Acme Products manufactures and markets a product called Grow Tall. Acme claims in its advertising that Grow Tall will make its users grow a minimum of six inches taller than their current height. The Federal Trade Commission (FTC) will likely find that the ad is

Answer: Neo-Corporatism.

Explanation:

Neo- Corporatism emerged in resent times as a successor to State Corporatism. State Corporatism was a system whereby interest and labor groups were supposed to work together for the good of society. These were most prevalent in authoritarian regimes like Nazi Germany and post communist Lithuania.

Recently though, in some Democratic countries, interest groups have chosen to work with the Government to improve the lives of the people and enable the Government reach out deeper. These Peak Associations as they are often called help the Government compete economically and are very prevalent in countries and regions such as, Germany, Switzerland, Austria and Scandinavia.

Answer: The advantage of the basic earning power ratio (BEP) over the return on total assets for judging a company's operating efficiency is that the BEP does not reflect the effects of debt and taxes

Explanation:

a. This is correct.

The advantage of basic earning power ratio over the return on the total assets for judging a firm's operating efficiency is that the basic earning power does not reflect effects of debt and taxes.

b. This is incorrect.

Only the price/earnings ratio of the company will tell us nothing about a company. When we compare the price/earnings of a company with the peers, we would know whether such company is under valued, or over valued or maybe fairly valued.

c. This is incorrect.

The total assets is made up of total liabilities plus the shareholders equity, when other things are held constant, less debt simply means less liabilities. To balance both sides, the total assets should reduce as the shareholder's equity is constant. When total assets decreases, the return on the assets will increase.

d. This is incorrect.

We can reach a conclusion on which firm is better managed based on the facts given. The debt ratio is the total liabilities divided by total assets, and a lower ratio is known to be good in comparison to a higher ratio. Similarly, the profit margin is the profit divided by the sales, and low profit margin shows high expenses and also a need for the management to decrease the expense.

Answer:

Yes Strawberry line should be dropped as it reduces the overall profit by$ 3600 when the fixed costs are not 20 %

Yes Strawberry line should be dropped as it reduces the overall profit by$ 1720 even when the fixed costs are  20 %

Explanation:

Cotrone Beverages

Differential Analysis

                          Totals                    Totals             Difference / Change

                      including    (less)   Without   (equals)

                     Strawberry             Strawberry

Sales                           253,200    167,600           85600  Decrease

Variable costs              201,400   124,200          77200    Decrease

Fixed costs allocated  35,600        28,480          7120    Decrease

Operating profit (loss)   13,200       14,920           (1720)     Increase

Working

Total Fixed Costs Reduced will be = 35,600 *20%= 7120

Here we see the profit is increased by 1720 therefore strawberry line should be dropped.

Cotrone Beverages

Differential Analysis

                          Totals                    Totals             Difference / Change

                      including    (less)   Without   (equals)

                     Strawberry             Strawberry

Sales                           253,200    167,600           85600  Decrease

Variable costs              201,400   124,200          77200    Decrease

Contribution margin     51,800       43,400           8,400    Decrease

Fixed costs allocated  35,600        23,600          12000    Decrease

Operating profit (loss)   13,200       16,800           (3,600)   Increase

Yes Strawberry line should be dropped as it reduces the overall profit by$ 3600

Working

We find the totals with and without the strawberry product line and then subtract to find the   differential costs

Cotrone Beverages

Product                        Original             Strawberry       Orange     Total

Sales                            $65,200            $85,600         $102,400   253,200

Variable costs              44,000              77,200             80,200      201,400

Contribution margin $21,200                $8,400          $22,200       51,800

Fixed costs allocated 9,400                  12,000              14,200     35,600

Operating profit (loss) $11,800               $(3,600)           $8,000     13,200

If we drop the strawberry line then the new totals would be

Product                        Original          Orange      Total

Sales                            $65,200       $102,400   167,600

Variable costs              44,000          80,200      124,200

Contribution margin $21,200          $22,200       43,400

Fixed costs allocated 9,400               14,200     23,600

Operating profit (loss) $11,800           $8,000     16,800

Answer:

The correct option is D

Positive NPV

Explanation:

The internal rate of return is the discount rate that equates the present value of cash inflow to the present value of cash inflows.

It is the maximum cost of capital that can be used to discount a project without causing harm to the investors. In other words, it is the cost of capital that produces an NPV of Zero.

It therefore means that any cost of capital that is less than the IRR would produce a positive NPV and vice and versa.

and  vice versa

Finally, if the IRR is 12% a cost of capital of 10% would produce a positive NPV

Answer:

Explanation:

Yes, Jessops  is fulfilling its corporate social responsibility due to its contribution to the local councils for developing the collection facilities of discarded electronic goods and also by raising awareness for WEEE regulations, setting up plants to recycle used batteries can also be counted as a corporate social responsibility as it is an initiative to reduce environmental pollution caused by batteries.  

There are four types of corporate social responsibility: Environment conservation, philanthropy, volunteerism, diversity and labor practices. Many corporations give money for preservation of wildlife and land, and take up environmental clean up efforts.  

CSR helps the companies in many ways. It includes brand recognition and business reputation, it gives competitive edge to a company as companies prefer suppliers with responsible policies. It enhances customer loyalty and increases sales, it saves operational cost by reducing emissions and waste.

The CSR efforts helps the companies to attract talent and retain them as employees are motivated to work with companies taking up CSR initiatives.

CSR efforts also improves relations with the authorities and makes it easy to get financial access.

So, Jessop group will also get all these benefits from its CSR initiatives that will help it to  become market leader in imaging industry.

Answer: 0.1613

Explanation:

From the question, a firm buys on terms of 3/15, net 45. This implies that a discount rate of 3% will be provided I payment is made within 15 days. If it's not made within 15 days, then full payment will be due on 85 days.

The nominal annual percentage cost is 0.1613. The calculation has been attached

Answer:

Anniston City should be recommended as it has higher future value.

Explanation:

Using the formula:

Future value of annuity = C * { [(1+r)^n - 1] / r } C where C= initial cost, r= interest rate (MARR=15%), n= 12)

- Langrange City

= $1,260,000 * { [(1+0.15)^12 - 1] / 0.15 } = $6,741,308.466

- Auburn City

$1,000,000 * { [(1+0.15)^12 - 1] / 0.15 } = $5,350,243.439

- Anniston City

$1,620,000 * { [(1+0.15)^12 - 1] / 0.15 } = $8,667,398.504

Answer:

Effect Annual rate of return =17.22%

Explanation:

The Effective annual rate of return is the equivalent rate earned where compounding is done frequently at period or interval  less than a year.

EAR = (1+r/m)^n× m - 1

EAR - Equivalent annual rate of return, r- annul rate of return, n-number of years

r= 16/12 =1.333%, n= 1    m= 12 (note there are 12 months in a year)

EAR = (1+0.16/12)^(1×12) -   1

EAR = 1.0133^12 - 1 = 0.1722

EAR   0.1722  × 100 =  17.22%

Effect Annual rate of return =17.22%

Answer:

In a short time, as long as the product line can be sold with a positive contribution margin, the company should continue selling it.

Explanation:

Giving the following information:

UNitary variable cost= $5

Fixed costs are $5000.

Sales= 500 units

Selling price= $8

First, we need to calculate the current income:

Income= 500*(8-5) - 5000= -$3,500

In a short time, as long as the product line can be sold with a positive contribution margin, the company should continue selling it. Demand can increase and income could become positive.

Answer:

- syndicate research service

- limited research service

- standardized research

- custom research

Explanation:

Note, Raising canes ones to expand nationwide, which of course is a monumental task.

- The syndicated research supplier using is already established standards for the research in exchange for a fee.

- Standardized research supplier is willing to meet the needs of clients by directing strategies best fitted to find suitable retail locations. It is the best type of research service to meet this client’s needs.

- Limited-service research are suppliers that are limited in their scope of operations such as data warehousing, or data processing.

Answer:

Units stated and completed during the month= 65,000

Explanation:

The units stated and completed in the current period is referred to as the fully worked.

Using the first in first out (FIFO) approach, the fully worked is calculated as

Fully worked = newly introduced -closing inventory

= 86,000- 21,000 = 65000

Note that out of the 86,000 that were completed in the period, it assumed that 23,000 representing the opening inventory would first be completed and the balance would from the newly introduced.

Another way to determine the fully worked is as follows

Fully worked = transferred out - opening inventory

Fully worked = 88,000- 23,000 = 65,000

Units stated and completed during the month= 65,000

Answer:

Kindly Check Explanation section

Explanation:

NB: Since, we are to show graphically and there is need to draw, kindly check the attached file for the graph that shows the case where an increase in the interest rate paid on reserves does NOT lead to a change in the equilibrium fed funds rate.

The concept of RESERVE is very important in accounting. The amount of money that is saved up from the normal profit of a business organization or company or a country which is being used for further efficient Production In the long run is known as RESERVE.

For a country, it is the central bank in such country that pays the interest with regards to reserves that are in excess.

It must be noted that as the rate of supply increases , the rate of at which the value of price is also reduces. Hence, when there is an increase in the interest rate paid on reserves the whole demand does not shoot up.

NB: The initial equilibrium is at E( the point at which D(A) and P(A) meets and an increase causes it to meet at the point D(B) and P(B).

Answer:

a. protect "distinctive" or "famous" marks from unauthorized uses even when confusion is not likely to occur.

Explanation:

Trademark dilution laws are rules and regulations that seek to protect the trademarks of well known brands from unauthorized use by other brands, in such a way that the distinctive attribute of the trademark is minimized. Trademark dilution laws are meant to ensure that the main purpose for which a product's trademark is known is meant to stand out significantly in the mind of consumers.

Smaller companies might want to copy the trademark of famous brands for their products which might be different. These laws seek to prevent this act even if it may not cause confusion in the minds of consumers as to which brand owns a product.

Answer:

16.70%

Explanation:

Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

IRR can be calculated using a financial calculator:

Cash flow in year 0 = $-440,000

Cash flow each year from year one to twenty = $77,000

IRR = 16.70%

To find the IRR using a financial calacutor:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. After inputting all the cash flows, press the IRR button and then press the compute button.

I hope my answer helps you

Answer:

Assume that Bach Consulting uses the percent of sales method to estimate future uncollectible accounts.

What adjusting entry does Bach make to record May 2020 Bad Debt Expense?

Dr Bad debt expense 300,000 (= $30,000,000 x 1%)

    Cr Allowance for doubtful accounts 300,000

What is "Accounts Receivable, net" on Bach’s May 31, 2018 Balance Sheet? $4,100,000 (=  $4,400,000 - $300,000)

What is "Bad Debt Expense" on Bach’s May 2020 Income Statement? $300,000

Assume that Bach Consulting instead uses the analysis of receivables method to estimate future uncollectible accounts.

What adjusting entry does Bach make to record May 2020 Bad Debt Expense?

Dr Bad debt expense 280,000 (= $360,000 - $80,000)

    Cr Allowance for doubtful accounts 280,000

What is "Accounts Receivable, net" on Bach’s May 31, 2018 Balance Sheet? $4,120,000

What is "Bad Debt Expense" on Bach’s May 2020 Income Statement? $280,000

Use PVH Corp.’s financial statement information to answer the following questions.

Provide the following account balances for PVH:

                                                  February 2, 2020       February 3, 2019

Accounts Receivable (gross)        $762,000,000      $800,000,000

Allowance for Doubtful Accounts   $21,000,000         $22,000,000

Accounts Receivable, net             $741,000,000       $778,000,000

Which of the above numbers represents the amount of its February 2, 2020 Accounts Receivable balance that PVH expects to collect in the subsequent year(s)?

$741,000,000

Which of the above numbers represents that amount that PVH believes it will not collect from its customers as of February 2, 2020?

$21,000,000

Which of the above numbers represents the total amount PVH is owed by customers as of February 2, 2020?

$762,000,000

Provide the journal entry (both accounts and amounts) that PVH must have made to record its estimate of Bad Debt Expense in fiscal year 2019.

Dr Bad debt expense 22,000,000

    Cr Allowance for doubtful accounts 22,000,000

Provide the journal entry (both accounts and amounts) that PVH must have made to record Accounts Receivable writeoffs in fiscal year 2019.

Dr Allowance for doubtful accounts 22,000,000

    Cr Accounts receivable 22,000,000

Explanation:

Accounts receivable = $4,400,000

beginning balance Allowance for doubtful accounts = $80,000

May's net sales = $30,000,000

1% of net sales are uncollectible

aging of accounts receivable results in a $360,000 estimate for the Allowance for doubtful accounts as of May 31, 2020

Answer:

A.

$168,000

B.

$21,300

Explanation:

A.

As per accounting equation

Assets = Liabilities + Equity

Equity = Assets - Liabilities

Placing values in the equation

Equity = ( Current assets + Net Fixed Assets ) - ( Current Liabilities + Long term debt )

Equity = ( $49,700 + 248,300 ) - ( 28,400 + 101,600)

Equity = $168,000

B.

Net Working capital is the net of current assets and current liabilities of the company.

Use following formula of net working capital

Net working capital = Current assets - current liabilities

Net working capital = $49,700 - 28,400

Net working capital = $21,300

Answer and Explanation:

The journal entries are shown below:

On the books of Sather Co.

On Mar 1

Accounts Receivable $28,400

        To Sales   $28,400

(Being the merchandise sold on credit is recorded)

For recording this we debited the account receivable as it increased the assets and credited the sales as it also increased the sales

Cost of goods sold  $19,500

       To Merchandise inventory  $19,500

(Being the cost of merchandise is recorded)

For recording this we debited the cost of goods sold as it increased the expenses and credited the inventory as it reduced the assets

On Mar 14

Cash             $27,830

Sales Discounts  ($28,400 × 2%) $568

             To Accounts Receivable         $28,400

(Being the payment received is recorded)

For recording this we debited the sales and discount as it increased the assets and discount and credited the account receivable as it decreased the assets

On the books of Boone Co.

On Mar 1

Merchandise Inventory         $28,400

       To Accounts Payable         $28,400

(Being the merchandise is purchased on credit)

For recording this we debited the inventory as it increased the assets and credited the account payable as it also increased the liabilities

On Mar 14

Accounts Payable      $28,400

             To Cash         $27,830

             To Merchandise inventory ($28,400 × 2%) $568

(Being the cash payment is recorded)

Fo recording this we debited the account payable as it reduced the liabilities and credited the cash and inventory as it also decreased the assets

Answer:

[tex](0.5 \times 8q_2)+q_2=100\\\\5q_2=100\\\\q_2=20[/tex]

since [tex]q_2 = 20[/tex]

[tex]q_1 = 8*20\\\\q_1=160[/tex]

Explanation:

U(q₁ q₂)

[tex]q_1^{0.8}q_2^{0.2}\\\\P_1= \$0.5 \ P_2=\$1 \ Y=100[/tex]

Budget law can be given by

[tex]P_1q_1+P_2q_2=Y\\\\0.5q_1+q_2=100[/tex]

Lagrangian function can be given by

[tex]L=q_1^{0.8}q_2^{0.2}+ \lambda (100-0.5q_1-q_2)[/tex]

First order condition csn be given by

[tex]\frac{dL}{dq} =0.8q_1^{-0.2}q_2^{0.2}-0.5 \lambda=0\\\\0.5 \lambda=0.8q_1^{-0.2}q_2^{0.2}---(i)[/tex]

[tex]\frac{dL}{dq} =0.2q_1^{0.8}q_2^{-0.8}- \lambda=0\\\\ \lambda=0.2q_1^{0.8}q_2^{-0.8}---(ii)[/tex]

[tex]\frac{dL}{d \lambda} =100-0.5q_1-q_2=0\\\\0.5q_1+q_2=100---(iii)[/tex]

From eqn (i) and eqn (ii) we have

[tex]\frac{0.5 \lambda}{\lambda} =\frac{0.8q_1^{-0.2}q_2^{0.2}}{0.2q_1^{0.8}q_2^{-0.8}} \\\\0.5=\frac{4q_2}{q_1}\\\\q_1=8q_2}[/tex]

Putting [tex]q_1=8q_2[/tex] in euqtion (iii) we have

[tex](0.5 \times 8q_2)+q_2=100\\\\5q_2=100\\\\q_2=20[/tex]

since [tex]q_2 = 20[/tex]

[tex]q_1 = 8*20\\\\q_1=160[/tex]

Answer:

yes it is reasonable

Explanation:

subsection 12 of chapter 4 of the articles of lease-rental agreement states that if a landlord wrongfully withhold security deposits the landlord must pay 3x the amount due to all legal actions and no we don't have to pay 3x rent if we miss a payment we only have to pay the late fee and any other listed fees listed on your lease

Answer:

1)

Dr Cash 100,750

    Cr Common stock 100,750

Dr Office supplies 1,250

    Cr Cash 1,250

Dr Equipment 10,050

    Cr Accounts payable 10,050

Dr Cash 15,500

    Cr Fees earned 15,500

Dr Accounts payable 10,050

    Cr Cash 10,050

Dr Accounts receivable 2,700

    Cr Fees earned 2,700

Dr Rent expense 1,225

    Cr Cash 1,225

Dr Cash 1,125

    Cr Accounts receivable 1,125

Dr Dividends 10,000

    Cr Cash 10,000

2)

         Cash                                             Accounts receivables

Debit           Credit                                 Debit           Credit    

100,750       1,250                                  2,700          1,125  

15,500         10,050                                1,575

1,125             1,225

                    10,000

94,850

 Office Supplies                                       Equipment

Debit           Credit                                 Debit           Credit    

1,250                                                       10,050                    

1,250                                                       10,050

Accounts payable                                   Common Stock

Debit           Credit                                 Debit           Credit    

10,050        10,050                                                    100,750

0                  0                                                              100,750

   Fees earned                                      Rent Expense

Debit           Credit                                 Debit           Credit    

                   15,500                                1,225                      

                   2,700                                 1,225

                   18,200

     Dividends

Debit           Credit

10,000                  

10,000

Answer:

                             Journal Entries    

Date  Account titles & explanations Debit Credit  

Mar-01                 Rent expense           890  

                                  To cash                890  

Mar-03              Account receivable       100  

                           To service revenue                100  

Mar-05                          Cash      55  

                               Service revenue                 55  

Mar-08                       Equipment            455  

                                        Cash                  60  

                               accounts payable                395  

Mar-12                              Cash      100  

                             To account receivable                100  

Mar-14                    Wage expense     390  

                                      To cash                 390  

Mar-22                   Utility expense        54  

                                       To cash                 54  

Mar-24                          Cash       1,110  

                             To notes payable               1,110  

Mar-27                Repair & maintenance       160  

                                       To cash                 160  

Mar-28                 Accounts payable       395  

                                         To cash                 395  

Mar-30                   Prepaid Insurance            1,330  

                                         To cash                1,330

Explanation:

Answer:

a. To terminate the lease, then seek damages or rent adjustment.

Explanation:

when a landlord breaches his/her duties, the tenant has three available remedies:

Generally when things like this happen, the tenant will terminate the contract and in order to do so must leave the premises and notify the landlord that he/she is doing so and the reasons why. Then the tenant can seek compensation for damages caused by the landlord's breach of duties. Damages are generally limited to relocation costs, e.g. costs of finding a new apartment and moving there.

If Aston decided to stay at the apartment, he could seek to fix the plumbing issues and seek compensation from the landlord.

Out of the possible options, option a is correct.

Answer:

a. influences aggregate supply but fiscal policy influences aggregate demand.

Explanation:

Remember, when the term monetary policy is used it refers to policies that are focused on the interest rates as well as the inflation rate, which certainly affects the money supply specifically. However, the fiscal policy is usually channelled towards aggregate demand of the economy.

Thus, it is right to say that one important difference between monetary and fiscal policy is that monetary policy affects aggregate supply but fiscal policy influences aggregate demand.

Answer:

COGS= $598,020

Explanation:

Giving the following information:

Kevin owns a retail store, and during the current year, he purchased $610,000 worth of inventory. Kevin's beginning inventory was $67,000, and his ending inventory is $77,200. During the year, Kevin withdrew $1,780 in inventory for his personal use.

We need to deduct the inventory used for personal use.

To calculate the cost of goods sold, we need to use the following formula:

COGS= beginning finished inventory + cost of goods purchased - ending finished inventory

COGS= 67,000 + 610,000 - 77,200 - 1,780

COGS= $598,020

Answer:

2%

2.5%

1.67%

Explanation:

The yield can be computed using the yield formula which coupon payment divided by price.

The coupon payment=face value*coupon rate

face value is $1000

coupon rate is 2%

coupon payment=2%*$1000=$20

when price is $1000:

yield =$20/$1000=2%

when price is $800

yield=$20/$800=2.5%

when price is $1,200

yield =$20/$1,200=1.67%

In essence ,the lower the price the higher the yield as lower amount is invested in order to receive the same amount of annual coupon of $20

Answer:

D. charging more for electricity on hot days.

Explanation:

This is a strategy that helps service providers in billing their customers when their in traffic on the usage of a particular service. This is charging higher of a certain service when their are a lot of users trying to be benefit or trying to use it at the same time. This can easily be seen in the case of utility usage amongst countries where this forms of billings are performed. That is why in the scenario above, the charging more for electricity on a hot day falls in place as the perfect option of peakminus loading price.

Answer:

D. charging more for electricity on hot days

Explanation:

Peak load pricing is charging more for a good or service when the demand for the good is higher.

During the hot weather, people would want to use fans and air conditioners, thus, the demand for electricity would be higher as people would need electricity to power these items. So increasing the price in the hurt weather is an example of peak load pricing.

I hope my answer helps you

Answer:

Cost of goods manufactured is $323,500

Cost of goods sold is $337,900

Explanation:

Given:

Materials used in product = $120,000

Advertising expense = $45,000

Depreciation on plant = $60,000

Property taxes on plant = $14,000

Property taxes on store = $7,500

Delivery expense = $21,000

Labor costs of assembly-line workers = $110,000

Sales commissions = $35,000

Factory supplies used = $23,000

Salaries paid to sales clerks = $50,000

Work in process inventory was $12,000 at January 1 and $15,500 at December 31.

Finished goods inventory was $60,000 at January 1 and $45,600 at December 31.

(a) Cost of goods manufactured = Materials used in product + Depreciation on plant + Labor costs of assembly-line workers + Property taxes on plant +  Factory supplies used + Beginning work in process - ending work in process

= $120,000 + $60,000 + $110,000 + $14,000 + $23,000 + $12,000 - $15,500

= $323,500

(b) Cost of goods sold = Cost of goods manufactured + opening finished goods inventory - Closing finished goods inventory

= $323,500 + $60,000 - $45,600

= $337,900

Based on the given information,

The cost of goods manufactured is $323,500

cost of goods sold  $337,900

Calculations are as follows

(a) Cost of goods manufactured =Depreciation on plant +  Materials used in product +Property taxes on plant +   Labor costs of assembly-line workers + Factory supplies used + Beginning work in process - ending work in process

= $120,000 + $60,000 + $110,000 + $14,000 + $23,000 + $12,000 - $15,500

= $323,500

(b) Cost of goods sold = Cost of goods manufactured + opening finished goods inventory - Closing finished goods inventory

= $323,500 + $60,000 - $45,600

= $337,900

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Answer: d. the highest performing business strategy is related constrained diversification.

Explanation:

Multiple studies by strategic management experts have shown that business performance tends to relate in a curvelinear fashion with diversification and have shown that the companies who take advantage of this the most are companies using a related constrained diversification strategy.

This strategy involves expanding by acquiring companies or Businesses which have a similar business to the original company and then sharing resources, assets and knowledge amongst them.

In doing this they are applying the knowledge and resources as well as core competencies that made the original company successful to the acquired businesses so that they too can grow as the original company did.

Answer and Explanation:

The Perfect competition is a market condition in which there are very large number of buyers and sellers that sell the same or identical products having perfect knowledge with respect to products and services. Moreover, there is free entry and exit in this market

Monopolistic competition is a market condition that deals with many firms that are closely related to each other but sell differentiated products. Moreover, there is free entry and exit in this market

In the monopoly market, there is only one seller who controls the overall market. Due to this, the seller charged the high price as there is no competition. There is no free entry and exit in this market

In the oligopoly market, there are few sellers who deal in a single market. There is no free entry and exit in this market

Based on the above explanation, the categorization is shown below:

Scenario        Number of Firms      Type of                             Model

                                                         Product Market

1.                     Many                           Differentiated product  Monopolistic

2.                    Many                           Standardised products Perfect

                                                                                                  Competition

3.                   Few                              Differentiated products Oligopoly

4.                   One                              Unique                            Monopoly

The scenarios and their various market characteristics are as follows:

Scenario      Number of firms        Type of Product            Market Model

     1                   Many                       Differentiated                 Monopolistic

     2                  Many                      Standardized             Perfect competition

     3                   Few                         Standardized                   Oligopoly

     4                   Single                       Unique                           Monopoly

Scenario 1 is a monopolistically competitive market where there are several firms who sell similar but differentiated products to gain market share.

Scenario 2 is a perfectly competitive market that has many firms. These firms all sell the same goods which means that they are standardized.

Scenario 3 is an oligopoly as it has very few players in the market and these players control the market and offer the same product.

Scenario 4 is a monopoly that has one firm in the market thanks to the government patent. The product is therefore unique because it is made by one firm.

In conclusion, there are several market types available.

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Answer:

Direct material cost = $112,000

Explanation:

Pre-determined overhead absorption rate rate = Estimated overhead for the period / estimated direct material cost

Pre-determined overhead absorption rate rate (OAR= 75% of direct material cost

Applied overhead = OAR × direct material cost

Applied overhead = 75%  × direct material cost

Let direct material cost be represented by y

84,000= 75% × y

y = 84,000/75%= 112000

Direct material cost = $112,000