1. Which of the following markets is characterized by the following: many buyers and sellers, a homogeneous...

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1. Which of the following markets is characterized by the following: many buyers and sellers, a homogeneous product, easy entry into and exit from the industry, and all firms are price takers?

a. perfectly competitive market

b. monopolistic competition

c. monopoly

d. oligopoly

2. The following information pertains to three different products being sold by

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Which product or products have an inelastic demand curve?

a. Product A

b. Product B

c. Product C

d. Both Product A and Product C

3. Thebes Company had the following information:

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What is the markup based on cost of goods sold?

a. 50.0%

b. 100.0%

c. 37.5%

d. 62.5%

4. Banwood Company has the following information for 20x1:

There were no beginning inventories.

What is the ending inventory for Banwood using the absorption costing method?

a. $300,000

b. $180,000

c. $120,000

d. $80,000

5. Jasmine Company?s expected sales were 2,000 units at $100 per unit. During 20x1, it had actual sales of 1,800 units at $110 per unit. Budgeted variable costs were $60 per unit. What is Jasmine?s sales price variance?

a. $8,000 (U)

b. $20,000 (U)

c. $18,000 (F)

d. $2,000 (U)

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula                Ending Inventory Formula =...
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Related Book For  book-img-for-question

Cornerstones of Cost Management

ISBN: 978-1305970663

4th edition

Authors: Don R. Hansen, Maryanne M. Mowen

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