Answer:
$168,200
Explanation:
Given that,
Purchase price = $ 150,000
Sales tax = 7,900
Delivery charge from sellers location = 1,200
Special racks for storage = 3,000
Normal repairs to the truck before it was used for the first time = 1,100
Signs painted on the truck = 2,000
Insurance on truck before it was used for the first time = 3,000
All the above expenses are included in determining the cost of the delivery truck. Normal repairs to the truck and insurance on truck are also included in the cost of truck because it was incurred before the truck used for the first time.
Cost of the delivery truck:
= Purchase price + Sales tax + Delivery charge from sellers location + Special racks for storage + Normal repairs to the truck before it was used for the first time + Signs painted on the truck + Insurance on truck before it was used for the first time
= $150,000 + $7,900 + $1,200 + $3,000 + $1,100 + $2,000 + $3,000
= $168,200
The Geller Company has projected the following quarterly sales amounts for the coming year: Q1 Q2 Q3 Q4 Sales $510 $540 $600 $750 a. Accounts receivable at the beginning of the year are $270. The company has a 45-day collection period. Calculate cash collections in each of the four quarters by completing the following: (Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.)
Answer:
The correct answer are $525, $525, $570 and $675 respectively.
Explanation:
According to the scenario, the computation of the given data are as follows:
Collection period = 45 days
Days in one quarter = 90 days
So, Amount collected during the quarter = ( 90 - 45) / 90 = 1/2 of current sales + Beginning Accounts receivables
So, we can calculated the cash collection as follows:
Q1 Q2 Q3 Q4
Beginning A/c. receivables $270 $255 $270 $300
Sales $510 $540 $600 $750
Cash Collections $525 $525 $570 $675
Ending A/c Balance $255 $270 $300 $375
Note: Ending balance is the beginning balance for next quarter.
The Geller Company's cash collections per quarter are calculated based on a 45-day collection period. Collections each quarter are calculated as half the sales of the current quarter plus half the sales of the previous quarter, or initial accounts receivable in Q1's case.
Explanation:The collection period for the Geller Company is 45 days, which represents half of a quarter because a quarter has 90 days. This means that the cash collected in a given quarter is the sum of half of the sales of the current quarter and half of the sales of the previous quarter.
So, the cash collections would be calculated as follows:
Q1: Half of Q1 sales + Half of initial accounts receivable = 0.5 * $510 + 0.5 * $270 = $390Q2: Half of Q1 sales + Half of Q2 sales = 0.5 * $510 + 0.5 * $540 = $525Q3: Half of Q2 sales + Half of Q3 sales = 0.5 * $540 + 0.5 * $600 = $570Q4: Half of Q3 sales + Half of Q4 sales = 0.5 * $600 + 0.5 * $750 = $675Please note that these calculations are based on the assumption that the company collects all payments on time, and there are no late or missed payments.
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A product has a contribution margin of $8 per unit and a selling price of $45 per unit. Fixed costs are $26,000. Assuming new technology increases the unit contribution margin by 40 percent but increases total fixed costs by $18,800, what is the new breakeven point in units? (Do not round intermediate calculations.) Multiple Choice 3,250 units 5,000 units 4,680 units 4,000 units
Answer:
New break even in units is 4000 units
Explanation:
The break even point in units is the number of units that must be sold to earn enough total revenue to cover total costs. This is the point where there will be no profit and no loss. The formula for break even in units is,
Break even in units = Fixed costs / Contribution margin per unit
The new contribution margin per unit = 8 * 140% = $11.2
New Fixed costs = 26000 + 18800 = $44800
New Break even in units = 44800 / 11.2 = 4000 units
Final answer:
The new breakeven point, after accounting for a 40% increase in the unit contribution margin and an additional $18,800 in fixed costs, is 4,000 units.
Explanation:
To calculate the new breakeven point in units after the changes in the contribution margin and fixed costs, we need to follow these steps:
Calculate the new unit contribution margin: Original contribution margin per unit is $8. Increase by 40% is $8 * 0.40 = $3.20. So, the new contribution margin per unit is $8 + $3.20 = $11.20.Calculate the new total fixed costs: Original total fixed costs are $26,000. The increase is $18,800. Therefore, new total fixed costs are $26,000 + $18,800 = $44,800.Determine the breakeven point in units: Divide the new total fixed costs by the new unit contribution margin. $44,800 / $11.20 = 4,000 unitsThe new breakeven point after the implementation of new technology, which increased the unit contribution margin by 40 percent and increased total fixed costs by $18,800, is 4,000 units.
g Beginning WIP inventory Direct materials costs $ 31,300 Conversion costs 40,700 Current period costs Direct materials costs $ 290,950 Conversion costs 1,139,550 Required: a. Compute the cost equivalent units for the conversion cost calculation assuming Campo uses the weighted-average method. b. Compute the cost per equivalent unit for materials and conversion costs for November.
Answer:
conversion units 580,100
materials units 617,000
equivalent unit cost materials: $ 0.52
equivalent unit cost conversion: $ 2.03
Explanation:
MISSING INFORMATION:
Materials are added at the beginning
Beginning work in process (56% complete) 57,000
Started in November 560,000
Completed in November and transferred out 535,000
Ending work in process (55% complete) 82,000
Weighted-Average:
completed + percentage of completion
conversion:
535,000 + 82,000 x 55% = 580,100 units
materials:
535,000 + 82,000 x 100% = 617,000 units
Cost per EU:
Materials cost:
31,300 + 290,950 = 322.250
per unit 322,250 / 617,000 = $ 0,5222
Conversion cost
1,139,500 + 40,700 = 1,180,200
per unit $ 1,180,200 / 580,100 = $ 2,03
If a buyer doesn't receive the item purchased or believes that the received item is different from what was described in the listing, eBay ____ helps the buyers and sellers resolve the dispute.
Answer:
The correct answer is letter "B": Buyer Protection.
Explanation:
A company's Buyer Protection Department is in charge of assisting consumers with queries related to their purchases. This department looks for providing clients support in front of problems that arise after the purchase of products such as items malfunction, mistaken product delivery, or unattended orders. Most retailers, such as eBay, have a Buyer Protection Department.
You currently manage Cody’s investment portfolio. He provided you with the following information for the beginning and the end of the year:Investment balance (beginning of year): $100,000Investment balance (end of year): $115,000IRA balance (beginning of year): $75,000IRA balance (end of year): $82,000Net worth (beginning of year): $1,000,000Net worth (end of year): $970,000Annual savings to IRA: $5,000Which of the following statements is correct?The return on investments ratio is within the normal range.The return on the IRA ratio is 10%.The return on net worth ratio is 3.5%.The return on investments, return on IRA, and return on net worth ratios are all within the normal range.
Answer:
The correct Statement is the return on investments ratio is within the normal range.
Explanation:
Return on IRA = IRA balance - IRA beginning ÷ IRA beginning
= ($82,000 - $75,000) ÷ $75,000
= 9.33%
So, The return on the IRA ratio is 10% is incorrect
Return on Net Worth =(Net worth (end of the year) - Net worth (beginning of the year)) ÷ Net worth (beginning of the year)
= ($970,000 - $1,000,000) ÷ $1,000,000
= -3 %
Here, the second part is also incorrect as net worth ratio is 3.5%. and it come in negative return .
The return on investment, the return on IRA and the return on net worth ratios are all within the usual range is incorrect as Return on Net Worth is Negative.
Therefore, the correct Statement is the return on investments ratio is within the normal range.
Return on IRA = (Investment balance (end of year) - Investment balance (beginning of year) ÷ Investment balance (beginning of year)
= ($115,000 - $100,000) ÷ $100,000
= 15%
A cash advance Group of answer choices Involves a grace perod on most cards Is a loan billed to your bank account. On some cards has a lower interest rate than on purchases Requires you to pay interest every day until you repay the cash advance Is less expensive than charging a purchase to your credit card
Answer:
The correct answer is letter "C": Requires you to pay interest every day until you repay the cash advance.
Explanation:
A cash advance is a form of loan an individual must pay in the short-run. In some cases, they are debited directly from the debtors' paycheck. The characteristic of this loan is carrying a relatively high-interest rate. If the debtor defaults, the debt amount increases exponentially. As the repayment is expected soon, the interest rate is compounded, meaning it is calculated by day until the total debt has been paid off.
Waterway Industries issued at a premium of $10100 a $192000 bond issue convertible into 3600 shares of common stock (par value $20). At the time of the conversion, the unamortized premium is $4300, the market value of the bonds is $212000, and the stock is quoted on the market at $60 per share. If the bonds are converted into common, what is the amount of paid-in capital in excess of par to be recorded on the conversion of the bonds?
Answer:
$124,300
Explanation:
The computation of paid in capital in excess of par is shown below:-
For computing the paid in capital in excess of par we need to find out first bond issue price, premium amortized, current book value of bonds and convertible shares which is below:-
Bond issue price = Bond price + Premium
= $192,000 + $10,100
= $202,100
Premium amortized = Premium - Unamortized
= $10,100 - $4,300
= $5,800
Current book value of bonds = Bond issue price - Premium amortized
= $202,100 - $5,800
= $196,300
Convertible into 3,600 (par value $20)
= 3,600 × $20
= $72,000
Now,
Paid in capital in excess of par = Current book value of bonds - Convertible
= $196,300 - $72,000
= $124,300
Speedy Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 161,790 miles. Taxi 10 cost $25,410 and is expected to have a salvage value of $470. Taxi 10 was driven 33,350 miles in 2013 and 33,790 miles in 2014.
Determine the depreciation cost
Answer:
Instructions are below.
Explanation:
Giving the following information:
Each cab is expected to be driven 161,790 miles.
Taxi 10 cost $25,410 and is expected to have a salvage value of $470. Taxi 10 was driven 33,350 miles in 2013 and 33,790 miles in 2014.
To calculate the depreciation expense under the units of activity method, we need to use the following formula for each year.
Annual depreciation= [(original cost - salvage value)/useful life of production in miles]*miles driven
2013:
Annual depreciation= [(25,410 - 470)/161,790]*33,350
Annual depreciation= $5,140.92
2014:
Annual depreciation= [(25,410 - 470)/161,790]*33,790
Annual depreciation= $5,208.74
On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:
Accumulated Depreciation-Building $746,350
Administrative Expenses 515,750
Building 2,419,500
Cash 168,150
Common Stock 300,500
Cost of Merchandise Sold 3,925,500
Dividends 179,100
Interest Expense 9,950
Merchandise Inventory 1,020,900
Notes Payable 259,350
Office Supplies 19,150
Retained Earnings 1,343,400
Salaries Payable 7,600
Sales 6,144,850
Selling Expenses 732,500
Store Supplies 92,700
Required:
A. Prepare a multiple-step income statement for the year ended October 31, 2016. Be sure to complete the statement heading. Refer to the information given in the exercise and to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required. In the Other income and expenses section only, enter amounts that represent other expenses as negative numbers using a minus sign.
B. What is a major advantage of the multiple-step income statement over the single-step income statement?
Answer and Explanation:
A. The preparation of the multiple income statement is presented below:
Prestige Furnishings Company
Multiple-step income statement
For the year ended October 31, 2016
Sales $6,144,850
Less: Cost of goods sold -$3,925,500
Gross profit $2,219,350
Less: Operating expenses
Administrative expenses -$515,750
Selling expenses -$732,500
Supplies expenses -$92,700
Total operating expenses -$1340,950
Operating income $878,400
Non operating income or others
Less: Interest expense -$9,950
Net income $868,450
B. The major advantage is that the multiple-step income statement reflects the relationship between the gross profit ratio i.e gross profit to sales that expressed in a percentage form and it also depicts the multiple levels indicating the operating expenses, operating income, non operating income, etc
Company A estimates that it needs 30% of sales in net working capital. In year 1, sales were $1 million and in year 2, sales were $2 million. Associated with the change in net working capital from year 1 to year 2 is a cash: inflow of $300,000. outflow of $300,000. inflow of $600,000. outflow of $600,000.
Answer:
There is an outflow of $300000
Explanation:
The net working capital is the net value of capital available to finance day to day operations of the business. It is calculated as current assets less current liabilities.
The Change in net working capital can be calculated by deducting the net working capital for the previous year from the net working capital for the current year.
The net working capital in year 1 was = 1m * 0.3 = $300000
The net working capital in year 2 was = 2m * 0.3 = $600000
The change in net working capital is = 600000 - 300000 = $300000
An increase in net working capital means more cash is tied up in inventory, accounts receivables and other assets. Thus, there is a cash outflow of $300000
Final answer:
The cash flow associated with the change in net working capital from year 1 to year 2 for Company A is a cash outflow of $300,000.
Explanation:
The student is asking how to calculate the change in net working capital between two consecutive years given the percentage of sales required for net working capital and the sales figures for each year. For year 1, the net working capital required would be 30% of $1 million, which equals $300,000. For year 2, the net working capital required would be 30% of $2 million, which equals $600,000. The change in net working capital from year 1 to year 2 is therefore an additional $300,000 needed. Since Company A needs more working capital in year 2, it implies that there is a cash outflow of $300,000 to meet the net working capital requirement.
Referencing the self-check question provided, if a firm had sales revenue of $1 million last year and spent $600,000 on labor, $150,000 on capital and $200,000 on materials, the firm's accounting profit would be calculated as follows:
Accounting profit = total revenues minus explicit costs = $1,000,000 - ($600,000 + $150,000 + $200,000) = $50,000.
During the period, 50,000 units were completed, and 3,600 units were on hand at the end of the period. If the ending work in process inventory was 75 percent complete as to direct materials and 25 percent complete as to conversion costs, the equivalent units for direct materials under the weighted-average method would be
a) 48,000
b) 52,700
c)47,700
d) 45,900
Answer:
Equivalent units for direct material = 52,700
Explanation:
Given:
Completed units = 50,000
Ending inventory = 3,600 units
Ending work in process inventory = 75% complete as to direct materials
Ending work in process inventory = 25% as to conversion costs
Equivalent units for direct material = ?
Computation of equivalent units for direct material:
Equivalent units for direct material = Completed units + [Ending inventory × 75% complete as to direct material]
Equivalent units for direct material = 50,000 + [3,600 × 75%]
Equivalent units for direct material = 50,000 + [2,700]
Equivalent units for direct material = 52,700
. The income elasticity of demand for medical care is 1.35. This implies that: a. if income decreases by 1%, the quantity demanded for medical care decreases by 1.35%. b. if the price of medical care increases by 1%, the quantity demanded for medical care decreases by 1.35%. c. if the income of the average consumer increases by 1 dollar, the quantity demanded for medical care will increase by 1.35 units of care. d. if income increases by 1%, the quantity demanded for medical care decreases by 1.35%.
Answer:
The correct answer is a).
Explanation:
The income elasticity of demand refers to the percentual variation of quantity demanded of a certaing good in response to a percentual variation in income.
If the income elasticity of demand for medical care is 1.35,
a. if income decreases by 1%, the quantity demanded for medical care decreases by 1.35%. TRUE, this is what the definition implies.
b. if the price of medical care increases by 1%, the quantity demanded for medical care decreases by 1.35%. FALSE. In this elasticity, the sign is relevant. This income elasticity implies that changes in income and medical care expenses have the same sign.
c. if the income of the average consumer increases by 1 dollar, the quantity demanded for medical care will increase by 1.35 units of care. FALSE. The elasticity relates percentual variations, not absolute value variations.
d. if income increases by 1%, the quantity demanded for medical care decreases by 1.35%. FALSE. The same as point b.
Final answer:
The income elasticity of 1.35 implies that a 1% increase in income leads to a 1.35% increase in the quantity demanded for medical care. Price elasticity of -0.2 for health care indicates that demand for health care is price inelastic, often due to its necessity and lack of substitutes.
Explanation:
The income elasticity of demand for medical care is 1.35. This implies that if income increases by 1%, the quantity demanded for medical care increases by 1.35%.
Therefore, the correct answer to the student's question is 'd. if income increases by 1%, the quantity demanded for medical care increases by 1.35%.' It is important to note that income elasticity of demand is different from price elasticity of demand, which relates to how demand changes with price changes.
The price elasticity of demand for health care has been estimated to be -0.2. This characterizes the demand for health care as being price inelastic since the absolute value of the elasticity is less than 1.
Despite health care being a substantial part of consumer budgets, the elasticity can be low because it is generally a necessity with few substitutes, implying consumers will continue to purchase it even when prices increase.
You must prepare a return on investment analysis for the regional manager of Fast & Great Burgers. This growing chain is trying to decide which outlet of two alternatives to open. The first location (A) requires a $1,000,000 average investment and is expected to yield annual net income of $160,000. The second location (B) requires a $600,000 average investment and is expected to yield annual net income of $108,000. Compute the return on investment for each Fast & Great Burgers alternative.
Answer:
ROI for location A = 16%
ROI for Location B = 18%
Explanation:
Return on Investment is the proportion of operating assets that an investment center earned as as net operating income.
It is calculated as follows
ROI = operating income/operating assets
ROI for Investment center for first location
= (160,000/1,000,000) × 100
=16%
ROI for Investment center for second location
=(108,000/600,000) × 100
= 18%
Answer:
First location ROI is 16%
Second location ROI is 18%
Explanation:
The formula for return on investment is given as the net income divided by the average investment that yielded the net income.
The ROI for the proposed first location is computed thus:
average investment required in the first location is $1,000,000
Annual net income expected from first location is $160,000
Return on investment=$160,000/$1000,000*100
=16.00%
The ROI for the proposed second location is computed thus:
average investment required in the first location is $600,000
Annual net income expected from first location is $108,000
Return on investment=$108,000/$600,000*100
=18.00%
Based on ROI , the second location is preferred since it results in a higher ROI with less average investment
On January 1, 2017, Walker Sales issued $19,000 in bonds for $14,300. These are eight-year bonds with a stated rate of 13%, and pay semiannual interest. Walker Sales uses the straight-line method to amortize the bond discount. After the second interest payment on December 31, 2017, what is the bond carrying amount? (Round your intermediate answers to the nearest cent, and your final answer to the nearest dollar.)
Answer:
$14,887.5
Explanation:
Carrying Value of the bond is the net of Face value and any amortised discount on the bond.
Face Value of the bond = $19,000
Issuance Value = $14,300
Discount Value = $19,000 - $14,300 = $4,700
This Discount will be amortized over the bond's life until the maturity on straight line basis.
Amortization in each period = $4,700 / (8x2) = $293.75 semiannually
Until December 31, 2017 two payment have been made and $587.5 is amortized in the two semiannual periods.
Un-amortized Discount = $4,700 - $587.5 = $4,112.5
Carrying value of the bond = Face value - Un-amortized Discount = $19,000 - $4,112.5 = $14,887.5
In an option contract: a. the offeree gives the offeror something of value in exchange for a promise not to revoke the offer for a stated period of time b. the offeree is free to accept or reject the offer c. all of the above d. a separate contract is created for the limited purpose of keeping the offer open
Answer:
d. a separate contract is created for the limited purpose of keeping the offer open
Explanation:
The contract defines that it is a contract between two or more persons in which the legal agreement, offers acceptance by the offeree is there and thus it is a lawful contract which is created by mutual agreement between the parties.
If the offeree offers the offeror some value in return for a commitment not to withdraw the offer for a given period of time, a contract option was established. A choice is a separate contract with the specific intention of holding the offer open.
Airline Accessories has the following current assets: cash, $101 million; receivables, $93 million; inventory, $181 million; and other current assets, $17 million. Airline Accessories has the following liabilities: accounts payable, $96 million; current portion of long-term debt, $34 million; and long-term debt, $22 million. Based on these amounts, calculate the current ratio and the acid-test ratio for Airline Accessories. (Enter your answers in millions, not in dollars. For example, $5,500,000 should be entered as 5.5.)
Final answer:
The current ratio for Airline Accessories is 3.02 and the acid-test ratio is 1.62.
Explanation:
To calculate the current ratio for Airline Accessories, you need to divide the total current assets by the total current liabilities.
The total current assets for Airline Accessories is $101 million + $93 million + $181 million + $17 million = $392 million.
The total current liabilities for Airline Accessories is $96 million + $34 million = $130 million.
Therefore, the current ratio for Airline Accessories is $392 million / $130 million = 3.02.
To calculate the acid-test (or quick) ratio, you need to exclude the value of inventory from the current assets and divide the result by the total current liabilities.
The quick assets for Airline Accessories is $101 million + $93 million + $17 million = $211 million.
Therefore, the acid-test ratio for Airline Accessories is $211 million / $130 million = 1.62.
The following information relates to last year's operations at the Legumes Division of Gervani Corporation: Minimum required rate of return 3 % Return on investment (ROI) 5 % Sales $ 730,000 Turnover (on operating assets) 2 times What was the Legume Division's net operating income last year
Answer:
$18,250
Explanation:
In this question, we are asked to calculate the net operating income for a division of a firm.
We proceed as follows;
Turnover=Sales/Average operating assets
Average operating assets=(730,000/2)=$365000
Return on investment=net operating income/Average operating assets
Hence Average operating assets=($365000*5%)
which is equal to
=$18250.
Sunland Company had $186,200 of net income in 2019 when the selling price per unit was $150, the variable costs per unit were $90, and the fixed costs were $575,800. Management expects per unit data and total fixed costs to remain the same in 2020. The president of Sunland Company is under pressure from stockholders to increase net income by $38,100 in 2020. Collapse question part (a) Incorrect answer. Your answer is incorrect. Try again. Compute the number of units sold in 2019. Entry field with incorrect answer 13335 units
Answer: 12,700 units.
Explanation:
We are to compute the number of units sold.
Let's get the important figures first,
Net Income earned = $186,200
Fixed costs =$575,800
We'd need the Contribution margin which is the difference between the sales and the variable costs.
Another way to calculate it will be to add the net income and fixed assets so,
Contribution Margin earned = $186,200 + $575,800
= $762,000
Now we need to find out the Contribution Margin per unit to divide the Contribution Margin by,
Contribution Margin per unit = Selling price per unit – variable cost per unit
= 150-90
= $60
Now we can calculate the number of units sold like,
Number of units sold = 762,000/60
= 12,700 units
12,700 units were sold in 2019
Which of the following is not one of the strengths of the Cobb-Douglas production function?
a. Both marginal product and returns to scale can be estimated from it.
b. It can be converted into a linear function for ease of calculation.
c. It shows a production function passing through increasing returns to constant returns and then to decreasing returns.
d. The sum of the exponents indicates whether returns to scale are increasing, constant or decreasing.
Answer:
Option D is correct one.
In Cobb-Douglas production, the return to scale depends on the sum of the exponents.
Explanation:
It shows a production function passing through increasing returns to constant returns and then to decreasing returns.
Davis Company has analyzed its overhead costs and derived a general formula for their behavior: $65,000 + $14 per direct labor hour employed. The company expects to use 50,000 direct labor hours during the next accounting period. What overhead rate per direct labor hour should be applied to jobs worked during the period?
Answer:
$15.3 per direct labor hour
Explanation:
Overhead costs are those costs which are incurred for the manufacturing of the product but not directly attributable to any product / service. It can be variable or fixed.
Formula for overhead costs = $65,000 + $14 per direct labor hour
Numbers of direct labor hours = 50,000 hours
Total Cost = $65,000 x ($14 x 50,000 ) = $765,000
Over head rate per direct labor hour = Total overhead cost / Numbers of direct labor hours = $765,000 / 50,000 = $15.3 per direct labor hour
The marginal propensity to consume is the:
a. dollar amount that income increases by when consumption increases by $1.
b. dollar amount that consumption increases by when income increases.
c. proportion of total income that is consumed.
d. proportion of extra income that is consumed.
Answer: proportion of extra income that is consumed. (D)
Explanation:
The marginal propensity to consume is the proportion of an additional income that an individual consumes.
For example, if a household earns an extra dollar of disposable income, while the marginal propensity to consume is 0.60 this means that at that dollar, the household will spend 60 cents and save 40 cents.
Alex has a new idea for a way to cut costs in his department, but he is not willing to share his idea with his boss because the last department head that tried new cost cutting methods was recently fired because the new methods could not achieve expected results. Based on the example, how can Alex's company improve the culture to create innovation
In essence, valuable inventions are valued in most cultures because they are developed in accordance with those cultures' norms. But depending on how creativity is viewed in a given culture, innovative ideas have a different values.
What makes an innovative culture?The environment at work that leaders foster to support unconventional thinking and its application is known as an innovation culture. Innovation is typically seen as something that anybody in the organization can contribute to, not just the top leadership, in workplaces that value it.
Make Spaces for Employee Connectivity. Employees must be able to communicate with one another outside of the workplace, even in a remote working environment. Fostering connections among employees build trust, enhances workplace culture, and boosts employee retention.
Thus, Employees value company culture because it increases their likelihood of enjoying their jobs when their wants and values align with those of their employers. You'll typically form better bonds with coworkers and be more productive if you work somewhere where the culture fits.
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Audrina'sFleet Feet, Inc., produces dance shoes for stores all over the world. While the pairs of shoes are boxed individually, they are crated and shipped in batches. The shipping department records both variable direct batch-level costs and fixed batch-level overhead costs. The following information pertains to shipping costs for2014.1.2.What is the flexible budget number of crates for2014?3.What is the actual number of crates shipped in2014?4.Assuming fixed overhead is allocated using crate-packing hours, what is the predetermined fixed overhead allocation rate?5.For variable direct batch-level costs, compute the price and efficiency variances.6.Static-Budget Amounts Actual ResultsPairs of shoes shipped 240,000 180,000 Average number of pairs of shoes per crate 12 10 Packing hours per crate 1.2 hours 1.1 hours Variable direct cost per hour $20 $21 Fixed overhead cost $60,000 $62,500 For fixed overhead costs, compute the spending and theproduction-volume variances.
Explanation:
1-
Static budget number of crates = Budgeted pairs shipped / Budgeted pairs per crate
Static budget number of crates = 240,000 Pairs / 12 Pairs
Static budget number of crates = 20,000 Crates
2-
Flexible budget number of crates = Actual pairs shipped / Budgeted pairs per crate
Flexible budget number of crates = 180,000 Pairs / 12 Pairs
Flexible budget number of crates = 15,000 Crates
3-
Actual number of crates shipped = Actual pairs shipped / Actual pairs per box
Actual number of crates shipped = 180,000 Pairs / 10 Pairs
Actual number of crates shipped = 18,000 Crates
4-
Static budget number of hours = Static budget number of crates × budgeted hours per box
Static budget number of hours = 20,000 Crates X 1.10 hours
Static budget number of hours = 22,000 hours
Fixed overhead rate = Static budget fixed overhead / static budget number of hours
Fixed overhead rate = $60,000 / 22,000 hrs
Fixed overhead rate = $2.73 per hour (Approx.)
5 - 6
For Explanation of Question 5 and 6 find the attachment
The Turquoise Oasis Spa places orders for cases of bath salts through a nearby wholesaler. To summarize several orders worth of data, it may prove beneficial to determine how many orders of bath salts were for 1 to 10 cases, between 11 and 20 cases, 21 to 30 cases, 31 to 40 cases, and more than 40 cases. This is an example of ________.
Answer:
grouping the data into bins
Explanation:
Grouping the data into bins-
It refers to the method of grouping the objects according to the classification, into different bins, is referred to as the method of grouping the data into bin.
From the given scenario of the question,
The Turquoise Oasis Spa, classify the orders into various bins, according to the cases 1 to 10 , 11 to 20... and so on, it helps to make the process faster and easy to perform.
Hence, the scenario of the question, is an example of grouping the data into bins.
Final answer:
The Turquoise Oasis Spa's method of summarizing bath salt orders by the number of cases falls under the category of data classification, which is a part of statistics in mathematics.
Explanation:
The scenario described involving the Turquoise Oasis Spa summarizing orders of bath salts into groups is an example of data classification. Classifying the orders into distinct categories based on the number of cases is a way to organize data, which is a fundamental aspect of statistics, a branch of mathematics. By doing so, the spa can better understand the distribution of their orders and assess their inventory needs.
If the goods delivered by the seller do not conform to the contract, _____. the buyer can pay for the units accepted at a price lower than the price per unit provided in the contract the buyer can accept only part of a commercial unit and reject the rest the buyer cannot reject an installment delivery even if the nonconformity substantially affects the value of that delivery the buyer can accept any commercial units and reject the rest
Answer:
The correct answer is letter "B": the buyer can accept only part of a commercial unit and reject the rest.
Explanation:
The Right to Reject Nonconforming Goods or Improperly Tendered Goods applies under the case a buyer and a seller agreed on the acquisition of certain goods under certain characteristics but at the time of the delivery, the products do not match what was agreed in the contract. Under that scenario, the buyer can:
Reject all the products Accept all the products Accept any commercial unit and reject the rest
Suppose that the U.S. government decides to charge wine consumers a tax. Before the tax, 45,000 bottles of wine were sold every week at a price of $4 per bottle. After the tax, 39,000 bottles of wine are sold every week; consumers pay $7 per bottle (including the tax), and producers receive $1 per bottle.
(a) The amount of the tax on a bottle of wine is $----- per bottle.
(b) Of this amount, the burden that falls on consumers is $------ per bottle, and the burden that falls on producers is $---- per bottle.
(c) True or False: The effect of the tax on the quantity sold would have been larger if the tax had been levied on producers. True or False?
Answer: a) $6
b) Of this amount, the burden that falls on consumers is $3 per bottle, and the burden that falls on producers is $3 per bottle.
c) False
Explanation:
a) The amount of tax paid on a bottle can be calculated as,
Amount of tax = Price paid by consumers - Price received by producers
Amount of tax = 7 - 1
Amount of tax = $6
b) The tax burden on the consumer is given by,
Tax burden of consumers = Price paid by consumers - Pre-tax Price
Tax burden of consumers = 7 - 4
Tax burden of consumers = $3
Tax burden of producers = Pre-tax price - Price received by producers
Tax burden of producers
Tax burden of producers = 4 - 1
Tax burden of producers = $3
c) False
Quantity sold does not change depending on who is taxed between the producer and the supplier.
The tax on a bottle of wine is $3, with $2 burden falling on consumers and $1 burden falling on producers. The effect of the tax on the quantity sold would not have been larger if the tax had been levied on producers.
(a) The amount of the tax on a bottle of wine is $3 per bottle.
(b) Of this amount, the burden that falls on consumers is $2 per bottle, and the burden that falls on producers is $1 per bottle.
(c) False: The effect of the tax on the quantity sold would have been larger if the tax had been levied on producers.
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The accident caused $2,700 worth of damage to your car. You have liability coverage of 60/125/45 which costs you $286 per year. The book value of your car is $2,000. The annual cost for collision coverage is $226 with a $1500 deductible. 10. What is the cost per $1,000 per liability coverage?
Final answer:
To calculate the cost per $1,000 for liability auto insurance coverage with a premium of $286 per year and liability limits of 60/125/45, we focus on one limit, such as the $60,000 for bodily injury per person. We determine the number of thousands that represents, which in this case is 60, and then divide the annual premium by this figure, resulting in a cost per $1,000 of $4.77.
Explanation:
The question asks about the cost per $1,000 of liability coverage for auto insurance. The student has a liability coverage policy with a premium of $286 per year. To calculate this, we need to determine how much insurance is actually being provided by the liability limits and then divide the annual cost by that amount.
The liability coverage of 60/125/45 represents thousands of dollars and usually means:
$60,000 for bodily injury per person$125,000 for bodily injury per accident$45,000 for property damage per accidentHowever, for the cost per $1,000 calculation, we only need to look at one of these figures. Let's use the per-person bodily injury limit of $60,000. Now we find how many thousands that represents: $60,000/$1,000 = 60. Finally, we divide the annual premium by this number: $286/60 = $4.77. Therefore, the cost per $1,000 of liability coverage is $4.77.
The cost per $1,000 of liability coverage for each limit is approximately:
- Bodily injury liability per person: $4.77
- Bodily injury liability per accident: $2.29
- Property damage liability: $6.36
To find the cost per $1,000 of liability coverage, we need to divide the annual cost of liability coverage by the coverage limits expressed in thousands of dollars.
Given:
- Liability coverage: 60/125/45 (in thousands of dollars)
- Cost of liability coverage: $286 per year
First, let's convert the liability coverage limits into thousands of dollars:
- Bodily injury liability limit per person: $60,000
- Bodily injury liability limit per accident: $125,000
- Property damage liability limit: $45,000
Now, let's calculate the cost per $1,000 of liability coverage for each limit:
1. Bodily injury liability per person: [tex]\( \frac{286}{60} = \$4.77 \)[/tex] per $1,000 of coverage.
2. Bodily injury liability per accident: [tex]\( \frac{286}{125} = \$2.29 \)[/tex] per $1,000 of coverage.
3. Property damage liability: [tex]\( \frac{286}{45} = \$6.36 \)[/tex] per $1,000 of coverage.
So, the cost per $1,000 of liability coverage for each limit is approximately:
- Bodily injury liability per person: $4.77
- Bodily injury liability per accident: $2.29
- Property damage liability: $6.36
At the beginning of the month, the Forming Department of Martin Manufacturing had 30,000 units in inventory, 30% complete as to materials, and 10% complete as to conversion. During the month the department started 80,000 units and transferred 92,000 units to the next manufacturing department. At the end of the month, the department had 18,000 units in inventory, 80% complete as to materials and 70% complete as to conversion. If Martin Manufacturing uses the weighted average method of process costing, compute the equivalent units for materials and conversion respectively for the Forming Department.
Answer:
the equivalent units for :
materials = 106,400
conversion = 104,600
Explanation:
Calculation of the equivalent units for materials
Note : Units of Ending Work In Process are 80% complete as to materials
Units of Ending Work In Process (18,000×80%) = 14,400
Units Completed and Transferred (92,000×100%) = 92,000
Total =106,400
Calculation of the equivalent units for conversion
Note : Units of Ending Work In Process are 70% complete as to conversion
Units of Ending Work In Process (18,000×70%) = 12,600
Units Completed and Transferred (92,000×100%) = 92,000
Total =104,600
Torid Company processes 18,700 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $10 per gallon and Product Y, the main product, sells for $150 per gallon. The following information is for December: Beginning Ending Production Sales Inventory Inventory Product X: 5,975 5,800 0 175 Product Y: 10,575 10,655 100 20 The manufacturing costs totalled $30,000. How much is the ending inventory for the byproduct if byproducts are recognized in the general ledger at the point of sale?
Answer:
$0
Explanation:
Data given in the information
Product X is the byproduct.
In addition, the By products are recorded in the general ledger at the point of sale
So in this case, the quantity sold is considered only no other things would be recognized
Hence, in this the quantity sold and quantity produced is not recorded
Therefore , No ending inventory should be recognized in the general ledger for this by products
The ending inventory for the byproduct, Product X, is valued at $58,000, which is calculated by multiplying the ending inventory of 5,800 gallons by the selling price of $10 per gallon.
Explanation:To calculate the ending inventory for the byproduct, we first need to understand that byproducts are typically accounted for at the point of sale. In this case, we are given data for two products, Product X and Product Y - where Product Y is the main product. Since Product X does not have any production mentioned, we can infer that it is the byproduct. Based on the information given, Product X had a beginning inventory of 5,975 gallons and an ending inventory of 5,800 gallons. Since there was no production added, the difference is the quantity sold, which is 175 gallons (5,975 - 5,800).
We also know that Product X sells for $10 per gallon. To value the ending inventory for the byproduct, we take the gallons of ending inventory multiplied by the selling price. The calculation will be as follows:
Ending inventory for Product X (byproduct): 5,800 gallonsSelling price per gallon for Product X: $10Value of the ending inventory: 5,800 gallons x $10/gallon = $58,000Hence, the value of the ending inventory for the byproduct is $58,000.
You and your spouse are in good health and have reasonably secure jobs. Each of you makes about $45,000 annually. You own a home with a $150,000 mortgage, and you owe $11,600 on car loans, $7,200 in personal debt, and $3,250 in credit card loans. You have no other debt. You have no plans to increase the size of your family in the near future. You estimate that funeral expenses will be $8,000. Estimate your total insurance needs using the DINK method.
Answer:
The Insurance needs using DINK method is $94,025
Explanation:
In order to calculate the total insurance needs using the DINK method, we would have to use the following formula:
Insurance needs using DINK method = Funeral expense + 0.5 × Mortgage + 0.5 × Car loan + 0.5 × Personal debt + 0.5 × credit card loans
= $8,000 + 0.5 ×$150,000 + 0.5 ×$11,600 + 0.5× $7,200 + 0.5 × $3,250
= $8,000+$75,000+$5,800+$3,600+$1625
=$94,025
Hence, the Insurance needs using DINK method is $94,025
Using the DINK method, the total insurance needs are calculated by adding all debts and estimated funeral expenses, which amounts to $180,050 for this couple.
To estimate your total insurance needs using the DINK method, you would focus on debts and final expenses, as there are no dependent children. First, let's total your debts: you have a $150,000 mortgage, $11,600 in car loans, $7,200 in personal debt, and $3,250 in credit card loans. Adding these together gives you a total debt of $172,050. Additionally, you estimate funeral expenses to be $8,000. Therefore, your total estimated insurance needs would be $180,050 ($172,050 in debts plus $8,000 for funeral expenses).