Hardy company manufactures a single product by a continuous process, involving two production departments. the records indicate that $140,000 of direct materials were issued to and $200,000 of direct labor was incurred by department 1 in the manufacture of the product. the factory overhead rate is $25 per machine hour; machine hours were 5,000 in department 1. work in process in the department at the beginning of the period totaled $35,000; and work in process at the end of the period was $25,000. prepare entries to record

Explanation:

In this question, we record the entries of raw material inventory, factory labor, and the manufacturing overhead

The journal entries are shown below:

1. Work in Process - Dept. 1 A/c Dr $140,000

     To Raw Materials Inventory$140,000

(Being the raw material is issued)

2. Work in Process - Dept. 1 A/c Dr  $200,000

        To Direct Labor A/c  $200,000

(Being the direct labor is recorded)

3. Work in Process - Dept. 1 A/c Dr  $125,000   (5,000 × $25)

      To Manufacturing overhead A/c $125,000

answer; coefficient of correlation;

answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.