One of the Principles of economics “Trade Can Make Everyone Better Off.” Based on your understanding of this principle, first, explain the fundamental principles of the trade between the two countries. Today we can see that some countries started to impose some restrictions on the flow of goods and services, do you think these practices contradict the principle? Why?

I need the answer minimum of 500 words please.

In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole’s Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. NGS would keep track of its new inventory using a perpetual inventory system. On December 31, NGS purchased 10 units at a total cost of $7.20 per unit. Nicole purchased 25 more units at $8.80 in February. In March, Nicole purchased 10 units at $10.80 per unit. In May, 40 units were purchased at $10.60 per unit. In June, NGS sold 40 units at a selling price of $12.80 per unit and 30 units at $10.80 per unit. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FIFO) method. (Round "Cost per Unit" to 2 decimal places.

In its first year of business, Ollie’s Olive Oil produced 104,000 quarts of olive oil. During its first year, the company sold 100,000 quarts of olive oil. Costs incurred during the year were as follows:

a.
1. What was the actual production cost per quart under variable costing?
2. What was the actual production cost per quart under absorption costing?
b. What was variable cost of goods sold for the year under variable costing?
c. What was cost of goods sold for the year under absorption costing?
d.
1. What was the value of ending inventory under variable costing?
2. What was the value of ending inventory under absorption costing?
e.
1. How much fixed overhead was charged to expense for the year under variable costing?
2. How much fixed overhead was charged to expense for the year under absorption costing?

In October, Nicole eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In December, a supplier asked her to sell a prepackaged spa kit. Feeling she could manage a single product line, Nicole agreed. Nicole’s Getaway Spa (NGS) would make monthly purchases from the supplier at a cost that included production costs and a transportation charge. NGS would keep track of its new inventory using a perpetual inventory system. On December 31, NGS purchased 20 units at a total cost of $5.30 per unit. Nicole purchased 20 more units at $7.30 in February. In March, Nicole purchased 20 units at $9.30 per unit. In May, 40 units were purchased at $9.10 per unit. In June, NGS sold 40 units at a selling price of $11.30 per unit and 50 units at $11.70 per unit. Compute the Cost of Goods Available for Sale, Cost of Goods Sold, and Cost of Ending Inventory using the first-in, first-out (FIFO) method.

Cast Iron Grills, Inc., manufactures premium gas barbecue grills. The company uses a periodic inventory system and the LIFO cost method for its grill inventory. Cast Iron's December 31, 2018, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition):

Units Unit Cost

7,000 $ 700

5,000 800

8,000 900

The replacement cost of the grills throughout 2019 was $1,000. Cast Iron sold 37,000 grills during 2019. The company's selling price is set at 200% of the current replacement cost. Required:

a. & b. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2019 under two different assumptions. First, that Cast Iron purchased 38,000 units and, second, that Cast Iron purchased 20,000 units during the year.

c. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2019 assuming that Cast Iron purchased 38,000 units (as per the first assumption) and 20,000 units (as per the second assumption) during the year and uses the FIFO inventory cost method rather than the LIFO method.

Horizontal Mergers. Consider a market that initially has two firms selling differentiated products and competing in prices. The cost of production of each firm is C(q)=0. Demand for the two goods is given by the following system: q1=420-4p1+p2 q2=420-4p2+p1 The goal of this question is to find by how much the prices of the goods will increase if the firms horizontally merge. To do this, we first derive the equilibrium prices before the merger, and then compare with the optimal prices set by the merged firm.

a) Firm 1’s profit maximization problem is to choose p1 so as to solve: max [p1 (420-4p1+p2)] p1≥0 Derive firm 1’s first order condition (differentiating this profit function with respect to p1).

b) Assuming in equilibrium p1=p2, find the equilibrium prices before the merger.

c) If the firms merge, and continue to sell the same two products, the merged firm chooses both prices choosing p1 and p2 so as maximize problem. Write the profit maximization problem.

d) Find the profit maximizing prices. You may assume that these prices are equal p1=p2.

Assume that you are Tracy Roberts and you are preparing two reports to Morgan Mickelson or Household Goods, Inc.   You should answer the following questions. In one report, you assume that Morgan Mickelson is a CPA and will understand citations to the Accounting Standards Codification (ASC). In this first report, you should use appropriate citations to ASC. The second report covers similar information but the assumption is that Morgan Mickelson is not a CPA and will not understand citations to ASC. You must convey the same information but in language that any businessperson would understand.

1. What is the procedure for testing goodwill for impairment according to ASC standards?
2. Using ASC guidelines determine the goodwill valuation for ZD Corporation. Provide numbers to support your revaluation if necessary and explain your process.
3. Using ASC guidelines determine the goodwill valuation for Hope Industries. Provide numbers to support your revaluation if necessary and explain your process
4. How do the above answers effect Household Goods segment information and overall financial statements?
5. What disclosures need to be provided in Household Goods financial reports concerning goodwill according to ASC?

Assume that Household Goods will be an early adopter of the ASU 2017-04, scheduled to be adopted by publicly traded firms for fiscal years starting after Dec. 15, 2019. Also, assume that ZD and Hope are considered separate reporting units and Household Goods has not elected the Accounting alternative.

Hint: The carrying value of other asset and liability accounts must be determined before goodwill impairment is considered. You should decide what the carrying value of inventory, Property, plant and equipment, and bonds should be. After that, then you consider the valuation of goodwill.

The answers should be conveyed in a report, not just answering the questions, 1, 2, 3 etc.

You should be thorough in your answers, but as concise as possible. Each report should be around 2-3 pages. In the first report, you should use appropriate citations to ASC, but not to any other documents as other documents are not authoritative accounting guidance.

At 31 December 20X5, the post-closing trial balance reflects the following:

The following transactions occurred during 20X6 in the order given (use the letter at the left in place of date):

1. Sales revenue of $91,000, of which $40,000 was on credit; cost of goods sold, provided by perpetual inventory record, $59,500. (Note: When the perpetual system is used, make two entries to record a sale: first, debit cash or accounts receivable and credit sales revenue; second, debit cost of goods sold and credit inventory.)
2. Collected $52,000 on accounts receivable.
3. Paid income taxes payable (20X5), $13,000.
4. Purchased merchandise, $130,000, of which $26,000 was on credit.
5. Paid accounts payable, $20,000.
6. Sales revenue of $240,000 (in cash); cost of goods sold, $156,400.
7. Paid operating expenses, $63,000.
8. Issued 1,000 common shares for $4,000 cash.
9. Purchased merchandise, $400,000, of which $108,000 was on credit.
10. Sales revenue of $392,000, of which $120,000 was on credit; cost of goods sold, $255,100.
11. Collected cash on accounts receivable, $104,000.
12. Paid accounts payable, $112,000.
13. Paid various operating expenses in cash, $72,000.

Required:

1. Journalize each of the transactions listed above for 20X6. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Lehighton Chalk Company manufactures sidewalk chalk, which it sells online by the box at $24 per unit. Lehighton uses an actual costing system, which means that the actual costs of direct material, direct labor, and manufacturing overhead are entered into work-in-process inventory. The actual application rate for manufacturing overhead is computed each year; actual manufacturing overhead is divided by actual production (in units) to compute the application rate. Information for Lehighton’s first two years of operation is as follows:

Selected information from Lehighton’s year-end balance sheets for its first two years of operation is as follows:

Required:

1. Reconcile Lehighton’s operating income reported under absorption and variable costing, during each year, by comparing the following two amounts on each income statement:

• Cost of goods sold
• Fixed cost (expensed as a period expense)

Reconcile Lehighton’s operating income reported under absorption and variable costing, during each year, by comparing the following two amounts on each income statement:

• Cost of goods sold
• Fixed cost (expensed as a period expense)

Show less

An Olympic archer is able to hit the bull’s-eye 80% of the time. Assume each shot is independent of the others. If she shoots 6 arrows, what’s the probability of each of the following results? a) Her first bull’s-eye comes on the third arrow. b) She misses the bull’s-eye at least once. c) Her first bull’s-eye comes on the fourth or fifth arrow. d) She gets exactly 4 bull’s-eyes. e) She gets at least 4 bull’s-eyes. f) She gets at most 4 bull’s-eyes.( solve using R)