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1 Is it possible for marginal revenue to be negative for a firm selling in a perfectively competitive market? Is it possible for marginal revenue to be negative for a firm selling in a monopolistically competitive market? Briefly explain.

. 2. Central Grocery in New Orleans is famous for its muffaletta, a large round sandwich filled with deli meats and topped with a tangy olive salad. Suppose the following table represents cost and revenue data for Central Grocery.

Fill in the table. What is the profit-maximizing price and quantity, and what profit will be earned at that level of production?

Kluth Corporation has two manufacturing departments--Molding and Customizing. The company used the following data at the beginning of the year to calculate predetermined overhead rates:

During the most recent month, the company started and completed two jobs--Job C and Job M. There were no beginning inventories. Data concerning those two jobs follow:

Required:

Assume that the company uses departmental predetermined overhead rates with machine-hours as the allocation base in both production departments. Further assume that the company uses a markup of 20% on manufacturing cost to establish selling prices. Calculate the selling prices for Job C and for Job M. (Do not round intermediate calculations.)

Waterways Corporation uses very stringent standard costs in evaluating its manufacturing efficiency. These standards are not “ideal” at this point, but the management is working toward that as a goal. At present, the company uses the following standards.

The January figures for purchasing, production, and labor are:

Answer the following questions about standard costs.

FIFO Method, Valuation of Goods Transferred Out and Ending Work in Process

K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared:

The cost per equivalent unit for the period was as follows:

The cost of beginning work in process was direct materials, $40,000; conversion costs, $30,000.

Required:

1. Determine the cost of ending work in process.
$39,000 (Answer)

Determine the cost of goods transferred out.
$

2. Prepare a physical flow schedule.

Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 50,000 units will be produced, with the following total costs:

Next year, Pietro expects to purchase $129,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows:

Required:

1. Prepare a statement of cost of goods manufactured.

2. What if the ending inventory of direct materials increased by $3,000? Indicate the affect that this would have on the items listed below: (decrease, increase, or no change)

Diminishing returns *

1 point

a. characterize all stages of production.

b. eventually occur in all short-run production situations.

c. are always associated with declining average product in the short-run.

d. exist in the short run, because as additional units of an input are hired, the firm has to accept less satisfactory units.

In the long run, average total cost exhibits a pattern just like the short run average total cost because of this reason. *

1 point

a. Increasing and decreasing returns are associated with more outputs produced.

b. Economies and diseconomies of scale are experienced as a firm gets bigger in size.

c. Law of diminishing returns starts to set in.

d. None of the above explains the shape of a long run average total cost curve

Your aunt is thinking about opening a hardware store. She estimates that it would cost $500,000 per year to rent the location and buy the stock. In addition, she would have to quit her $50,000 per year job as an accountant. Your aunt’s opportunity costs comprise *

1 point

a. the accounting costs.

b. the accounting costs and the implicit costs.

c. all economic costs.

d. none of the above

A summary of Flaker Company’s manufacturing variance report for June 2019 follows.

Standard materials cost per unit of product is 4 pounds at $2.20 per pound, and standard direct labor cost is 0.75 hour at $13.60 per hour. Total actual materials cost represents 31,500 pounds purchased at $2.10 per pound. Total actual labor cost represents 5,900 hours at $13.80 per hour. According to standards, variable overhead rate is applied at $5.80 per direct labor hour (based on a normal capacity of 6,000 direct labor hours or 8,000 units of product). Assume that all fixed overhead is applied to work-in-progress inventory.

a. Determine the following variances: material, labor, and vairiable overhead

Do not use negative signs with any of your answers. Next to each variance answer, select either "F" for Favorable or "U" for Unfavorable.

Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company

The following information is available for Shanika Company for 20Y6:

Required:

1. Prepare the statement of cost of goods manufactured.

2. Prepare the income statement.

Moody Corporation uses a job-order costing system with a plantwide overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 153,000 Total estimated manufacturing overhead cost $ 1,369,350 Required: 1. Compute the predetermined overhead rate. (Do not round intermediate calculations. Round your answer to 2 decimal places.) 2. During the year, Job 400 was started and completed. The following information was available with respect to this job: Direct materials requisitioned $ 310 Direct labor cost $ 290 Machine-hours used 31 Compute the total manufacturing cost assigned to Job 400. (Do not round intermediate calculations and round final answer to 2 decimal places.) 3-a. During the year the company worked a total of 145,600 machine-hours on all jobs and incurred actual manufacturing overhead costs of $1,305,620. What is the amount of underapplied or overapplied overhead for the year? (Use the overhead rate determined in requirement 1.) 3-b. If this amount were closed out entirely to Cost of Goods Sold, would net operating income increase or decrease? Increase Decrease