A(n) express contract is one in which the terms have been definitely and specifically stated and agreed upon.
What is contract?⇒ A legally enforceable agreement between two or more parties known as a contract establishes, clarifies, and regulates the parties' respective rights and obligations. The transfer of commodities, services, money, or a promise to transfer any of those at a later time are common components of contracts. The damaged party may seek legal remedies like damages or rescission in the event of a contract breach. Agreements must be kept, which is the foundation of contract law, a branch of the law of obligations that deals with contracts. The application of contract law varies between civil law jurisdictions and mixed law jurisdictions, which include components of both civil and common law, just like other areas of private law.
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suppose the real gross domestic product (gdp) equals $100 billion this year and the nominal gross domestic product (gdp) is $200 billion. this implies that the price level has increased by compared to the base year
This implies that the price level has increased by 100% compared to the base year
The GDP price index is determined by dividing Nominal GDP by Real GDP and then multiplying the answer by 100.
GDP price index = 200/ 100
= 2 x 100
= 200
The base year is 100, so the price level increased by 100%
Like the CPI, the GDP price index tracks changes in prices for consumer products and services as well as for goods and services bought by corporations, governments, and foreigners.
Real GDP is a metric that takes inflation into account and examines the rate at which all goods and services are produced in a nation for a specific year. It is referred to as a fixed cost price and is indicated in foundation year prices. It is also referred to as GDP at constant prices or GDP adjusted for inflation.
When we talk about the nominal gross domestic product, we're talking about GDP calculated using today's market values. GDP measures the monetary worth of all the goods and services a nation produces. The difference between nominal and real GDP is that the former excludes changes in prices brought on by inflation.
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the earned income tax credit, a government program that supplements the incomes of low-wage workers, is an example of a
The earned income tax credit, a government program that supplements the incomes of low-wage workers, is an example of a wage subsidy. An incentive provided by the government to people or organisations in the form of money, grants, or tax breaks.
In order to increase the supply of particular goods and services is known as a subsidy. Consumers can get cheaper goods and commodities thanks to subsidies tax. The Wage Subsidy Scheme offers subsidies to qualified employers to assist in income an employee's salaries during their initial few months of employment. Through work, the programme assists people with disabilities in developing their skills and expertise.
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if considering international sourcing alternatives, it is important that the decision makers develop a complete understanding of the costs involved with .
It is important that the decision makers develop a complete understanding of the costs involved with ensuring compliance with governmental laws, regulations, and even local business customs.
They take sensible decisions after considering all of their options and the repercussions. Your capacity to choose wisely among several options is demonstrated by your decision-making abilities. Making wise selections as a worker can enable you to forward the objectives of your business. You can make wise selections once you apply these abilities to evaluate all the facts at your disposal and identify any prejudice. Making decisions is crucial since it allows you to select from a variety of possibilities.
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______ is a management approach that seeks to utilize resources as efficiently as possible.
a) Lean
b) Sales and Operations Planning
c) Six Sigma
d) CPFR
e) a and c
Lean and Six Sigma are management approaches aimed at using resources as efficiently as possible. Option E is the correct answer here.
Lean Six Sigma is a management strategy that aims to minimize any inefficient resource consumption as well as manufacturing process flaws in order to enhance worker and business performance.
By identifying and removing flaws, the Six Sigma quality management approach aids companies in improving their existing procedures, goods, or services.
Lean and Six Sigma vary primarily in that Lean frequently affects all aspects of an organization rather than being just focused on production. These two strategies are combined by Lean Six Sigma to produce a potent toolset for dealing with waste reduction.
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oornima recently graduated from college and is updating the capabilities and skills section of her résumé. what will recruiters look for in this section of poornima’s résumé?
Recruiters will look for the following skills in her resume like computer skills, programming languages, social media, and enterprise software, Problem-solving skills.
A resume, also known as a curriculum vitae (CV), is a record made and utilized by a person to describe their educational history, professional experience, and accomplishments. Although there are several uses for resumes, the most common one is finding new work. A "summary" of relevant work experience and education may be included on most resumes.
When a potential employer is screening applications, the CV is normally one of the first things they will read about the job seeker, along with a cover letter, perhaps an application for employment, and is frequently followed by an interview. A CV is frequently replaced by biodata in South Asian nations including India, Pakistan, and Bangladesh.
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sushil is the director of human resources, and is meeting with several division level managers to plan staffing for the new product launch. which type of team is sushil a part of?
The director of human resources, Sushil, is meeting with a number of managers at the divisional level to plan staffing for the introduction of the new product. He is a member of the team that solves problems.
The group of individuals who work for a given organization, business sector, industry, or economy is referred to as its human resources. Human capital, or the knowledge and abilities that people possess, is a more specific concept.
Human resources can be used to develop, reinforce, or change an organization's culture. HR is responsible for many crucial aspects of business culture, including compensation, performance management and so on.
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on december 1, watson enterprises signed a $24,000, 60-day, 5% note payable as replacement of an account payable with erikson company. what amount of interest expense is accrued at december 31 on the note? (use 360 days a year.)
Debit Accounts Payable $24,000; Credit Notes Payable $24,000.
What do you mean by a credit note?When the taxable value declared by the provider in the tax invoice exceeds the actual taxable value of the goods or services supplied, a credit note is given. For instance, if a product with a Rs. 100 initial price is mistakenly billed at Rs. 150, a Rs.
How do you calculate the interest expense accrued?Multiplying a company's total debt by the average interest rate on its debts yields the most straightforward way to determine interest expenditure. If a corporation owes $100 million at an average interest rate of 5%, its interest expense would be equal to $5 million ($100 million x 0.05).
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Organizational socialization This is the first phase of socialization, which encompasses two key concerns: realism and congruence. Anticipatory socialization / Change and acquisition / Encounter
This is the first phase of socialization, which encompasses two key concerns: Change and acquisition. There are three main stages to socialisation. The school, peer groups, and media all have an impact on secondary socialisation.
Parenthood, marriage, and employment all have an impact on how people socialise as adults. Primary socialisation acquisition in the formative years of childhood and socialization. An individual's essential identity is formed at this time. A person undergoes secondary socialisation throughout their life, both as a youngster and as they interact with new groups. Usually, this procedure involves two steps: From infancy through puberty, a person is socialised on a primary level, and on a secondary level throughout their entire life.
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3. how much do i need to save a month if i would like to take a trip that would cost about $4000 if i am depositing the money into an account making 2.3% compounded monthly.
what effect has the internet had on porter's fifth competitive force, rivalry among competitors?multiple choice question.
The internet had porter's fifth competitive force, rivalry among competitors effect It has intensified rivalry amongst organizations.
The internet (or internet) is the global device of interconnected laptop networks that makes use of the internet protocol suite (TCP/IP) to communicate among networks and gadgets. it's far a community of networks that consists of private, public, instructional, enterprise, and government networks of nearby to international scope, connected by means of a vast array of electronic, wi-fi, and optical networking technology. The internet includes a giant variety of facts resources and offerings, along with the inter-related hypertext documents and programs of the world extensive net (WWW), electronic mail, telephony, and report sharing.
The origins of the internet date back to the improvement of packet switching and research commissioned by the United States branch of defense in the Nineteen Sixties to enable the time-sharing of computers. The linking of commercial networks and organizations by the early Nineties marked the beginning of the transition to the present-day internet and generated sustained exponential growth as generations of institutional, private, and cellular computer systems had been related to the network. although the net become broadly utilized by academia within the Nineteen Eighties, the commercialization incorporated its offerings and technologies into actually every issue of cutting-edge existence.
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on june 8, williams company issued an $80,000, 5%, 120-day note payable to brown industries. assuming a 360-day year, what is the maturity value of the note? a.$88,200
Option b. 81333 is the correct answer. The maturity value of the note is $81,333
There are multiple accounting concepts discussed in the multiple-choice questions below. A short-term note payable is a current liability that bears interest and is presented on the balance sheet as a liability. Payroll taxes that are the employer's responsibility are presented as an expense on the income statement but payroll taxes that are the employee's responsibility and are merely withheld from an employee's check by a company are presented as a current liability until remitted.
[tex]\$80,000 * 0.05 * (120 / 360) = $1,333\[/tex]
[tex]\$80,000 + $1,333 = $81,333\[/tex]
The maturity value of a note payable is the value at the end of the note with interest included. Since the note is 120 days then the interest needs to be calculated by dividing the 120 days by 360 days since the 5% interest is based on an annual rate.
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refer to exhibit 23-2. what quantity of output does the profit-maximizing (or loss-minimizing) firm produce? group of answer choices q1, where marginal cost is less than marginal revenue. q2, where marginal cost is equal to marginal revenue. q3, where marginal cost is greater than marginal revenue. q4, which maximizes the difference between marginal cost and marginal revenue.
Q2, where marginal cost is equal to marginal revenue here the market is in equilibrium.
When market supply and demand are in balance, prices become steady. This is known as equilibrium. In general, a surplus of goods or services leads to lower prices, which increases demand, whereas a shortfall or undersupply raises prices, which decreases demand.
The market mechanism is the propensity to move toward equilibrium prices, and the resulting equilibrium between supply and demand is referred to as the market equilibrium. The price mechanism in a free market equalizes supply and demand. Buyers will typically bid the price higher if they want to buy more of a good than is offered at the going rate. Suppliers will lower their pricing if they want to buy less than what is offered at the going rate. Thus, the price mechanism determines how many units of a good will be produced.
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the increase in the number of car manufacturers outside of the u.s. has increased the competition against u.s. car manufacturers. what effect does this have on production costs and union wages?
The increase in the number of car manufacturers outside of the USA has increased the competition against USA car manufacturers has led to decrease production costs and union wages.
Production cost- Production costs include all direct and indirect costs incurred by businesses when producing a product or providing a service. Labor, raw materials, consumable manufacturing supplies, and general overhead are all examples of production costs.
Manufacturing costs are the total of all resources used in the production of a product. Direct materials cost, direct labor cost, and manufacturing overhead are the three categories of manufacturing costs. It contributes to the overall delivery cost.
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which of the following is a channel partner that provides a distribution outlet or link for a company's products and services?
Transactional is a channel partner that provides a distribution outlet or link for a company's products and services.
A channel partner is a business that collaborates with another organization to advertise or sell its services, goods, or technology, such as a reseller, service provider, vendor, retailer, or agent.
To put it briefly, channel partners can offer a quick route to profitability when entering new markets. They increase your total brand recognition among new audiences, which subsequently helps your direct sales.
Value-added resellers (VARs), systems integrators, consultants, managed service providers (MSPs), first-party hardware vendors (OEMs), distributors, and independent software suppliers are examples of channel partners.
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For a certain firm, the marginal revenue product for the last unit of labor is $60, and the marginal revenue product for the last unit of capital is $100. Which of the following combinations of factor prices would be necessary for the firm to maximize profits?
Price of Labor Price of Capital
a) $2 $5
b) $3 $20
c) $10 $10
d) $2 $25
e) $60 $100
Option E is the correct answer. A combination of $60 and $100 will be used to maximize profits.
In the question, it is stated that the marginal revenue product of a firm for the last unit of labor is $60. Also, the marginal revenue product for the last unit of Capital is $100. Then a combination of the price of labor as $60 and the price of capital as $100 would be necessary prices to maximize profits.
Marginal Revenue can be described as the increase in revenue that results from the sale of one additional unit of output to the sales.
Hence, the correct answer is Option E.
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3. think about zara's sourcing (procurement) decisions. what issues would you consider in deciding whether to produce a garment locally (in spain) or outsource it (to china)?
by zara's sourcing (procurement) decisions ,Employment would be a major consideration. Local garment sourcing will increase local job opportunities and can help the national economy.
Zara's product sourcing method is very different from traditional fashion industry methods because the company controls every step of the supply chain. Instead of hiring an outside designer, the company employs 300 in-house designers and heavily relies on store managers for input. Sourcing is an upstream component of the supply chain: it is the process of strategically selecting the services and goods that a company requires to run its operations. Sourcing is also the act of purchasing goods, which includes seller selection, contract negotiation, and measuring your suppliers' long-term performance.
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Cainas Cookies declares a $10,000 on 10/1/19 for all shareholders of record on 10/31/19, to be paid on 12/31/19. Journal entries are required on: a. 10/1/19 b. 10/1/19 and 10/31/19 c. 10/1/19 and 12/31/19 d. 10/1/19, 10/31/19 and 12/31/19
According to the question Debit: Retained earnings (Dividends) and Credit: Dividends Payable.
What is a debit and credit?
Debits and credits indicate where value is flowing into and out of a business. They must be equal to keep a company's books in balance. Debits increase the value of asset, expense and loss accounts. Credits increase the value of liability, equity, revenue and gain accounts.
What are the 5 rules of debit and credit?
Rules of Debits and Credits: Assets are increased by debits and decreased by credits. Liabilities are increased by credits and decreased by debits. Equity accounts are increased by credits and decreased by debits. Revenues are increased by credits and decreased by debits.
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Milton corporation gives the preferred stockholders an annual dividend of $5 per share. Each share of stock sells for $100 and selling costs of $3. What is the company's cost of preferred stock? (round the answer to two decimal places. ).
The Milton corporation's cost of preferred stock would be 5.2%.
What is the preferred stock?A component of share capital known as preferred stock is often regarded as a hybrid instrument since it might have any combination of characteristics that common stock does not, including characteristics of both an equity and a debt instrument.
Computation of cost of preferred stock:
According to the given information,
Annual dividend per share = $5
Selling price of preferred stock = $100
Flotation cost per share = $3
By using the concept of flotation cost, The Company's cost of preferred stock:
Cost of Preferred Stock = Dividend per share/(Selling price—Flotation cost per share)
Cost of Preferred Stock = $5/($100 – $3)
Cost of Preferred Stock = $5/$97
Cost of Preferred Stock = 0.052
Cost of Preferred Stock= 5.2%
The price of preferred shares will be $5 per $100, or 0.05 percent, if the cost of floating was not incurred during the present period.
Therefore, The cost of preferred shares for Milton Corporation would be 5.2%.
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The ability to identify errors before htey occur recycles scrap material, improves downstream inspections, and will promote profitability
a. True
b. False
The aforementioned claim is False. Profitability will undoubtedly not increase even if faults can be detected early on. This does not recycle waste material and does not improve downstream inspections.
Building a system to manage errorsThe development and execution of an error management system assumes that the executive management is fully on board with this project's plan to handle problems consistently. This is not always the case in reality because many business policies are involved and there may be good reasons to ignore some inaccuracies (e.g. because restructuring is pending).
How do companies deal with mistakes?Recognize Your Errors: The initial step is to own up to your error and accept responsibility.
Examine What Went Wrong: After you own up to your error, consider what went wrong. Examine the past to determine how the situation might have been handled differently.
Fix the Problem and Move Forward: After you've admitted your error and comprehended how it was made, it's time to resolve the issue at hand and move on.
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after the compliance officer for xyz internal medial group identifies a provider as an outlier or different vulnerabilities are identified with risk ratings, what is an important next step? a. perform an audit and a peer review. b. provide training and develop a corrective action plan. c. perform an audit and implement disciplinary actions. d. perform an audit and develop a corrective action plan.
The development of an audit and corrective action plan is a crucial next step once Carol, the compliance officer at XYZ Internal Medical Group, recognizes a provider as an outlier or after various vulnerabilities are found with risk ratings.
Are third party healthcare organizations, such billing offices, have to follow the OIG criteria for a compliance program?Every provider who works with Medicare, Medicaid, or both is subject to mandatory compliance obligations from the OIG and other organizations, in addition to an ACA requirement for a comprehensive compliance plan. The AdvantEdge compliance plan is based on the OIG Compliance Program Guidance for Third-Party Medical Billing Companies.
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which colormap would be best to use to show geographic regions that where sales increased or decreased by various amounts? diverging qualitative black and white sequential
a) Diverging colormap would be best to use to show geographic regions where sales increased or decreased by various amounts.
In the field of social studies, a colormap can be described as a map that varies in graphics to show features such as sales, projects, images, etc of a place.
A diverging colormap is used by people in a business to understand the sales and marketing of a specific geographic location.
Any sales that are increasing in this region is shown in grey color and any region that has decreasing sale is shown in white color.
A diverging colormap helps in estimating the sales of a product that can be made in an area.
The question will correctly be written as:
Which colormap would be best to use to show geographic regions that where sales increased or decreased by various amounts?
a) diverging
b) qualitative black
c) white sequential
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All else equal, a nonqualified deferred compensation plan is preferable from a tax perspective when the employee anticipates that her marginal tax rate will be higher when she receives the deferred compensation than when she defers receiving the compensation. True/False
False. When an employee believes that her marginal tax rate will be greater when she receives the deferred pay than when she defers receiving it, a nonqualified deferred remuneration is desirable from a tax standpoint.
Corporate leaders can delay a substantially bigger amount of their pay under NQDC schemes, as well as the associated taxes until the deferred is paid. Only if you have exhausted all of your qualifying plan choices should you think about contributing to a corporate NQDC plan.
A nonqualified deferred compensation package is a sort of retirement arrangement that enables a restricted group of highly compensated workers to benefit from tax advantages by delaying a higher proportion of their pay than is permitted under an IRS-approved qualified retirement arrangement.
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morrisey company has two investment opportunities. both investments cost $5,100 and will provide the same total future cash inflows. the cash receipt schedule for each investment is given below: investment i investment ii period 1 $ 1,050 $ 1,050 period 2 1,050 2,060 period 3 2,050 3,070 period 4 4,080 2,050 total $ 8,230 $ 8,230 what is the net present value of investment ii assuming an 10% minimum rate of return? (pv of $1 and pva of $1)
The net present value of investment ii assuming an 10% minimum rate of return will be $9201.
How is the net present value of an investment determined?NPV is calculated as Cash flow / I + t) - initial investment.
NPV = Today's value of the invested funds minus the projected cash flows.
ROI is calculated as follows: Total Costs / Total Benefits.
NPV=CF11+I+CF2(1+I)2+CF3(1+I)3+CF4(1+I)4−Initial investment NPV=$1,0001 + 8% + $2,000(1+8%)2 + $3,000(1+8%)3 + $2,000(1+8%)4 −$5,500
NPV=$9201.
What do you mean by investments?Making an investment entails using money now in the hopes that it will appreciate later. An investment is putting capital to use, such as time, money, effort, etc., with the hope of receiving a larger return than what was initially invested.
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when selling the product requires a long selling cycle with a few large sates and considerable time to develop relationships, the compensation system should
When selling the product requires a long selling cycle with a few large sates and considerable time to develop relationships, the compensation system should securing and keeping sales representatives.
What is compensation?
The phrase "compensation" describes something that is provided to a person in exchange for property lost or for injuries sustained on the job. They may be in the form of monetary or intangible remuneration. Employee motivation and productive work are greatly influenced by compensation,
Bonuses, commissions, overtime pay, profit sharing, stock options, and other monetary types of remuneration are examples. Retirement and employment services, health insurance, paid time off, paid holidays, and pension plans are a few examples of non-financial kinds of compensation. Every business requires a pay plan to organise and strategize how they can entice and keep top people while also allowing them to budget effectively.
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Job Costs Using a Plantwide Overhead Rate
Perrin Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $385,000, and budgeted direct labor hours were 22,000. The average wage rate for direct labor is expected to be $35 per hour. During June, Perrin Company worked on four jobs. Data relating to these four jobs follow:
Job 39 Job 40 Job 41 Job 42
Beginning balance $23,300 $32,700 $15,000 $1,700
Materials requisitioned 18,600 20,800 10,500 15,800
Direct labor cost 9,700 17,900 5,150 6,700
Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 115 percent of cost. Job 40 is the only job in Finished Goods Inventory and will remain there until the customer accepts delivery and pays. Jobs 41 and 42 remain unfinished at the end of the month.
Required:
1. Calculate the balance in Work in Process as of June 30.
$fill in the blank 1
2. Calculate the balance in Finished Goods as of June 30.
$fill in the blank 2
3. Calculate the cost of goods sold for June.
$fill in the blank 3
4. Calculate the price charged for Job 39. Round your answer to two decimal places.
$fill in the blank 4
5. What if the customer for Job 40 was able to pay for the job by June 30? What would happen to the balance in Finished Goods?
Finished Goods would decrease
What would happen to the balance of Cost of Goods Sold?
Cost of Goods Sold would increase
A Begining Balance 15,000 1,700
B Material Requisitioned 10,500 15,800
C Direct labour cost 5,150 6,700
D= C x 50% Overhead Cost 2,575 3,350
Work in Progress cost 33,225 27,550
Total Work in Progress to be shown as on 30th June = 33,225 + 27,550 = 60,775.
Work or labor (or labour in British English) is intentional activity people perform to support the needs and wants of themselves, others, or a wider community.[1] In the context of economics, work can be viewed as the human activity that contributes (along with other factors of production) towards the goods and services within an economy.[2]
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you want to have $35,000 in cash to buy a car 4 years from today. you expect to earn 8 percent, compounded annually, on your savings. how much do you need to deposit today i
Given
Total =$35,000 ,tenure=4, rate=8
Principal = 35,000 / 1.36048896
Principal = 25,726.04
In order to have 35,000 in four years, you would need to deposit $25,762.04 at an interest rate of 8%.
How do you define "deposit"?A deposit is the act of giving money (or money equivalents) to an organization, most frequently a bank or other financial institution. The deposit is a credit for the party that made it (individually or as a group), and it can be refunded (withdrawn) in line with the conditions set forth at the time of deposit, transferred to another party, or applied to a future purchase.
The primary source of funding for banks is typically deposits.
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often wages of workers with the same skill but employed in different jobs differ because the characteristics of the jobs differ. this is an example of: group of answer choices discrimination. market failure. a compensating wage differential. bad managerial practices.
Often, the wages of workers with the same skill but employed in different jobs differ because the characteristics of the jobs differ, this is an example of compensating wage. The Option C is correct.
What is a compensating wage?Also called a wage differential, in labour economics, is used to analyze the relation between the wage rate and the unpleasantness, risk, or other undesirable attributes of a particular job.
The difference in wage means the additional amount of income that a given worker must be offered in order to motivate them to accept a given undesirable job, relative to other jobs that worker could perform.
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the cost of depleted inventory for a cocktail is $0.74 and the selling price is $3.75. what is the pour cost percentage?
If the cost of depleted inventory for a cocktail is $0.74 and the selling price is $3.75 the pour cost percentage will be 19.7%
Depletion is an accrual accounting method for allocating the cost of obtaining natural resources from the earth, including lumber, minerals, and oil. In business inventory depletion is a non-cash expense, similar to depreciation and amortization, that gradually reduces an asset's cost value through regular charges to income.
The pour cost of a bar is the ratio of the price of the beverages to the money the bar makes from selling them. It is a means to calculate the bar's gross profit margin on its merchandise.
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for a demand of 2000, what order quantity will result in a breakeven profit? what will happen to the profit if more than this quantity is ordered? hint: use goal seek
If more than this quantity is ordered, the profit will increase.
To answer this question, we need to use the goal seek function in Excel. The goal seeks function allows us to determine the order quantity that will result in a breakeven profit. To do this, we set our goal as “0” (for breakeven) and then input our demand of 2000. The goal seeks function will then calculate the order quantity that will result in a breakeven profit.
If more than this quantity is ordered, the profit will increase. The increase in profit will be proportional to the increase in order quantity.
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findus foods company produced 370,000 units and sold 310,000 units at a sales price of $50 per unit. there were no units in beginning inventory. cost information for this period is shown in the following table: production costs costs direct materials $2.00 per unit direct labor $.80 per unit variable overhead $814,000 in total fixed overhead $481,000 in total non production costs variable selling and administrative $78,000 in total fixed selling and administrative $210,000 in total what is net income under variable costing?
Absorption Costing
Calculation of Product Cost
Particulars Amount
Direct Materials ( 370,000* $ 2.00 per unit) 740,000
Direct Labour ( 370,000 * 0.80 per unit) 296,000
Variable Overhead 814,000
Fixed Overhead 481,000
Total Product Cost 2,331,000
(/) Units produced 370,000 units
Per unit product cost $ 6.3 per unit
Calculation of Net Income
Particulars Amount
Sales ( 310,000 * $ 50 per unit) 15,500,000
Less: Variable Cost
Cost of Goods Sold ( 310,000 * $6.3) 1,953,000
Variable Selling & Administrative Cost 78,000
Contribution Margin 13,469,000
Less : Fixed Selling & Administrative 210,000
Net Income 13,259,000
Thus, Product Cost as per Absorption Costing Method is $ 6.3 per unit.
Net Income as per Absorption Costing Method is $ 13,259,000.
Variable Costing Method
Product Cost as per Variable Costing Method is $ 5 per unit.
Net Income as per Variable Costing Method is $ 13,181,000.
Calculations are provided as follows:
Calculation of Product Cost
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