The Federal Reserve sets the reserve requirement, which banks must meet through deposits at the Fed and cash held at the bank. W

Answer:

Materials inventory on December 1 recorded at $9,900

Direct Labor recorded at $40,040

Factory Overhead noted at $60,060

Cost of goods sold was $117,000

Explanation:

Materials inventory on December 1 equals $9,900

Direct materials acquired total 28,000

Materials inventory by December 31 amounts to $15,000

Direct materials utilized is 22,900

Direct Labor summed to $40,040

Factory Overhead totaled $60,060

Conversion Costs total $100,100

Overall Manufacturing Costs amounted to $123,000

Work in process inventory has risen by $12,000

Cost of goods manufactured is reported at $135,000

Finished goods inventory has decreased by $18,000 over the year

Cost of goods sold is $117,000

Calculating

Conversion costs are calculated as = Direct Labor + Factory Overhead

100,100 = 100 % + 150%

100,100= 100x + 150x

100,100= 250 x

x= 100,100/250

x= 400.4

Direct Labor = 100% * 400.4= $ 40,040

Factory Overhead = 150% * 400.4= $ 60,060

Answer:

The urgency or possibility of postponement results in an inelastic demand for ice melt by customers.

Explanation:

Demand elasticity indicates how much the demand for a product changes in response to a price shift. The formula is % change in demand / % change in price

Factors that influence the price elasticity of demand include the type of product, income level, availability of substitutes, time frame, urgency or potential for delay, and proportion of total spending.

Inelastic demand occurs when changes in demand are less proportional relative to price changes. % change in demand < % change in price

Case 'Customer urgently requires ice melt to commute to work': This situation reflects inelastic demand, meaning demand does not significantly change with price alterations (he will purchase it even at a higher cost). This is due to the pressing nature of the demand and limited possibilities for postponing it.

Response:

Year  Nominal wage  Real wage  Price level  Inflation rate

1                  $7                  $5                140             None

2                 $9                  $6                150               7.14 %

3                 $12                 $7.5             160              6.67 %

Explanation:

Note: A visual representation of the table is also provided.

The price level for Year 1 is calculated as (Nominal wage in year 1/Real wage in year 1) multiplied by 100.

Thus, Price level in Year 1 = ($7.00 / $5.00) * 100

Resulting in Price level in Year 1 = 1.4 times 100

Which gives Price level in Year 1 = 140

To find Real wage in Year 2: (Nominal wage in year 2 / Price level in year 2) multiplied by 100.

Which gives Real wage in Year 2 = ($9.00 / 150.00) * 100

Thus, Real wage in Year 2 = $6

To calculate Nominal wage in Year 3: (Real wage in Year 3 * Price level in Year 3) divided by 100.

As a result, Nominal wage in Year 3 = $1,200 / 100

Leading to Nominal wage in Year 3 = $12

To determine Inflation rate in Year 2: (Price level in Year 2 - Price level in Year 1) divided by Price level in Year 1.

Therefore, Inflation rate in Year 2 = 10 / 140

Giving Inflation rate in Year 2 = 0.0714, or 7.14 %

For Inflation rate in Year 3: (Price level in Year 3 - Price level in Year 2) divided by Price level in Year 2.