Table 4-7
the Table Below Shows the Quantities Demanded of Milk

question 82

Short Answer

Table 4-7
The table below shows the quantities demanded of milk per month by four families at various prices.
$$\begin{array} { | l | l | l | l | l | } \hline \begin{array} { l } \text { Price of Gallon of } \\\text { Milk }\end{array} & \begin{array} { l } \text { The Berman } \\\text { Family }\end{array} & \begin{array} { l } \text { The Johnson } \\\text { Family }\end{array} & \begin{array} { l } \text { The Harris } \\\text { Family }\end{array} & \text { The Patel Family } \\\hline \$ 3.00 & 9 & 15 & 12 & 14 \\\hline \$ 4.00 & 8 & 12 & 10 & 10 \\\hline \$ 5.00 & 7 & 9 & 8 & 6 \\\hline \$ 6.00 & 6 & 6 & 6 & 2 \\\hline\end{array}$$
-Refer to Table 4-7. If the four families listed are the only demanders in this market and the price of a gallon of milk increases from $4.00 to $5.00, what is the change in the market quantity demanded?

Compute the cost of goods completed and transferred to finished goods.

Reconcile total costs to account for in process cost summaries.

Understand the conceptual foundation and importance of cost accounting systems in both manufacturing and service firms.

Recognize the difference between job order costing and other costing methods, and identify situations where job order costing is most appropriate.

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Definitions:

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The method of employing a logical, orderly sequence of actions founded on solid mathematical methods and stated premises to reach an outcome.

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A natural, reversible, periodic state of rest for the mind and body, in which consciousness is altered and responsiveness to external stimuli is reduced.

Time Zones

Geographic regions on Earth that have the same standard time, determined by the position of the region in relation to the Greenwich Meridian.

Shift

A change in position, direction, or tendency, often referring to a change in job roles, attitudes, or conditions.