The winds of the recent hurricanes in florida are bringing significant financial gain to california orange growers. due to the extensive damage to the florida orange crop, many oranges were destroyed. the ones remaining were just as good as the previous oranges. california oranges are commanding their highest prices ever." if florida and california oranges are substitute goods, which of the following statements best explains the economics of the quotation? a. the demand for florida oranges has been reduced, causing their prices to fall and therefore increasing the demand for the substitute california orangesb. the supply of florida oranges has decreased, causing the supply of california oranges to increase and their prices to risec. the demand for florida oranges has been reduced by the hurricanes, causing a greater demand for the california oranges and an increase in their priced. the supply of florida oranges has decreased, causing their price to increase and the demand for the california oranges to increase also

Why does an organization prepare a balance sheet? a. to reveal what the organization owns and owes at a point in time b. to reveal how well the company utilizes its cash c. to calculate retained earnings for a given accounting period d. to calculate gross profit for a given accounting period

When immigration adds to the size of the domestic labor pool, which of the following is likely to occur? a. wages decrease. b. productivity increases. c. consumption decreases. d. minimum wage increases.

Exercise 6-2 variable costing income statement; explanation of difference in net operating income [lo6-2] ida sidha karya company is a family-owned company located on the island of bali in indonesia. the company produces a handcrafted balinese musical instrument called a gamelan that is similar to a xylophone. the gamelans are sold for $970. selected data for the company’s operations last year follow: units in beginning inventory 0 units produced 200 units sold 180 units in ending inventory 20 variable costs per unit: direct materials $ 130 direct labor $ 300 variable manufacturing overhead $ 30 variable selling and administrative $ 15 fixed costs: fixed manufacturing overhead $ 63,000 fixed selling and administrative $ 25,000 the absorption costing income statement prepared by the company’s accountant for last year appears below: sales $ 174,600 cost of goods sold 139,500 gross margin 35,100 selling and administrative expense 27,700 net operating income $ 7,400 required: 1. under absorption costing, how much fixed manufacturing overhead cost is included in the company's inventory at the end of last year? 2. prepare an income statement for last year using variable costing.