Identify whether the statements about the economics of taxes are true or false. the incidence of a tax is determined by which group (buyers or sellers) must actually pay the government. when demand is inelastic and supply is elastic, the burden of a tax falls mainly on producers. when demand is elastic and supply is inelastic, the burden of a tax falls mainly on consumers. an excise tax can distort incentives and create missed opportunities for mutually beneficial transactions.

Dozier company produced and sold 1,000 units during its first month of operations. it reported the following costs and expenses for the month: direct materials $ 69,000 direct labor $ 35,000 variable manufacturing overhead $ 15,000 fixed manufacturing overhead 28,000 total manufacturing overhead $ 43,000 variable selling expense $ 12,000 fixed selling expense 18,000 total selling expense $ 30,000 variable administrative expense $ 4,000 fixed administrative expense 25,000 total administrative expense $ 29,000 required: 1. with respect to cost classifications for preparing financial statements: a. what is the total product cost