Unsought goods are characterized as being the kinds of goods that consumers ________.

1. purchase solely for business purposes
   		do more research on and compare across product dimensions such as color, size, features, and price
   		frequently purchase and have little interest in seeking new information about
   		would rather not purchase at all
   		purchase solely for personal purposes

Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold and Income Statement;

this ie the jouranl entries

Pre-determined manufacturing overhead rate = Total estimated manufacturing overheads / Estimated direct labor hours = = $3600/12 hours = $300 per direct labor hour

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Step 4:

answering these questions :

Sanyo White Goods LLC is a dealer of a variety of white goods. It sells to various retailers throughout the country. During the month of March, 2019, the following transactions took place.

1.      On 1 March, 2019, Sanyo White Goods LLC purchases $120,000 of merchandise from Samsung plc. A trade discount of $20,000 was available with a further 10% cash discount if payment were made within 10 days and  shipping terms FOB  Destination

2.      On 1 March, 2019, Sanyo White Goods LLC purchases $20,000 of merchandise  from Daewoo plc with a trade discount of 20% for Cash.

3.      On 17 March, 2019, Sanyo White Goods LLC   returns goods worth $15,000 to Samsung plc.

4.      On 20 March, 2019, Sanyo White Goods LLC   makes the final payment from Samsung plc for the transaction of 1 March 2019.

5.      On 20 March, 2019, Samsung plc pays Freight Charges of $600.

Required:

a)        Pass the necessary Journal Entries in the books of Sanyo White Goods LLC to record each of the above transactions.

b)        Pass the necessary Journal Entries in the books of Samsung plc to record each of the above transactions.

Sanyo White Goods LLC is a dealer of a variety of white goods. It sells to various retailers throughout the country. During the month of March, 2019, the following transactions took place.

1.      On 1 March, 2019, Sanyo White Goods LLC purchases $120,000 of merchandise from Samsung plc. A trade discount of $20,000 was available with a further 10% cash discount if payment were made within 10 days and  shipping terms FOB  Destination

2.      On 1 March, 2019, Sanyo White Goods LLC purchases $20,000 of merchandise  from Daewoo plc with a trade discount of 20% for Cash.

3.      On 17 March, 2019, Sanyo White Goods LLC   returns goods worth $15,000 to Samsung plc.

4.      On 20 March, 2019, Sanyo White Goods LLC   makes the final payment from Samsung plc for the transaction of 1 March 2019.

5.      On 20 March, 2019, Samsung plc pays Freight Charges of $600.

Required:

a)        Pass the necessary Journal Entries in the books of Sanyo White Goods LLC to record each of the above transactions.

b)        Pass the necessary Journal Entries in the books of Salalah Trading LLC to record each of the above transactions.

“Resource are the goods and services available to individuals and businesses used to produce goods and services.” List and discuss any four types of resource allocation method.       

Demand is more elastic for luxury goods and also for goods for which there are more substitutes, explain how these are related

Two goods are given, where x₁ and x₂ are the number of units of these goods. The preference structure of a consumer is given by the following (ordinal) utility function:

u (x₁, x₂) = x₁ * x₂

The indifference curves show a strictly convex course to the origin. The prices of the goods are given by p₁ and p₂. The consumer wants to achieve the level of utility ū with minimal expenditure.

1. Determine the Hick’s demand function
2. Please specify the output function e(p, ū). What exactly does it say?
3. Now use Shepard’s lemma from the output function to determine the Hick’s demand functions.