In this Assignment, you will define and calculate the remaining six major cost elements of a business, when given the Total Costs and the Quantity Produced, as well as to use the computed costs to determine a minimum cost output level for that business. In addition, you will compute both the break-even price and the shutdown price for a hypothetical business in a perfectly competitive market, determine if that business would incur an economic profit at various market prices, and if the business should continue to produce at each of those price levels.

Questions

Table 2.a. shows an LED light bulb manufacturer’s total cost of producing LED light bulbs.

Table 2.a.

1. What is this manufacturer’s fixed cost? Explain why. (1 point)

2. Assuming that you only know the Total Costs (TC) (as is shown in the Table 2.a. above) explain how you would calculate each of the following:

Money reports that the average annual cost of the first year of owning and caring for a large dog in 2017 is $1,448. The Irish Red and White Setter Association of America has requested a study to estimate the annual first-year cost for owners of this breed. A sample of 50 will be used. Based on past studies, the population standard deviation is assumed known with

σ = $265.

A. What is the margin of error for a 95% confidence interval of the mean cost in dollars of the first year of owning and caring for this breed? (Round your answer to nearest cent.)

B. The DATAfile Setters contains data collected from fifty owners of Irish Setters on the cost of the first year of owning and caring for their dogs. Use this data set to compute the sample mean. Using this sample, what is the 95% confidence interval for the mean cost in dollars of the first year of owning and caring for an Irish Red and White Setter? (Round your answers to nearest cent.)

1. A company uses the periodic average cost method to account for inventory. For the year, the company had the following beginning inventory and purchases:
   

Sales for the year totaled 1,000 units, leaving 300 units on hand at the end of the year. The company reported ending inventory for $900,000. Which of the following is correct?

1. The amount reported for ending inventory is incorrect because management used a simple average instead of weighted-average to calculate the unit cost of inventory for the year.
2. The amount reported for ending inventory cannot be determined with the information given because the amount depends on which of the 1,000 units were assumed to be sold.
3. The amount reported for ending inventory is incorrect because the unit cost of ending inventory should be the average cost of the last 300 units purchased.
4. The amount reported for ending inventory is correct.

An asset with the first cost of $100,000 is depreciated over a 5-year period. It is expected to have a $10,000 salvage value at the end of 5 years.

(1) Using the straight-line method, what is the net book value at the end of year 2?

(2) Using the sum of years digit method, what is the depreciation expense for year 1?

(3) Using the double-declining balance method, what is the depreciation expense for year 3?

Plz type the answer thanks

Describe why the allocation of indirect costs is such a critical topic in cost accounting. Be specific and provide a comprehensive answer (do not describe the methods). Provide reasons for cost allocation.

An analysis of the accounts of Crane Company reveals the following manufacturing cost data for the month ended September 30, 2020.

Costs incurred: raw materials purchases $62,300, direct labor $48,200, manufacturing overhead $26,900. The specific overhead costs were: indirect labor $6,000, factory insurance $4,900, machinery depreciation $6,400, machinery repairs $2,800, factory utilities $3,900, miscellaneous factory costs $1,770. Assume that all raw materials used were direct materials.

Prepare the cost of goods manufactured schedule for the month ended September 30, 2020.

What is Steve's opportunity cost of producing a basket of pineapples? Of a producing a fish? What is Craig's opportunity cost of producing a basket of pineapples? Of a producing a fish?

1. Which of the following costs is typically not a fixed overhead cost for a factory?

A.Salaries of factory supervisors.

B.Rent on the factory building.

Property taxes on the factory building.

C.Indirect materials used in production.

D. None of the answer choices is correct.
2.Which of the following costs does not change in total when the activity level increases or decreases within the relevant range?

A.mixed costs

B.fixed cost

C.variable costs

D.relevant costs

E.None of the answer choices is correct.

3.All of the following are steps of the high-low method except:

A.stating the results in equation form Y = f + vX.

B.calculating the fixed cost per unit.

C.calculating the variable cost per unit.

D.identifying the high and low activity data points.

E.None of the answer choices is correcT

Determining direct or indirect cost, when determining your home budget such as: Mortgage, Electric Bill, Home Insurance, Health Insurance, Daycare, Food, Tax preparation and Allowance for children which is Direct or Indirect?

Suppose that market demand for a good is Q = 480 - 2p. The marginal cost is MC = 2Q. Calculate the following in the context of a monopoly market. a) Profit maximizing price and quantity. b) Market power. c) Consumer surplus and producer surplus. d) Dead Weight Loss (DWL).