Prepare summary journal entries to record the following transactions for a company in its first month of operations. Raw materials purchased on account, $90,000. Direct materials used in production, $36,500. Indirect materials used in production, $19,200. Paid cash for factory payroll, $50,000. Of this total, $38,000 is for direct labor and $12,000 is for indirect labor. Paid cash for other actual overhead costs, $11,475. Applied overhead at the rate of 125% of direct labor cost. Transferred cost of jobs completed to finished goods, $56,800. Sold jobs on account for $82,000. The jobs had a cost of $56,800.

What is the relationship between marginal external cost, marginal social cost, and marginal private cost? a. marginal social cost equals marginal private cost plus marginal external cost. b. marginal private cost plus marginal social cost equals marginal external cost. c. marginal social cost plus marginal external cost equals marginal private cost. d. marginal external cost equals marginal private cost minus marginal social cost. marginal external cost a. is expressed in dollars, so it is not an opportunity cost b. is an opportunity cost borne by someone other than the producer c. is equal to two times the marginal private cost d. is a convenient economics concept that is not real

Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.

Your family business uses a secret recipe to produce salsa and distributes it through both smaller specialty stores and chain supermarkets. the chain supermarkets have been demanding sizable discounts, but you do not want to drop your prices to the specialty stores. true or false: the robinson-patman act limits your ability to offer discounts to the chain supermarkets while leaving the price high for the smaller stores. true false