Alpine Productions Uses a Standard Costing System for Recording Transactions

question 82

Multiple Choice

Alpine Productions uses a standard costing system for recording transactions.Alpine reported the following data for the year ended December 31,2015: Sales revenues: $500,000
Cost of goods sold (standard costing) : $382,500
Marketing & admin expenses: $105,000
Variances:
What is the standard net operating income?

• A)$14,990
• B)$16,260
• C)$13,975
• D)$87,740

Distinguish between different types of experiments (comparative, controlled) and their applications.

Comprehend the role and interpretation of statistical analysis in scientific studies.

Identify the process and importance of hypothesis generation and testing in science.

Recognize the significance of experimental design and outcome refinement in scientific research.

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Definitions:

Economic Profits

Economic profits are the financial gains that exceed the total costs of production, including both explicit and opportunity costs, indicating an above-normal return.

Average Fixed Cost

The fixed costs of production divided by the quantity of output produced; it decreases as production increases.

Short Run

A time period in economics during which at least one input, such as plant size, is fixed and cannot be changed.

Competitive Firm

A company that operates in a market with many sellers, where it has little to no control over the price of its product.