Answer:
Elasticity of supply for dog food = 0.95
Explanation:
From the question, we have:
New quantity supplied of dog food = 107.0
Old quantity supplied of dog food = Initial equilibrium quantity = 21.0
New price = $8.75
Old price = Initial equilibrium price = $1.50
Generally, the formula for calculating the elasticity of supply is as
follows:
Elasticity of supply = Percentage change in quantity supplied / Percentage change in price ................ (1)
Where, based on the midpoint formula, we have:
Percentage change in quantity supplied of dog food = {(New quantity supplied of dog food - Old quantity supplied of dog food) / [(New quantity supplied of dog food + Old quantity supplied of dog food) / 2]} * 100 = {(107.0 - 21.0) / [(107.0 + 21.0) / 2]} * 100 = 134.375%
Percentage change in price = {(New price - Old price) / [(New price + Old price) / 2]} * 100 = {(8.75 - 1.50) / [(8.75 + 1.50) / 2]} * 100 = 141.463414634146%
Substituting the values into equation (1), we have:
Elasticity of supply for dog food = 134.375% / 141.463414634146% = 0.94989224137931
Approximated to 2 decimal places, we have:
Elasticity of supply for dog food = 0.95
After discontinuing the ordinary business operations and closing the accounts on May 7, the ledger of the partnership of Anna, Brian, and Cole indicated the following:
Cash 7,500
Noncash assets 105,000
Liabilities 27,500
Anna capital 45,000
Brian capital 15,000
Cole capital 25,000
112,500 112,500
The partners share net income and losses in the ratio of 3:2:1. Between May 7-30, the noncash assets were sold for 150,000, the liabilities were paid, and the remaining cash was distributed to the partners.
(A) Prepare a statement of partnership liquidation.
(B) Assume the facts as in (A) except that noncash assets were sold for 45,000 and any partner with a capital deficiency pays the amount of the deficiency to the partnership, prepare a statement of partner liquidation
Answer:
The Partnership of Anna, Brian, and Cole
A) Statement of Partnership Liquidation:
Available cash for distribution = $157,500
Payment of liabilities = 27,500
Cash available for distribution $130,000
Distribution to partners:
Anna 67,500
Brian 30,000
Cole 32,500
Total distributed $130,000
B) Statement of Partnership Liquidation:
Available cash for distribution = $52,500
Payment of liabilities = 27,500
Cash available for distribution $25,000
Capital accounts balances = 85,000
Deficiency = $60,000
Distribution of deficiency to partners:
Anna 3/6 30,000
Brian 20,000
Cole 10,000
Total distributed $60,000
Explanation:
a) Data and Calculations:
Cash 7,500
Noncash assets 105,000
Total assets 112,500
Liabilities 27,500
Anna capital 45,000
Brian capital 15,000
Cole capital 25,000
112,500
Profit sharing ratio = 3:2:1
Sales proceeds from noncash assets = $150,000
Total cash available = $157,500 ($150,000 + 7,500)
Total capital repaid $85,000
Balance to be redistributed: $45,000
Partners Excess Capital Total
Anna 3/6 22,500 45,000 $67,500
Brian 2/6 15,000 15,000 30,000
Cole 1/6 7,500 25,000 32,500
Project X and project Y have the same number of activities (500 activities each). Project X has 25 critical paths and project Y has 3 critical paths through the network. As a result, project X has several more activities in the critical paths than that of project Y. Which project will most likely be harder to manage (i.e., completing the project on-time by the due date) for the project manager
Answer:
Project X
Explanation:
Project X is going to be more difficult for the manager to manage. This is because X has many critical paths which are multiple compared to that of project Y.
More of these critical paths means that there would be a reduction in the likelihood of the project being successful. These critical paths and activities can affect the date of completion that was planned for the project. A project like X can be time consuming and expensive for the manager
Khaled is a preschool teacher working at a public school, but he is considering quitting his job to start a daycare facility of his own. Indicate which of the four types of interdependency is most relevant to each factor in Khaled's decision. Use the market for daycare facilities as Khaled's market of interest.
A. Khaled knows there are few daycare facilities in the area, but many families looking for daycare.
B. An increase in graduation rates for teachers saturates the market for preschool teachers. This decreases the wages of teachers.
C. If Khaled opens his own facility, he will be responsible for taxes, insurance, licensing, and facility upkeep, among other things. However, as a teacher Khaled will only need to keep up his teaching license. In addition, Khaled will not be able to take a long vacation in the summer if he runs a daycare center.
D. Khaled is up for a raise in the next 6 months at his teaching job.
It should be noted that since Khaled knows there are few daycare facilities in the area, but many families looking for daycare, this illustrates an example of dependencies between people or business in the same market.
Interdependencies.It should be noted that an increase in graduation rates for teachers saturates the market for preschool teachers. This decreases the wage of teachers is an example of dependencies between markets.
In a scenario where Khaled opens his own facility, he will be responsible for taxes, insurance, licensing, and facility upkeep, among other things. However, as a teacher Khaled will only need to keep up his teaching license but will not be able to take a long vacation in the summer if he runs a daycare center, this is dependencies between each of your individual choices.
Lastly, when Khaled is up for a raise in the next 6 months at his teaching job, this scenario is an example of dependencies through time.
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Match each term with the best definition given blow. Note: Not all definitions will be used.
a. A detailed record of costs incurred to complete a specific job.
b. A source document that shows how a worker spent time each week.
c. An accounting system used by companies to make standardized or homogeneous products or services.
d. An accounting system used by companies that offer customized or unique products or services.
c. Major inputs that can be directly and easily traced to a product, job or service.
d. Hands-on work that goes into producing a product, job or service.
e. Costs not easily traceable to producing a product, job or service.
f. The amount of actual overhead is greater than the applied overhead.
g. A form that lists the quantity of direct materials to be used in a job.
h. Indirect costs that are allocated to each job.
i. Estimated manufacturing overhead divided by estimated cost driver.
j. A measure that causes or influences the incurrence of a cost.
k. Total cost divided by units produced.
l. The amount of actual overhead is less than the applied overhead.
m. Actual direct materials plus actual direct labor plus applied manufacturing overhead
1. Allocation Base
2. Direct Labor Time
3. Ticket Indirect Costs
4. Job Coat Shoot
5. Job Order Costing
6. Materials Requisition Form
7. Overapplied Overhead
8. Underapplied Overhead
9. Prodelarmined Overhead
10. Rate Process Casting
Answer:
1. Allocation Base
Definition: A measure that causes or influences the incurrence of a cost.
2. Direct Labor Time
Definition: A source document that shows how a worker spent time each week.
3. Ticket Indirect Costs
Definition: Costs not easily traceable to producing a product, job or service.
4. Job Coat Shoot
Definition: A detailed record of costs incurred to complete a specific job.
5. Job Order Costing
Definition: An accounting system used by companies that offer customized or unique products or services.
6. Materials Requisition Form
Definition: A form that lists the quantity of direct materials to be used in a job.
7. Overapplied Overhead
Definition: The amount of actual overhead is less than the applied overhead.
8. Underapplied Overhead
Definition: The amount of actual overhead is greater than the applied overhead.
9. Predetermined Overhead
Definition: Estimated manufacturing overhead divided by estimated cost driver.
10. Rate Process Costing
Definition: An accounting system used by companies to make standardized or homogeneous products or services.
38. Mary Catherine, an international student from Ireland, has a Form W-2 that shows amounts withheld for Social Security and Medicare taxes. Mary Catherine is an F-1 student who first arrived in the U.S. in 2018. What form should Mary Catherine use to claim a refund of her Social Security and Medicare taxes withheld
Answer: Form 843
Explanation:
As a taxpayer, Mary can use Form 843 to claim a refund of her Social Security taxes. First she tried to obtain the refund through her employer and should this fail, she should fill out a form 843 and submit it to get help on the claim.
The form can also be used to get an abatement on FUTA taxes as well as a refund of interest, penalties, or additions to taxes.
1. Briefly describe laissez-faire economic policies in the Gilded Age.
2. Briefly explain one effect of laissez-faire economic policies in the Gilded Age.
3. Briefly describe one key historical similarity or difference between laissez-faire economic policies in the Gilded Age and economic policies in the Jacksonian Era.
Answer:
1. The Gilded Age is referred to as the period between 1870 and the early 1900s. It was an era characterized by rapid industrialization, laissez-faire capitalism, and zero income tax. Capitalists resisted government intervention and Captains of industry like John D. Rockefeller and Andrew Carnegie made fortunes.
The government on the other hand began to seriously shape labor policies
The Laissez-Faire (which is derived from the french word let them be or let them do what they want) was a combination of free-market ideologies, limited government intervention, and social Darwinism.
The liberals also resisted the government's initiatives to made lives better for citizens. They believed that by intervening in the social condition of people, they (especially the African Americans) would not be able to attain their full economic potential which can only be done through competition
Another policy that they imbibed was one that promoted the ability of the individual and the business owner to freely enter into labor agreements
2. These liberal policies enabled businesses within that region to expand as entrepreneurs were able to take more risks and invest within the economy
It provided people with the greatest incentive for capitalists to create wealth. This is one of the reasons the economic boom happened.
3. One major similarity between the economic policies in the Jacksonian Era and those of the Gilded Age is that they both promoted liberal trade.
One major feature of the Jacksonian economy is that it triggered a high level of the inflationary boom between 1832 and 1837. This inflationary condition is said to be the fall out of mismanaged policies throughout the administration of President Andrew Jackson.
Cheers
The brief description of the laissez-faire economic policies in the Gilded Age is:
There was free market policies which enabled the people do what they wanted. Social DarwinismLimited government interventionBrief explanation one effect of laissez-faire economic policies in the Gilded Age is:
It enhanced economic progressMany capitalists got wealthy
One key historical similarity or difference between laissez-faire economic policies in the Gilded Age and economic policies in the Jacksonian Era is:
They promoted Liberal trade. Gilded AgeThis was characterized with technological advancement which also led to favourable economic policies which brought great economic prosperity to the people.
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The Fourth Amendment protects an individual from ______.
testifying against himself in court
unreasonable searches and seizures
arrest
all searches and seizures
Xie Company identified the following activities, costs, and activity drivers for this year. The company manufactures two types of go-karts: Deluxe and Basic. Activity Expected Costs Expected Activity Handling materials $ 625,000 100,000 parts Inspecting product 900,000 1,500 batches Processing purchase orders 105,000 700 orders Paying suppliers 175,000 500 invoices Insuring the factory 300,000 40,000 square feet Designing packaging 75,000 2 models Required: 1. Compute a single plantwide overhead rate for the year, assuming that the company assigns overhead based on 125,000 budgeted direct labor hours. 2. In January of this year, the Deluxe model required 2,500 direct labor hours and the basic model required 6,000 di
Answer:
Results are below.
Explanation:
First, we need to calculate the plantwide predetermine manufacturing overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
total estimated overhead costs for the period= (625,000 + 900,000 + 105,000 + 175,000 + 300,000 + 75,000)
total estimated overhead costs for the period= $2,180,000
Predetermined manufacturing overhead rate= 2,180,000 / 125,000
Predetermined manufacturing overhead rate= $17.44 per direct labor hour
Now, we can allocate overhead to each product line:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Deluxe:
Allocated MOH= 17.44*2,500
Allocated MOH= $43,600
Basic:
Allocated MOH= 17.44*6,000
Allocated MOH= $104,640
Qtr5g66677
Math problem
Answer:
The dot over a number signifies that it is a repeater which would go on for ever, as when we endeavor to describe 1/3 decimally as 0.33333 . . . . (etc)
With a series of numbers we place the dot over the first and last, as with 0.97979797979 . . . (etc)
The remarkable feature being that a proper fraction divided by 9s e.g. 46/99 is exactly equal to the numerator with the repeater sign followed by the decimal.
Boxer Company owned 24,000 shares of King Company that were purchased in 2019 for $350,000. On May 1, 2021, Boxer declared a property dividend of 1 share of King for every 10 shares of Boxer stock. On that date, there were 46,000 shares of Boxer stock outstanding. The market price of the King stock was $20 per share on the date of declaration and $39 per share on the date of distribution. By how much is retained earnings reduced by the property dividend
Answer:
$92,000
Explanation:
Calculation for By how much is retained earnings reduced by the property dividend
Using this formula
Reduction in Retained earnings=(Boxer stock outstanding/Declared property dividend )×King stock market price)
Let plug in the formula
Reduction in Retained earnings=(46,000/10 shares ) x $20
Reduction in Retained earnings= $92,000
Therefore By how much is retained earnings reduced by the property dividend is $92,000
A manufacturer of programmable calculators is attempting to determine a reasonable free- service period for a model it will introduce shortly. The manager of product testing has indicated that the calculators have an expected life of 30 months. Assume product life can be described by an exponential distribution.
a. If service contracts are offered for the expected life of the calculator, what percentage of those sold would be expected to fail during the service period?
b. What service period would result in a failure rate of approximately 10 percent?
Answer:
a. P(failure before T) = 1 - e^(-(T/MTBF)).................(1)
Where e = value obtained from table, T = Length of service before failure, MTBF = 30, Mean time before failure = 30 months
P = 1 - e^(-(T/MTBF))
P = 1 - e^(-(30/30))
P = 1 - 0.3679
P = 0.6321
So, 63.21% of sold product would all during the service period if service contracts are offered for expected life of the calculator
b. Here, the value of P is given. P = 10% = 0.10
1 - e^(-(T/MTBF)) = 0.10
e^(-(T/30) = 0.90
T/30 = 0.10
T = 0.10*30
T = 3 months
So, the service period would be 3 month that result in failure rate of 10%
Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $437,500, and budgeted direct labor hours were 25,000. The average wage rate for direct labor is expected to be $35 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Job 39 Job 40 Job 41 Job 42 Beginning balance $25,100 $35,500 $16,500 $0 Materials requisitioned 20,000 23,400 8,800 13,800 Direct labor cost 11,100 20,500 3,450 4,700 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. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) 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 the nearest cent. $fill in the blank 4 5. What if the customer for Job 40 was able to pay for the job by June 30
Answer:
Naranjo Company
1. Balance in Work in Process as of June 30:
= $51,325
2. Balance in Finished Goods as of June 30:
= $89,650
3. Cost of goods sold for June:
= $61,750
4. Price charged for Job 39
= $71,012.50 ($61,750 * 115%)
5. If the customer for Job 40 was able to pay for the job by June 30, there will be zero balance in the Finished Goods Inventory while the cost of goods sold will increase to $151,400.
Explanation:
a) Data and Calculations:
Budgeted overhead for the year = $437,500
Budgeted direct labor hours = 25,000
Average wage rate for direct labor = $35
Budgeted direct labor costs = $875,000 (25,000*$35)
Job 39 Job 40 Job 41 Job 42 Total
Beginning balance $25,100 $35,500 $16,500 $0 $77,100
Materials requisitioned 20,000 23,400 8,800 13,800 66,000
Direct labor cost 11,100 20,500 3,450 4,700 39,750
Overhead cost 5,550 10,250 1,725 2,350 19,875
Total costs $61,750 $89,650 $30,475 $20,850 $202,725
Overhead Rate based on a percentage of direct labor
= Estimated overhead /Budgeted direct labor cost * 100
= $437,500/$875,000 * 100 = 50%
Balance in Work in Process as of June 30:
Job 41 $30,475
Job 42 $20,850
Total $51,325
The predetermined overhead allocation rate is calculated by dividing ________. A) the estimated overhead costs by total estimated quantity of the overhead allocation base B) the total estimated overhead costs by total number of days in a year C) the estimated amount of cost driver by actual total overhead costs D) the actual overhead costs by actual amount of the cost driver or allocation base
Once you purchase a house. It typically appreciates in value. Appreciation is
A. an increase in value
B. stability in value
C. polite
D. a decrease in value
Answer:
A.
Explanation:
Appreciation means that something increases in value therefore it is A.
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000 of personal cash to the partnership. Rosen owns land worth $10,000 and a small building worth $75,000, which she transfers to the partnership. Toso transfers to the partnership cash of $10,000, accounts recevable of $27,000 and equipment worth $14,000. The partnership expects to collect $24,300 of the accounts receivable.
Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
(To record investment of Decker.)
(To record investment of Rosen.)
(To record investment of Toso.)
What amount would be reported as total owner's equity immediately after the investment?
Total owner's equity$_______
Answer:
to record Decker's investment:
Dr Cash 45000
Cr Decker, Capital 45000
to record Rosen's investment:
Dr Land 10,000
Dr Building 75,000
Cr Rosen, Capital 85,000
to record Toso's investment:
Dr Cash 10,000
Dr Accounts Receivable 27,000
Dr Equipment 14,000
Cr Allowance for Doubtful Accounts 2,700
Cr Toso, Capital 48,300
total owners' equity = $178,300
At the beginning of fiscal 2014, Standard Rate Company acquired a small savings and loan association for $68 million. The book value of the assets of the acquired company were $174 million, its liabilities $115 million. An appraiser determined that the acquiree's land had a fair value of $2 million in excess of its net book value. Standard Rate also determined that the acquiree had an unrecorded liability of $4.5 million relating to a lawsuit. The book value of all other assets and liabilities approximated fair value. What did Standard Rate Company record as goodwill for this acquisition
Answer:
$11,500,000
Explanation:
Particulars Amount'million
Book value of the assets of the acquired company $174
Add: Fair value in excess of its net book value $2
Less: Liabilities $115
Less: Unrecorded liability relating to a lawsuit $4.50
Less: Acquisition Cost of the company $68
Goodwill $11.50
Cover Me, Inc. sells umbrellas in three cities. Management assumes that annual rainfall is the primary determinant of umbrella sales, and it wants to generate a linear regression equation to estimate potential sales in other cities. Given the data below, what is the estimated amount of sales for 96 inches of rain utilizing a linear regression equation? Round to nearest whole number.
Rainfall in X Sales in Dollars of Umbrellas
City A 35 2800
City B 30 2000
City C 12 800
Answer:
7602.28
Explanation:
Given the data:
Rainfall in X Sales in Dollars of Umbrellas
City A 35 2800
City B 30 2000
City C 12 800
Using the linear regression calculator :
The linear model obtained for the data is :
y = - 226.424 + 81.549x
Using the model, the predicted sales for 96 inches of rain will be:
X = 96
y = - 226.424 + 81.549(96)
The predicted sales is 7602.28
Mr. Smith decides to feed his pet Doberman pinscher a combination of two dog foods. Each can of brand A contains units of protein, 1 unit of carbohydrates, and 2 units of fat and costs cents. Each can of brand B contains 1 unit of protein, 1 unit of carbohydrates, and units of fat and costs cents. Mr. Smith feels that each day his dog should have at least units of protein, units of carbohydrates, and units of fat. How many cans of each dog food should he give to his dog each day to provide the minimum requirements at the least cost? Mr. Smith should give his dog nothing can(s) of brand A and nothing can(s) of brand B to provide the minimum requirements at the least cost.
Answer:
hello your question is incomplete below is the complete question
Mr. Smith decides to feed his pet Doberman pinscher a combination of two dog foods. Each can of brand A contains 3 units of protein, 1 unit of carbohydrates, and 2 units of fat and costs 80 cents. Each can of brand B contains 1 unit of protein, 1 unit of carbohydrates, and 6 units of fat and costs 50 cents. Mr. Smith feels that each day his dog should have at least 6 units of protein, 4 units of carbohydrates, and 12 units of fat. How many cans of each dog food should he give to his dog each day to provide the minimum requirements at the least cost? *Mr. Smith should give his dog ___ can(s) of brand A and ___ can(s) of brand B
answer : 1.5 cans of brand A and 1.5 cans of brand B
Explanation:
Food A contains :
3 units of protein , 1 unit of carbohydrates, 2 units of fat
cost of food A = 80 cents
Food B contains :
1 unit of protein , 1 unit of carbohydrates, 6 units of fat
cost of food B = 50 cents
minimum ingredients required in the dog food daily
6 units of protein , 4 units of carbohydrates, 12 units of fat
In order to achieve the minimum/least cost of 195 cent. Mr. smith should give his dog 1.5 cans of Brand A and 1.5 can of brand B
attached below is the detailed solution
Premium Co. produces park benches. A customer has offered Premium Co. $700 per unit for 100 units. The normal selling price is $850 per bench. To fill the order, Chris would incur unit-level costs of $500 per unit and batch-level costs of $15,000. Premium Co. also incurred $20,000 of product-level costs to design the bench and $200,000 of facility-level costs. Based on the differential revenues and costs, Premium Co. should ______ the special order.
Answer:
See below
Explanation:
Customer's cost = $700 × 100 units = $70,000
Normal selling price = $850 × 100 units = $85,000
Premium Co's cost = ($500 × 100 units) + $15,000 + ($20,000 × 100 units) + $200,000
= $50,000 + $15,000 + $2,000,000 + $200,000
= $2,265,000
The differential cost(customer offering) is therefore
= $2,265,000 - $70,000
= $2,195,000
The differential cost(selling) is
= $2,265,000 - $85,000
= $2,180,000
Premium Co. should by the order.
Yes, premium co. should accept the order because it will increase profit by $5,000".
Revenue based problem:Computation:
Additional revenue = [$700][100]
Additional revenue = $70,000
Cost of special order = [(500)(100) + (15000)]
Cost of special order = 50000 + 15000
Cost of special order = 65,000
Additional profit = 70,000 - 65,000
Additional profit = $5,000
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___________People who pay cash for everything they buy get loans easily.
Answer:
False.
Explanation:
A loan can be defined as an amount of money that is being borrowed from a lender and it is expected to be paid back at an agreed date with interest.
Generally, the financial institution such as a bank lending out the sum of money usually requires that borrower provides a collateral which would be taken over in the event that the borrower defaults (fails) in the repayment of the loan.
A credit score can be defined as a numerical expression between 300 - 850 that represents an individual's financial history and credit worthiness. Therefore, a credit score determines the ability of a borrower to obtain a loan from a lender.
This ultimately implies that, the higher your credit score, the higher and better it is to obtain a loan from a potential lender. A credit score ranging from 670 to 739 is considered to be a good credit score while a credit score of 740 to 799 is better and a credit score of 800 to 850 is considered to be excellent.
In conclusion, people who pay cash for everything they buy do not get loans easily. Instead, loans are given based on credit score.
The following events took place at a manufacturing company for the current year:
a. Purchased $95,900 in direct materials.
b. Incurred labor costs as follows:
1. direct, $56,900
2. indirect, $14,500.
c. Other manufacturing overhead was $107,900, excluding indirect labor.
d. Transferred 80% of the materials to the manufacturing assembly line.
e. Completed 65% of the Work-in-Process during the year.
f. Sold 85% of the completed goods.
g. There were no beginning inventories.
Required:
What is the value of the ending Work-in-Process Inventory?
Answer:
The ending Work-in-Process Inventory is:
= $89,600.
Explanation:
a) Data and Calculations:
Purchases of direct materials = $95,900
Materials used (80% of $95,900) $76,720
Direct labor incurred = 56,900
Overhead costs:
Indirect labor incurred = 14,500
Other overhead costs 107,900 122,400
Total production costs $256,020
Cost of goods completed = 166,413
Ending Work in Process = $89,607
Cost of goods completed = $166,413
Cost of goods sold = 85% of $166,413 = $141,451
Ending Finished goods inventory = $24,962
The following data have been recorded for recently completed Job 450 on its job cost sheet. Direct materials cost was $3,044. A total of 46 direct labor-hours and 104 machine-hours were worked on the job. The direct labor wage rate is $15 per labor-hour. The Corporation applies manufacturing overhead on the basis of machine-hours. The predetermined overhead rate is $13 per machine-hour. The total cost for the job on its job cost sheet would be:__________
a. $11,492
b. $6,722
c. $6,303
d. $9,347
The correct options are
A)$4,332B)$3,734C)$3,072D)$5,086
Answer:
$5086
Explanation:
Total cost is defined as the amount spent in a production process which involves variable cost such as labour and raw materials which change with volume of production.
In addition fixed cost that remain constant with volume of production are also considered as part of total cost.
In the give scenario
Direct materials is $3,044
Direct labour cost is $15 * 46 = $690
Machine use cost $13 * 104 = $1,352
Total cost = 3,044 + 690 + 1,352 = $5,086
Novak Hardware reported cost of goods sold as follows. 2022 2021 Beginning inventory $ 34,500 $ 21,000 Cost of goods purchased 177,000 155,000 Cost of goods available for sale 211,500 176,000 Less: Ending inventory 36,000 34,500 Cost of goods sold $175,500 $141,500 Novak made two errors: 1. 2021 ending inventory was overstated by $3,450. 2. 2022 ending inventory was understated by $6,350. Compute the correct cost of goods sold for each year.
Answer: See explanation
Explanation:
The correct cost of goods sold for 2021 will be:
= Beginning inventory + Cost of goods bought - Correct ending inventory
= 34500 + 177000 - 32550
= 178950
The correct cost of goods sold for 2022 will be:
= Beginning inventory + Cost of goods bought - Correct ending inventory
= 32550 + 155000 - 40850
= 146700
Note:
Correct ending inventory for 2021 will be: = Ending inventory - Overstated value
= 36000 - 3450
= 32550
Correct ending inventory for 2021 will be: = Ending inventory + Understated value
= 34500 + 6350
= 40850
Home Remodeling Inc. recently obtained a short-term bank loan from City National Bank. The bank required that certain credit information and pro forma financial statements be maintained through the life of the loan. In order to prepare the pro forma statements, Home Remodeling must forecast total overhead cost. The actual machine hours and overhead cost are presented below for the past six months. Month Overhead Cost Machine Hours January $ 3,320 1,340 February 3,620 1,460 March 3,056 1,220 April 3,350 1,300 May 3,450 1,300 June 3,580 1,370 Using the high-low method, unit variable overhead cost is calculated to be:
Answer:
Home Remodeling Inc.
Using the high-low method, the unit variable overhead cost is calculated to be:
= $2.35 per machine hour.
Explanation:
a) Data and Calculations:
Month Overhead Cost Machine Hours
January $ 3,320 1,340
February 3,620 1,460
March 3,056 1,220
April 3,350 1,300
May 3,450 1,300
June 3,580 1,370
Highest = February $3,620 1,460
Lowest = March $3,056 1,220
Difference = $ 564 240
Variable cost = $564/240 = $2.35
Using the February data, the fixed cost:
Variable cost = $2.35 * 1,460 = $3,431
Fixed cost = $3,620 - $3,431 = $189
Stock A has a beta of .68 and an expected return of 8.1 percent. Stock B has a beta of 1.42 and an expected return of 13.9 percent. Stock C has beta of 1.23 and an expected return of 12.4 percent. Stock D has a beta of 1.31 and an expected return of 12.6 percent. Stock E has a beta of .94 and an expected return of 9.8 percent. Which one of these stocks is the most accurately priced if the risk-free rate of return is 2.5 percent and the market risk premium is 8 percent
Answer:
Stock B is correctly priced
Explanation:
The expected return is shown below:
For stock A
= 2.5 + 0.68 × 8
= 7.94
For stock B
= 2.5 + 1.42 × 8
= 13.86
For stock C
= 2.5 + 1.23 × 8
= 12.34
For stock D
= 2.5 + 1.31 × 8
= 12.98
For stock E
= 2.5 + 0.94 × 8
= 10.02
So stock B is correctly priced
Breakdown on Daily Allowance
Name:
Р
Daily Allowance:
Less: Daily Expenses
Food
P
Fare
School Supplies
Recreation
Others
Total
P
Answer:
Name : Peter
Daily Allowance: $120
Less daily Expense:
Food $45
Fare $27
School Supplies $5
Recreation $15
Others $20
Total : $8 Savings.
Explanation:
Peter gets daily allowance of $120 for the work. He has daily expenses which he has to fund with his daily allowance. The peter has net saving of $8 everyday. The food and other running expenses are all funded with his daily allowance. The total for all the expense is $112. Net saving is $120 - $112 = $8.
During February, $186,500 was paid to creditors on account, and purchases on account were $201,400. Assuming the February 28 balance of Accounts Payable was $59,900, determine the account balance on February 1. $fill in the blank 1 b. On October 1, the accounts receivable account balance was $115,800. During October, $449,600 was collected from customers on account. Assuming the October 31 balance was $130,770, determine the fees billed to customers on account during October. $fill in the blank 2 c. On April 1, the cash account balance was $46,220. During April, cash receipts totaled $248,600 and the April 30 balance was $56,770. Determine the cash payments made during April. $fill in the blank 3
Answer:
1. Account balance on February 1:
= Payments made + Closing balance - Purchases
= 186,500 + 59,900 - 201,400
= $45,000
2. Fees billed to customers on account in October:
= Amount collected from customers + Closing balance - Opening balance
= 449,600 + 130,770 - 115,800
= $464,570
3. Cash payments in April:
= Opening balance + Cash receipts - Closing balance
= 46,220 + 248,600 - 56,770
= $238,050
Langler, Inc., is evaluating two capital projects. Langler has a capital budget of $50 million. Project P has an internal rate of return of 24% and a net present value of $5 million. Project Q has an internal rate of return of 18% and a net present value of $12 million. Project P will cost $15 million, and Project Q will cost $48 million. Based on this information, Langler should accept:
Answer: Project Q
Explanation:
If the company can accept only one project, they should accept Project Q because it has a higher net present value than Project P. This is because a higher Net Present value takes precedence to IRR as it discounts cashflows at the company's cost of capital and is already adjusted for cost.
With the company budget at $50 million, accepting Project Q which costs $48 million means that they will be unable to accept Project P. That is fine because Project Q as earlier mentioned, provides a higher NPV.
ZipCar auto parts store has $92,000 to invest in a project to detect and reduce insier theft in their stores. They have considering investing in one of two alternatives, identified as Y and Z. Z is the higher first-cost alternative, and the incremental initial investment between the two is $34,000 and will exhibit a rate of return of 20% per year. Z requires an investment of $92,000. They expect a rate of return on the S92000 investment of 34 percent. Answer the following questions:
(a) what is the size of the investment required in Y?, and,
(b) what is the rate of return on Y?
The size of the investment required in Y is________.
The rate of return on Y is__________.
Solution :
a). The investment size -- Y
As we know, Z has higher a first cost alternative and also the incremental difference is 34,000. Therefore, the investment of Y is lower than that of Z by 34,000. Thus, the investment of Y = $ 92,000 - $ 34,000
= $ 58,000
b). Rate of return for Y
The question also mentions that the incremental 34,000 returned only 20 % while Z cumulatively generated 34%
Therefore, 34,000 at the rate of 20% return = [tex]$34000 \times \frac{120}{100} = 40,800$[/tex]
92,000 at the rate of 34% return = [tex]$92000 \times \frac{134}{100} = 123,280$[/tex]
The difference between the 92,000 and 32,000 is the investment of Y i.e. 58,000. Thus we check the difference between the 40800 and 123280 to find out how much 58000 (Y's investment ) would have generated.
123480 - 40800 = 82,480
[tex]$\frac{82480}{58000}-1 = 0.420269$[/tex]
Therefore, the return of Y is 42.03%
Are mixed economies the same?why or why not
Answer:
The economic system is the set of practices and principles that regulate the production, trade, distribution and allocation of resources to production in a society, as well as deciding who will produce. It is not possible to consider economic systems purely from a commercial perspective. On the contrary, the most defining feature of economic systems should be of political and ideological origin. The opposite of this proposition is also true, that is, economics is the main factor shaping political approaches. Politics and economics are intertwined and inseparable. From this point of view, it seems the most appropriate method to classify political structures in the world on the basis of economy. A classification of economic systems that are currently or recently applied or whose effects continue can be made as follows.