Rafael Company produces pipes for concert- quality organs. Each job is unique. In April 2013, it completed all outstanding orders, and then, in May 2013, it worked on only two jobs, M1 and M2:

RAFAEL COMPANY, May 2013

Job M1

Job M2

Direct materials

$ 78,000

$ 51,000

Direct manufacturing labor

273,000

208,000

Direct manufacturing labor is paid at the rate of $26 per hour. Manufacturing overhead costs are allocated at a budgeted rate of $ 20 per direct manufacturing labor- hour. Only Job M1 was completed in May.

REQUIREMENTS:

1. Calculate the total cost for Job M1.

2. 1,100 pipes were produced for Job M1. Calculate the cost per pipe.

3. Prepare the journal entry transferring Job M1 to finished goods.

4. What is the ending balance in the Work-in-Process Control account?

Consider the local telephone company, a natural monopoly. the following graph shows the monthly demand curve for phone services and the company’s marginal revenue (mr), marginal cost (mc), and average total cost (atc) curves. 0 2 4 6 8 10 12 14 16 18 20 100 90 80 70 60 50 40 30 20 10 0 price (dollars per subscription) quantity (thousands of subscriptions) d mr mc atc 8, 60 suppose that the government has decided not to regulate this industry, and the firm is free to maximize profits, without constraints. complete the first row of the following table. pricing mechanism short run long-run decision quantity price profit (subscriptions) (dollars per subscription) profit maximization marginal-cost pricing average-cost pricing suppose that the government forces the monopolist to set the price equal to marginal cost. complete the second row of the previous table. suppose that the government forces the monopolist to set the price equal to average total cost. complete the third row of the previous table. under average-cost pricing, the government will raise the price of output whenever a firm’s costs increase, and lower the price whenever a firm’s costs decrease. over time, under the average-cost pricing policy, what will the local telephone company most likely do

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