The organization type you won't use to manage neighbors is a project team. However, collaborating with your homeowner’s association, local law enforcement agency, and local businesses can be effectively achieved through a cross-functional team. Lastly, a more diverse team typically results in more ideas.
Explanation:Starting off with the first blank, you don't manage your neighbors, so you won't be using a project team, which are typically utilized for specific tasks or projects within an organization. Since you want representation from your homeowner’s association, your local law-enforcement agency, and the businesses on your street, you might find a cross-functional team useful. This type of team is composed of individuals with diverse expertise or functions and brings together a variety of perspectives, particularly useful in a community context. Lastly for diversity, it's generally accepted that more diversity will bring more ideas thanks to the variety of perspectives and experiences present in the team. This is due to the fact that team diversity can have a positive impact on performance, partly thanks to the broad range of skills and ideas that come from a diverse team.
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There are three economy situations and two stocks Information is as follows Economy Stock A Stock B Booming 0.3 10 20 Neutral 0.3 5 0 Recession 0.4 0 10 a What are the expected returns for both stock A and B respectively b What is the standard deviation risk for stock A c What is the portfolio return given that you have $10000 and allocate $4000 in stock A
Answer:
a) A = 4.50% and B = 2.00%
b) SD for A = 4.15 %
c) Portfolio Return = 3.0%
Explanation:
a) Expected Returns for Both A and B respectively:
In order to calculate the expected returns, let's categorize the given data first.
Economy Probability Stock A Stock B
Booming 0.30 10% 20%
Neutral 0.30 5% 0%
Recession 0.40 0% -10% (not 10%)
So,
Expected Return for Stock A:
A = Sum of (all Probability x Stock A)
A = (0.30 x 0.10) + (0.30 x 0.05) + (0.40 x 0.00)
A = 0.045
A = 4.50 %
Return for Stock B:
B = Sum of all Probability x Stock B
B = (0.30 x 0.20) + (0.30 x 0.00) + (0.40 x -0.10)
B = 0.002
B = 2.0%
b) Standard Deviation /Risk for Stock A:
SD for A = Sum (Square Root (Probability*(Stock A Return - Expected Return of Stock A)²) )
SD for A = [tex]\sqrt{0.30*(0.10-0.045)^2 + 0.30*(0.05-0.045)^2+0.40*(0.00-0.045)^2}[/tex]
SD for A = 0.0415
SD for A = 4.15%
c) Portfolio Return Given that:
Value Weight Return
Stock A 4000 0.4 4.50%
Stock B 6000 0.6 2.0%
10000
Portfolio Return = Sum of ( Weight x Return)
= (0.4 x 0.045) + (0.6 x 0.02)
= 0.03
Portfolio Return = 3%
The following transactions were completed by the company.
a. The company completed consulting work for a client and immediately collected $6,000 cash earned.
b. The company completed commission work for a client and sent a bill for $4,500 to be received within 30 days.
c. The company paid an assistant $1,650 cash as wages for the period.
d. The company collected $2,250 cash as a partial payment for the amount owed by the client in transaction b.
e. The company paid $800 cash for this period's cleaning services.
Prepare the impact of each transaction on individual items of accounting equation.
Answer:
a.
Assets : Increase by $6,000
Liabilities : No effect
Equity : Increase by $6,000
b.
Assets : Increase by $4,500
Liabilities : No effect
Equity: Increase by $4,500
c.
Assets : Decrease $1,650
Liabilities : No effect
Equity : Decrease $1,650
d.
Assets : Increase $2,250, Decrease $2,250
Liabilities ; No effect
Equity: No effect
e.
Assets : Decrease $800
Liabilities : No effect
Equity : Decrease $800
Explanation:
a.
Recognize Revenue and Assets of Cash
b.
Recognize Revenue and Assets in Trade Receivable
c.
Recognize an expense and de-recognize the Assets of Cash
d.
Recognize Assets in Cash and de-recognize Assets in Accounts Receivables.
e.
Recognize an Expense and de-recognise the Assets in Cash
Current Year Prior Year Accounts payable, end of year $ 4,603 $ 8,548 Accounts receivable, net, end of year 18,685 15,726 Inventory, end of year 6,904 6,055 Net sales 220,000 205,000 Cost of goods sold 140,000 130,000 (1) Use the information above to compute the number of days in the cash conversion cycle for each year. (2) Did the company manage cash more effectively in the current year?
Find the given attachments for the complete solution
g"Which of the following statements is true about minimum wage laws? Select Answer A. Minimum wage laws are a successful tool to lift people out of poverty. B. Minimum wage laws encourage employers to hire unskilled labor. C. A minimum wage law set above the equilibrium wage will not affect the labor market. D. All of the above are true. E. None of the above are true."
Answer:
The correct the answer is A. Minimum wage laws are a successful tool to lift people out of poverty.
Explanation:
The minimum wage laws are established to ensure that the employees are not exploited and that they receive a fair amount of pay to ensure a proper standard of living. This however, does not encourage employers to hire unskilled labor and minimum wages affects the labor market.
Lubbock county is planning to construct a bridge across the Rio de Lubbock to facilitate afternoon skiing in the El Dusto ski basin. The first cost of the bridge will amount to $6,500,000. Annual maintenance and repairs will amount to $25,000 for each of the first five years, to $30,000 for each of the next 10 years and to $35,000 for each of the next 5 years. In addition, a major overhaul costing $500,000 will be required at the end of the tenth year. Use an interest rate of 5% and determine the equivalent uniform annual cost for a 20 year period. Please enter your answer without '$' sign.
Answer:
575,010.25
Explanation:
i = 5%. n = 20 Years. P = 6,500,000.
Annual Maintenance Cost for the first five years, A1 = 25,000.
Annual Maintenance Cost from year 6 thro' 15, A2 = 30,000.
Annual Maintenance Cost from year 16 thro' 20, A3 = 35,000.
Overhaul Costs = 500,000 at year 10.
EUAC = [6,500,000 + 500,000 (P/F, 5%, 10)] (A/P, 5%, 20) +
25,000 +[{5000 (F/A, 5%, 5) + 5000(F/A, 5%, 15)} (A/F, 5%, 20)]
= [6,500,000 + 500,000 (0.6139)] (0.0802) +
25,000 +[{5000 (5.526) + 5000 (21.579)}(0.0302)]
= 545,917.39 + 29,092.86 = 575,010.25
The neighborhood ice cream shop finds that when it charges $3 per ice cream cone, its total revenues are $90,000. It has total variable costs of $30,000 and total fixed costs of $40,000. From this we can infer the:a. shop should be moved because the rent is too high.
b. price is less than average total cost.
c. economic profits are $20,000.
d. shop will be closed in the long run.
e. shop sells 10,000 ice cream cones.
Answer:
The correct answer is Option C.
Explanation:
Economic profit is simply the difference between the total revenue generated from the sale of an output minus the opportunity cost and all costs used in the production of that output.
The costs used in the production of that output are regarded as explicit costs.
Opportunity cost is subjective and judgemental and usually determined by management.
Based on the question, the Economic cost = Total revenue - Total variable cost - Total fixed cost
Economic cost = $90,000 - $30,000 - $40,000 = $20,000
aint John Industries uses the percentage of credit sales method to estimate Bad Debt Expense. The company reported net credit sales of $500,000 during the year. Saint John has experienced bad debt losses of 3% of credit sales in prior periods. At the beginning of the year, Saint John has a credit balance in its Allowance for Doubtful Accounts of $4,000. No write-offs or recoveries were recorded during the year. What amount of Bad Debt Expense should Saint John recognize for the year
Answer:
$15,000
Explanation:
Bad Debt Expense for the year=$500,000*3%=$15,000
As per %of Sales Method, the Relevant % of sales is recorded bad debt expense. Therefore the opening balance of allowance for doubtful accounts given in the question is irrelevant.
The journal entry will be;
Bad Debt expense Dr.$15,000
Allowance for Doubtful Accounts Cr.$15,000
Answer:
$15,000
Explanation:
When we are estimating bad debts as a percentage of credit sales then bad debt expense to be recognised each year is calculated by the formula
Total Credit Sales x Percentage of bad debts
As per data given in the question the Total Credit Sales = $500,000 and Percentage of bad debts is 3%.
Therefore Bad debt expenses to be recognised for the year by Saint John Industries would be
$500,000 x 3%
$15,000.
The Journal Entry to record the above transaction is
Bad Debt Expense $15,000
Allowance for Doubtful Accounts $15,000
Choose the correct statement(s) below regarding the direct write-off method for calculating bad debt expense.1.It is not normally consistent with GAAP and accrual accounting. 2.Its use tends to result in an overstatement of accounts receivable on the balance sheet.3.Under this method, bad debt expense is recognized when a specific account is determined to be uncollectibleMultiple Choice
a. III only.
b. I and III only.
c. II only.
d. I, II and III.
Answer:
d. I, II and III.
Explanation:
Under the direct written off method, there is no allowance to be made so the journal entry is as follows
Bad debt expense XXXXX
To Account receivable XXXXX
(Being the bad debt expense is recorded)
When it seems that the account is determined to be uncollectible that it would be recorded as a bad debt expense plus it results into overstated of account receivable i.e to be shown on the balance sheet. And, neither it is to be consistent with GAAP and the accrual accounting
The direct write-off method is not consistent with GAAP and accrual accounting, and bad debt expense is recognized when an account is uncollectible, making option b (I and III only) the correct choice.
Explanation:The correct statements regarding the direct write-off method for calculating bad debt expense are that it is not normally consistent with Generally Accepted Accounting Principles (GAAP) and accrual accounting and that bad debt expense is recognized when a specific account is determined to be uncollectible. Therefore, the correct answer is b. I and III only. The direct write-off method can potentially result in a mismatch of revenue and expenses, as the expense is only recognized when a specific account is deemed uncollectible, which can occur in a different period from when the related revenue was recognized. This method does not usually lead to an overstatement of accounts receivable on the balance sheet because accounts are not written off until they are deemed uncollectible.
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Carroll Corporation has two products, Q and P. During June, the company's net operating income was $25,000, and the common fixed expenses were $54,000. The contribution margin ratio for Product Q was 40%, its sales were $139,000, and its segment margin was $46,000. If the contribution margin for Product P was $44,000, the segment margin for Product P was: Multiple Choice $33,000 $46,000 $8,000 $79,000
Answer:
The Segment Margin of P is $79,000
Explanation:
Given
Product Q Contribution Margin Ratio = 40%
Sales of Product Q = $139,000
Segment margin of Product Q = $46,000
Net operating income = $25,000
Common fixed expenses = $54,000
Product P Contribution Margin = $44,000
Using the following formula, we'll calculate the segment margin for product P
Net Operating Income = Segment Margin of P - Common Fixed Expense
Substituting each values
$25,000 = Segment Margin of P - $54,000
Collect like terms
Segment Margin of P = $25,000 + $54,000
Segment Margin of P = $79,000
Edelman Engines has $11 billion in total assets. Its balance sheet shows $1.1 billion in current liabilities, $7.7 billion in long-term debt, and $2.2 billion in common equity. It has 900 million shares of common stock outstanding, and its stock price is $25 per share. What is Edelman's market/book ratio? Round your answer to two decimal places.
Answer:
10.23x
Explanation:
Market/Book Ratio = Stock Price / Net Book Value per Share
Stock Price = $25 per share
Net Book Value per Share = Net Book Value / shares of common stock outstanding
Shares of common stock outstanding = 900 million shares
where;
Total Assets = $11 billion
Total Liabilities = Current Liabilities + Long-Term Liabilities
Total Liabilities = $1.1 billion + $7.7 billion
Total Liabilities = $8.8 billion
Hence;
Net Book Value = Total Assets - Total Liabilities
Net Book Value = $11 billion - $8.8 billion
Net Book Value = $2.2 billion
Therefore;
Net Book Value per Share = Net Book Value / shares of common stock outstanding
Net Book Value per Share = $2.2 billion / 900 million shares
Net Book Value per Share = $2,200,000,000 / 900,000,000 shares
Net Book Value per Share = $2.44 per share
So;
Market/Book Ratio = Stock Price / Net Book Value per Share
Market/Book Ratio = $25 per share / $2.44 per share
Market/Book Ratio = 10.23x
It means that Stock is over valued and it has performed well because Market/Book Ratio is greater than 1. So the Stock price is set at higher price in relation to Edelman Engines' Net Book Value, so its Market/Book Ratio is 10.23x.
The following is a list of characteristics that describe a firm operating under monopolistic competition. Indicate whether these characteristics occur in the short run, the long run, or both.1. The firm produces a differentiated product. 2. The firm maximizes profits. 3. The firm earns zero economic profit. 4. All factors of production (inputs) are variable. 5. At least one factor of production (an input) is fixed. 6. The LRATC curve is tangent to the demand curve. 7. The price charged to consumers is higher than marginal cost.
Answer: 1. Both Short Run and Long Run
2. Both Short Run and Long Run
3. Long Run
4. Long Run
5. Short Run
6. Long Run
7. Both Short Run and Long Run
Explanation:
In Economics, the Short run refers to a period where wages and prices of other inputs are considered inflexible or rather hard to change whereas in the LONG RUN, these same inputs can be adjusted because they have had time to adjust.
In the both the Short and the Long Run, a company is capable of producing a differentiated product as well as maximising profit through MR=MC.
A firm can only however earn zero Economic profit in the long run as other firms come into the market and competition reaches its peak level.
It is also only in the Long Run that all factors of production are variable because they have time to adjust and adapt.
It is only in the Short run that at least one input is fixed. In the long run, all factors are variable.
In both the long and short run, the price charged to consumers can be higher than the Marginal Cost.
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Answer:
A firm operating under monopolistic display certain characteristics short run which changes in the long run.
Explanation:
1. The firm produces a differentiated product in the short run.
2. The firm maximizes profits in the short run.
3. The firm earns zero economic profit in the Long run.
4. All factors of production (inputs) are variable in the short run.
5. At least one factor of production (an input) is fixed in the long run.
6. The LRATC curve is tangent to the demand curve in the long run.
7. The price charged to consumers is higher than marginal cost in the long run.
Choose the statement that is correct. A. The MC curve intersects the AFC, AVC, and ATC curves at their minimums. B. Initially as output increases, average variable cost decreases, so average total cost decreases and the ATC curve slopes downward. Average fixed cost remains unchanged. C. The ATC curve eventually slopes upward because average variable cost eventually increases. D. An increase in output always increases average total cost.
Answer: C. The ATC curve eventually slopes upward because average variable cost eventually increases
Explanation:
The Law of Diminishing Marginal Returns causes the Average Total Cost curve to eventually slope upwards because the Average Variable Cost will increase.
Why?
At first, with production increasing, a firm will be very efficient at producing a certain good thereby driving the cost down per unit. As time goes on however, the law of Diminishing Marginal Returns comes into play as more is invested into the business. The cost per unit will therefore rise which will lead to the ATC curve going upwards.
I have included a simple graph to illustrate.
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In budgeting direct labor hours for the coming year, it is important to a.multiply production in units by the labor wage rate. b.multiply production in units by the direct labor hours per unit. c.divide production in units by the direct labor hours per unit. d.subtract direct labor hours per unit from production in units. e.subtract production in units from the direct labor hours per unit.
Answer:
b.multiply production in units by the direct labor hours per unit
Explanation:
In order to calculate the budgeted direct labor hours we simply multiplied the units production with the direct labor per unit
In mathematically,
Budgeted direct labor hours = Production in units × direct labor hours per unit
By considering the units production and direct labor hours per unit we can get the budgeted direct labor hours which are to be considered as a estimated direct labor hours
In budgeting direct labor hours for the coming year, it is important to multiply production in units by the direct labor hours per unit.
Explanation:In budgeting direct labor hours for the coming year, the correct approach is to multiply production in units by the direct labor hours per unit.
This is because direct labor hours per unit give us the amount of labor required to produce each unit, and by multiplying this with the production in units, we can estimate the total labor hours required for the coming year.
For example, if the direct labor hours per unit is 2 and the production in units is 100, then the estimated direct labor hours for the coming year would be 2 x 100 = 200 hours.
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5. Ren Inc. has expected earnings before interest and taxes of $63,300, an unlevered cost of capital of 14.7 percent, and a combined tax rate of 23 percent. The company also has $11,000 of debt that carries a coupon rate of 7 percent. The debt is selling at par value. What is the value of this company?
Answer:
$334,101.43
Explanation:
The computation of the value of this company is shown below:
Value of unlevered firm= [$63,300 × (1 - 23%)] ÷ 14.7%
= $331,571.43
And,
Value of this company = 331,571.43 + 23% of $11,000
= $331,571.43 + $2,530
= $334,101.43
As we know that value of the company is the mix o f levered firm and the unlevered firm according to that we done the calculations
The manager of the Beach Division of Treat Time is evaluating the acquisition of a new mobile ice cream server. The budgeted operating income of the Beach Division is currently $2,940,000 with total assets of $28,600,000 and noninterest-bearing current liabilities of $600,000. The proposed investment would add $18,000 to operating income and would require an additional investment of $120,000. The targeted rate of return for the Beach Division is 9 percent. Ignoring taxes, how much is the return on investment of the Beach Division if the ice cream server is not purchased?
Answer:
ROI = 10.5%
Explanation:
The ROI of a Division is the portion of then operating assets that is earned by as operating income by it. The higher the better.
Net operating assets = 28,600,000 - 600,000 = 28,000,000
ROI = Income/ Net operating assets × 100
ROI = 2,940,000/28,000,000 × 100
= 10.5%
During the month of March, Oriole Company's employees earned wages of $80,000. Withholdings related to these wages were $6,120 for FICA, $9,600 for federal income tax, $4,000 for state income tax, and $480 for union dues. The company incurred no cost related to these earnings for federal unemployment tax but incurred $800 for state unemployment tax. Prepare the necessary March 31 journal entry to record salaries and wages expense and salaries and wages payable. Assume that wages earned during March will be paid during April.
Answer:
Oriole company
The wage earned by the employees is $80,000. However certain deductions need to be recognized and made payable to respective statutory institutions.
After deductions the Employee should receive $59,800 (80,000 - 6,120 - 9,600 - 4,000 - 480)
Journal entries
1.
Debit Wage Account with $59,800
Debit FiCA (Employee) Account with $6,120
Debit Fed. income Tax (Employee) Account with $9,600
Debit State Income Tax (Employee) Account with $4,000
Debit Union Deductions (Employee) Account with $480
Credit Wages Payable Account with $80,000
(Being Wages earned in March and its distribution between accruals to employee and accruals to statutory bodies)
2.
Debit Employer state unemployment taxes Account with $800
Credit Employer state unemployment taxes Payable Account with $800
(Being employer contribution to unemployment taxes in March)
An industry has 1000 competitive firms, each producing 50 tons of output. At the current market price of $10, half of the firms have a short-run supply curve with a slope of 1; the other half each have a short-run supply curve with slope 2. The short-run elasticity of market supply is:A) 1/50
B) 3/10
C) 1/5
D) 2/5
E) none of the above
Final answer:
The short-run elasticity of market supply is calculated based on the given slopes of supply curves and the price increase from $10 to $11. It is found to be a 3% increase in quantity divided by a 10% increase in price, which equals an elasticity of 3/10.
Explanation:
The question involves calculating the short-run elasticity of market supply for a competitive industry. Elasticity measures responsiveness of quantity supplied to a change in price. In this case, we want to determine the elasticity given that half of the firms have a supply curve slope of 1, and the other half have a slope of 2, when the output changes from 50 tons at $10 to an unknown quantity at $11. We use the formula for elasticity, which is the percentage change in quantity supplied divided by the percentage change in price. Since we are given the slopes of supply curves instead of specific quantities, we'll consider hypothetical quantities to calculate the elasticity.
Let's assume an increase in price from $10 to $11, a 10% increase. For firms with a slope of 1, for every $1 increase in price, the quantity increases by 1 ton. For firms with a slope of 2, for every $1 increase, the quantity increases by 2 tons. Since the increase is $1 for both, we can add up the individual increases:
Firms with slope 1: 500 firms x 1 ton = 500 tons
Firms with slope 2: 500 firms x 2 tons = 1000 tons
Total increase in quantity = 1500 tons
The initial total quantity supplied is 50 tons x 1000 firms = 50,000 tons. A 1500 ton increase on 50,000 is a 3% increase. The elasticity of supply is then:
(3% increase in quantity) / (10% increase in price) = 0.3 or 3/10
Suppose the price of one share of a particular stock rose from $9.00 to $9.15 over the course of a year, and the stock paid a dividend of $0.60 per share during the same year. What was the total return on the share of stock
Answer:
8.3%
Explanation:
total return on the share stock=(Increase in share price + dividend paid)/share price at beginning of the year
Total return on the share of stock=((9.15-9)+.6)/9
Total return on the share of stock=8.3%
Shares are a part of company's capital which grows along with the performance of the company .
Here the company's stock gave returns of close to 7.7% over the year with a total return of $0.75 over last 1 year.
The total return can be calculated as 0.75$ (0.15 +0.60) and can be obtained by taking 9$ as base price
9/9.75x100-100=7.7%
Dividend yield of a share is determined by its price (face value) and dividend declared after investing such amount.And the price of a stock thus listed changes as a result of reaction to company's performance w.r.t. sales profits and revenues, etc and other such external factors
It is advisable for retail investors to do their own research before investing in any company and not just look at the past history of the company
The stock of the company gave returns of close to 7.7% after a rise in its price by 0.15 and a dividend of 0.60.
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"Division A, which is operating at capacity, produces a component that currently sells in a competitive market for $25 per unit. At the current level of production, the fixed cost of producing this component is $8 per unit and the variable cost is $10 per unit. Division B would like to purchase this component from Division A. The price that Division A should charge Division B for this component is:"
Answer:
$25 per unit
Explanation:
Data provided in the question
Selling price per unit = $25
Fixed cost per unit = $8
Variable cost per unit = $10
Based on the above information, the price that division A should charged from Division B is equal to the selling price per unit i.e $25 because Division A currently sells and operates in a competitive market so it should be same for division B
Eagle Fabrication has the following aggregate demand requirements and other data for the upcoming four quarters. Quarter Demand Previous quarter's output 1500 units 1 1300 Beginning inventory 200 units 2 1400 Stock-out cost $50 per unit 3 1500 Inventory holding cost $10 per unit at end of quarter 4 1300 Hiring workers $4 per unit Laying off workers $8 per unit Unit cost $30 per unit Overtime $10 extra per unit What is the cost of the following plans: a. Plan A—chase demand by hiring and layoffs. Cost = $ b. Plan B—produce at a constant rate of 1200 and obtain the remainder from overtime. Cost = c. What plan would you choose?
Plan A - chase demand by hiring and layoffs will be chosen.
Explanation:
Since this is a chase plan, there is no scope of the stockout and the overtime is also not planned. the following is used to choose the plan.
Qty Demand Production Hire Fire Ending inventory
1500 200
1 1400 1200 0 300 0
2 1200 1200 0 0 0
3 1500 1500 300 0 0
4 1300 1300 0 200 0
Total 5200 300 500 0
Marginal cost $30 $4 $8 $10
Cost $156,000 $1,200 $4,000 $0
$161,200
The question is about the plan that needs to be implemented.
Demand for quarter 1 is 1300 and 200 units is in beginning stock so a production of 1100 units will be required.
In the 2nd quarter a production of 1400 units, 1500 units will be produced in the 3rd quarter and 1300 units will need to be produced in the 4th quarter in order to meet the demand.
The cost will be incurred accordingly and then the plan with the lowest cost will be selected in order to increase profitability.
The lowest cost in incurred in Plan A and therefore Plan A will be chosen and implemented.
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Fabulous Frames Frame Shop wants to know the effect of different inventory costing methods on its financial statements. Inventory and purchases data for June are:
Units Unit Cost Total Cost
Jun 1 Begining inventory 2,200 $ 13.00 $28, 600
4 Purchase 1,700 $ 13.40 22,780
9 Sale (1900)
Required:
1. If Fabulous Frames Frame Shop uses the FIFO method, the cost of the ending inventory will be _________.
A. $ 25,000.
B. $ 26, 680.
C. $ 22, 780.
D. $ 24, 700.
If Fabulous Frames Frame Shop uses the FIFO method, the cost of the ending inventory will be:
B. $26680
"FIFO (First-In-First-Out)"First In, First Out (FIFO) is an bookkeeping strategy in which resources acquired or obtained to begin with are arranged of to begin with.
FIFO accept that the remaining stock comprises of things acquired last.
Jun 1 : Beginning Inventory : 2200 units x $13 = $28600
Jun 4 : Purchases : 1700 units x $13.4 = $22780
Total units : 2200 + 1700 = 3900 units
Sales : 1900 units
Cost of Goods Sold =Sales*Total Units
Cost of Goods Sold=1900 x $13
Cost of Goods Sold= $24700
Ending inventory:
(2200 - 1900) x $13 = $3900
1700 x $13.4 = $22780
Ending inventory : $3900 + $22780
Ending inventory= $26,680
Thus, the correct answer is B.
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If Fabulous Frames Frame Shop uses the FIFO method, the cost of the ending inventory will be $24,700. The correct option is D. $ 24, 700.
1. Calculate the remaining units and total cost after the sale on June 9 using the FIFO method:
- Beginning inventory units = 2,200
- Purchase units = 1,700
- Sale units = 1,900
- Remaining units = Beginning inventory units + Purchase units - Sale units = 2,200 + 1,700 - 1,900 = 2,000 units
- Calculate the remaining total cost:
- Beginning inventory cost = $28,600
- Purchase cost = $22,780
- Remaining cost = Beginning inventory cost + Purchase cost - Cost of units sold = $28,600 + $22,780 - (1,900 * $13.00) = $51,380 - $24,700 = $26,680
2. Therefore, if Fabulous Frames Frame Shop uses the FIFO method, the cost of the ending inventory will be $24,700.
If the monthly sales volume required to break even is $190,000 and monthly fixed costs are $55,900, the contribution margin ratio is closest to: Select one: a. 29% b. 71% c. 340% d. 23%
Answer:
a. 29%
Explanation:
Given that
Contribution margin = $55,900
Sales = $190,000
The computation of contribution margin ratio is shown below:-
Contribution margin ratio = Contribution margin ÷ Sales
= $55,900 ÷ $190,000
= 29%
Therefore for computing the contribution margin ratio we simply divide sales by contribution margin ratio.
On July 2, 2018, Lake Company sold to Sue Black merchandise having a sales price of $9,400 (cost $4,900) with terms of 2/10. n/30. f.o.b. shipping point. Lake estimates that merchandise with a sales value of $800 will be returned. An invoice totaling $140, terms n/30, was received by Black on July 6 from Pacific Delivery Service for the freight cost. Upon receipt of the goods, on July 3, Black notified Lake that $390 of merchandise contained flaws. The same day, Lake issued a credit memo covering the defective merchandise and asked that it be returned at Lake’s expense. Lake estimates the returned items to have a fair value of $130. The freight on the returned merchandise was $30 paid by Lake on July 7. On July 12, the company received a check for the balance due from Black. Collapse question part(a)Prepare journal entries for Lake Company to record all the events noted above assuming sales and receivables are entered at gross selling price.
To record the transactions, Lake Company should make journal entries for the sale, estimate of merchandise returns, invoice for freight, notification of flawed merchandise, credit memo for defective merchandise, return of merchandise, and payment from Black.
Explanation:To record the transactions in the given scenario, the following journal entries should be made:
1. Record the sale:
Accounts Receivable: $9,400
Sales Revenue: $9,400
Cost of Goods Sold: $4,900
Inventory: $4,900
2. Record the estimate of merchandise returns:
Sales Returns and Allowances: $800
Inventory: $800
3. Record the invoice for freight:
Freight-In: $140
Accounts Payable: $140
4. Record the notification of flawed merchandise:
Sales Returns and Allowances: $390
Accounts Receivable: $390
5. Record the credit memo for the defective merchandise:
Accounts Receivable: $130
Inventory: $130
6. Record the return of merchandise:
Inventory: $130
Accounts Payable: $130
7. Record the payment from Black for the balance due:
Accounts Receivable: $8,080
Sales Discounts: $320
Cash: $7,760
These journal entries properly record all the events in the given scenario.
Project team members can identify who should be notified of task completion status by checking the:Select one:a. Control accountb. Linear responsibility chartc. Statement of workd. Monthly joint review report
Answer:
The correct answer is letter "B": Linear responsibility chart.
Explanation:
A Linear Responsibility Chart (LRC) is, just like its name indicates, a chart where all the participants of a project are in a hierarchical order so subordinates will know who to report and what the command structure of the group is. LRCs display the function of the main representatives of the plan to be carried out so they are helpful to create correct lines of communication and coordination during the development of the project.
Shady Acres neighborhood has had 103 homes sold last year out of 560 homes in the area. Sunny Hills neighborhood has had 87 homes sold with 400 total homes. Windy Woods neighborhood has had 150 homes sold with 800 total homes. Still Waters neighborhood has had 145 homes sold with 625 total homes. All are in the same general price range in well-kept areas of the city. Which neighborhood would be the best farm area based on likely reward-to-effort ratios?
Answer:
Still Waters
Explanation:
Shady Acres neighborhood has had 103 homes sold last year out of 560 homes in the area. Sunny Hills neighborhood has had 87 homes sold with 400 total homes. Windy Woods neighborhood has had 150 homes sold with 800 total homes. Still Waters neighborhood has had 145 homes sold with 625 total homes. All are in the same general price range in well-kept areas of the city.
Which neighborhood would be the best farm area based on likely reward-to-effort ratios?
For each of the neighborhoods, the sales associate should determine the turnover index. This is by dividing the number of sales per year by the total number of homes in the neighborhood.
This neighborhoods will have a turnover ratio of 23.2
(145 sales ÷ 625 total homes)
This is the highest of the four neighborhoods (Shady Acres,Sunny Hills,Windy Woods,Still Waters neighborhoods) analyzed.
Which of the following is included in the U.S. financial account? transactions involving trade between nations. interest payments for overseas stock purchases. net transfer payments. foreign aid payments. foreign stock purchases by Americans.
Answer:
The correct answer is letter "D": foreign stock purchases by Americans.
Explanation:
The U.S. financial account is part of the Balance of Payments of the country that reflects the domestic assets owned by foreigners and the foreign assets owned by Americans. In case the U.S. financial account increases, it means there are more foreigners owning assets locally than Americans owning assets abroad. If the account decreases, there are more Americans owning assets abroad than foreigners owning assets in the U.S.
Therefore, foreign stock purchases by Americans will be included in the U.S. financial account.
Johnson Enterprises uses a computer to handle its sales invoices. Lately, business has been so good that it takes an extra 3 hours per night, plus every third Saturday, to keep up with the volume of sales invoices. Management is considering updating its computer with a faster model that would eliminate all of the overtime processing.
Current Machine New Machine
Original purchase cost $15,230 $25,080
Accumulated depreciation $ 6,800 _
Estimated annual operating costs $24,950 $19,560
Useful life 5 years 5 years
If sold now, the current machine would have a salvage value of $8,490. If operated for the remainder of its useful life, the current machine would have zero salvage value. The new machine is expected to have zero salvage value after 5 years.
Prepare an incremental analysis. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
Answer:
The incremental cost is ($10,360)
Explanation:
Analysis of total cost over the 5 year period
Retain Old Machine Buy New Machine
Variable / Incremental Operating
Costs
Old Machine 124,750
New Machine 97,800
Old Machine Book Value
Retain: Annual depreciation 8,430
Buy : Lump sum written off 8,430
Old Machine Disposal (8,490)
Purchase Cost of New Machine 25,080
Total Cost 133,180 122,820
The use of new machine will result in lower cost for the next 5 years.The incremental cost is ($10,360)
Langer Company produces plastic items, including plastic housings for humidifiers. Each housing requires about 15 ounces of plastic costing $0.08 per ounce. Langer molds the plastic into the proper shape. Langer has budgeted production of the housings for the next 4 months as follows: Units July 3,500 August 4,400 September 4,900 October 6,300 Inventory policy requires that sufficient plastic be in ending monthly inventory to satisfy 30% of the following month's production needs. The inventory of plastic at the beginning of July equals exactly the amount needed to satisfy the inventory policy. Required: Prepare a direct materials purchases budget for July, August, and September, showing purchases in units and in dollars for each month and in total. If required, round the total purchase cost to nearest whole value.
The detailed answer provides calculations for preparing a direct materials purchases budget for Langer Company for the months of July, August, and September. It also uses the principles of production planning and inventory management to show how to calculate the amount of raw materials to be purchased each month.
Explanation:To calculate the purchases budget for each of the months in question we first compute the total amount of plastic needed for production schedule and then add additional plastic for inventory as per the company's policy.
1. For July, the production requirement is 3500 units. Each unit requires 15 ounces of plastic. Therefore the total plastic needed is 3500*15 = 52500 ounces. The company will need additional 30% of August's production i.e. 30%*4400*15 = 19800 ounces. Therefore, total ounces to be purchased in July = 52500+19800 = 72300 ounces. In dollar Terms, 72300*0.08 = $5784
2. For August, production requirement is 4400*15 = 66000 ounces. Additional 30% for September's production = 30%*4900*15 = 22050 ounces. Therefore, total ounces to be purchased in August = 66000+22050 = 88050 ounces. In dollar terms, 88050*0.08 = $7044
3. For September, production requirement is 4900*15 = 73500 ounces. Additional 30% for October's production = 30%*6300*15 = 28350 ounces. Therefore, total ounces to be purchased in September = 73500+28350 = 101850 ounces. In dollar terms, 101850*0.08 = $8148
The total purchase cost over all three months is $5784 + $7044 + $8148 = $20976 (rounded to the nearest whole number).
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Coming Home Corporation uses a weighted-average process costing system to collect costs related to production. The following selected information relates to production for October: Materials Conversion Units completed and transferred out 49,000 49,000 Equivalent units: work in process, October 31 11,000 5,000 Total equivalent units 60,000 54,000 Materials Conversion Costs in work in process on October 1 $ 9,000 $ 5,400 Costs added to production during October 243,000 513,000 Total cost $ 252,000 $ 518,400 All materials at Coming Home are added at the beginning of the production process. What total amount of cost should be assigned to the units completed and transferred out during October? a. $676,200 b. $667,800 c. $642,000 d. $690,000
Answer:
A. $676,200
Explanation:
See attached file
A customer requires during the next 4 months, respectively, 50, 65, 100, and 70 units of a commodity, and no backlogging is allowed (that is, the customer’s requirements must be met on time). Production costs are $5, $8, $4, and $7 per unit during these months. The storage cost from one month to the next is $2 per unit (assessed on ending inventory). It is estimated that each unit on hand at the end of month 4 could be sold for $6 (so that is a negative cost). Determine how much to produce each month to minimize the net cost incurred in meeting the demands for the next 4 months.
Answer:
Check the explanation
Explanation:
Assumptions:
No inventory at beginning of month
Unlimited capacity
Other costs in production were ignored
Formulate the required Linear Problem:
[tex]X_{t}[/tex] is the number of commodities produced each month during month [tex]t[/tex]
[tex]i_{t}[/tex] is it is the number of commodities on hand at the end of month [tex]t[/tex]
Where, [tex]t[/tex] = 1,2,3,4 for each month in the problem
Thus, the total cost can be obtained in the attached images below
To minimize costs over four months, you should produce exactly as demanded in the first two months, and produce surplus in the third month, taking advantage of the lower unit cost. The surplus units will cater for the fourth month minimizing the production cost, even after taking into account the storage cost.
Explanation:Calculating Optimal Production LevelIn order to minimize the net cost incurred in meeting the next four months' demand, the ideal production level must balance production costs with storage costs, maximizing efficiency. The first month, it's best to produce 50 units (as required). In the second month, it's cost-effective to produce another 65 units to meet that month's demand. For the third month, producing 100 units would cater to the demand, but due to lower per unit production costs, it's advisable to produce additional units for next month, so the production would be 170 units. In this case, you'll have 70 units in storage which will be charged $2 per unit, but it is cheaper than producing them in the fourth month. At the end of month 4, the remaining units could be sold for $6 each, further depleting the net cost.
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