Which one(s) did i answer incorectly?a. Identify whether the statements about the economics of taxes are. a. trueb. false b. The incidence of a tax is determined by which group (buyers or sellers) must actually pay the government. a. trueb. falsec. When demand is inelastic and supply is elastic, the burden of a tax falls mainly on producers. a. trueb. falsed. When demand is elastic and supply is inelastic, the burden of a tax falls mainly on consumers. a. trueb. falsee. An excise tax can distort incentives and create missed opportunities for mutually beneficial transactions. a. trueb. false

Use the information below to answer the following question. the boxwood company sells blankets for $60 each. the following was taken from the inventory records during may. the company had no beginning inventory on may 1. date blankets units cost may 3 purchase 5 $20 10 sale 3 17 purchase 10 $24 20 sale 6 23 sale 3 30 purchase 10 $30 assuming that the company uses the perpetual inventory system, determine the gross profit for the month of may using the lifo cost method.

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Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold. mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)