Answer:
By 186% the price of a dozen eggs rise.
Explanation:
Given that,
Cost in December 2000 = $0.96
Cost in December 2015 = $2.75
Average wage for December 2000 = $14.28 per hour
Average wage for December 2015 = $21.26
By considering these information, we are able to calculate the increase price percentage of a dozen eggs. The calculation is shown below:
= (December 2015 price - December 2000 price ) ÷ (December 2000 price) × 100
= ($2.75 - $0.96) ÷ ($0.96) × 100
= ($1.79) ÷ ($0.96) × 100
= 186%
Thus, by 186% the price of a dozen eggs rise.
Final answer:
The price of a dozen eggs increased by approximately 186% from December 2000 to December 2015, while the average wage for workers in private industries rose by approximately 49% over the same period.
Explanation:
To calculate the percentage increase in the price of a dozen eggs from December 2000 to December 2015, first determine the initial and final prices. The price rose from $0.96 to $2.75. Use the formula for percentage increase: Percentage Increase = (New Price - Original Price) / Original Price \ imes 100%.
Plugging in the values gives us: (2.75 - 0.96) / 0.96 \ imes 100% = 1.79 / 0.96 \ imes 100% \\approx 186%.
The average wage increase is similarly calculated: (21.26 - 14.28) / 14.28 \ imes 100% \\\approx 49%.
Rosewood Company made a loan of $8,600 to one of the company's employees on April 1, Year 1. The one-year note carried a 6% rate of interest. The amount of interest revenue that Rosewood would report during the years ending December 31, Year 1 and Year 2, respectively, would be:
The interest revenue that Rosewood Company would report during the years ending December 31, Year 1 and Year 2 is $387 and $516 respectively.
Explanation:The subject of this question is the calculation of interest revenue for a loan. The Rosewood Company made a loan of $8,600 to an employee on April 1 in Year 1 with a 6% interest rate. Interest for a period is calculated by multiplying the principal amount by the interest rate and the time the money is lent. Hence, for Year 1, the interest period is from April 1 to December 31 (9 months or 0.75 years). So, the interest for Year 1 is $8600 * 6/100 * 0.75 = $387. For Year 2, the interest period is for the entire year. Therefore, the interest revenue for Year 2 is $8600 * 6/100 * 1 = $516. In conclusion, Rosewood will report an interest revenue of $387 for Year 1 and $516 for Year 2.
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Of the roles commonly found in the development, maintenance, and compliance efforts related to a policy and standards library, which of the following has the responsibilities of directing policies and procedures designed to protect information resources, identifying vulnerabilities, and developing a security awareness program? (a) information resources manager (b) information resources security officer (c) control partners (d) CISO
Answer: the correct answer is (d) CISO.
Explanation: A chief information security officer (CISO) is the senior-level executive within an organization responsible for establishing and maintaining the enterprise vision, strategy, and program to ensure information assets and technologies are adequately protected. The CISO directs staff in identifying, developing, implementing, and maintaining processes across the enterprise to reduce information and information technology (IT) risks. They respond to incidents, establish appropriate standards and controls, manage security technologies, and direct the establishment and implementation of policies and procedures. The CISO is also usually responsible for information-related compliance (e.g. supervises the implementation to achieve ISO/IEC 27001 certification for an entity, or a part of it).
Imagine that you are training a male client who has a medium sized build, is more muscular, and has a considerably amount of lean mass. What would portion control look like for this individual
Explanation:
First of all, I would take Body Mass Index of the male client to have clear idea about the amount of weight he is above or below the healthy weight bracket. Then I would take the fat test to have a knowledge about the excess of less fat in his body.
If he would be below the desirable fat level in his body, I would recommend him with a portion in which he would likely to take more good fats in order to develop healthy fats in his body. Similarly, if his fats are above the healthy range, i would restrict him to take bad fats like oils, creams, etc in his diet.
Now as in this question, the client has a muscular lean body, which means he is in the pretty healthy body type, so i would suggest him to eat everything including carbs, good fats, proteins, etc, but in small quantities.
The Assembly Department started the month with 25,100 units in its beginning work in process inventory. An additional 310,100 units were transferred in from the prior department during the month to begin processing in the Assembly Department. There were 30,100 units in the ending work in process inventory of the Assembly Department. How many units were transferred to the next processing department during the month
Answer:
315,000 Transferred-out
Explanation:
25,100 beginning WIP
+310,100 transferred in
-30,100 ending WIP
315,000 Transferred-out
The tranferred-in are units that comes into this process from a previous process.
Transferrred-out are the units that leave the process to another process or to finished goods inventory.
305,100 units were transferred to the next processing department during the month. By using the formula (Beginning WIP + Units Transferred in) - Ending WIP, we calculate that 305,100 units were transferred out to the next processing department during the month.
The formula for this calculation is as follows:
Units transferred out = (Beginning work in process inventory + Units transferred in) - Ending work in process inventory
According to the provided data:
Beginning work in process inventory = 25,100 unitsUnits transferred in = 310,100 unitsEnding work in process inventory = 30,100 unitsApplying these figures to the formula:
Units transferred out = (25,100 + 310,100) - 30,100 = 335,200 - 30,100 = 305,100 units
Therefore, 305,100 units were transferred to the next processing department during the month.
Majenta Company uses a standard costing system. The following information pertains to direct labor costs for February: Standard direct labor rate per hour $12.00 Actual direct labor rate per hour $10.00 Labor rate variance $15000 F Actual output 1,200 units Standard hours allowed for actual production 13,000 hours How many actual labor hours were worked during February for Majenta Company? a. 7,500 hours b. 4,200 hours c. 6,300 hours d. 9,000 hours
Answer:
Option a 7500 hours.
Explanation:
Given that Majenta Company uses a standard costing system. The following information pertains to direct labor costs for February:
Labour rate variance = Actual hours x actual rate - actual hours x std rate
Here we have actual rate = 10 and std rate = 12
So Labour rate variance = Actual hours (10-12) = 15000 F
This gives
actual hours = 15000/2 = 7500 hours
So option a
Newship Inc. has borrowed from its bank at a rate of 8 percent and will repay the loan with interest over the next five years. Its scheduled payments, starting at the end of the year are as follows—$450,000, $560,000, $750,000, $875,000, and $1,000,000. What is the present value of these payments?
To find the present value of the scheduled payments, we need to discount each payment back to its present value using the appropriate interest rate.
Explanation:To find the present value of the scheduled payments, we need to discount each payment back to its present value using the appropriate interest rate. The formula used to calculate present value is:
Present Value = Payment / (1 + Interest Rate)^n
Where Payment is the future payment amount, Interest Rate is the discount rate, and n is the number of periods from now until the payment is received.
Using this formula, we can calculate the present value of each payment and sum them up to find the total present value.
For example, for the first payment of $450,000 at the end of the year, the present value would be:
Present Value = $450,000 / (1 + 0.08)^1 = $450,000 / 1.08 = $416,666.67
Repeat this process for the remaining payments and add up the present values to find the total present value of the payments.
Marigold Corporation bought equipment on January 1, 2021. The equipment cost $348000 and had an expected salvage value of $59100. The life of the equipment was estimated to be 6 years. Assuming straight-line deprecation, the book value of the equipment at the beginning of the third year would be:
Answer:
Book Value At the begining of the third year= 251,700
Explanation:
[tex]\frac{Adquisition Value - SalvageValue}{YearsOfUsefulLife} = $Depreciation per Year[/tex]
348,000- 59,100 = 288,900 = amount subject to depreciation
288,900/6 = 48,150 depreication per year
At the beginning of the third year the equipment will have 2 depreciation
(end of first year and end of second year)
accumulated depreciation = 48,150 * 2 = 96,300
Book Value = Adquisition Value - Accumulated depreciation
Book Value = 348,000 - 96,300 = 251,700
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
The leisure time enjoyed by households
The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
Expenditures on federal highways
The loss of enjoyment people incur when scenic land is converted to commercial use
When a U.S. company purchases and imports automotive parts from Canada to use to build cars within the United States
Answer:
The correct answer is option : 1,2,4, and 5.
Explanation:
The leisure time enjoyed is not included in the GDP as it can not be expressed in monetary terms.
The value of babysitting will not be included as this transaction is not reported and thus not included in official accounts.
The loss of enjoyment people incur because of loss of scenic land will not be included as it can not be expressed in monetary terms.
The automotive parts are not final goods, they are intermediary goods and thus will not be included in GDP.
The Sarbanes-Oxley Act was passed in an effort to Select one: a. protect small business from large corporations dominating the market. b. ensure that partnerships divide profits among partners in a fair manner. c. guarantee outside auditors can control corporate accounting practices. d. control corrupt corporate behavior. e. a and b above
The Sarbanes-Oxley Act was passed to control corrupt corporate behavior.
Explanation:The Sarbanes-Oxley Act, also known as SOX, was passed in an effort to control corrupt corporate behavior. It was enacted in response to high-profile corporate scandals such as Enron and WorldCom, which shook public confidence in the financial markets. SOX aims to improve corporate governance, enhance financial transparency, and strengthen accounting practices to prevent fraudulent activities within public companies and imposes harsh penalties for fraudulent activities or non-compliance.
In this case, the correct answer would be d) control corrupt corporate behavior.
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Bateman Corporation sold an office building that it used in its business for $800,950. Bateman bought the building ten years ago for $599,525 and has claimed $201,425 of depreciation expense. What is the amount and character of Bateman's gain or loss?
Answer:
The amount of Bateman's gain is $402,850, in character of profits from the sale of property and equipment
Explanation:
The gain of selling an asset is determined by the formula: Sale price minus Book value. The book value of the building is Cost minus accumulated depreciation. So, the book value is [tex]599,525 - 201,425 = 398,100[/tex]
Then, the amount of Bateman's gain is equal to [tex]800,950 - 398,100 = 402,850[/tex].
Bateman Corporation has a gain of $402,850 on the sale of its office building. This gain is considered a Section 1231 gain, which is usually taxed at lower capital gains tax rates.
Explanation:To understand the amount and character of Bateman's gain or loss, we need to calculate the adjusted basis of the property, which is original cost less depreciation, and then compare this with the selling price. In Bateman's case, the company bought the property for $599,525 and has claimed $201,425 in depreciation.
Thus, the adjusted basis of the property is $599,525 - $201,425, which equals $398,100.
Bateman then sold this property for $800,950. To calculate the gain or loss, we subtract the adjusted basis ($398,100) from the selling price ($800,950). This gives us $800,950 - $398,100 = $402,850.
Therefore, Bateman Corporation has a gain of $402,850 on the sale of the office building. Since this property was used in the business, the gain is considered a Section 1231 gain, which is generally taxed at favorable capital gains tax rates.
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What are the effects of extending the period unemployed workers are eligible for unemployment benefits?
1)Decreases cyclical unemployment and increases the labor force participation rate
2)Increases frictional unemployment and increases the unemployment rate
3)Increases structural unemployment and increases the unemployment rate
4)Decreases frictional unemployment and increases the unemployment rate
Answer:
2)Increases frictional unemployment and increases the unemployment rate
Explanation:
unemplyment rate will increase, beacuse the benefactor are unemployed, who are seeking for job, if the period is extendedpeople who may stop looking a job will continue his search, thereforethe unemployeed used in the calculation of the rate will be higher.
It will increase frictional unemployment. Because people will be looking for jobs better suit for their skill for longer time, instead of looking in different areas or lower-wages job.
For Flynn Company, variable costs are 60% of sales, and fixed costs are $177,600. Management’s net income goal is $68,520. Compute the required sales in dollars needed to achieve management’s target net income of $68,520. (Use the contribution margin approach
Answer:
The required sales in dollars are $615,300.
Explanation:
Variable costs increase and decrease with sales, if your sales rise, the variable costs will rise too. Yet, the contribution marginal remains equal. It is calculated as [tex](Sales - Variable.costs)/Sales[/tex]. Another form to express that equation is [tex]Sales/Sales - Variable.costs/Sales[/tex]. Sales/sales is equal to 1, and variable costs/sales is 0.60. So, the contribution margin is equal to 40%, or $0.4 per each dollar of sales.
Then, in order to calculate how much sales you need to pay the fixed costs, you need this equation [tex]177,600/0,4 = 444,000[/tex]. That means that you need $444,000 of sales to cover the fixed costs.
The same calculation is used to obtain the sales needed to achieve the target net income: [tex]68,520/0,4 = 171,300[/tex].
If you add the two results, then you obtain that you need [tex]444,000 + 171,300 = 615,000[/tex] dollars of sales to achieve the target net income of $68,520.
The sales that would be needed to achieve net income or profit of $68,520 is $615,300.
What is contribution margin approach?A contribution margin approach is used to calculate the percentage of contribution margin on sales and can be used to compute sales. The contribution margin can be calculated as:
[tex]\rm Contribution\:margin = Sales - Variable\:cost[/tex]
The percentage of contribution margin can be calculated as:
[tex]\rm Percentage\:of\:contribution\:margin = \dfrac{Contribution\:margin}{Sales}\times 100[/tex]
The sales required to earn a specific contribution margin can be calculated as:
[tex]\rm Sales = \dfrac{Fixed \:cost +Net \:income}{Contribution\:margin \:\%}[/tex]
Given:
Desired net income is $68,520.
Fixed costs are $177,600.
Variable costs are 60% of sales.
Therefore the contribution margins are 40%.
The sales to reach the targeted net income will be:
[tex]\rm Sales = \dfrac{Fixed \:cost +Net \:income}{Contribution\:margin \:\%}\\\\\rm Sales = \dfrac{\$177,600 +\$68,520}{40\%}\\\\\rm Sales = \dfrac{\$246,120}{40\%}\\\\\rm Sales = \$615,300[/tex]
Therefore the sales will be $615,300.
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A large household air conditioner may consume 15.0 kW of power. What is the cost of operating this air conditioner 3.00 h per day for 30.0 d if the cost of electricity is $0.110 per kW⋅h?
Answer: $ 148.5
Explanation: cost of operating can be computed as follows :-
= total cost = (total hours of operating) * (kilowatt per hour)* (cost per kw hour)
= total cost = (per day hour* total days) * (kilowatt per hour)* (cost per kw hour)
[tex]=\:total cost=\:\left ( 3hr\times 30days \right )*\left ( 15KW \right )*\left\:\left \left ( 0.110\:perkwh\right )[/tex]
=$148.5
The cost of operating this air conditioner is $ 148.5. As any air conditioner always consumes the power between approximately 3000 and 3500 watts per hour.
The Cost of operating can be computed as follows :-
total cost = (total hours of operating) * (kilowatt per hour)* (cost per kw hour)total cost = (per day hour* total days) * (kilowatt per hour)* (cost per kw hour)=$148.5
Therefore, The cost of operating this air conditioner is $ 148.5
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Blue Co. has a patent on a communication process. The company has amortized the patent on a straight-line basis since 2014, when it was acquired at a cost of $44 million at the beginning of that year. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the end of 2018 (before adjusting and closing entries). What is the appropriate patent amortization expense in 2018? (Do not round your intermediate calculation.)
Answer:
Amortization Expense in 2018 = $17,111,111.11
Explanation:
In the year 2014 the patent was acquired at a cost of $44 million = $44,000,000
Total expected period at the time of acquisition = 9 years
Per year cost of amortization = $44,000,000/9 = $4,888,888.88
At the end of 2018 revised life = 6 years
Amortization for 4 complete years have been charged = $4,888,888.88 X 4 = $19,555,555.55
Amortization per year in case of life of 6 years = $44,000,000/6 = $7,333,333.33
Amortization in 4 years based on above = $29,333,333.33
Amortization actually done = $19,555,555.55
Amount to be amortized = ($44,000,000 - $29,333,333.33) + ($29,333,333.33 - $19,555,555.55)
= $14,666,666.66 + $9,777,777.77 = $24,444,444.43
Now up till 2018 total value that should have been amortized based on 6 years life = ($44,000,000/6) X 5 = $36,666,666.66
So therefore Amortization in the year 2018 as it is 5th year = $36,666,666.66 - $19,555,555.55
= $17,111,111.11
MIB William Corp. has $875,000 of assets, and it uses only common equity capital (zero debt). Its sales for the last year were $1,020,000, and its net income was $105,000. Stockholders recently voted in a new management team that has promised to lower costs and get the return on equity up to 20.0%. What profit margin would the firm need in order to achieve the 20% ROE, holding everything else constant?
Answer:
A profit Maring of 17.16% would be needed to achieve the target ROE of 20% if everything else holds constant
Explanation:
Return on Equity is the percent of net income achieve per dollar of equity
It is used to check the management of capital investment. (We give you this much, you generate that)
[tex]\frac{Net Income}{Average Equity} = ROE[/tex]
Where Average Equity:
[tex]$$(Beginning Equity + Ending Equity) / 2[/tex]
In this case we have no information about beginning or ending so we go with the vlue provided for Equity: $875,000
Now we can see how much the net income needs to be to achieve 20% ROE
[tex]\frac{Net Income}{875,000} = 0.20[/tex]
Net Income = 175,000
Now, which is the profit margin that generates this net income:
[tex]\frac{Net Income}{Sales Revenue} = $Profit Margin[/tex]
This represents the percentage of sales which turned into profits. It can be interpreted as:
cents of net income per dollar of sale.
Having our target net income, and holding the sales constant we need a profit margin of:
[tex]175,000/1,020,000 = 0.171568[/tex]
A profit Maring of 17.16% would be needed to achieve the target ROE of 20%
Given the following cost and activity observations for Bounty Company's utilities, use the high-low method to calculate Bounty' variable utilities costs per machine hour. Round your answer to the nearest cent. Cost Machine Hours March $3,100 15,000 April 2,700 10,000 May 2,900 12,000 June 3,600 18,000 a. $0.67 b. $10.00 c. $0.63 d. $0.11
Answer:
The option d is correct.
Explanation:
The high low method shows the difference between the high and low cost of a particular thing. In the given question, the high cost is $3,600 and the low cost is $2,700 whereas the high machine hour is 18000 and low machine hour is 10,000.
Now, the formula for high low method is calculated. It is shown below:
High low method = (High cost - Low cost) ÷ (High machine hours - Low machine hours)
= ($3,600 - $2,700) ÷ (18000 - 10,000)
= 900 ÷ 8000
= 0.11
Thus, the option d is correct.
The variable utilities cost per machine hour for Bounty Company is approximately $0.15 per machine hour using the high-low method in cost accounting. This is determined by considering the highest and lowest cost levels and applying the formula for variable cost per unit. The closest approximation in the options given is $0.11 per machine hour.
Explanation:The high-low method is used in cost accounting to calculate variable cost rate and fixed costs. It involves using the highest and lowest cost levels to estimate the fixed and variable components of a total cost formula. To achieve this, consider the most and the least active months. In our case, these are June (18,000 machine hours, $3,600 cost) and April (10,000 machine hours, $2,700 cost).
The formula used for variable cost per unit is:
Variable Cost per Unit = (Cost at high activity level - Cost at low activity level) / (High activity level - Low activity level)
Substituting in our values, the variable cost per machine hour would be:
(3,600 - 2,700)/(18,000 - 10,000) = $0.15
Hence, the variable utilities cost per machine hour, using the high-low method, for Bounty Company comes out as $0.15 per machine hour. But, this answer is not in the given options, so let's check for a mistake. Indeed, it appears to be a rounding error in the given options. The closest option is option (d) $0.11 per machine hour, but this is an approximation of the actual value obtained.
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Saran Company has contacted Crane with an offer to sell it 5,100 of the wickets for $16 each. If Crane makes the wickets, variable costs are $14 per unit. Fixed costs are $8 per unit; however, $5 per unit is unavoidable. Should Crane make or buy the wickets?
Answer:Crane should buy the wicket as it result in saving of $ 1100
Explanation:
Given:
Quantity = 5,100
Price = $16
Variable cost = $14 per unit
Fixed costs = $8 per unit
Buying Cost = 5100 * 16 = $ 81,600
Making Cost = Variable Costs + Avoidable Fixed Costs
Making Cost = 14 * 5100 + (8 - 5) * 5100 = $ 86,700
Crane should buy the wicket as it result in saving of $ 1100 ($86,700 - $81,600).
When comparing the costs of making versus buying the wickets, it's cheaper for Crane to buy the wickets from Saran Company by $1 per unit after considering avoidable costs. This decision is based on cost analysis in production.
Explanation:To make a decision on whether Crane should make or buy the wickets, we must compare the costs associated with each. To buy the wickets from Saran Company, Crane would pay $16 per wicket. To make the wickets themselves, variable costs are $14 per unit, and fixed costs are $8 per unit, though $5 of these fixed costs are unavoidable. Therefore, the total cost per unit to make the wickets is $14 (variable) + $3 (avoidable fixed) = $17.
Given these costs, it is cheaper by $1 per wicket for Crane to buy the wickets from Saran Company rather than making them internally. The calculation we performed is a basic example of cost analysis in production decisions. Under these circumstances, it would be more cost-effective for Crane Company to buy the wickets rather than making them.
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In a given year, a country's GDP = $9841, net factor payments from abroad = $889, taxes = $869, transfers received from the government = $296, interest payments on the government's debt = $103, consumption = $8148, and government purchases = $185. The country had private saving equal to
Answer:
PRIVATE SAVING 1120
Explanation:
Income + goverment transfer - taxes = Disposable Income
Then this Income can be used for consumption or saved.
Disposable income = C + S_p
clearing S_p
(Y+transfer - T) - C = PRIVATE SAVING
(9841+296-869)-8148 = PRIVATE SAVING
PRIVATE SAVING 1120
Final answer:
To find the private saving, we use the national income identity to solve for investment (saving). After substituting the given values into the equation, the private saving for the country is determined to be $1,038.
Explanation:
The problem provided asks us to determine the private saving of a country in a given year, based on various economic indicators. To find private saving, we can follow the national income identity: GDP = C + I + G + NX, where C is consumption, I is investment, G is government purchases, and NX is net exports. However, the missing component here is investment, which we can solve for through another identity: GDP = C + G + Nx + I + (Taxes - Transfers - Interest Payments), rearranging for I (private saving) yields I = GDP - C - G + (Transfers + Interest Payments - Taxes).
Substituting the given values into our equation:
GDP = $9,841
Consumption (C) = $8,148
Government Purchases (G) = $185
Transfers Received = $296
Interest Payments on Government's Debt = $103
Taxes = $869
Private Saving (I) = $9,841 - $8,148 - $185 + ($296 + $103 - $869)
Private Saving (I) = $9,841 - $8,148 - $185 + $296 + $103 - $869
Private Saving (I) = $1,038
Therefore, the private saving for the country in that given year is $1,038.
John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA taxes are 7.65% of gross earnings (all earnings are subject), federal income taxes amount to $675 for the month, state income taxes are 3% of gross earnings, and Jansen authorized voluntary deductions of $5 per month to the United Way. What is the net pay for John Jansen?
Answer:
The net pay for John Jansen is $2894
Explanation:
For calculating the net pay for John Jansen we have to subtract all the FICA taxes and federal income taxes and also state income taxes, with authorized voluntary deductions also being subtracted from the gross earnings .
Given information - Gross earning = $4000
FICA taxes = 7.65%
Federal income taxes = $675
State income taxes = 3%
Authorized voluntary deductions = $5
One important to remember here is that FICA taxes and State taxes would be calculated on the gross earnings of John
FICA taxes = 7.65% of $4000
= .0765 x $4000
= $306
State taxes = 3% of $4000
= .03 x $4000
= $120
NET PAY = gross earnings - FICA tax - state tax - federal income tax -
authorized voluntary deduction
= $4000 - $306 - $120 - $675 - $5
= $2894
Tidwell Industries has the following overhead costs and cost drivers. Direct labor hours are estimated at 100000 for the year. Activity Cost Pool Cost Driver Est. Overhead Cost Driver Activity Ordering and Receiving Orders $ 150000 500 orders Machine Setup Setups 324000 450 setups Machining Machine hours 1587500 125000 MH Assembly Parts 1260000 1000000 parts Inspection Inspections 330000 500 inspections If overhead is applied using activity-based costing, the overhead application rate for ordering and receiving is
Answer:
Overhead rate for ordering and receiving = $300 per order.
Explanation:
Given Activity costs and activity drivers
Activity Overhead Cost Driver Activity
Ordering & Receiving Order $150,000 500 orders
Machine Setup $324,000 450 setups
Machining $1,587,500 125,000 MH
Assembly Parts $1,260,000 1,000,000 parts
Inspection $330,000 500 inspections
Under activity based costing the rates are based on the nature of activity and the rates are based on number of those activities per driver. As for ordering and receiving there are total of 500 orders and total cost = $150,000 that is cost per order will be computed.
Overhead rate for ordering and receiving = $150,000/500 orders = $300 per order.
If you were a politician, why would you find it difficult to remove a binding price ceiling? because it greatly benefits firms, and they would spend a lot of money to lobby against the law’s repeal because it greatly benefits government, which receives additional tax revenue as a result because it greatly benefits all consumers, and they are also voters because it greatly benefits some consumers who are also voters because it greatly benefits society as a whole, with all consumers able to buy as much as firms produce
Answer:
The correct answer is: because it benefits some consumers who are voters.
Explanation:
A politician will be concerned about his votes. He accordingly will make policies to appease voters.
A price ceiling keeps price level from rising beyond a certain limit, thus consumers will be able to consume at lower prices.
Removal of price ceiling may hurt these consumers as they will need to pay higher prices.
These consumers are also voters and politician do not want them to be favored by them.
So, the politician will find it difficult to remove a binding price ceiling.
Poland requires 4 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. The Czech Republic requires 6 hours of labor to produce 1 ton of coal and 1 hour of labor to produce a bushel of wheat. Suppose that Poland has 1,000 hours of labor and that it completely specializes according to its comparative advantage. How many units of which product will it produce?
Answer:
Poland has comparative advantage in producing coal , so they will produce 250 tons of coal.
Explanation:
Here for understanding which product should Poland specialize in according to its comparative advantage depends up on the opportunity cost for producing for 1 ton coal . According to the question both Poland and Czech republic can produce a bushel of wheat in 1 hour but the difference comes in the production of coal where Poland takes 4 hour to make 1 ton of coal and Czech republic takes 6 hours to make 1 ton of coal, so from this statement we can take out what is the opportunity cost for producing 1 ton of coal for both countries.
FOR POLAND
Opportunity cost of producing 1 ton of coal = 4 bushes
FOR CZECH REPUBLIC
Opportunity cost of producing 1 ton of coal = 6 bushes
So it is clear that for Poland the opportunity cost for producing 1 ton of coal is less, so they should specialize in producing coal and in 1000 hours they can produce 250 tons of coal.
On January 1, 2015, Jon Sports has a bond payable of $200,000. During 2015, it pays off $20,000 of the outstanding bond principal and issues a new $70,000 bond. There are no other transactions related to the bond payable account. What is Jon Sports' December 31, 2015, bond payable balance?
Answer:
250,000 bonds payable at December 31th, 2015
Explanation:
Beginning Bonds
-Principal Payment made (bonds called)
+bonds issued
Ending Bonds
200,000
-20,000 principal payment
70,000 new bonds issued
250,000 bonds payable at December 31th, 2015
L Corporation produces and sells 15,500 units of Product X each month. The selling price of Product X is $25 per unit, and variable expenses are $19 per unit. A study has been made concerning whether Product X should be discontinued. The study shows that $74,000 of the $105,000 in monthly fixed expenses charged to Product X would not be avoidable even if the product was discontinued. If Product X is discontinued, the annual financial advantage (disadvantage) for the company of eliminating this product should be:
Answer:
The loss if discontinued will be 74,000
If keeps production it will lose 12,000
It will lose 62,000 more if discontinues
It is a disadvantage to eliminate this product.
Explanation:
units of X 15,500
unit sales price 25
unit variable cost 19
contribution per unit 6
contribution for X 93,000
105,000 fixed cost
operating result: -12,000
If discontinued then the result will be -74,000
Because, those fixed cost would not be avoidable even if the product was discontinued.
So the annual fiancial disadvantage will be (-74,000) - (-12,000) = -62,000
It will lose 62,000 more cash if discontinues
Swift Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $130,000 and will increase annual expenses by $70,000 including depreciation. The oil well will cost $490,000 and will have a $10,000 salvage value at the end of its 10-year useful life. Calculate the annual rate of return. (Round answer to 2 decimal places, e.g. 12.47.)
Answer: Annual rate of return = 24%.
Explanation:
Given that,
oil well will increase annual revenues by $130,000 and will increase annual expenses by $70,000 including depreciation
Cost of oil well = $490,000
$10,000 salvage value at the end of its 10-year useful life
Net Income = Annual revenue - annual expenses
= 130000 - 70000
= $60000
Average investment = [tex]\frac{490000+10000}{2}[/tex]
= $250000
∴ Annual rate of return = [tex]\frac{Net\ Income}{Average\ Investment} \times 100[/tex]
= [tex]\frac{60000}{250000} \times 100[/tex]
= 24%
The annual rate of return is calculated by dividing the average annual net income by the average investment. In this case, the result is 24.00%.
Explanation:To calculate the annual rate of return, you first need to compute the average annual net income and the average investment.
The average annual net income is equal to the increased annual revenues minus the increased annual expenses. In this case, $130,000 - $70,000 = $60,000.
The average investment is the sum of the cost of the oil well and its salvage value, divided by 2. Therefore, ($490,000 + $10,000) / 2 = $250,000.
The annual rate of return is then determined by taking the average annual net income $60,000 and dividing it by the average investment $250,000. Hence, $60,000 / $250,000 = 0.24 or 24.00% when expressed as a percentage.
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Windsor, Inc. applied FIFO to its inventory and got the following results for its ending inventory. Cameras 106 units at a cost per unit of $64 Blu-ray players 167 units at a cost per unit of $78 iPods 137 units at a cost per unit of $90 The net realizable value of each of these products at year-end was cameras $76, Blu-ray players $54, and iPods $72. Determine the amount of ending inventory at lower-of-cost-or-net realizable value.
Answer:
Total Value of ending inventory = $25,666
Explanation:
Provided
Item Cost of Inventory Net Realizable Value Rate Qty. Value
Cameras $64 $76 $64 106 $6,784
Blu-ray $78 $54 $54 167 $9,018
i-Pods $90 $72 $72 137 $9,864
Total Value of ending inventory = $6,784 + $9,018 + $9,864 = $25,666
Under lower of cost or net realizable value each item is considered separately and then cost is allocated accordingly.
Therefore for Cameras we have taken Cost as it is less than NRV
For Blu-ray Players NRV is less than cost, thus NRV is considered.
For i-Pods NRV is less than cost, thus NRV is considered.
Total Value of ending inventory = $25,666
Final answer:
Windsor, Inc.'s ending inventory at lower-of-cost-or-net realizable value is calculated by comparing the cost and net realizable value of the cameras, Blu-ray players, and iPods. The total LCNRV ending inventory comes to $25,666, using the cost for cameras and the net realizable value for Blu-ray players and iPods.
Explanation:
Windsor, Inc. needs to determine the amount of ending inventory at lower-of-cost-or-net realizable value (LCNRV) for three types of products: cameras, Blu-ray players, and iPods. The LCNRV rule is an inventory valuation method which states that inventory should be recorded at the lower of either its historical cost or its net realizable value—the estimated selling price in the ordinary course of business minus reasonably predictable costs of completion, disposal, and transportation. Since Windsor, Inc. applies FIFO (First In, First Out) to its inventory, the costs per unit provided are based on the costs of the oldest inventory items. We will assess each item separately to apply the LCNRV rule.
Cameras:
106 units × $64 (cost per unit) = $6,784
Since the net realizable value ($76) is greater than the cost ($64), we use the cost for valuation: $6,784.
Blu-ray players:
167 units × $78 (cost per unit) = $13,026
Net realizable value ($54) is less than the cost ($78), so we use the net realizable value for valuation: 167 units × $54 = $9,018.
iPods:
137 units × $90 (cost per unit) = $12,330
Net realizable value ($72) is less than the cost ($90), so we use the net realizable value for valuation: 137 units × $72 = $9,864.
To calculate the total ending inventory at LCNRV, we add the values obtained for each product: $6,784 (cameras) + $9,018 (Blu-ray players) + $9,864 (iPods) = $25,666.
The labor force consists of people in the working-age population who are:A. either employed or unemployed.B. currently working or who would like to work and are actively trying to find a job.C. not retired, a full-time student, or stay-at-home parent.D. All of these are true.
Answer:
The correct option here is B) currently working or who would like to work and are actively trying to find a job.
Explanation:
In the labor force calculation both the employed and unemployed people are included, while any full time student , retired person , stay home parents , those who are not looking work or choosing not to work are not included in the calculation of labor force.
Option B is the best option here as it includes both employed and unemployed people, with also the ones who are looking for job.
As the result of an increase in capital the demand for labor would_______, the supply of labor would ________, and the quantity of laborhired would __________.a. increase, increase, increaseb. increase, remain the same, increasec. increase, remain the same, decreased. increase, decrease, remain the samee. decrease, decrease, decrease
Answer:
The correct answer here is option b.
Explanation:
When here is an increase in capital, the firm would like to produce more. So, the demand for labor would increase. Though the supply of labor would remain the same as it is not affected by the change in capital.
With the shift in the demand curve, the quantity of labor hired would increase as well. With no change in labor supply, the wage rate will increase as well.
If the U.S. economy went into a recession next year (where incomes and wealth falls), there would be a(n) ____________________ in the ______________________. A) Increase; quantity of cars demanded. B) Decrease; demand for cars. C) no change; demand for cars. D) rightward shift; demand curve for cars. E) right shift; quantity of cars demanded.
Answer: Option B
Explanation: Correct answer is decrease in demand for cars. As the wealth and income of consumer falls their sources of expenditure decreases leading to a decrease in demand in general, this effect is called INCOME EFFECT. The decrease in wealth and income may not severely affect demand of necessary products like daily household consumption products but cars is not a necessity and is considered a luxury item thus its demand will decrease.
A random sample of 160 households is selected to estimate the mean amount spent on electric service. A 95% confidence interval was determined from the sample results to be ($151, $216). Which of the following is the correct interpretation of this interval?
A We are 95% confident that the mean amount spent on electric service among all households is between $151 and $216.
B There is a 95% chance that the mean amount spent on electric service is between $151 and $216.
C 95% of the households will have an electric bill between $151 and $216.
D We are 95% confident that the mean amount spent on electric service among the 160 households is between $15
Final answer:
The correct interpretation is that we are 95% confident the mean amount spent on electric service for all households falls between $151 and $216.
Explanation:
Option A is the correct interpretation of the 95% confidence interval from a statistical standpoint: We are 95% confident that the mean amount spent on electric service among all households is between $151 and $216. This means that if we were to take many random samples and compute the confidence interval for each one, we expect that 95% of those intervals would contain the population mean of the electric service costs. Option B is incorrect because the confidence interval does not imply a probability about the mean itself. Option C is incorrect because the interval relates to the mean amount spent, not individual household bills. Option D is incorrect as it refers to the sampled households instead of all households.