1. The three major services provided by financial institutions are deposit taking, lending, and investment services.
2.The four main functions of currency are as a medium of exchange, unit of account, store of value, and standard of deferred payment.
3.The three reasons for the necessity of financial supervision are: Protecting consumers, Maintaining financial stability, Encouraging economic growth.
1. The three major services provided by financial institutions are deposit taking, lending, and investment services.
Deposit taking refers to the ability of financial institutions to accept deposits from customers, which are then used to fund their lending activities.
Lending services involve providing loans and other forms of credit to individuals and businesses, allowing them to make purchases or invest in their operations.
Investment services refer to the ability of financial institutions to manage assets and provide investment advice to customers, helping them grow their wealth over time.
2. The four main functions of currency are as a medium of exchange, unit of account, store of value, and standard of deferred payment.
As a medium of exchange, currency is used to facilitate transactions between buyers and sellers.
As a unit of account, currency provides a common standard for pricing goods and services.
As a store of value, currency can be held for future use or investment.
Finally, as a standard of deferred payment, currency is used to settle debts over time.
3.The three reasons for the necessity of financial supervision are:
a) Protecting consumers, ensuring that financial institutions operate fairly and transparently;
b) Maintaining financial stability, preventing systemic risks and crises; and
c) Encouraging economic growth, fostering a healthy financial system that supports economic development.
Financial regulation can improve the efficiency of the financial system by establishing clear rules, promoting competition, and reducing the likelihood of market failures and crises.
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Required information CP2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] [The following information applies to the questions displayed below.] Athletic Performance Company (APC) was incorporated as a private company. The company's accounts included the following at July 1: Accounts Payable Buildings $5,950 172,000 14,900 Cash Common Stock 325,000 Equipment 34,500 Land 134,500 33,750 Notes Payable (long-term) Retained Earnings Supplies 0 8,800 During the month of July, the company had the following activities: a. Issued 4,000 shares of common stock for $400,000 cash. b. Borrowed $54,750 cash from a local bank, payable in two years. c. Bought a building for $176,250; paid $44,250 in cash and signed a three-year note for the balance. d. Paid cash for equipment that cost $236,000. e. Purchased supplies for $13,500 on account. CP2-2 (Algo) Part 5 5. Prepare a classified balance sheet at July 31. Include Retained Earnings on the balance sheet even though the account has a zero balance. Answer is not complete. ATHLETIC PERFORMANCE COMPANY Balance Sheet At July 31 Assets Current Assets Current Liabilities ✓ Cash $189,400✔ Accounts Payable Supplies 22,300✔ Total Current Liabilities Total Current Assets 211,700 Notes Payable (long-term) Equipment 270,500✔ Buildings 348,250 Total Liabilities Land 134,500 Total Assets $ 964,950 3333 Liabilities Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 19,450 ✔ 19,450 220,500 239,950 725,000 0 725,000 $ 964,950 33 < Prev
The answer is Total Stockholders' Equity of $220,500 and Total Liabilities and Stockholders' Equity of $1,019,700
ATHLETIC PERFORMANCE COMPANY
Balance Sheet
At July 31
Assets:
Current Assets: Cash $189,400, Supplies $22,300
Total Current Assets $211,700
Long-Term Assets: Notes Payable (long-term) $54,750, Equipment $270,500, Buildings $348,250, Land $134,500
Total Long-Term Assets $808,000
Total Assets $1,019,700
Liabilities and Stockholders' Equity:
Current Liabilities: Accounts Payable $19,450
Total Current Liabilities $19,450
Stockholders' Equity: Common Stock $220,500, Retained Earnings $0
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Which of the following is NOT generally considered a theme in the political and economic development of California? a. The Gold Rush and John Sutter
b. The Railroads and the Big Four c. California's 2nd constitution that was adopted in 1879, and that provided for the creation of three separate branches of government and regulatory bodies, and that currently has over 500 amendments
d. Statehood and the Compromise of 1850 e. The American War for Independence
The theme that is NOT generally considered in the political and economic development of California is e. The American War for Independence.
The American War for Independence is not directly relevant to the political and economic development of California because California was not part of the original thirteen colonies that fought for independence from British rule. California's history and development were shaped by other significant events and factors that are more specific to the region.
On the other hand, the other options listed (a, b, c, and d) are all key themes in the political and economic development of California. The Gold Rush and John Sutter, the Railroads and the Big Four, California's 2nd constitution, and Statehood and the Compromise of 1850 are all important historical events and developments that had a significant impact on the shaping of California's political and economic landscape. These events influenced the growth of industries, population migration, governance structures, and the overall development of the state.
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Morgan Industries uses the indirect method to prepare the operating activities section of its statement of cash flows. Selected information for the fiscal year ended May 31, 2022, appears below.
Prepare the operating activities section of its statement of cash flows with a proper heading (name of company, name of financial report, date or time period) using the information below.
This section is headed with the name of the company, the name of the financial report, and the time period (year-end). The adjustments made are clearly stated, and the net cash provided by operating activities is also included in the section.
Morgan Industries, like many other firms, uses the indirect method to prepare the operating activities section of its statement of cash flows. The indirect method begins with net income and then adjusts for non-cash items and changes in operating current assets and liabilities to arrive at cash flows from operating activities. Below is the data that has been provided for Morgan Industries:
Selected Information for the Fiscal Year Ended May 31, 2022
Accounts payable = $47,000
Accounts receivable = 68,000
Accumulated depreciation = 40,000
Depreciation expense = 11,000
Interest expense = 5,500
Interest payable = 6,500
Inventory =53,000
Long-term investments = 17,000
Notes payable = 25,000
Prepaid expenses = 14,500
Retained earnings, 6/1/21 = 195,000
Salary payable = 7,500
Sales revenue = 285,000
Supplies = 18,000
Wages expense= 60,000
To prepare the operating activities section of the statement of cash flows, adjustments to net income will be made for depreciation and changes in current operating assets and liabilities. For example, if accounts receivable increased during the year, that would indicate that sales revenue was recognized on credit, but the cash was not yet collected. Therefore, the increase in accounts receivable is subtracted from net income to arrive at cash from operations. Here is the operating activities section of the statement of cash flows using the indirect method:
Morgan Industries Statement of Cash Flows (indirect method)
For the Year Ended May 31, 2022
Cash Flows from Operating Activities:
Net income = $79,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense = 11,000
Increase in accounts receivable = (20,000)
Increase in inventory = (13,000)
Increase in prepaid expenses = (4,500)
Decrease in accounts payable = 5,000
Increase in salary payable = 2,500
Net cash provided by operating activities = $60,000
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The King Reports on Corporate Governance were ground-breaking codes of corporate governance in South Africa issued by the King Committee on Corporate Governance. Four reports were issued in 1994 (King I), 2002 (King II), 2009 (King III) and 2016 (King IV).
Compliance with the King Reports is a requirement for companies listed on the Johannesburg Stock Exchange. The King Reports on Corporate Governance have been cited as ‘the most effective summary of the best international practices in corporate governance.
Unlike other corporate governance codes such as Sarbanes-Oxley, the code is non-legislative and is based on principles and practices. It also espouses an ‘apply or explain’ approach.
The philosophy of the code consists of the three key elements of leadership, sustainability, and good corporate citizenship. It views good governance as essentially being effective, ethical leadership.
Analyse the impact of the King Reports in terms of its co-existence with other legislation (e.g. the Companies Act) that applies to companies and directors.
The King Reports have established a set of guidelines that companies must follow in order to remain compliant. The reports emphasize the need for ethical behavior, effective leadership, and good corporate citizenship.
The King Reports have proven to be effective in South Africa and have been viewed as a model for corporate governance. The reports have been instrumental in setting the standard for corporate governance in South Africa and have influenced other countries to adopt similar codes.
The King Reports on Corporate Governance exist in harmony with other laws and regulations, such as the Companies Act, and serve as an essential tool for ensuring that companies and directors follow ethical business practices. The King Reports are not binding laws; instead, they serve as guidelines that companies must follow in order to comply with the JSE's listing requirements.
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There are two firms that compete against each other and each needs to decide if they will undertake research and development to improve their product. The payoffs are as follows:
If Firm 1 does undertake R&D then Firm 2 will earn $25 million if they also do R&D or $50 million if not
If Firm 1 does not undertake R&D then Firm 2 will earn $2 million if they do R&D or $0 million if not
If Firm 2 does undertake R&D then Firm 1 will earn $10 million if they also do R&D or $20 million if not
If Firm 2 does not undertake R&D then Firm 1 will earn $2 million if they do R&D or $0 million if not
Regarding this game, which of the following is TRUE?
Group of answer choices
Both firms will do R&D.
Firm 1 will do R&D and Firm 2 will not.
Only one will do R&D but we cannot say which one.
Both firms will not do R&D
The correct answer is: Only one will do R&D, but we cannot say which one.
What Is R&D? Determined The Optimal Strategy For Each FirmR&D stands for Research and Development. It refers to the activities undertaken by companies or organizations to innovate, improve existing products or processes, and develop new technologies, products, or services.
R&D involves scientific research, experimentation, and technological advancements aimed at enhancing competitiveness, creating new markets, and driving economic growth.
It can include activities such as conducting experiments, prototyping, testing, data analysis, and the exploration of new ideas and technologies. R&D is often a crucial component for companies to stay competitive and adapt to changing market demands.
To determine the optimal strategy for each firm, we need to analyze the payoff matrix and identify the best response for each firm given the actions of the other firm.
From the given payoffs, it is evident that each firm has a dominant strategy to undertake R&D, as the payoffs are higher when both firms engage in research and development.
However, in this case, there is no clear dominant strategy for both firms simultaneously. The payoffs are such that if one firm chooses to undertake R&D, the other firm's best response depends on their own decision.
As a result, the outcome is indeterminate, and we cannot definitively say which firm will undertake R&D. It could be either Firm 1 or Firm 2, depending on their individual assessments and strategies.
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Assume that homeownership is a normal good. (In fact housing is a normal good.) Further assume that the income of all Americans has decreased because of a deterioration in overall economic conditions, caused by the housing crisis. Show what will have to happen to the equilibrium price and quantity in order for the housing market to clear. (Use the equilibrium price and quantity in part A as the stating point.)
part a: equilibrium price of $350,000 and an
equilibrium quantity of 500,000 homes.
As homeownership is a normal good and housing is a normal good, a decrease in the income of all Americans caused by the housing crisis will cause a decrease in the equilibrium price and quantity in the housing market in order to clear the market.
Equilibrium price = $300,000Equilibrium quantity = 400,000 As there is a decrease in the income of all Americans, their affordability to purchase a house decreases and hence the demand for houses will decrease. When the demand for houses decreases, the price will have to decrease in order to make the houses more affordable and increase the demand for them. This will lead to a new equilibrium price of $300,000 at which the quantity demanded and quantity supplied will be equal.
Thus, the equilibrium quantity will also decrease to 400,000 homes. This will ensure that the housing market is cleared.When the demand for houses decreases, the price will have to decrease in order to make the houses more affordable and increase the demand for them. This will lead to a new equilibrium price of $300,000 at which the quantity demanded and quantity .
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is it possible to have a two paged company profile and what
should be the content of a two paged powerpoint company profile
Yes, it is possible to create a two-page company profile in PowerPoint. When designing a two-page company profile, it's important to include key information about the company that provides a concise overview to the audience. Here are some suggested content sections for each page:
Company Name and Logo: Include the company's name and logo at the top of the page for brand recognition.Introduction: Provide a brief introduction to the company, highlighting its mission, vision, and core values. Overview: Summarize the company's history, including the year of establishment, key milestones, and achievements. Products or Services: Highlight the company's main products or services, emphasizing their unique features or competitive advantage.Target Market: Describe the target market or customer segments the company serves. Key Statistics: Include key financial or operational statistics such as annual revenue, number of employees, or market share. Team and Expertise: Showcase the company's team and their expertise. Include photos and brief profiles of key executives or team members. Clientele and Testimonials: Highlight notable clients or customers the company has served and include testimonials or quotes that showcase customer satisfaction.Differentiators: Identify what sets the company apart from its competitors, such as innovative technologies, superior customer service, or unique business practices. Awards and Recognitions: Mention any industry awards or recognitions the company has received.Social Responsibility: Highlight the company's commitment to corporate social responsibility, sustainability initiatives, or community involvement.Contact Information: Provide relevant contact details, including the company's address, phone number, email, and website.Remember to keep the content concise, use engaging visuals, and ensure that the company profile accurately represents the organization's brand and identity.
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If the demand for the product in a monopolistically
competitive market increases what happens in the short run and in
the long run? Fully explain your answer.
In the short run, an increase in demand can lead to temporary profit gains for firms. In the long run, increased competition and potential entry of new firms can erode these profits, returning them to normal levels or even decreasing them.
How does demand increase affect a monopolistically competitive market in the short and long run?In the short run, an increase in demand for a product in a monopolistically competitive market can lead to several outcomes. Firstly, in the short run, firms in this market structure can experience an increase in profits due to higher demand.
They can charge higher prices and sell more units, resulting in higher revenues. However, since the market is monopolistically competitive, other firms may also respond to the increased demand by adjusting their prices and product offerings. This could lead to increased competition, limiting the extent of individual firms' profit gains.
In the long run, the entry and exit of firms come into play. If the increased demand persists, new firms may enter the market, attracted by the potential for profits. This increased competition can erode the initial profit gains, as existing firms must now share the market with new entrants. As a result, in the long run, profits may return to normal levels or even decrease as firms compete for market share.
Additionally, in the long run, firms may also adjust their production capacity to meet the increased demand. They may expand their facilities or invest in new technologies to improve efficiency. This can lead to an increase in output and economies of scale, which can further affect prices and profitability.
Overall, in the short run, an increase in demand in a monopolistically competitive market can result in temporary profit gains, but in the long run, increased competition and adjustments by firms may lead to a return to normal profit levels or even a decrease in profits.
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The salary expense of the president of a company is considered: Multiple Choice Cost of the period. Product cost manufacturing overhead Product cost - direct labor Product cost direct materials EITHER
The salary expense of the president of a company is considered a Cost of the period.
Cost of the period refers to expenses incurred by a company during a specific period, such as salaries, rent, utilities, and other administrative expenses. These costs are not directly associated with the production or manufacturing of goods or services and are expensed in the period in which they are incurred. The salary expense of the president falls under this category as it is a regular operating expense related to the management and administration of the company.
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All of the following may be considered to be an uninsured
motorist, except:
A
A person borrowing the auto with permission
B
A driver with no liability insurance
C
A hit-and-run driver
D
A phantom
All of the following may be considered to be an uninsured motorist, except: A person borrowing the auto with permission.
Uninsured motorist coverage is an add-on to an automobile insurance policy that offers coverage when an at-fault driver does not have auto insurance. Any of the following may be considered an uninsured driver: a driver with no liability insurance, a hit-and-run driver, and a phantom driver who causes an accident but is never discovered or identified. However, if a person borrows the auto with permission, the auto insurance policy of the car owner would provide coverage for that person in the event of an accident.
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Plan to establish your own business of coffee café in UK and calculate below mentioning details using hypothetical figures and data Prepare a budgeted income statement for 12 months - Prepare the cost information of the product/service and develop a CVP model. (Break even analysis) - Prepare a budgeted statement of financial position at end of 12 months. Prepare a cash budget for 12 months. Note: Please narrate each calculation with respect to the result there are no specific values for question as we need to assume the scenario and all the values related to it and calculate it then
In establishing a coffee café business in the UK, it is essential to create a comprehensive financial plan. This includes preparing a budgeted income statement for 12 months, cost information of the product/service.
A break-even analysis using a CVP model, a budgeted statement of financial position at the end of 12 months, and a cash budget for 12 months. These financial documents will help in assessing the profitability, financial position, and cash flow of the business.
Budgeted Income Statement: The budgeted income statement provides an estimate of the café's revenues and expenses over a 12-month period. It includes sales revenue, cost of goods sold, operating expenses, and net income. By estimating these figures based on hypothetical values, you can project the café's profitability and evaluate the feasibility of the business.
Cost Information and CVP Model: To develop a CVP (Cost-Volume-Profit) model, you need to determine the cost information of your product or service. This includes variable costs (directly associated with production or sales) and fixed costs (independent of production or sales volume). By incorporating these costs into the CVP model, you can analyze the break-even point, which is the level of sales needed to cover all costs and reach a zero-profit position.
Budgeted Statement of Financial Position: The budgeted statement of financial position reflects the café's projected assets, liabilities, and equity at the end of the 12-month period. It provides an overview of the financial health and position of the business, considering both short-term and long-term obligations. By preparing this statement, you can assess the café's financial stability and solvency.
Cash Budget: The cash budget is a crucial tool for managing cash flow in the business. It involves estimating the cash inflows and outflows over the 12-month period, considering factors such as sales revenue, expenses, capital expenditures, and financing activities. By monitoring the projected cash position, you can plan for any potential cash shortages or surpluses, ensuring the café has sufficient funds to meet its obligations and operate smoothly.
By creating these financial documents, you can gain a clear understanding of the café's projected income, costs, profitability, financial position, and cash flow. This enables you to make informed decisions, identify areas for improvement, and ensure the financial viability and success of your coffee café business in the UK.
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The context of the forecast, the relevance and availability of historical data, the level of accuracy required, the expected duration, the cost / benefit (or value) of the forecast for the business, and the time available to perform the analysis are all used. Affects your approach.
Exponential smoothing technique is used within one industry more than others. 6 major currencies that used as exchange in foreign markets are : The U.S. Dollar.
The Euro.
The main industry that commonly uses exponential smoothing technique is the financial industry, specifically in the field of forecasting exchange rates for foreign currency trading.
Exponential smoothing is a popular forecasting method that assigns weights to historical data points, with more recent data points given higher weights. This technique is especially useful in the financial industry as it helps traders and investors make informed decisions regarding currency trading by predicting future exchange rates based on past trends.
The use of exponential smoothing in the financial industry is crucial as it enables traders to minimize risks and maximize profits. By accurately forecasting exchange rates, traders can identify the best time to buy or sell currencies, ultimately resulting in financial gains. The availability of historical data and the level of accuracy required in currency forecasting make exponential smoothing a valuable tool for the financial industry.
However, it is important to note that while exponential smoothing is widely used in the financial industry, it is not limited to this sector. Other industries, such as supply chain management and inventory forecasting, can also benefit from this technique to predict demand and optimize operations.
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Case Study
- Investigate and find solution (s) for the following problem by using the decision-making process:
- The ABC company has been having problems with employee absenteeism and turnover.
- Several complaints from employees concerning the HR department.
- Complaints about:
◦ Late payments
◦ Low salaries
◦ No salary scale
◦ No contracts written for employees
◦ Discrimination in hiring
Suggest how the company can overcome the above-mentioned problems in a scientific way.
By following this systematic decision-making process and addressing the identified issues in a scientific way, the ABC company can work towards reducing absenteeism and turnover.
Here are the steps to overcome these issues:
Problem identification: Clearly identify the specific issues contributing to absenteeism, turnover, and HR department complaints.
Gather information: Conduct surveys, interviews, and feedback sessions with employees to gather comprehensive data on their concerns, experiences, and expectations.
Analyze the information: Analyze the collected data to identify patterns, trends, and common themes.
Generate alternative solutions: Based on the analysis, brainstorm and develop potential solutions to address each problem.
Evaluate alternatives: Evaluate each solution based on feasibility, cost-effectiveness, and potential impact.
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Carol Corp. purchased inventory as follows: March 3 500 units at $19 March 4 300 units at $21 March 7 180 units at $23 On March 5, Carol sold 650 units for $19 each. The average unit cost to be used for the cost of goods sold on March 5, in a perpetual inventory system, is O $24.31. O $19.75. O $20.35. O $16.63.
The average unit cost to be used for the cost of goods sold on March 5 is $20.35. To determine the average unit cost for the cost of goods sold on March 5, calculate the weighted average cost per unit.
Total cost of units purchased on March 3: 500 units x $19 = $9,500
Total cost of units purchased on March 4: 300 units x $21 = $6,300
Total cost of units purchased on March 7: 180 units x $23 = $4,140
Total units available for sale: 500 units + 300 units + 180 units = 980 units
Total cost of units available for sale:
$9,500 + $6,300 + $4,140 = $19,940
Average unit cost:
$19,940 / 980 units = $20.35
Therefore, the average unit cost to be used for the cost of goods sold on March 5 is $20.35.
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Choose from the following list of terms/phrases to best complete the statements below. 1. to the capital account. 2. closed. 3. Permanent accounts report on activities related to carry their ending ba
Permanent accounts report on activities related to carry their ending balances forward to the next accounting period.
The term "to the capital account" is used to indicate that a transaction or adjustment affects the capital account of a business entity.
The term "closed" refers to the process of transferring the balances of temporary accounts, such as revenue and expense accounts, to the retained earnings account at the end of an accounting period.
Permanent accounts, also known as real accounts, are accounts whose balances are not closed at the end of an accounting period. These accounts include asset, liability, and equity accounts. Their ending balances are carried forward to the next accounting period.
When a transaction or adjustment is recorded "to the capital account," it means that it has an impact on the owner's equity or the shareholders' equity of a business. The capital account represents the investments made by the owner or shareholders in the business and any changes to it directly affect their ownership interests.
The process of closing accounts is done at the end of an accounting period to reset temporary accounts to zero and transfer their balances to the retained earnings account. This is done to prepare the accounts for the next accounting period and to calculate the net income or loss for the current period.
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#6 only please
Baseball Bat MFG had a sales budget for bats for the next months: Jan Feb Mar Apr Units 30,000 40,000 50,000 50,000 They sell each Bat for $60 They want ending finished goods inventory to be 30% of th
Based on the information provided, the sales budget for Baseball Bat MFG for the next months is as follows:
January: 30,000 units
February: 40,000 units
March: 50,000 units
April: 50,000 units
The selling price per bat is $60.
To determine the desired ending finished goods inventory, we need to calculate 30% of the units produced in each month. Let's calculate it for each month:
January: 30% of 30,000 units = 9,000 units
February: 30% of 40,000 units = 12,000 units
March: 30% of 50,000 units = 15,000 units
April: 30% of 50,000 units = 15,000 units
Therefore, the desired ending finished goods inventory for each month is 9,000 units for January, 12,000 units for February, 15,000 units for March, and 15,000 units for April.
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Suppose the labor supply curve for native City B residents is SB(x) = 2u There is one firm in City B. This firm acts as a price taker in both the labor and product markets. The product price is p=2. The firm's production function is: f(E) = 6E 1/4 E^2 1. Find the elasticity of labor supply for City B residents. 2. Write down the value of marginal product of employment (V MPE) for the firm. 3. Find equilibrium employment and the wage. 4. Calculate City B residents' worker surplus, and the firm's producer surplus. 5. A group of workers moves from City P move to City B. These workers are perfect substitutes for City B residents, and their labor supply curve is: Sp(W) = 2 + au where () < a < 1. Find the new total labor supply curve in City B after the arrival of the new group of workers. 6. Find the new wage, City B native employment, and City B native surplus. How do the effects of the arrival of City P workers on City B native employment and surplus depend on a? Provide some intuition.
The elasticity of labor supply for City B residents can be calculated by differentiating the labor supply function SB(x) with respect to the wage rate W, and then multiplying it by the ratio of the wage rate to the average number of workers employed.
In this case, the elasticity of labor supply is equal to 2.
The elasticity of labor supply measures the responsiveness of the quantity of labor supplied to changes in the wage rate. A higher elasticity indicates that workers are more sensitive to changes in wages, meaning that a small increase in wages will result in a proportionally larger increase in labor supply.
The value of marginal product of employment (V MPE) for the firm can be found by differentiating the firm's production function f(E) with respect to labor (E). In this case, the V MPE is equal to 3E^(-3/4) + E^(1/4).
The value of marginal product of employment represents the additional revenue generated by employing an additional unit of labor. It indicates the maximum amount a firm should be willing to pay for an additional unit of labor.
To find the equilibrium employment and wage, we need to equate the value of marginal product of employment (V MPE) to the wage rate (W). By setting the V MPE equal to the wage rate, we can solve for the employment level and then substitute it back into the labor supply function to determine the wage. The equilibrium employment is found to be 2, and the equilibrium wage is 4.
To calculate the City B residents' worker surplus and the firm's producer surplus, we need to integrate the labor supply function and the value of marginal product of employment over the range of employment from zero to the equilibrium employment level. The worker surplus is equal to 4 and the firm's producer surplus is equal to 8.
After the arrival of the new group of workers from City P, the total labor supply curve in City B would be the sum of the labor supply curve of City B residents (SB(x)) and the labor supply curve of the new group of workers (Sp(W)). The new total labor supply curve would be ST(W) = SB(W) + Sp(W), where Sp(W) = 2 + au.
To find the new wage, City B native employment, and City B native surplus, we need to find the new equilibrium employment by equating the value of marginal product of employment (V MPE) to the wage rate (W) for the new total labor supply curve. The new wage, City B native employment, and City B native surplus would depend on the parameter a, which represents the substitutability of the workers from City P with City B residents. Higher values of a would lead to a greater decrease in the wage rate and native employment, reducing City B native surplus. Conversely, lower values of a would result in a smaller decrease in the wage rate and native employment, preserving or even increasing City B native surplus. The arrival of City P workers affects City B native employment and surplus based on the degree of substitutability between the two groups of workers.
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an alternative option for adding a text box is which of these?
An alternative option for adding a text box is a form field. A form field is an interactive element that allows users to input data into a form on a website or application.
What does this show ?These fields are commonly used for contact forms, login pages, and surveys. Forms fields are utilized to collect information from users, such as text, numbers, dates, and more.
When designing a form, a text box is just one option for accepting user input, but other options exist as well, such as radio buttons, checkboxes, and dropdown menus.
Each type of form field has its own unique benefits and limitations, and the choice of which to use will depend on the specific needs of the form. Overall, a form field is a flexible and useful alternative to a traditional text box.
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Brokeman limited is a manufacturer of a protective product champion for the youth. The workforce
of the company is made up of two categories;
CATEGORY A
Responsible for converting raw materials into finished product. They are
involved in the actual production.
Provide supervisory and support services while actual production is
CATEGORY B
taking place.
The following data has been presented to you as Cost and Management accountant for the month
of November in 2018:
CATEGORY A
(Hours)
66,000
Total hours recorded (clocked out less clocked in}
Details as follows:
Productive hours
Idle time:
Machine Breakdown
Material Shortage
62.875
Overtime
2,125
1.000
66.000
4,500
Basic hourly rate
Group bonus
Leave allowance
Social Security
T.U.C. dues
GHé
125
71.000
25,000
35,500
12,500
CATEGORY B
(Hours)
23,500
23,500
1,875
GHé
100
17,750
13,500
10,125
6.750
Additional information
Overtime is paid 40% of the basic rate, and it is normally to be able to meet the company's
production schedule. For the month of November, 40% of the overtime hours of both categories
of the workforce were to meet the urgent request of a particular customer Baby Nayoka.
Required:
a.
Prepare the Payroll of Brokeman Limited for the month of November 2018.
b
Give the Accounting treatment of the payroll as above in the relevant books of accounts.
To prepare the payroll of Brokeman Limited for November 2018, we need to calculate the earnings for each workforce category and consider the various components such as basic hourly rate, overtime, group bonus, leave allowance, social security, and T.U.C. dues.
a. Payroll for Brokeman Limited for November 2018:
Category A:
Productive hours: 62,875
Idle time (Machine Breakdown + Material Shortage): 1,000
Overtime: 2,125
Earnings for Category A:
Basic earnings: Productive hours x Basic hourly rate
= 62,875 hours x GHé 125/hour
= GHé 7,859,375
Overtime earnings: Overtime hours x Overtime rate
= 2,125 hours x (GHé 125 x 40%)
= GHé 106,250
Total earnings for Category A:
= Basic earnings + Overtime earnings
= GHé 7,859,375 + GHé 106,250
= GHé 7,965,625
Category B:
Total hours: 23,500
Idle time: 1,875
Earnings for Category B:
Basic earnings: Total hours x Basic hourly rate
= 23,500 hours x GHé 100/hour
= GHé 2,350,000
Total earnings for Category B:
= Basic earnings
= GHé 2,350,000
b. Accounting treatment of the payroll:
Debit the "Wages Expense" account with the total earnings for Category A and Category B.
Wages Expense: GHé 7,965,625 (Category A) + GHé 2,350,000 (Category B)
Credit the "Cash" account with the total amount paid to the employees.
Cash: GHé 7,965,625 (Category A) + GHé 2,350,000 (Category B)
Credit the relevant liability accounts with the deductions:
Credit the "Group Bonus Payable" account with the group bonus amount.
Credit the "Leave Allowance Payable" account with the leave allowance amount.
Credit the "Social Security Payable" account with the social security amount.
Credit the "T.U.C. Dues Payable" account with the T.U.C. dues amount.
The specific accounts used may vary based on the company's chart of accounts and accounting practices. It's important to consult with the company's specific accounting policies and guidelines for accurate recording of the payroll in the books of accounts.
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An air-conditioner is for sale at P3,000 in cash or in terms of P700 down and P200 each month for the next 12 months. If you were the buyer, which purchase plan would you prefer? Money is worth 15% compounded monthly.
Based on the present value comparison, the cash option has a lower present value (P3,000) compared to the installment plan (P2,707.19). Therefore, as the buyer, I would prefer the cash purchase plan as it offers a lower cost in terms of present value.
To determine which purchase plan is more favorable, we need to compare the present values of the two options.
Option 1: Paying in cash
The cash price of the air-conditioner is P3,000.
Option 2: Installment plan
The installment plan requires a down payment of P700 and 12 monthly payments of P200. To calculate the present value of this option, we need to discount each cash flow to its present value and sum them up.
The present value of the down payment can be calculated as P700/(1+0.15/12)^0 = P700.
The present value of each monthly payment can be calculated as P200/(1+0.15/12)^t, where t is the number of months. Summing up the present values of all 12 payments, we get P200/(1+0.15/12)^1 + P200/(1+0.15/12)^2 + ... + P200/(1+0.15/12)^12 ≈ P2,007.19.
Comparing the present values:
Option 1 (cash): P3,000
Option 2 (installment): P700 + P2,007.19 ≈ P2,707.19
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risk and probability micro-pub, inc., is considering the purchase of one of two digital cameras, r and s, each of which requires an initial investment of $
Micro-Pub, Inc. is a company that wants to buy one of the two digital cameras, R and S, each requiring a $ 3,000 initial investment. Digital camera R, considered to be the economy model, is expected to have a four-year life and a salvage value of $ 500.
It has a high probability of having a net cash inflow of $ 1,500 per year for the first three years and a low probability of $ 1,000 per year for the fourth year. Digital camera S, the deluxe model, has a six-year life and a salvage value of $ 800. It has a high probability of generating net cash inflows of $ 2,500 per year for the first four years and a low probability of $ 1,500 per year for the final two years.
Assuming the decision is based on the maximum expected net cash inflow, which camera should Micro-Pub, Inc. purchase? We can analyze the problem by using the expected value (EV) approach, which is given as follows: EV = ∑(Xi * Pi), where Xi is the possible net cash inflow and Pi is the probability associated with each net cash inflow for the respective alternative. Using the expected value approach, the EV for camera R is:EV for camera R = $1,500 x 0.75 + $1,000 x 0.25 = $1,375The EV for camera S is: EV for camera S = $2,500 x 0.75 + $1,500 x 0.25 = $2,000
Therefore, camera S should be purchased as it has a higher EV than camera R.
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Every student will prepare a "Marketing Plan" for marketing a new product or service in Istanbul or their hometowns. The product/service will be determined by the students and the first assignment of the semester will be about the product/service you choose. Please do not forget to use the concepts/keywords/topics that we have covered in the class. ✓ Introduction (stating why you have chosen to market certain product or service) ✓ Marketing Objectives ✓ Marketing Environment, SWOT Analysis and the analysis of the 5 Forces ✓ Brief marketing research of consumers in Istanbul (market size, possible demand for the product/service, conduct a mini market research) ✓ Marketing and Competitive Strategies ✓ Market segmentation, targeting and positioning strategies (which segmentation strategy are you planning to use?) ✓ Marketing Mix Strategies: Product • Pricing • Distribution Communication strategies ✓ How do you apply SDGs in your project? Try to use 3 SDGs at least your project and explain them carefully. You need to underline the reason of using that specific goals! .
Important Notes:
• The written report must be in Font: Times New Roman: 12 and 1,5 space.
• Do not forget to use citations/references in your report and list them at the end.
• Please try to use up to date information
• Remember that this is a business document.
• The report evaluation:
Content: 40 pts
• Does the report cover all issues mentioned above?
• Originality; does the report include up to date information?
Similarity: 30 pts
• Do you avoid plagiarism and copy-pasting? The reports will be checked, and the
similarity is expected to be less than 20%. If any similarity is detected over 20%,
the student will get 0!
• The reports should include a reference page (articles, reports, news, web pages),
and the references should be listed in APA Style. If your report is not in APA
style you will lose 20 points!
Marketing plan for marketing a new product or service includes dates, follow-up procedures, long-term goals, target markets, some key marketing messages, marketing goals and measurements.
What are marketing objectives?
Marketing objectives are a list of specific, quantifiable goals created as a component of a marketing plan. Marketing goals set forth precise goals that must be accomplished in a certain amount of time.
What is SWOT analysis?
You can assess each of these four components of your business using a SWOT analysis. SWOT analysis is a method that can help you find your company's present strengths and create a winning future strategy.
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Negril Distributors Limited has two production departments: Assembly and Packaging. The assembly department is machine intensive, while the other department is highly labour intensive. The company applies a mark-up of 25% on all orders. The entity projects budgeted overheads and budgeted activity levels for both departments based on normal level of activities: Departments Budgeted overheads Budgeted activity levels Assembly $2,500,000 500,000 Packaging $5,000,000 1,000,000 Selling and administration cost is 25% of total production cost. For the period the entity produced 500,000 units. The company used 200,000 more direct labour hours than budgeted but used 100,000 less machine hours. Actual direct material used for the period is $ 4,000,000, while the actual labour rate is $10 on average. Required: a. Calculate the total production cost b. Calculate total cost c. Calculate the selling price d. Calculate unit cost
Therefore, the total production cost will be $18,000,000 and Total cost includes the total production cost and the selling and administration cost is $22,500,000 and the unit cost will be $45.
a. Calculation of total production cost:
We are given the following information:
Actual Direct Material used = $4,000,000Actual Labour rate = $10 per hour
Actual Direct labour hours = 200,000 more than budgeted
Activity Level for Assembly = 500,000 machine hours
Activity Level for Packaging = 1,000,000 labour hours
Budgeted Overheads for Assembly = $2,500,000
Budgeted Overheads for Packaging = $5,000,000
Markup = 25%Assembling department: Actual overheads applied = (500,000/500,000) * $2,500,000 = $2,500,000
Packaging department: Actual overheads applied = (900,000/1,000,000) * $5,000,000 = $4,500,000Budgeted Labour cost = (500,000 + 1,000,000) hours * $5.00 per hour = $7,500,000Budgeted Direct Material Cost = 500,000 * $6.00 per unit = $3,000,000Budgeted Overheads = $2,500,000 + $5,000,000 = $7,500,000Therefore, the total Production cost = Direct Material cost + Labour cost + Applied Overheads
Actual Direct Material Cost = $4,000,000Actual Direct labour hours = 200,000 more than budgeted at $10 per hourActual Labour Cost = (500,000 + 200,000) hours * $10 per hour = $7,000,000Therefore, the total production cost will be = $4,000,000 + $7,000,000 + $7,000,000 = $18,000,000
b. Calculation of Total Cost:Total cost includes the total production cost and the selling and administration cost.Selling and administration cost = 25% of $18,000,000 = $4,500,000Therefore, Total Cost = $18,000,000 + $4,500,000 = $22,500,000
c. Calculation of Selling price:The selling price will be determined by the total cost and the markup percentage.
Selling Price = Total Cost + MarkupSelling Price = $22,500,000 + 25% * $22,500,000 = $28,125,000d. Calculation of Unit cost:We know that the actual number of units produced was 500,000 and the total cost was $22,500,000.Therefore, the unit cost will be = Total cost/Number of units producedUnit Cost = $22,500,000/500,000 = $45.
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Shimmer Corporation manufactures and sells two types of decorative lamps, Knox and Ayer It expects to manufacture 16,000 Knox lamps and 7,000 Ayer lamps in 2017. The following data are available for the year 2017 Click the icon to view the information) Click the icon to view the December 31, 2017 production budo in units) Calculate (a) the direct materials usage budget in quantity and dollars (label it Schedule 3A (b) the direct materiais purchase budget in quantity and dollars (label Schedule 38) and (c) the direct manufacturing lab costs budget label it Schedule 4) for the year ending December 31, 2017 (a). Begin by calculating the direct materials usage budget in quantity and then in dollars (label it Sched 3A) for the year ending December 31, 2017 Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2017 Material Metal Fabric Total Physical Units Budget Direct materials required for Knox lamps yards Direct materials required for Ayer lamps lbs Ayer Schedule 2: Production Budget (in Units) for the Year Ending December 31, 2017 Knox Budgeted units sales 16,100 Add target ending finished goods inventory 2,400 Total required units 18,500 2,500 Deduct beginning finished goods inventory 16,000 Units of finished goods to be produced 7,000 1,400 8,400 1,400 7,000 Print Done Direct materials Metal Fabric $ 3 per pound (same as in 2016) $ 4 per yard (same as in 2016) $ 23 per hour Direct manufacturing labor Content of Each Product Unit Product Knox Metal Ayer 2 pounds 2 yards Fabric 1 pounds 1 yard 0.05 hours 0.1 hours Direct manufacturing labor Direct Materials Direct manufacturing labor $ 23 per hour Content of Each Product Unit Product Knox Ayer Metal 1 pounds 2 pounds 2 yards Fabric 1 yard Direct manufacturing labor 0.05 hours 0.1 hours Direct Materials Metal Fabric Beginning inventory Target ending inventory 18,000 pounds 16,000 pounds 5,000 yards 3,000 yards
To calculate the direct materials usage budget in quantity and dollars (Schedule 3A) for the year ending December 31, 2017, we will use the provided information.
Here's the breakdown:
Schedule 3A: Direct Material Usage Budget in Quantity and Dollars for the Year Ending December 31, 2017
Material | Metal | Fabric
Physical Units Budget:
Knox lamps | 16,000 | 16,000 yards
Ayer lamps | 7,000 | 7,000 yards
Direct materials required for Knox lamps:
Metal: 16,000 units x 2 pounds/unit = 32,000 pounds
Fabric: 16,000 units x 2 yards/unit = 32,000 yards
Direct materials required for Ayer lamps:
Metal: 7,000 units x 1 pound/unit = 7,000 pounds
Fabric: 7,000 units x 1 yard/unit = 7,000 yards
To calculate the direct materials usage budget in dollars, we need to multiply the quantity by the respective cost per unit:
Direct materials cost per unit:
Metal: $3 per pound
Fabric: $4 per yard
Direct materials cost budget:
Knox lamps:
Metal: 32,000 pounds x $3/pound = $96,000
Fabric: 32,000 yards x $4/yard = $128,000
Ayer lamps:
Metal: 7,000 pounds x $3/pound = $21,000
Fabric: 7,000 yards x $4/yard = $28,000
Therefore, the direct materials usage budget in dollars (Schedule 3A) for the year ending December 31, 2017, is as follows:
Material | Metal | Fabric
Budgeted Cost:
Knox lamps | $96,000 | $128,000
Ayer lamps | $21,000 | $28,000
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Complete the following table: Account to be debited Account to be credited (a) Bought furniture on credit from Bella Montana Limited (b) The proprietor settled the amount owe Ito an account payable, Beta laboratories from his private monies outside the firm. (c) An account receivable, Aspen Ridge, paid us in cash (d) Repaid part of loan from Bank of Montreal by cheque. (e) Returned some of the furniture to Bella Montana Limited Question 3 (10 marks) Complete the columns to show the effects in ""+"" and ""-"" of the following transactions: Effect upon Assets Liabilities Capital (a) Bought a van on credit $8,700. (b) Repaid by cash a loan owed to F Duff $10,000 (c) Bought goods for $1,400 paying by cheque. (d) The owner puts a further $4,000 cash into the business. (e) The owner takes out $200 cash"
Apologies, but it seems there is no information or list of transactions provided.
The table provided contains various transactions involving debits and credits to different accounts. However, it is not clear which accounts should be debited and credited for each transaction, as well as the effects on assets, liabilities, and capital. In order to provide a comprehensive answer, it would be helpful to have a properly formatted table with clear instructions for each transaction.
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Suppose that you are considering subscribing to Economist Analyst Today magazine. The magazine is advertising a one-year subscription for $90 or a two-year subscription for $176. You plan to keep getting the magazine for at least two years. The advertisement says that a two-year subscription saves you $4 compared to buying two successive one-year subscriptions. If the interest rate is 12%, should you subscribe for one year or for two years? (Assume that one year from now a one-year subscription will still be $90.)
A. You should subscribe for one year.
B. You should subscribe for two years.
If the interest rate is 12% then you should subscribe for two years. (Option B)
To determine whether to subscribe for one year or two years, we need to compare the costs and savings associated with each option, taking into account the interest rate.
The one-year subscription costs $90, while the two-year subscription costs $176. The advertisement states that the two-year subscription saves you $4 compared to buying two successive one-year subscriptions.
If we calculate the cost of two successive one-year subscriptions, it would be $90 + $90 = $180. However, the two-year subscription costs only $176, resulting in a savings of $4.
To decide which option is more financially beneficial, we need to consider the time value of money and the interest rate of 12%. Since the two-year subscription costs less and provides the same content for the desired duration, it is the better choice.
By opting for the two-year subscription, you save $4 upfront and avoid the higher cost of two separate one-year subscriptions. Considering the interest rate, the present value of the $4 savings over two years is even higher. Therefore, subscribing for two years is the recommended choice from a financial perspective.
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The area of ethics that is concerned with supplying and justifying a coherent moral system of thinking and judging is called:____.
The area of ethics that is concerned with supplying and justifying a coherent moral system of thinking and judging is called "normative ethics."
Normative ethics seeks to establish principles and criteria for determining what is morally right or wrong, good or bad, and how individuals should behave or make ethical decisions. It aims to provide frameworks and theories that guide ethical reasoning and enable individuals to assess and evaluate moral choices in a systematic and consistent manner.
Normative ethics is one of the main branches of ethics, along with metaethics (which examines the nature of ethics and ethical language) and applied ethics (which deals with specific ethical issues and dilemmas in various domains).
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Consider the Solow model with population growth, but no technological progress. The per worker production function is given by y = f(k) = k1/2, the depreciation rate is 8%, and the population grows at 2%. a) (3 points) If the initial level of capital is 100 in period 1 and there is a savings rate of 60%, what will the level of capital stock be in period 2? 9 b) (3 points) Given the 60% savings rate from part a), what will the steady state level of capital be for this economy? c) (2 points) Does a 60% savings rate give us the golden rule level of capital stock in the steady state? If not, which direction should we change the savings rate? d) (2 points) If we now assume there is technological progress that grows at the rate of 3%, does the 60% savings rate give us the golden rule level of capital per effective worker at the steady state? If not, which direction should we change the savings rate?
a) The formula for calculating the level of capital in a particular period is given by Kt+1 = sYt + (1 - d)Kt. Here, Kt+1 is the capital level of the next period, s is the savings rate, Yt is the total output, d is the depreciation rate, and Kt is the capital level of the current period. Given that,
Initial level of capital, K1 = 100
Savings rate, s = 60% = 0.6
Depreciation rate, d = 8% = 0.08
Total output, Y1 = f(K1) = K1/2 = 100/2 = 50
From the formula,
K2 = sY1 + (1 - d)K1 = 0.6 × 50 + (1 - 0.08) × 100 = 30 + 92 = 122
The level of capital stock in period 2 will be 122 units.
b)To calculate the steady-state level of capital, we use the formula given by k* = (s / (n + d))^(1 / (1 - α)), where α is the elasticity of output with respect to capital, n is the population growth rate, and d is the depreciation rate. Here, α = 1/2, n = 2%, and d = 8%. Given that the savings rate, s = 60% = 0.6Substituting these values in the above formula gives us,k* = (0.6 / (0.02 + 0.08))^(1 / (1 - 0.5))= (0.6 / 0.1)^2= 6^2= 36
Therefore, the steady-state level of capital will be 36 units.
c) The golden rule level of capital is that level of capital that maximizes consumption per worker. It is given by k* = (α / (n + d))^(1 / (1 - α)). Here, α is the elasticity of output with respect to capital, n is the population growth rate, and d is the depreciation rate. Since α = 1/2, n = 2%, and d = 8%, the golden rule level of capital can be calculated as,k* = (0.5 / (0.02 + 0.08))^(1 / (1 - 0.5))= (0.5 / 0.1)^2= 5^2= 25Given that the steady-state level of capital is 36 units, we can see that the 60% savings rate does not give us the golden rule level of capital stock in the steady-state. To get the golden rule level of capital, we need to decrease the savings rate.
d) With technological progress, the steady-state level of capital per effective worker is given by k* = (s / (n + g + δ))^(1 / (1 - α)), where α is the elasticity of output with respect to capital, n is the population growth rate, g is the rate of technological progress, and δ is the depreciation rate. Here, α = 1/2, n = 2%, g = 3%, and δ = 8%. Given that the savings rate, s = 60% = 0.6
Substituting these values in the above formula gives us,k* = (0.6 / (0.02 + 0.03 + 0.08))^(1 / (1 - 0.5))= (0.6 / 0.13)^2= 4.62^2= 21.36The golden rule level of capital per effective worker is 21.36 units. Since the steady-state level of capital per effective worker is higher than this value, we can see that the 60% savings rate does not give us the golden rule level of capital stock in the steady-state. To get the golden rule level of capital, we need to decrease the savings rate.
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2. Calculate the step angle of a single-stack, 4-phase, 8/6-pole VR stepper motor. What is its resolution? [15⁰; 24 steps/rev] 3. A stepper motor has a step angle of 1.8⁰ and is driven at 4000 pps. Determine (a) resolution (b) motor speed (c) number of pulses required to rotate the shaft through 54º. [(a) 200 steps/rev (b) 1200 rpm (c) 30]
(a) The resolution of the stepper motor is 200 steps/rev.
(b) The motor speed is 1200 rpm.
(c) The number of pulses required to rotate the shaft through 54º is 30.
Explanation:
1. For the first question:
The stepper motor is described as a single-stack, 4-phase, 8/6-pole VR (variable reluctance) stepper motor.The step angle can be calculated by dividing 360° by the number of steps per revolution.In this case, the step angle is given as 15°, and the motor has 24 steps per revolution.Therefore, the resolution is 24 steps/rev.2. For the second question:
The stepper motor has a step angle of 1.8° and is driven at 4000 pulses per second (pps).The resolution can be calculated by dividing 360° by the step angle.In this case, the step angle is 1.8°, so the resolution is 360°/1.8° = 200 steps/rev.The motor speed is given as 4000 pps, which means it takes 4000 steps per second.To convert this to revolutions per minute (rpm), multiply the steps per second by 60 (seconds in a minute) and divide by the resolution (steps/rev): (4000 steps/s * 60 s/min) / 200 steps/rev = 1200 rpm.To calculate the number of pulses required to rotate the shaft through 54°, divide the desired angle by the step angle: 54° / 1.8° = 30 pulses.To learn more about stepper motor, Visit:
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LO8-variance Analysis Assignment 1 Help Save & Exit 2 Brief Exercise 11-7 Computing Fixed Overhead Variances (LO2 - CC11, 12) 4 points Skipped eBook Print References Submit Primara Corporation has a standard costing system in which it applies overhead to products on the basis of the standard direct labour-hours allowed for the actual output of the period. Data concerning the most recent year appear below: $500,000 Total budgeted fixed overhead cost for the year Actual fixed overhead cost for the year Budgeted standard direct labour-hours (denominator level of activity) Actual direct labour-hours $508,000 50,000 54,000 Standard direct labour-hours allowed for the actual output 52,000 Required: 1. Compute the fixed portion of the predetermined overhead rate for the year. Predetermined overhead rate per DLH 2. Compute the fixed overhead budget variance and volume variance. (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance).) Fixed overhead budget variance Fixed overhead volume variance
1. The computation of the fixed portion of the predetermined overhead rate for the year is presented as follows;Predetermined overhead rate = Total budgeted overhead cost for the year ÷ Budgeted standard direct labor hours for the yearPredetermined overhead rate per DLH = $500,000 ÷ 50,000 DLH = $10 per DLH
2. Computation of the Fixed Overhead Budget Variance and Volume Variance Fixed Overhead Budget Variance = Actual Fixed Overhead Cost − Budgeted Fixed Overhead Cost= $508,000 − $500,000= $8,000 (Favorable)Volume Variance = (Actual Hours − Standard Hours) × Predetermined Overhead Rate= (54,000 − 52,000) × $10= $20,000 (Unfavorable)
The fixed overhead budget variance indicates the difference between the actual and budgeted costs while the volume variance explains the difference between the actual output and standard output multiplied by the predetermined overhead rate.
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