Hayek bikes prepares the income statement under variable costing for its managerial reports, and it prepares the income statement under absorption costing for external reporting. for its first month of operations, 400 bikes were produced and 240 were sold; this left 160 bikes in ending inventory. the income statement information under variable costing follows.

sales (240 × $1,650) $ 396,000

variable product cost (240 × $650) 156,000

variable selling and administrative expenses (240 × $55) 13,200

contribution margin 226,800

fixed overhead cost 72,000

fixed selling and administrative expense 85,000

net income $ 69,800

answer; /// the correct answer is (shared); /// good luck

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; the above statement/question is ( true);

it is d i just took the test