maximizing price?

c. What is the monopolist's maximum profit?

The demand equation for a product sold by a monopolist is Q=25?0.5P TC=225+5Q+0.25Q^2

a. Calculate the profit-maximizing price and quantity.

b. What is the monopolist's profit?

Consider a firm with total costs represented by TC=8+1/2Q²

^{and a corresponding marginal cost of Q(MC=Q)}

^{1) Graph the ATC and MC, be certain to label the lowest point of the ATC}

Consider that the firm faces a price of $10

2) Find the optimal quantity

3) Using the ATC/MC graph, find and diagram, the total cost, total revenue, and any profit or loss at the optimal quantity.