Amoeba Manufacturing Company Provided the Following Information for the Year

question 89

Multiple Choice

Amoeba Manufacturing Company provided the following information for the year 2015: $$\begin{array} { | l | r | } \hline \text { Purchases-Raw Materials } & \$ 90,000 \\\hline \text { Plant Utilities \& Insurance } & 67,500 \\\hline \text { Indirect Materials } & 11,750 \\\hline \text { Indirect Labor } & 4,750 \\\hline \text { Direct Materials Used in Production } & 96,000 \\\hline \text { Direct Labor } & 117,500 \\\hline \text { Depreciation on Factory Plant \& Equipment } & 6,000 \\\hline \text { Cost of Goods Manufactured } & 290,850 \\\hline \text { Cost of Goods Sold } & 304,550 \\\hline\end{array}$$ The inventory account balances as of January 1^st 2015 are given below.
$$\begin{array} { | l | r | } \hline \text { Raw Materials Inventory } & \$ 42,000 \\\hline \text { Work-in-Process Inventory } & 12,000 \\\hline \text { Finished Goods Inventory } & 49,500 \\\hline\end{array}$$ What is the ending balance in the finished goods inventory?

• A) $49,500
• B) $63,200
• C) $35,800
• D) $24,650

Determine the conditions under which a purely competitive seller should produce or shut down in the short run.

Calculate economic profit or loss based on cost data and market prices.

Understand the law of diminishing returns and its impact on marginal cost.

Identify the conditions for a purely competitive firm to earn a normal profit in the short run.

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Definitions:

Organizational Base

Refers to the foundational operations, resources, and structures upon which an organization is built and operates.

Collective Action

The collaborative effort of a group to achieve a common goal, often in pursuit of a social or political change.

Political Opportunities

Circumstances or conditions within the political environment that facilitate or constrain the ability of social movements and entities to achieve their objectives.

Elite Groups

Small, select groups of people who have significant influence or authority over large segments of society, often due to wealth, political power, or social status.