Bottum Corporation, a manufacturing Corporation, has provided data concerning its operations for May. The beginning balance in the raw materials account was $22,500 and the ending balance was $41,000. Raw materials purchases during the month totaled $68,000. Manufacturing overhead cost incurred during the month was $113,500, of which $2,500 consisted of raw materials classified as indirect materials. The direct materials cost for May was:

Answers

Answer 1

Answer:

the direct material cost is $47,000

Explanation:

The computation of the direct material cost is shown below:

= Opening balance + purchase made - indirect material - closing balance

= $22,500 + $68,000 - $2,500 - $41,000

= $47,000

hence, the direct material cost is $47,000

The same should be considered and relevant too


Related Questions

There is no toll charge to drive on freeway A. If there is freeway congestion at 9 a.m., there will be greater freeway congestion at 11 a.m. if _______.
1. more people carpool at 11 a.m. than at 9 a.m.
2. none of these options.
3. the demand to drive on the freeway is the same at both times.
4. the demand to drive on the freeway at 9 a.m. is greater than the demand to drive on the freeway at 11 a.m.
5. the demand to drive on the freeway at 11 a.m. is greater than the demand to drive on the freeway at 9 a.m.

Answers

Answer:

5

Explanation:

If there is greater freeway congestion at 11 a.m than at 9am, it means that more people are using the road at 11am compared to 9am. This means that the demand to drive on the freeway at 11 a.m. is greater than the demand to drive on the freeway at 9 a.m.

If more people carpool at 11 a.m. than at 9 a.m, there would be less cars on the road at 11am. this would make the freeway less congested at 11am when compared to 9am

In marketing, we use which terms? (needs, wants, or demands). Why?

Answers

Answer:

needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items.

The June 1 work in process inventory consisted of 4,100 units with $14,700 in materials cost and $12,300 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,600 units were started into production. The June 30 work in process inventory consisted of 9,400 units that were 100% complete with respect to materials and 50% complete with respect to conversion. 3. How many units were completed and transferred to finished goods during the period

Answers

Answer:

Units completed and transferred to finished goods during the period are:

= 31,300 units.

Explanation:

a) Data and Calculations:

                                                               Units   Materials    Conversion

Work in process inventory, June 1       4,100    $14,700        $12,300

Degree of completion of WIP                                100%               60%

Units started into production, June 36,600

Total units available in production   40,700

Work in process inventory, June 30  9,400        100%               50%

Units completed and transferred     31,300 (40,700 - 9,400)

Following the law is:______. a. unimportant as a standard of business behavior b. the maximum standard of behavior we expect from business c. an unrealistic expectation for business behavior d. the minimum standard of behavior we expect from business

Answers

Answer:

b. the maximum standard of behavior we expect from business

Explanation:

In the laws of business, it is expected according to the law that as much possible, we accept the maximum standard of behavior from any businesses. While doing a business, we all have to follow the business ethics and always follows the laws of the businesses. The behavior of business should be of maximum standard and should comply with the rules and ethics with the related businesses.

Thus the correct option is (b).

World-Tour Co. has just now paid a dividend of $2.83 per share (Div0); its dividends are expected to grow at a constant rate of 6% per year forever. If the required rate of return on the stock is 16%, what is the current value of the stock after paying the dividend

Answers

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Fields Company has two manufacturing departments, forming and painting. The company uses the weighted-average method of process costing. At the beginning of the month, the forming department has 25,000 units in inventory, 60% complete as to materials and 40% complete as to conversion costs. The beginning inventory cost of $60,100 consisted of $44,800 of direct materials costs and $15,300 of conversion costs. During the month, the forming department started 300,000 units. At the end of the month, the forming department had 30,000 units in ending inventory, 80% complete as to materials and 30% complete as to conversion. Units completed in the forming department are transferred to the painting department. Cost information for the forming department follows. Beginning work in process inventory$60,100 Direct materials added during the month 1,231,200 Conversion added during the month 896,700 Exercise 03-7A FIFO: Costs per EUP LO C4 Assume that Fields uses the FIFO method of process costing. 1. Calculate the equivalent units of production for the forming department. 2. Calculate the costs per equivalent unit of production for the forming departmen

Answers

Answer:

Fields Company

Forming Department

                                                            Materials       Conversion

1. The equivalent units of production 304,000          294,000

2. The costs per equivalent unit            $4.05               $3.05

Explanation:

a) Data and Calculations:

                                  Units       Materials       Conversion

Work in Process     25,000          60%                 40%

Units started        300,000

Ending WIP            30,000          80%                 30%

Units completed 295,000        100%                100%

Equivalent Units:

                                  Units       Materials       Conversion

Work in Process     25,000       10,000 (40%)   15,000 (60%)

Units started        300,000

Ending WIP            30,000       24,000 (80%)      9,000 (30%)

Units completed 295,000        100%                100%

Units started and

completed         270,000     270,000             270,000

Total equivalent units           304,000             294,000

                                  Units          Materials       Conversion   Total

Costs added during the month $1,231,200       $896,700   $2,127,900

Total equivalent units                    304,000         294,000

Cost per equivalent unit                 $4.05               $3.05

Please write out, step-by-step, how you obtained the correct answer for this math problem.

Jose and Zola want to purchase their first home. Jose makes $23.50 an hour and works 40 hours per week. Zola makes $21.50 an hour and works 40 hours of regular time and 5 hours of overtime a week. They have two car payments totaling $500 a month and one credit card with a minimum payment of $50 a month. What is their combined gross monthly income?



(HINT: Remember to assume that overtime is always time and a half unless otherwise specified!!)

Answers

Answer:

The correct answer is "$7,630".

Explanation:

Assuming there are four weeks in a month, then

Joe's income will be:

= [tex]23.50\times 40\times 4[/tex]

= [tex]3,760[/tex] ($)

Zola's income will be:

= [tex]21.50\times (40+5)\times 4[/tex]

= [tex]21.50\times 45\times 4[/tex]

= [tex]3,870[/tex] ($)

hence,

The combined gross monthly income will be:

= [tex]Jose's \ income+Zola's \ income[/tex]

= [tex]3,760+3,870[/tex]

= [tex]7,630[/tex] ($)

Answer:

$8,498.75

Explanation:

Jose = ($23.5x40x52)/12=$4073.33

Zola = ($21.5x40x52/12)+($21.5x1.5(overtime pay)x5x52)/12= $3726.67+$698.75=$4425.41

Combined = $4073.33+ $4425.42= $8498.75

The following data for a production department relate to two accounting periods:
Activity(machine-hours)....... 17,000 18,500
Department costs................... $246,500 $251,750
The best estimate of fixed department cost is closest to:________.

Answers

Answer:

Fixed costs= $187,000

Explanation:

Giving the following information:

Activity(machine-hours): 17,000 18,500

Department costs: $246,500 $251,750

To calculate the fixed and variable cost, we need to use the high-low method:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (251,750 - 246,500) / (18,500 - 17,000)

Variable cost per unit= $3.5

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 251,750 - (3.5*18,500)

Fixed costs= $187,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 246,500 - (3.5*17,000)

Fixed costs= $187,000

During the year, John (a self-employed management consultant) went from Columbus,OH to Seattle, WA on business. Preceding a five-day business meeting, he spent four days vacationing at the beach. Excluding the vacation costs, his expenses for the trip are:
Airfare $3,200
Lodging 1,100
Meals 1,000
Entertainment 600
Presuming no re-imbursement, deductible expenses are:_____.
a. $3,200.
b. $3,900.
c. $4,500.
d. $5,500.
e. none of these.

Answers

Answer:

the  deductible expense is $4,800

Explanation:

The computation of the deductible expense is given below:

= Airfare + lodging + 50% of meals

= $3,200 + $1,100 + 50% of $1,000

= $3,200 + $1,100 + $500

= $4,800

Hence, the  deductible expense is $4,800

This is an answer but the same is not provided in the given options

so the same is relevant and considered too

Sunland Clothing Store had a balance in the Accounts Receivable account of $112000 at the beginning of the year and a balance of $88000 at the end of the year. Net credit sales during the year amounted to $3650000. The average collection period of the receivables in terms of days was

Answers

Answer:

10 days

Explanation:

Day's sales in receivables = (365 days × Average receivables) / Net sales

Day's sales in receivables = (365 days × $100,000) / $3,650,000

Day's sales in receivables = 10 days

• Note

Average receivables = (Beginning receivables + Ending receivables) / 2

= ($112,000 + $88,000) / 2

= $100,000

Therefore, the average collection period of the receivables in terms of days was 10days

Dehner Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current year on the following data: Total direct labor-hours 85,000 Total fixed manufacturing overhead cost $ 306,000 Variable manufacturing overhead per direct labor-hour $ 6.00 Recently, Job P951 was completed with the following characteristics: Number of units in the job 25 Total direct labor-hours 100 Direct materials $ 700 Direct labor cost $ 8,500 The total job cost for Job P951 is closest to:

Answers

Answer:

Total job cost  $10,160

Explanation:

The computation of the total job cost is shown below:

Predetermined fixed overhead rate

= total fixed manufacturing overhead expense ÷ total direct labor hours

= $306,000 ÷ $85000

= $3.60 Per hour

Now  

Particulars Cost

direct materials $700

Direct labor cost $8500

Fixed manufacturing overhead cost (100 × 3.60) $360

Variable manufacturing overhead cost (100 × 6.00) $600

Total job cost  $10,160

When companies use automated production processes, they tend to condense the three manufacturing costs into two categories. These categories are: direct and indirect materials. direct costs and indirect materials. indirect materials and conversion costs. direct materials and conversion costs.

Answers

Answer:

direct materials and conversion costs.

Explanation:

When companies use automated production processes, they tend to condense the three manufacturing costs into two categories which are direct materials and conversion costs.

This is because Automation does conversion on the Direct Materials which are visible and can be traced to product being manufactured.

Identify every authority cited in the opinion (note that some sources may be cited more than once) and then do the following:
List all primary mandatory authority.
List all primary persuasive authority.
List all secondary persuasive authority.

Answers

Answer:

Primary Authorities :

Statues, regulations, jurisdiction, trial court, cases.

Primary Persuasive Authority :

Constitution, legislation.

Secondary Persuasive Authority :

Law review articles, trial courts.

Explanation:

Primary persuasive authority means law. Following a law is mandatory and statute provides the regulation which are required to be followed or else it will be regarded as crime. Secondary persuasive authority is not law but it leads to the law and helps explain the terms and standards of the law.

Handy Home sells windows and doors in the ratio of 8:2 (windows:doors). The selling price of each window is $106 and of each door is $256. The variable cost of a window is $65.50 and of a door is $178.00. Fixed costs are $624,000.

Required:
a. Determine the selling price per composite unit.
b. Determine the variable costs per composite unit.
c. Determine the break-even point in composite units.
d. Determine the number of units of each product that will be sold at the break-even point.

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the sales proportion:

Windows= 8/10= 0.8

Doors= 2/10= 0.2

Now, the selling and unitary variable cost per composite unit:

Selling price= 106*0.8 + 256*0.2= $136

Unitary varaible price= 65.5*0.8 + 178*0.2= $88

The break-even point:

Break-even point (units)= Total fixed costs / Weighted average contribution margin

Break-even point (units)= 624,000 / (136 - 88)

Break-even point (units)= 13,000

Finally, the number of units for each product:

Windows= 13,000*0.8= 10,400

Doors= 13,000*0.2= 2,600

Loco Pony Adventures rents clowns and ponies for children’s birthday parties. If the annual total cost of furnishing entertainment is given by TC = 0.5 Q 2 + 25 Q + 1,000, the average variable cost of catering to 30 birthday parties is:

Answers

Answer and Explanation:

The computation is shown below:

As we know that the variable cost is the cost that changed with the production

So the variable cost arise from TC should be

VC=0.5Q^2+25Q

= 0.5 × (30)^2+25 × 30

= 1200

And,  

AVC is

= VC ÷ Q

= 1200 ÷ 30

= 40

Over the last year, Calzone Corporation paid a quarterly dividend of $0.10 in each of the four quarters. The current stock price of Calzone Corporation is $39.78. What is the dividend yield for Calzone stock

Answers

Answer: 1.0%

Explanation:

Dividend yield = Annual dividend / Current stock price

Annual dividend = (0.10 * 4 quarters)

= $0.40

Dividend yield = 0.40 / 39.78

= 1.0%

Dylan invested $4200 into a continuously compounded account with an interest rate of 2.4%. How much will she have in the account after 11 years

Answers

Answer:

$47,322.21

Explanation:

the formula for calculating future value when there is continuous compounding is : A x e^r x N

A= amount

e = 2.7182818

N = number of years

r = interest rate

42,000xe^0.024 x 11 = $47,322.21

Answer:

A≈5469

Explanation:

Use the formula for calculating compound interest A=P0ert where P0=4200, r=0.024, and t=11. Substitute the values into the formula and simplify.

A=4200e0.024⋅11

A=4200e0.264

A=4200(1.302)

A=5468.94

After 11 years, the balance in the account is A≈5469, rounded to the nearest dollar.  

The Lime Corporation has obtained the following sales forecast data:
July August September October
Cash sales $ 80,000 $ 70,000 $ 50,000 $ 60,000
Credit sales $ 240,000 $ 220,000 $ 180,000 $ 200,000
The regular pattern of collection of credit sales is 20% in the month of sale, 70% in the month following the month of sale, and the remainder in the second month following the month of sale. There are no bad debts. The budgeted cash receipts for October would be:_________
a. $188.000
b. $248,000
c. $226,000
d. $278,000
e. none of above

Answers

Answer:

b. $248,000

Explanation:

The computation of the cash receipts for October would be

Particulars             October

Cash sales            $60000

August credit Sales $22000 (10% of $220,000)  

September Credit Sales $126000 (70% of $180,000)  

October credit Sales $40000 (20% of $200,000)

Budgeted cash receipt   $248000

Hence, the correct option is b.

Explain the nature of the exchange-rate risk for each of the following, from the perspective of the U.S. firm or person. In your answer, include whether each is a long or short position in foreign currency.
a. A small U.S. firm sold experimental computer components to a Japanese firm, and it will receive payment of 1 million yen in 60 days.
b. An American college student receives a birthday gift of Japanese government bonds worth 10 million yen, and the bonds mature in 60 days.
c. A U.S. firm must repay a yen loan, principal plus interest totaling 100 million yen, coming due in 60 days.

Answers

Answer:

a. U.S. firm has long position in yen since it has asset in yen.

b. An American student has long position in yen since it has asset of bonds in yen.

c.  U.S. firm has liability position in yen, therefore it is short position.

Explanation:

a. The payment is to be received in next 60 days which means there is a risk of yen depreciation and then company will receive lower dollars. The company should hedge its exchange rate risk by selling yen now and buying dollars later.

b.  The gift received in the form of bonds will mature in 60 days. There is uncertainty in dollar rate, if dollar appreciates against yen then student will receive less yen.

c. The dollar rate is unpredictable for yen in next 60 days. If yen appreciate then dollar will depreciate against yen and therefore amount of loan repayment will increase.

The price elasticity of demand for a good is likely to be elastic​ __________.
A. the budget share spent on the good.
B. the number of close substitutes for the good.
C. the available time during which consumers can adjust.
D. all of the above.

Answers

Answer:

The price elasticity of demand for a good is likely to be elastic​ :

A. the greater the proportion of budget share spent on the good.

B. the greater the number of close substitutes for the good.

C. the longer the available time during which consumers can adjust.

Explanation:

Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.

Price elasticity of demand = percentage change in quantity demanded / percentage change in price  

If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.  

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded.  

Infinitely elastic demand is perfectly elastic demand. Demand falls to zero when price increases  

Perfectly inelastic demand is demand where there is no change in the quantity demanded regardless of changes in price.

Price is more elastic in the long run than in the short run because consumers have more time to search for suitable alternatives

The more close substitutes a good has, the more elastic its demand. This is because if price is increased, consumers can easily shift to the consumption of an alternative product

the greater the proportion of budget share spent on the good, the more elastic the demand for the good

On the basis of this information, what were total maintenance costs when the company experienced 23,000 machine hours of activity, total maintenance costs averaged $34.30 per hour. When activity jumped to 27,000 machine hours, which was still within the relevant range, the average total cost per machine hour was $27.30.

a. On the basis of this information, the variable cost per machine hour was:___________
b. On the basis of this information, the fixed cost was:___________-
c. On the basis of this information, what were total maintenance costs when the company experienced 25,000 machine hours?

Answers

Answer:

Results are below.

Explanation:

First, we need to calculate the total cost for each activity level:

High activity level= 27,000*27.3= $737,100

Low activity level= 23,000*34.3= $788,900

Now, using the high-low method, we can determine the variable and fixed costs:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (788,900 - 737,100) / (27,000 - 23,000)

Variable cost per unit= $12.95 per machine-hour

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 788,900 - (12.95*27,000)

Fixed costs= $439,250

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 737,100 - (12.95*23,000)

Fixed costs= $439,250

Finally, for 25,000 hours:

Total cost= 439,250 + 12.95*2,5000

Total cost= $763,000

Darla posts notices in her neighborhood promising to pay $1,000 for the return of her missing Snowshoe Siamese cat. Two days later, Noelle finds the missing cat and returns it to Darla. What type of contract is this? a) A bilateral contract b) A subrogation contract c) An executory contract d) A unilateral contract e) This is not a valid contract

Answers

Answer: d) A unilateral contract

Explanation:

In a unilateral contract there is only one party to the contract that has to abide by the obligations specified and that is the offeror. The offeror offers to pay a certain amount of money if a certain thing is done. They will then pay the person that fulfills this service.

In this case, Darla is the offeror and she offers to pay anyone who can find her cat. When Noelle fulfills this service, Darla will then pay her what was promised. This is therefore a unilateral contract.

Exercise 4-7 Recording sales, purchases, shipping, and returns—buyer and seller LO P1, P2 Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions. May 11 Sydney accepts delivery of $30,000 of merchandise it purchases for resale from Troy: invoice dated May 11, terms 3/10, n/90, FOB shipping point. The goods cost Troy $20,100. Sydney pays $400 cash to Express Shipping for delivery charges on the merchandise. 12 Sydney returns $1,300 of the $30,000 of goods to Troy, who receives them the same day and restores them to its inventory. The returned goods had cost Troy $871. 20 Sydney pays Troy for the amount owed. Troy receives the cash immediately. (Both Sydney and Troy use a perpetual inventory system and the gross method.) 1. Prepare journal entries that Sydney Retailing (buyer) records for these three transactions. 2. Prepare journal entries that Troy Wholesalers (seller) records for these three transactions.

Answers

Answer:

Sydney Retailing (buyer) and Troy Wholesalers (seller)

Journal Entries:

For the Buyer (Sydney):

May 11 Debit Inventory $30,000

Credit Accounts Payable $30,000

To record the purchase of goods on account with invoice dated May 11, terms 3/10, n/90, FOB shipping point.

Debit Freight-in $400

Credit Cash $400

To record the freight-in expense.

May 12 Debit Accounts Payable $1,300

Credit Inventory $1,300

To record the return of goods to Troy.

May 20 Debit Accounts Payable $28,700

Credit Cash $27,839

Credit Cash Discounts $861

To record the payment on account, including discounts.

For the seller (Troy Wholesalers):

May 11 Debit Accounts Receivable $30,000

Credit Sales Revenue $30,000

To record the sale of goods on credit with invoice dated May 11, terms 3/10, n/90, FOB shipping point.

Debit Cost of goods sold $20,100

Credit Inventory $20,100

To record the cost of goods sold.

May 12 Debit Sales Returns $1,300

Credit Accounts Receivable $1,300

To record the sales returns on account.

Debit Inventory $871

Credit Cost of goods sold $871

To record the cost of goods returned.

May 20 Debit Cash $27,839

Debit Cash Discounts $861

Credit Accounts Receivable $28,700

To record the receipt of cash on account, including discounts.

Explanation:

a) Data and Analysis:

For the Buyer (Sydney):

May 11 Inventory $30,000 Accounts Payable $30,000

with invoice dated May 11, terms 3/10, n/90, FOB shipping point.

Freight-in $400 Cash $400

May 12 Accounts Payable $1,300 Inventory $1,300

May 20 Accounts Payable $28,700 Cash $27,839 Cash Discounts $861

For the seller (Troy Wholesalers):

May 11 Accounts Receivable $30,000 Sales Revenue $30,000

with invoice dated May 11, terms 3/10, n/90, FOB shipping point.

Cost of goods sold $20,100 Inventory $20,100

May 12 Sales Returns $1,300 Accounts Receivable $1,300

Inventory $871 Cost of goods sold $871

May 20 Cash $27,839 Cash Discounts $861 Accounts Receivable $28,700

Which of the following databases provides end-of-day daily prices and historical prices for U.S. Corporate, Treasury and Agency bonds and non-U.S. Corporate and Government bonds and covers over 80,000 issues daily?
A. FactSet Prices & Derived Analytics
B. SIX Telekurs Prices & Derived Analytics
C. TRACE Prices & Derived Analytics

Answers

Answer:

a. FactSet Prices & Derived Analytics

Explanation:

the answer to this question is option A. Factset prices and analytics gives financial data as well as analytic data to the global investment world. this company gets data directly from suppliers, these suppliers are usually third party data suppliers, other sources are form news channels, fro exchangers. it also provides analytic services to companies that want to track their portfolios.

The risk that cannot be diversified away is Group of answer choices unique risk and non-systematic risk. market and non-systematic risk. unique and idiosyncratic risk. systematic risk. firm-specific risk. g

Answers

Answer:

firm-specific risk.

Explanation:

Firm-specific risk can be regarded as unsystematic risk tht is associated with a specific investment in a particular firm, and as regards to theory of finance this is completely diversifiable.

Under this risk, It is possible for an investor to lower their risk through increament of the number of investments that they are having in their portfolio. As regards investor,

specific risk can be regarded as hazard which applies to a specific company.

It should be noted that The risk that cannot be diversified away is firm-specific risk.

A stock just paid an annual dividend of $1.10. The dividend is expected to increase by 10 percent per year for the next two years and then increase by 2 percent per year thereafter. The discount rate is 14 percent. What correctly computes the current stock price?

Answers

Answer: $10.79

Explanation:

This requires the use of the Dividend Discount Model.

The price of the stock is the present value of the dividends for the two years and then the Terminal value.

Terminal value = Third year dividend / (Required return - Growth rate)

=  (1.10 * 1.10² * 1.02) / (14% - 2%)

= 1.35762 / 12%

= $11.31

Price of stock is:

= Present value of first year dividend + Present value of second year dividend + Present value of Terminal value

= ((1.10 * 1.1) / 1.14) + (( 1.10 * 1.1²) / 1.14²) + (11.31 / 1.14²)

= $10.79

g if you deposit $2,000 into an account and it earns 6% interest, how much will you have in 11 years

Answers

Answer:

Amount earned = $3320

Explanation:

Given the following data;

Principal, P = $2,000

Interest rate, R = 6%

Time, T = 11 years

To find the simple interest;

S.I = PRT/100

S.I = (2000*6*11)/100

S.I = 20*6*11

S.I = $1320

Amount earned = Principal + S.I

Amount earned = 2000 + 1320

Amount earned = $3320

At February 1, 2022, the balance in Wildhorse Co. supplies account was $3780. During February Wildhorse purchased supplies of $3240 and used supplies of $4320. At the end of February, the balance in the Supplies account should be

Answers

Answer: $2,700

Explanation:

The balance in Supplies account at the end of February can be calculated using the formula:

= Beginning balance + Supplies purchased in the month - Supplies used in the month

= 3,780 + 3,240 - 4,320

= $2,700

Economists use the term inflation to describe a situation in which a. some prices are rising faster than others. b. the economy's overall price level is rising. c. the economy's overall price level is high, but not necessarily rising. d. the economy's overall output of goods and services is rising faster than the economy's overall price level.

Answers

Answer:

b

Explanation:

Inflation is a persistent rise in the general price levels

Types of inflation

1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise

2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect  

Shoe leather cost is when people try to spend money immediately so they would not be holding money for a long time. This is because money loses its value in an inflation.

Menu costs are the costs of changing price constantly as a result of inflation, When there is inflation, prices increases regularly. As a result prices needs to be updated regularly.

To decrease the money supply, the Federal Reserve could a. decrease the required reserve ratio. b. conduct an open market purchase of U.S. Treasury securities. c. increase the discount rate. d. forbid the reselling of U.S. Treasury securities.

Answers

Answer: c. increase the discount rate.

Explanation:

The discount rate of a country is the rate at which the central bank in that country loans money out to the financial institutions.

When this rate is low, more financial institutions will borrow money as opposed to when it is high. Banks borrowing money increases the money supply in the economy so if the Federal Reserve wants to reduce money supply, it should increase the discount rate which would dissuade banks from borrowing from the Fed thereby limiting money supply.

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