Costs that have both variable and fixed components are called ________.
A) fixed costs
B) variable costs
C) mixed costs
D) contribution costs
C) mixed costs
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Answer the following statements true (T) or false (F)
1.The price-specie-flow mechanism illustrated why nations could not maintain trade surpluses or trade deficits over the long run. 2.The marginal rate of transformation equals the absolute slope of a country's production possibilities frontier. 3.Assume that Germany has higher labor productivity and higher wage levels than France. Germany can produce a commodity more cheaply than France if its productivity differential more than offsets its wage differential. 4.Ricardo's theory of comparative advantage does NOT take into account demand conditions when determining relative commodity prices. 5.If Canada has a higher wage level and higher labor productivity than Mexico, Canada will necessarily produce a good at a higher labor cost than Mexico.
Prepare a horizontal analysis of the comparative income statement of Sherman, Inc. (Round to one decimal place.) Use a multi-step income statement.
Data for Sherwood, Inc. for the years ended December 31, 2019 and 2018 are as follows:
Fixed overhead costs are resources acquired as used and needed
Indicate whether the statement is true or false
On December 1, 2017, Sheehan, Inc sold machinery to a customer for $2,000
Sheehan regularly sells machinery. The customer could not pay at the time of sale but agreed to pay 9 months later and signed a 9-month note at 12% interest. Prepare the journal entry to record the revenue at the time of sale. Ignore the entry for cost of goods sold. What will be an ideal response