According to the law of diminishing marginal returns rev: 06_26_2018 multiple choice total product will fall and then rise as additional units of an input are employed. employing additional inputs will diminish total product. the additional inputs necessary to produce an additional unit of output will diminish. the additional product generated by additional units of an input will eventually diminish.

The correct answer is: the additional product generated by additional units of an input will eventually diminish.

Explanation:

The law of diminishing marginal returns states that with each additional unit of input employed the marginal product of each additional input will go on declining.

This is why the total product will increase at first but after reaching a certain point it will start declining. The total product will be maximum at the point where the marginal product is zero. When marginal product becomes negative the total product will decline.

The correct answer is: the additional product generated by additional units of an input will eventually diminish.

Explanation:

A. Dr Cost of goods sold$21

Dr LIFO reserve $21

B. $3,729

Explanation:

1. Preparation of the December 31, 2021, adjusting entry to record the cost of goods sold adjustment.

December 31, 2021

Dr Cost of goods sold$21

Dr LIFO reserve $21

($86- $65)

2. Calculation to determine what would cost of goods sold have been for the 2021 fiscal year

Cost of goods sold (Income statement)$3,750 million

Less change in LIFO $21

2021 cost of goods $3,729

($3,750-$21)

Therefore what would cost of goods sold have been for the 2021 fiscal year is $3,729