Calculate the following:
Cost of Goods Sold and Ending Inventory for each of the following methods:
a. FIFO
b. LIFO
c. Weighted Average
Units Unit Cost
7/1 Beginning Inventory 100 10
7/5 Purchases 500 15
7/15 Sales 400
7/20 Purchases 200 20
In: Accounting
Use your knowledge of cost functions to calculate the missed cost data in the accompanying table.
Round your answers to two digits after the decimal.
| Quantity | Marginal Cost | Fixed Cost | Variable Cost | Total Cost | Average Fixed Cost | Average Variable Cost | Average Total Cost |
| 0 | |||||||
| 1 | $40.00 | ||||||
| 2 | $68.00 | ||||||
| 3 | $105.00 | ??? | |||||
| 4 | $20.00 | $400.00 |
What is the average total cost when producing three units?
In: Economics
Consider the following data on the quantity of production and its cost (in dollars) for a particular customized component, for each of 10 weeks.
NumberProduced Cost
16 207.17
6 90.93
18 227.22
10 153.61
13 155.97
3 68.24
9 112.00
16 185.77
20 260.48
5 80.62
a. Find the usual statistical measure for the strength of the association between cost and number produced. Please give both the name and numeric value for your answer.
|
Name: |
|
Numeric Value: |
b. Find, to the penny, the estimated cost of producing one additional component (this is the “variable cost” or the “variable cost of production”).
|
Variable Cost: |
c. How well has this variable cost (from part b) been estimated? Please answer by providing a 95% confidence interval for the true variable cost of this production process.
|
Confidence Interval: |
d. Estimate, to the penny, the cost associated with producing 12 units in a week, assuming the same process from which the data were obtained.
|
Cost to produce 12 units: |
In: Statistics and Probability
Quantity |
|
|
| Average | Average | Average |
|
1 | $23 | $33 | |||||
2 | $38 | ||||||
3 | $70 | ||||||
4 | $64 | ||||||
5 | $110 | ||||||
6 | $118 | ||||||
7 | $143 | ||||||
8 | $185 |
Refer to Table 13-14. What is the average fixed cost of producing 8 units of output?
In: Economics
In order to determine _____, the firm's total cost must be divided by the quantity of its output.
A) fixed cost
B) average cost
C) diminishing marginal returns
D)variable cost
In: Economics
In a market there are 10 sellers and 4 buyers and the opp cost for seller is $3.00 and opp cost for the buyer is $10.00. Then what will be the price that trade will take place at? Explain why. What will a price that buyers will say NO to (if any)? What will be a price that seller will say NO (if any)?
In: Economics
In: Accounting
In a 10q + q2 and a marginal cost curve of M C = 10 + 2q if it produces a positive quantity of output q. The market price is $50. Which statement is true?
(a) Each firm produces 20 units of output; the industry will require entry to reach its long-run equilibrium
(b) Each firm is producing 25 units; as the firm is making short-run profits the industry is not at its long-run equilibrium
(c) Each firm produces 20 units of output; the market is in its long-run equilibrium
(d) Each firm is producing 20 units; the firm will continue producing in the short run but will consider exiting in the long run as it is not covering its total costs of production
(e) Each firm is producing 25 units; the firm is covering its variable costs, but making a short run loss
In: Economics
Cost of Competitive Firm
In Stockholm, there is a competitive market for the production of canopy beds. Max’s canopy bed production firm can make at most six canopy bed’s per week.
|
Quantity |
Fixed Cost ($) |
Variable Cost ($) |
Total Cost ($) |
Marginal Cost ($) |
|
0 |
0 |
5000 |
--- |
|
|
1 |
5000 |
2000 |
||
|
2 |
6000 |
|||
|
3 |
6000 |
|||
|
4 |
8000 |
|||
|
5 |
35000 |
|||
|
6 |
42000 |
Complete the four cost columns in the table above.
If the market price of pianos is $6000 this week, how many canopy beds should Max’s firm produce to maximise profit?
What would Max’s profit be this week? $
In: Economics
A researcher decides to examine whether there is a correlation between cost of a packet of chocolate chip cookies (rounded to the nearest dollar) and degree of customer satisfaction (on a scale of 1 - 10 with a 1 being not at all satisfied and a 10 being extremely satisfied). A sample of the data is provided below.
|
Dollars (X) |
Satisfaction (Y) |
|
11 |
6 |
|
18 |
8 |
|
17 |
10 |
|
15 |
4 |
|
9 |
9 |
|
5 |
6 |
|
12 |
3 |
|
19 |
5 |
|
22 |
2 |
|
25 |
10 |
In: Statistics and Probability