Answer:
Product Owners focus on Features while Product Managers focus on Stories
Explanation:
Definition of Done can be regarded as
set of items that is been agreed on, which must be completed before any project under Execution can be regarded as been completed. It's when conditions or criteria that a product should be satisfied, accepted by user. Definition of done is crucial for quality to be ensured. Hence, the statement that characterizes the perspectives of the definition of done (DoD) is Product Owners focus on Features while Product Managers focus on Stories
Santa Monica adopted a rent control ordinance authorizing the Rent Control Board to set the amount of rents that could be charged. At a hearing before it, the board determined that McHugh was charging his tenants a rent higher than the maximum allowed. McHugh claimed that the action of the board was improper because there was no jury trial. Is McHugh correct
Answer:
No. McHugh is not correct.
Explanation:
A jury trial is not necessarily required in all cases. The Board is like a panel of judges who decide a case after preliminary investigations have been conducted and the facts established. Moreover, the case is a civil matter and not a criminal issue that would require the presence of a jury. It is not improper for a legally constituted board to hear a civil disobedience case and render a verdict, according to established rules.
A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situated in small towns and are open for only 8 hours a day, 5 days per week. Others are located in shopping malls and are open for longer hours. The analysts on the corporate staff would like to develop a model to show how a storeâs revenues depend on the number of hours that it is open. They have collected the following information from a sample of stores.
Hours of Operation Average Revenue ($)
40 5958
44 6662
48 6004
48 6011
60 7250
70 8632
72 6964
90 11097
100 9107
168 11498
Required:
a. Use a linear function to represent the relationship between revenue and operating hours and find the values of the parameters using the LSGRG solver that provide the best fit to the given data. What revenue does your model predict for 120 hours?
b. Suggest a two-parameter nonlinear model for the same relationship and find the parameters using the LSGRG solver that provide the best fit. What revenue does your model predict for 120 hours? Which if the models in (a) and (b) do you prefer and why?
Answer:
A.)
ŷ = 47.07049X + 4435.08375 ;
10084
B.)
y = - 9964.5212 + 4251.34435In(x) ;
10389
C.)
Logarithmic model
Explanation:
Given :
Hours of Operation (X) :
40
44
48
48
60
70
72
90
100
168
Average Revenue Y) :
5958
6662
6004
6011
7250
8632
6964
11097
9107
11498
The best fit Given by a linear model for the data is:
ŷ = 47.07049X + 4435.08375
Average Revenue for 120 hours, X
ŷ = 47.07049(120) + 4435.08375
ŷ = 10083.54255 = 10084
A non-linear model which could be used is a logarithmic model:
General form of a Logarithmic model : y=A+Bln(x)
Equation of best fit :
y = - 9964.5212 + 4251.34435In(x)
Average Revenue for 120 hours, X
y = - 9964.5212 + 4251.34435In(120)
y = - 9964.5212 + 20353.275
y = 10388.754 = 10389
Using the correlation Coefficient value :
Linear mode = 0.8731
Logarithmic model = 0.9084
The logarithmic model is preferred as it has a greater correlation Coefficient value Than the linear model.
Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $1,500; Cost of Goods Sold, $17,820; Income Tax Expense, $2,630; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,700; Net Sales Revenue, $29,865; and Delivery (freight-out) Expense, $210.
Prepare a multistep income statement for distribution to external financial statement users.
SELLALL DEPARTMENT STORES
Income Statement
For the Year Ended December 31
Cost of Goods Sold 21,060
Gross Profit
Operating Expenses 4,670
Income from Operations
Interest Revenue 180
Income before Income Tax Expense
Net Income $
Answer:
Particulars Amount
Net sales $29,865
Cost of goods sold $17,820
Gross profit $12,045
Selling, gen & admin exp. $1,710 (1,500+210)
Operating Expenses $1,700
Operating Income $15,455
Interest Expenses ($1,400)
Interest Revenue $160
Income before tax $14,215
Income tax expenses $2,630
Net Income $11,585
The quota rent is the: A. difference between the demand price and the supply price at the quota limit. B. minimum rent that the owner of a building must receive before he or she is willing to rent out the building. C. opportunity cost of using a quota-controlled service or of buying a good that is subject to an import quota. D. rent received by landlords who own rent-controlled apartments.
Answer:
A. difference between the demand price and the supply price at the quota limit.
Explanation:
In Economics, there are primarily two (2) factors which affect the availability and the price at which goods and services are sold or provided, these are demand and supply.
The law of demand states that, the higher the demand for goods and services, the higher the price it would be sold all things being equal. On the other hand, law of supply states that the higher the price of goods and services, the lower the supply.
A quota rent can be defined as the economic rent that is typically being received by the owner of the imported goods subjected to quota.
The quota rent is the difference between the demand price and the supply price at the quota limit.
On March 25, Parscale Company purchases the rights to a mineral interest for $8,519,000. At that time, the remaining recoverable units in the mineral interest are estimated to be 849,300 tons. If required, round any division to two decimal places and use in subsequent computations. Round your final answer to the nearest dollar. Of 764,370 tons are mined and 127,395 tons are sold this year, calculate Parscale's cost depletion for the yea
Answer:
$7,667,100
Explanation:
Step 1 : Determine Depletion Rate
Depletion Rate = Cost ÷ Estimated units
= $8,519,000 ÷ 849,300 tons
= $10.03
Step 2 : Determine the Depletion Cost
Depletion Cost = Depletion Rate x units mined
= $10.03 x 764,370 tons
= $7,667,100
Conclusion :
Parscale's cost depletion for the year is $7,667,100
A(n) _____ is a situation in which moral implications shape an individual’s decisions.
ethical issue
revelatory issue
moral dilemma
situational imperative
Energy Manufacturing Inc. provides the following ABC costing information: Activities Total Costs Activity-cost drivers Account inquiry $320,000 16,000 hours Account billing $200,000 4,000,000 lines Account verification accounts $173,250 70,000 accounts Correspondence letters $24,000 4,000 letters Total costs $717,250 The above activities are used by Departments A and B as follows: Department A Department B Account inquiry hours 4,200 hours 2,700 hours Account billing lines 900,000 lines 750,000 lines Account verification accounts 8,000 accounts 6,000 accounts Correspondence letters 1,400 letters 1,800 letters How much of the account inquiry cost will be assigned to Department A
Answer: $84,000
Explanation:
Cost per hour for Account inquiry = Account inquiry cost / Activity cost - drivers
= 320,000 / 16,000 hours
= $20 per hour
Department A has 4,200 hours of account inquiry. Cost will be:
= 4,200 * 20
= $84,000
Crane Company uses the periodic inventory system. For the current month, the beginning inventory consisted of 485 units that cost $60 each. During the month, the company made two purchases: 720 units at $63 each and 355 units at $65 each. Crane Company also sold 1200 units during the month. Using the FIFO method, what is the amount of cost of goods sold for the month? $72000. $75935. $74145. $75024.
Answer:
COGS= $74,145
Explanation:
Giving the following information:
Beginning inventory= 485 units that cost $60 each.
Purchases:
720 units at $63 each
355 units at $65 each.
Units sold= 1,200
To calculate the cost of goods sold (COGS) under the FIFO (first-in, first-out), we need to use the cost of the last units incorporated into inventory:
COGS= 485*60 + 715*63
COGS= $74,145
Kirtland Corporation uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following: Transactions Units Unit Cost Beginning inventory, January 1 400 $3.00 Transactions During the year: a. Purchase, January 30 300 3.40 b. Purchase, May 1 460 4.00 c. Sale ($5 each) (160) d. Sale ($5 each) (700) Required: a. Compute the amount of goods available for sale.
Answer:
cost of goods available for sale= $4,060
Explanation:
Giving the following information:
Beginning inventory, January 1: 400 $3.00
Purchase, January 30: 300 3.40
Purchase, May 1: 460 4.00
The cost of goods available for sale is the sum of the beginning inventory and the purchases of the period:
cost of goods available for sale= beginning inventory + purchase
cost of goods available for sale= 400*3 + 300*3.4 + 460*4
cost of goods available for sale= $4,060
The following December 31, 2021, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents $5,800
Accounts receivable (net) 28,000
Inventory 68,000
Property, plant, and equipment (net) 160,000
Accounts payable 47,000
Salaries payable 19,000
Paid-in capital 140,000
The only asset not listed is short-term investments. The only liabilities not listed are $38,000 notes payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.6:1.
Required:
Determine the following at December 31, 2021:
1. Total current assets.
2. Short-term investments.
3. Retained earnings.
Answer and Explanation:
The calculations are given below:
1. Total current assets
we know that
Current ratio = Current assets ÷ current liabilities
where,
Current liabilities is
= Accounts payable + Accrued interest + Salaries payable
= $47,000 + $1,000 + $19,000
= $67,000
And,
Current ratio = 1.6:1
So,
Total current assets is
= 1.6 × $67,000
= $107,200
b. Short term investment is
Short term investment = Total current assets - Cash and cash equivalents - Accounts receivables - Inventories
= $107,200 - ($5,800 + $28,000 + $68,000)
= $5,400
c. Now retained earning is
Total assets
= Total current assets + Property, plant and equipment
= $107,200 + $160,000
= $267,200
Total liabilities is
= Current liabilities + Notes payable
= $67,000 + $38,000
= $105,000
Now Retained earnings is
= Total assets - Total liabilities - Paid in capital
= $267,200 - $105,000 - $140,000
= $22,200
Selected sales and operating data for three divisions of different structural engineering firms are given as follows: Division A Division B Division C Sales $ 15,650,000 $ 35,650,000 $ 20,520,000 Average operating assets $ 3,130,000 $ 7,130,000 $ 5,130,000 Net operating income $ 719,900 $ 499,100 $ 595,080 Minimum required rate of return 8.00 % 8.50 % 11.60 % Required: 1. Compute the return on investment (ROI) for each division using the formula stated in terms of margin and turnover. 2. Compute the residual income (loss) for each division. 3. Assume that each division is presented with an investment opportunity that would yield a 9% rate of return. a. If performance is being measured by ROI, which division or divisions will probably accept or reject the opportunity
Answer:
1. ROI for each division:
Division A Division B Division C
Return on investment (DuPont) = 23% 7% 11.6%
2. Residual income (loss) $469,500 ($106,950) $0
3. Divisions A and C will probably accept the opportunity while Division B will reject it.
Explanation:
a) Data and Calculations:
Division A Division B Division C
Sales $ 15,650,000 $ 35,650,000 $ 20,520,000
Average operating assets $ 3,130,000 $ 7,130,000 $ 5,130,000
Net operating income $ 719,900 $ 499,100 $ 595,080
Minimum required rate of return 8.00 % 8.50 % 11.60 %
Return on investment (ROI) (ordinary) 23% 7% 11.6%
ROI = Net operating income/Average operating assets * 100
Return on investment (DuPont ROI) :
Asset Turnover = 5 5 4
Sales/Average operating assets
Operating income margin =
Income/Sales * 100 4.6% 1.4% 2.9%
Return on investment (DuPont) = 23% 7% 11.6%
Asset Turnover * Operating income margin
Residual income =
Net income - (Equity * RRR) $469,500 ($106,950) $0
NB: Equity is approximated to the net operating asset here.
Scuba manufacturer designs and sells the best scuba gear on the market. All industry and governmental standards are met, and there is no better technologically feasible design than that used by the manufacturer. There had been no previous problems with the gear, but on one unfortunate day, the breathing apparatus on a unit malfunctioned, resulting in a diver needing medical care. Assuming recognition in the jurisdiction involved, which of the following is the best defense to a lawsuit alleging a design defect brought by the diver?
A) Comparative fault
B) Assumption of the risk
C) State-of-the-art
D) Ultrahazardous activity
Answer:
C) State-of-the-art
Explanation:
From the question we are informed about Scuba manufacturer who designs and sells the best scuba gear on the market. All industry and governmental standards are met, and there is no better technologically feasible design than that used by the manufacturer. There had been no previous problems with the gear, but on one unfortunate day, the breathing apparatus on a unit malfunctioned, resulting in a diver needing medical care. Assuming recognition in the jurisdiction involved. In this case, the best defense to a lawsuit alleging a design defect brought by the diver is State-of-the-art. The state of the art can be regarded as a level of development which could be felt by a device, scientific field/ techniques at a period of time.
HR 20% accident increase in the workforce
Answer:
car crash accident on the road with location pointer - car crash icon ... NOTE: Most of the vehicles associated with workplace MVC fatalities are “motorized land ...
Explanation:
Which is the most important factor on which motor carriers compete?
Answer:
The correct response is "railroad". A further explanation is given below.
Explanation:
The other passenger transport market is railways, is because rail services are easier and have already been commonly used instead of motor carriers as well as providers.Railways don't always occupy all geographic locations of the nation, but in certain areas of the country, they were a theme or a trend.Moonbeam Company manufactures toasters. For the first 8 months of 2020, the company reported the following operating results while operating at 75% of plant capacity:
Sales (350,000 units) $4,375,000
Cost of goods sold 2,600,000
Gross profit 1,775,000
Operating expenses 840,000
Net income $ 935,000
Cost of goods sold was 70% variable and 30% fixed; operating expenses were 80% variable and 20% fixed. In September, Moonbeam receives a special order for 15,000 toasters at $7.60 each from Luna Company. Acceptance of the order would result in an additional $3,000 of shipping costs but no increase in fixed costs.
Instructions
a. Prepare an incremental analysis for the special order.
b. Should Moonbeam accept the special order?
Answer:
Moonbeam Company
a) Incremental Analysis for the Special Order:
Sales (15,000) at $7.60 $114,000
Variable cost of sales 5.20 78,000
Variable overhead 1.92 28,800
Total variable costs ($106,800)
Contribution $7,200
b) Moonbeam should accept the special order. It makes a contribution of $7,200 to the defraying of the fixed costs.
Explanation:
a) Data and Calculations:
operating results while operating at 75% of plant capacity:
Total Unit
Sales (350,000 units) $4,375,000 $12.50
Cost of goods sold 2,600,000
Variable (70%) $1,820,000 5.20
Fixed (30%) 780,000
Gross profit 1,775,000
Operating expenses 840,000
Variable (80%) $672,000 1.92
Fixed (20%) 168,000
Net income $ 935,000
Incremental Analysis for the Special Order:
Sales (15,000) at $7.60 $114,000
Variable cost of sales 5.20 78,000
Variable overhead 1.92 28,800
Total variable costs ($106,800)
Contribution $7,200
b) Incremental analysis concentrates on the variable elements of costs. The method disregards all fixed costs as they are regarded as sunk or past costs, and therefore, irrelevant to the decision at hand.
You invest $1,000 in a risky asset with an expected rate of return of 0.17 and a standard deviation of 0.40 and a T-bill with a rate of return of 0.04. What percentages of your money must be invested in the risk-free asset and the risky asset, respectively, to form a portfolio with a standard deviation of 0.20
Answer:
50%, 50%
Explanation:
% of money invested in risky asset = Portfolio standard deviation/Standard deviation of risky asset
% of money invested in risky asset = 0.20/0.40
% of money invested in risky asset = 50.00%
% of money invested in risk free asset = 1 - 50.00%
% of money invested in risk free asset = 50.00%
A building with an appraisal value of $136,787 is made available at an offer price of $157,859. The purchaser acquires the property for $34,148 in cash, a 90-day note payable for $27,610, and a mortgage amounting to $58,126. The cost basis recorded in the buyer's accounting records to recognize this purchase is
Answer:
the cost basis recorded to recognize this purchase is $119,884
Explanation:
The computation of the cost basis recorded to recognize this purchase is shown below:
= Acquired property in cash + note payable + mortgage
= $34,148 + $27,610 + $58,126
= $119,884
Hence, the cost basis recorded to recognize this purchase is $119,884
Suppose you are deciding whether you should go to college. If you go to college, you will pay $10,000 total in tuition, textbooks, and room and board every year for 4 years, with the first payment being made immediately and then the next three payments 1 year apart. Upon graduating, you expect to get a job earning $50,000 per year for the next 40 years. Assume that your first paycheck arrives exactly 1 year after you start working and you continue getting paid annually thereafter. Also assume that there are no raises in that particular field. If you do not go to college, you can start working immediately. The pay, however, is lower. You would expect to work for 44 years and earn $34,000 per year, with your first paycheck arriving exactly 1 year from now, and you continue getting paid annually thereafter. For the questions below, round all numbers to two decimals. See Hint Part 1 (1 point) Assume the interest rate is 7%. If you were to attend college, the present value of your tuition payments would total $ See Hint (1 point) Part 2 Suppose you go to college and graduate after 4 years. Because you will work for 40 years after you graduate, and because 40 years is a long time, treating the stream of payments as a perpetuity will provide a reasonable approximation of the present value of the payment stream. The present value of your annual earnings of $50,000 as a college graduate is $ See Hint (1 point) Part 3 The net present value of going to college is $ See Hint (1 point) Part 4 If you do not go to college, you will be working even longer than before. Once again, you may treat the stream of income from your job as a consol or perpetuity. The present value of your annual earnings of $34,000 if you don't go to college is ______$
Answer:
Part 1
Present value of tuition payments:
= 10,000 + (10,000 / (1 + 7%)) + (10,000 / 1.07²) + (10,000 + 1.07³)
= $36,243.16
Part 2
This is a deferred perpetuity because you only start getting paid when you start work 4 years later:
Present value of deferred perpetuity:
= Amount / Discount rate ( 1 / (1 + discount rate)^n
= 50,000 / 0.07 * (1 / 1.07)⁴
= $544,925.15
Part 3
Net present value of going to college:
= Present value of salary - cost of college
= 544,925.15 - 36,243.16
= $508,681.99
Part 4
This is not a deferred perpetuity so your present value is:
= Amount/ discount rate
= 34,000 / 0.07
= $485,714.29
Wood Dreams makes handcrafted furniture in its retail stores The furniture maker has recently installed a new assembly process, including a new sander and polisher. With this new system, production has increased to 94 pieces of furniture per day from the previous 77 pieces of furniture per day. The number of defective items per day has dropped from 5 to 2 per day. What is the change in productivity of non-defective units for Wood Dreams using the new process
Answer:
27.78%
Explanation:
Missing word "The production facility operates strictly eight hours per day. 5 people work daily in the plant."
In the earlier scenario, furniture maker manufactured 77 (72 non defective) pieces per 5 laborers working 8 hours day. Thus, the productivity in terms of units per labor hour is:
= 72 / 5*8
= 72 / 40
= 1.8
Similarly, after the process improvement, the productivity in units per labor hour would be:
= 92 / 5*8
= 92 / 40
= 2.3
Thus, change in productivity would be calculated as:
= (2.3 - 1.8)/1.8
= 0.27777778
= 27.78%
The productivity of non defective parts would increase by 27.78%
Assume a market is currently at the equilibrium price and quantity, and a price ceiling is set below equilibrium price. Which of the following statements is true:
Select the correct answer below:
A. The quantity demanded will rise and the quantity supplied will fall, causing a shortage.
B. There is nothing causing the price to fall from the equilibrium level.
C. There is nothing preventing the price from rising to its equilibrium level.
D. The quantity supplied will rise and the quantity demanded will fall, causing a surplus.
Answer:
Option A: The quantity demanded will rise and the quantity supplied will fall, causing a shortage.
Explanation:
Price ceilings helps to hinder a price from rising above a known level. The assumption under it is that if a price ceiling is fixed (set) below the equilibrium price of the goods, this will definitely lead to quantity demanded exceeding quantity supplied. And when this happens, the result will be excess demand or shortages will come about. The use of Price floors hinders a price from going down below a certain level.
Based upon Booked Orders and Sales Predictions, the expected finished goods requirements is 550 units over the planning period. We currently have the 450 units of Finished Goods Products in Inventory, and have already scheduled for 150 units to be produced within the planning period. How many units of product A should we include on future Planned Production Orders? Group of answer choices
Answer: 0 units
Explanation:
Future Planned Production Orders = Expected goods requirement - Finished goods in inventory - Schedule production
= 550 - 450 - 150
= -50 units
Include no units because the finished goods and the scheduled production make up the requirement for the period.
A manufacturing company that produces a single product has provided the following data concerning its most recent month of operations: Selling price $ 182 Units in beginning inventory 0 Units produced 13,900 Units sold 13,000 Units in ending inventory 900 Variable costs per unit: Direct materials $ 54 Direct labor $ 45 Variable manufacturing overhead $ 16 Variable selling and administrative expense $ 15 Fixed costs: Fixed manufacturing overhead $500,400 Fixed selling and administrative expense $169,000 What is the total period cost for the month under variable costing
Answer:
$864,400
Explanation:
The computation of the total period cost for the month under variable costing is shown below:
= Variable selling & admin expense + fixed manufacturing overhead + fixed selling and admin expense
= ($15 × 13,000 units) + $500,400 + $169,000
= $195,000 + $500,400 + $169,000
= $864,400
Indigo Company sold 10,000 Super-Spreaders on during 2017, at a total price of $885,200, with a warranty guarantee that the product was free of any defects. The cost of the spreaders sold is $350,500. The assurance warranties extend for a 3-year period and are estimated to cost $65,100. During 2017, warranty related costs amounted to $15,600. Indigo also sold extended warranties (service-type warranties) related to 3,000 spreaders for 2 years beyond the 2-year period for $25,200. Given this information, determine the amounts to report for the following at December 31, 2017: sales revenue, cost of goods sold, warranty expense, unearned warranty revenue, warranty liability, and cash.
Answer:
Indigo Company
Sales Revenue = $885,200
Cost of goods sold = $350,500
Warranty Expense = $65,100
Unearned warranty revenue = $25,200
Warranty liability = $49,500 ($65,100 - $15,600)
Cash = $544,300 ($885,200 + $25,200 - $350,500 - $15,600)
Explanation:
a) Data and Calculations:
Income Statement for the year ended December 31, 2017 (Partial)
Sales Revenue $885,200
Cost of goods sold 350,500
Gross profit $534,700
Warranty Expense 65,100
Net income $469,600
Balance Sheet as of December 31, 2017 (Partial)
Assets:
Cash $544,300
Liabilities:
Retained earnings $469,600
Unearned warranty revenue 25,200
Warranty liability 49,500
Total liabilities $544,300
Find a local professional organization affiliated with your intended major ( business) and become a member of that organization or join their mailing list. Create a discussion post telling us why you chose to become a part of this organization and how do you think being a member will enhance your career goals.
Explanation:
Analyzing this question, it would be ideal for a student to choose to become a member of an organization that is consistent with the professional interests pursued by the student in his future career.
A relevant option in my opinion would be to choose a company that is environmentally responsible, as the globalized and competitive world of business requires companies to act with increasingly sustainable standards and less negative for the environment and the community in which they are operating.
There is a demand from society for companies that generate value for society, so a professional who recognizes the importance of socio-environmental management and innovation of sustainable products will have the opportunity to stand out, generate value for their stakeholders and position themselves strategically in the market .
Capital assets used by an enterprise fund should be accounted for in the a. Business-type activities journal but no depreciation on the capital assets should be recorded. b. Enterprise fund and depreciation on the capital assets should be recorded c. Governmental activities journal and depreciation on the capital assets should be recorded d. Enterprise fund but no depreciation on the capital assets should be recorded
Answer:
b. Enterprise fund and depreciation on the capital assets should be recorded.
Explanation:
Cash flow can be defined as the net amount of cash and cash- equivalents that is flowing into (received) and out (given) of a business. There are three components of the cash flow;
1. Operating cash flow: all cash generated from the business activities of an organization.
2. Financing cash flow: all payments made by an organization and profits from issuance of debts and equity.
3. Investing cash flow: costs associated with purchasing of capital assets and investments of cash resources in other businesses.
Capital assets used by an enterprise fund should be accounted for in the enterprise fund and depreciation on the capital assets should be recorded.
Additionally, depreciation can be defined as the reduction of cost of a fixed asset systematically until the value of the asset becomes zero.
The dictator of Turan has recently begun to arbitrarily seize farms belonging to his political opponents, and he has given the farms to his friends. His friends don't know much about farming. The courts in Turan have ruled that the seizures are illegal, but the dictator has ignored the rulings. Other things equal, we would expect that the growth rate in Turan will:_______.
a. fall and remain lower for a long time.
b. increase because the total amount of human capital in the country will increase as the new owners learn how to farm.
c. fall temporarily, but will return to where it was when the new owners learn how to farm.
d. not be affected unless widespread civil disorder or civil war results.
Answer:
A
Explanation:
Lopez Corporation incurred the following costs while manufacturing its product.
Materials used in product $122,200 Advertising expense $49,900
Depreciation on plant 69,200 Property taxes on plant 17,600
Property taxes on store 8,590 Delivery expense 28,300
Labor costs of assembly-line workers 113,100 Sales commissions 44,400
Factory supplies used 34,000 Salaries paid to sales clerks 51,300
Work in process inventory was $13,300 at January 1 and $17,200 at December 31. Finished goods inventory was $68,800 at January 1 and $47,900 at December 31.
Required:
a. Compute cost of goods manufactured.
b. Compute cost of goods sold.
Answer:
a. $352,200
b. $372,100
Explanation:
The cost of goods manufactured
Consider only the manufacturing costs
Cost of goods manufactured = $122,200 + $69,200 + $17,600 + $113,100 + $34,000 + $13,300 - $17,200
=$352,200
Cost of goods sold
Add Cost of goods manufactured to the net of Finished inventory balance
Cost of goods sold = $47,900 $68,800 + $352,200 - $47,900
= $372,100
ims Corporation uses the weighted-average method in its process costing system. The Assembly Department started the month with 5,000 units in its beginning work in process inventory that were 70% complete with respect to conversion costs. An additional 68,500 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 33,000 units in the ending work in process inventory of the Assembly Department that were 60% complete with respect to conversion costs. What were the equivalent units for conversion costs in the Assembly Department for the month
Answer:
60,300
Explanation:
Calculation to determine the equivalent units for conversion costs in the Assembly Department for the month
Conversion
Units transferred to the next department 40,500
(5,000 + 68,500 - 33,000 )
Add Ending work in process 19,800
Conversion: (33,000 units × 60%)
Equivalent units of production 60,300
(40,500+19,800)
Therefore the equivalent units for conversion costs in the Assembly Department for the month is 60,300
Stewart Marketing Inc. manufactures two products, A and B. Presently, the company uses a single plant-wide factory overhead rate for allocating overhead to products. However, management is considering moving to a multiple department rate system for allocating overhead. From the following information, using a single plant-wide rate, determine the overhead rate per unit for Product A:
Overhead Direct Labor Product
Hours (dlh) A B
Painting Dept. $248,000 10,000 dlh 16 dlh 4 dlh
Finishing Dept. 72,000 10,000 4 16
Totals $320,000 20,000 dlh 20 dlh 20 dlh
======== ========== ====== ======
a. $496.00 per unit
b. $320.00 per unit
c. $144.00 per unit
d. $640.00 per unit
Answer:
Allocated MOH= $320
Explanation:
Giving the following information:
Overhead Direct Labor Product
Hours (dlh) A B
Painting Dept. $248,000 10,000 dlh 16 dlh 4 dlh
Finishing Dept. 72,000 10,000 4 16
Totals $320,000 20,000 dlh 20 dlh 20 dlh
First, we need to calculate the plantwide overhead rate:
Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Predetermined manufacturing overhead rate= 320,000 / 20,000
Predetermined manufacturing overhead rate= $16 per direct labor hour
Now, we can allocate overhead:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 16*20
Allocated MOH= $320
You are a supplier of peanuts. your research department estimates that the price elasticity of demand for peanuts is 2.5. by what percentage will quantity demanded rise if you lower price from $4 to $2?
Here's link to the answer:
tinyurl.com/wpazsebu