Answer:
A. May be able to improve either economic efficiency or equality.
Explanation:
Public policies: These are the government's policies meant for the public´s benefit and it is tailored to translate vision into action to execute planning and get the desired result. These policies are important to resolve public issues efficiently and effectively with equality. It should be formed under the laws and regulations of the state.
There are five stages of policy making process:
Agenda setup.Policy formulation.Decision making.Implementation Evaluation.When a company is following the proportionality principle in its policy creation, the security levels, costs, practices, and procedures are all appropriate and proportionate to the degree of reliance on the system and the value of the data. True False
Answer:
True
Explanation:
The proportionality principle encourages for balance or fairness. Therefore, in its policy creation, the security levels, costs, practices, and procedures of a company should be appropriate and proportionate to the degree of reliance on the system and the value of the data.
For instance, you would not expect the security level of a company concerning its customers contact information to be the same with the company's operating address, because the latter is less sensitive.
Final answer:
The statement given by the student is true; applying the proportionality principle in company policy ensures that security measures are matched with the value of the data and system reliance. Companies conduct risk assessments and cost/benefit analyses to determine the appropriate security investments. This ensures both compliance and efficient resource allocation.
Explanation:
The statement posed by the student is true: when a company is following the proportionality principle in its policy creation, it is ensuring that security levels, costs, practices, and procedures are proportionate to the degree of reliance on the system and the value of its data. This concept is rooted in the practice of balancing the cost of security measures with the potential risk and impact of a security breach. For instance, in cases where data is essential and irreplaceable, a higher risk value is assigned, and more stringent security protections may be justified. Conversely, data with minimal risk if exposed may warrant less extensive security.
Organizations often face the challenge of determining what level of reliability and security is needed for their IT systems. This is particularly true for critical services like airlines or healthcare systems, where IT breakdowns can have severe implications.
Yet, the incorporation of robust security features and protocols often implies higher costs. Therefore, companies perform a cost/benefit analysis to determine the most appropriate level of investment in security technologies, weighing potential losses against the cost of implementation.
Businesses must consider the value of their systems to both the company and its clients. Moreover, industries are frequently subject to compliance measures that dictate the necessary security standards. Ultimately, the cost of security must be weighed carefully against the risks, data value, and compliance requirements to ensure that businesses follow the proportionality principle effectively.
Presented below is information related to Splish Company. Cost Retail Beginning inventory $318,504 $279,000 Purchases 1,363,000 2,117,000 Markups 93,200 Markup cancellations 16,400 Markdowns 38,300 Markdown cancellations 5,500 Sales revenue 2,158,000 Compute the inventory by the conventional retail inventory method. (Round ratios for computational purposes to 0 decimal places, e.g. 78% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using conventional retail inventory method $
Answer:
$191,760
Explanation:
For determining the ending inventory using the conventional retail inventory method we need to do following computations which are given below:
As per cost method
Goods available for sale:
= Beginning inventory + Net Purchase for the year
= $318,504 + $1,363,000
= $1,681,504
Under Retail method
Goods available for sale:
= Beginning inventory + Net Purchases for the year + net markups - net markdown
= $279,000 + $2,117,000 + $76,800 - $32,800
= $2,440,000
Now
Cost to retail ratio is
= $1,792,000 ÷ $279,000 + $2,117,000 + $76,800
= 0.68
And, Estimated ending inventory as per retail
= Goods available for sale at Retail - Net sales
= $2,440,000 - $2,158,000
= $282,000
Therefore, Estimated ending inventory as per cost is
= Estimated ending inventory at retail × Cost to retail ratio
= $282,000 × 0.68
= $191,760
A poultry rancher discovered what when she increased the price of organic eggs from $0.75 to $1.00 per dozen, the sales of her eggs fell from 300 dozen per week to 200 dozen per week. If she wants to increase her total revenue from egg sales, she should: reduce the price of eggs back to $0.75. take up dairy farming. raise the price of eggs even more. hold the price constant at $1.00.
Answer:
reduce the price of eggs back to $0.75
Explanation:
She should reduce the price of eggs back to $0.75 if she wants to increase her total revenue from egg sales because increasing her egg price from$0.75 to $1.00 per dozen make the sales of her eggs fell from 300 dozen per week to 200 dozen per instead of increasing from 300 dozen per per week to 400 per dozen per week.
Therefore for her to makes more sales and have increase in revenue or profit she should revert the price from $1.00 back to $0.75 per dozen which it was before which will inturn leads to more sales and high revenue or profits.
Rachel Watts owns a chain of office supply stores. Over the past three years, Rachel has significantly increased her sales through the outright purchase of additional office supply stores. Rachel is pursuing a(n) ________ strategy.
Answer:
Acquisition
Explanation:
Acquisition strategy is strategy of buying of one firm by another. The company which buys another company is called acquirer while company which is being bought is called target company.
The primary objective of this strategy is growth. While another reason is
to acquire the better technologies and skills of target company. to establish business in different geographies to accelerate the growth of target company who have potential to grow but are handicapped due poor financier and infrastructure to grow by providing it infrastructure and finance to diverse business portfolio of product and services. To overcome entry barrier in different market.
A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express:_________.
Answer:
A standard unmodified opinion.
Explanation:
When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.
A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.
The standard unmodified opinion comprises of report title, audit report address, introduction paragraph, managements responsibility, auditor's responsibility, opinion paragraph, audit report date and signature and address of certified public accountant firm.
Answer: a standard unmodified opinion
Explanation: Based on the above scenario the author's report is expected to express "a standard unmodified opinion ".
Financial statement is a record of the financial activities or position of a business. It is an official or a formal record.
A standard unmodified opinion is an opinion that is accepted by most people and unaltered.
On January 1, a machine with a useful life of 4 years and a residual value of $512000 was purchased for $480000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? $240000. $180000. $90000. $120000.
Answer:
$120,000
Explanation:
The computation of the double-declining-balance method of depreciation is shown below:-
Depreciation rate
= One ÷ Useful life
= 1 ÷ 4
= 25%
The rate is double So, 50%
In year 1, the original cost is $480,000, so the depreciation is $240,000 after applying the 50% depreciation rate
And, in year 2, the $240,000 × 50% = $120,000
La Belle Inc. introduced a new line of accessories for teenage girls last season. Following its immense popularity with the targeted group, the company anticipated high sales in the current season and ordered raw materials accordingly. However, the success of the new line turned out to be a fad as the teens soon turned to other products offered by competing brands and La Belle's sales declined. This forecasting error caused a huge discrepancy in the amount of raw materials they needed and the amount of inventory they had already piled up in anticipation of good sales. This is an example of ________. the multiplier effect safety stock planning hindsight bias product recall the bullwhip effect
Answer:
The bullwhip effect
Explanation:
The bullwhip effect is identified by the supply chain, specifically where a great difference exists between the sales to the end-user and the orders sent to the supplier or manufacturer. This irregularity affects the supply chain process because it would lead to exaggerated fluctuations.
Certain factors are responsible for the bullwhip effect or are contributors, some of them are:
When qualitative communication does not exist between links in the supply chain. This results in ordering different quantities because each link in the supply chain is working individually on perceived product demand.Categorizing orders in different batches. This occurs when companies tend to accumulate demand before placing an order. This could affect the supply chain negatively due to inconsistencies in demand. Using obsolete demand information. When the previous demand information is used without considering demand fluctuations over a period of time contributes greatly to the bullwhip effect.Answer:
The Bullwhip effect
Explanation:
This is an example of bullwhip effect.
The Bullwhip supply chain effect has to do with firms having to procure more, to keep pace with fluctuations in consumer demand as a result of forecast inaccuracies.
The Bullwhip starts from the retailer who has direct interface with the consumer and first receives the shock of the change in demand and passes it on to the wholesaler and then to the manufacturer and finally, raw material supplier.
It is indicated in the scenario that ''This forecasting error caused a huge discrepancy in the amount of raw materials they needed and the amount of inventory they had already piled up in anticipation of good sales.''
Hence consumer demand was not adequately anticipated and that is an example of the bullwhip effect.
Select the correct answer.
What is Jill actually doing when she makes a note of trade ideas that strike her every now and then?
An electronics manufacturer in Norway has developed a training program to train its support staff in foreign markets on the repair and maintenance of its products. The firm also ensures that there is enough stock of spare parts in all its distribution centers. According to the Product Component Model, the company is making improvements in the ________ component of the product.
A) coreB) support servicesC) packagingD) designE) global
Answer:
The correct answer is B) support services.
Explanation:
The main purpose of this model is to provide knowledge to collaborators so that they can provide the support service in the correct way. When any breakdown occurs in the electronic products, the buyer goes to the service centers recognized by the manufacturer in order to solve the problem with the product, for which it is necessary to train all the personnel looking for an effective and quality.
Answer:
B. Support service
Explanation:
The support service component is made up of activities like repair and maintenance services of products sold by the organization, installation, delivery, warranty information, training and instructions on how to use the product and so on. By training support staff and stocking the distribution centers with spare parts for repairs, maintenance and installation amongst others, the electronic manufacturer company is improving in its support service component.
Which of the following is an example of a positive, as opposed to normative, statement? a. The federal government should decrease coverage of unemployment benefits to stimulate the economy out of the recession. b. Congress should agree on lower government spending for the next fiscal year. c. The Federal Reserve Bank should increase interest rates in response to the higher-than-expected inflation in the economy. d. The unemployment rate last year was lower than any other year in the last century.
A positive statement is based on facts or objective analysis, while a normative statement expresses an opinion or value judgment.
Explanation:A positive statement refers to a statement based on facts or objective analysis, while a normative statement expresses an opinion or value judgment.
Out of the options given, option 'd' is an example of a positive statement. It states a fact about the unemployment rate last year being lower than any other year in the last century. This statement can be objectively evaluated and verified.
In contrast, options 'a', 'b', and 'c' are normative statements as they express opinions or value judgments about what should be done.
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Which part of a computer takes the text and pictures on your screen
and prints them onto paper?
A) Monitor
B) Printer
C) Computer Case
D) Central Processing Unit (CPU)
The monitor works with a video card that is located inside the computer case, to display images and text on the screen. Thus, the correct option is A). Monitor.
What is a Monitor?A monitor is an electronic visual computer display that includes a screen, circuitry and the case in which that circuitry is surround. It is an output device that displays information in pictorial or text form.
A monitor is an electronic output device that is also known as a video display terminal, which is used to display images, text, video, and graphics information generated by a connected computer via a computer's video card.
There are five types of monitors CRT, LCD, LED, OLED and Plasma Monitor all are used in televisions or computer desktops. Monitor is basically used for Gaming.
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Fran’s Crazy Salts has just been bought by Allspice. Employees are unsure of what that will mean for their jobs, as Allspice already has a competent workforce. As a result, many employees have started to call out sick and have begun to look for other jobs. Fran’s Crazy Salts should use a change agent to address ________.a. evaluating the intervention.
b. collecting feedback.
c. revitalizing the organization.
d. adapting to mergers.
e. managing conflict.
Answer:
d. adapting to mergers.
Explanation:
The change agent has a clear confidence in the workforce for the current workforce (previous company) on company policy so that they can be sure about their future with the company and their future activity. So adaptation to mergers the right choice because the change agent must be ready and committed to the workforce as soon as possible.Arturo Alvarez's charge account shows an unpaid balance of $6,255. The monthly finance charge is 1.5 percent of unpaid balance. What is the total finance charge?
Answer:
$93.825
Explanation:
The computation of the total finance charge is shown below:
= Unpaid balance of the charge account × monthly finance charge percentage
= $6,255 × 1.5%
= $93.825
By multiplying the unpaid balance with the monthly finance charge percentage we can get the total finance charge and the same is shown above i.e on the calculation part
Bill Raymond is the CEO of the Drummond Group, a consulting group in the Carolinas. Sales have increased at least five percent every year for the past seven years. Unfortunately, the company has hit a slump this year, and revenue is far less than anticipated. However, in order to receive his performance bonus, Bill must show a sales increase of at least seven percent. When the financials are released, sales have increased by exactly seven percent. Which of the following ratio analyses would be most helpful in revealing that Bill included bogus sales in the company's financials? a) Inventory turnover b) Receivable turnover c) Debt-to-equity ratio d) Quick ratio
Answer:
B. Receivable turnover
Explanation:
Bill Raymond is the CEO of the Drummond Group, a consulting group in the Carolinas. Sales have increased at least five percent every year for the past seven years.
Unfortunately, the company has hit a slump this year, and revenue is far less than anticipated. However, in order to receive his performance bonus, Bill must show a sales increase of at least seven percent. When the financials are released, sales have increased by exactly seven percent. The ratio analyses that would be most helpful in revealing that Bill included bogus sales in the company's financials is called RECEIVABLE TURNOVER
Which of the following statements about the insurance verification process is a FALSE statement? A) Directly affects payment delays or denials. B) Insurance verification cannot be performed until the patient arrives for services. C) Is dependent on the accurate collection of demographic and financial information. D) Verifies whether scheduled service expenses will be covered.
Answer:
B
Explanation:
Insurance verification cannot be performed until the patient arrives for services
A flexible budget:a) Is designed to be adjusted at frequent intervals for changes in the general price level. b) Consists of estimates of costs and expenses for various possible levels of activity.c) Cannot be prepared when a standard cost system is in use. d) Is better suited for use with a job cost system than a standard cost system.
Answer:
A flexible budget is a budget that adjusts or flexes with changes in volume or activity.
Explanation: For costs that vary with volume or activity, the flexible budget will flex because the budget will include a variable rate per unit of activity instead of one fixed total amount.
Ryan is a manager at Steve's Stoneworks, Inc. Hersey and Blanchard would consider most of Ryan's subordinates highly ready based on their ability to perform their jobs. Based on this, which of the following leadership styles is best for Ryan?
a. Telling
b. Delegating
c Forcing
d. Participating Selling
Answer:
B. Delegating
Explanation:
Delegating refers to the situation whereby an entity is assigned the authority or given the leeway in carrying out specific job task. Before an individual is delegated to carrying out an assignment, he or she must have shown competence in completing such task in the past. In this scenario, it is believed that Ryan's workers are highly ready based on their ability to perform their job. Thus, Ryan could decide to carry out delegation style of leadership since the workers are highly ready.
The idea behind the marketing concept is ___________. understanding how to sell each and every product available, in a transactional type environment increasing productivity, by creating innovative products and producing as much as possible, in a short amount of time a mutually beneficial exchange between buyers and sellers, where buyers receive quality products and good service, and sellers realize a profit building satisfying relationships between buyers and sellers, even if some years the seller experiences losses
Answer:
a mutually beneficial exchange between buyers and sellers, where buyers receive quality products and good service, and sellers realize a profit.
Explanation:
Marketing concept is a business philosophy which stated that in order for a business to acquire customers, that business need to be able to learn about customers' needs and do something in order to satisfy that needs. In return, the customers will contribute to the business' income. This relationship resulted in a mutually beneficial exchange between the two.
For example,
I want a food from this Mexican restaurant in the middle of the city. But i'm too lazy to drive there and buy it.
This create a need. For someone to go there , buy the food and deliver it to me.
There is a company who offered that service for me. That company require me to download an app and i can use that app to order a delivery. This company has satisfied the needs. In return, I'm willing to pay a delivery fee for their services. Both me and that company benefited from the situation.
The primary focus of the 'marketing concept' is a mutually beneficial exchange between buyers and sellers, where customers' needs and wants are identified and satisfied better than the competition. It acknowledges the significance of building relationships and increasing productivity, but accents on the benefits the buyers and sellers derive from the process.
Explanation:The marketing concept is primarily focused on a mutually beneficial exchange between buyers and sellers, where buyers receive quality products and good service, and sellers realize a profit. This idea emphasizes the importance of understanding the needs and wants of the target market and satisfying those needs better than the competition does. For instance, a company should not just focus on selling any product but should rather identify consumer's desires and produce products that meet those desires.
While increasing productivity through innovative products and building satisfying relationships between buyers and sellers are important aspects, they serve the bigger goal of creating a process where both buyers and sellers benefit. This concept holds that the key to achieving organizational goals lies in the company being more effective than its competitors in integrating marketing activities toward determining and satisfying the needs and wants of its target markets.
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g What will happen to the short-run Phillips curve? A. The short-run trade-off between uemployment and inflation will be better than before as the economy moves to a lower short-run Phillips curve. B. The short-run trade-off between uemployment and inflation will be worse than before as the economy moves to a higher short-run Phillips curve. C. The economy will go back to equilibrium with a lower inflation rate and a higher unemployment. D. The real wage will fall, unemployment will fall and the economy will go back to equilibrium with an even higher inflation rate.
Answer:
B. The short-run trade-off between uemployment and inflation will be worse than before as the economy moves to a higher short-run Phillips curve.
Explanation:
What will happen to the short-run Phillips curve? The short-run trade-off between unemployment and inflation will be worse than before as the economy moves to a higher short-run Phillips curve.The short-run Phillips curve shows that in the short-term there is a tradeoff between inflation and unemployment
The process of attracting individuals on a timely basis, in sufficient numbers, and with appropriate qualifications, to apply for jobs with an organization is referred to as ________. HR planning recruitment appraisal selection
Answer:
recruitment is the correct answer.
Explanation:
Recruitment is a process of hiring and selecting the right and qualified person for a vacant position.The recruitment process involves selecting a required candidate, sourcing attracting, investigating the job qualifications, screening, analyzing the application, strategy development, evaluation and shortlisting.The advantages of the Recruitment process are increased applicant quality, increase manager satisfaction and improve employment name.Final answer:
The process of attracting individuals on a timely basis, in sufficient numbers, and with appropriate qualifications, to apply for jobs with an organization is referred to as recruitment.
Explanation:
The process of attracting individuals on a timely basis, in sufficient numbers, and with appropriate qualifications, to apply for jobs with an organization is referred to as recruitment. Recruitment is an important part of the HR planning process as organizations need to ensure they have a pool of qualified candidates to choose from when filling job openings. This process may involve advertising job positions, collecting and reviewing résumés, conducting interviews, and selecting the best candidate for the job.
An increase in U.S. interest rates relative to German interest rates would likely ____ the U.S. demand for euros and ____ the supply of euros for sale. a. increase; reduce b. increase; increase c. reduce; reduce d. reduce; increase
Answer:
An increase in U.S. interest rates relative to German interest rates would likely decrease the U.S. demand for euros and increase the supply of euros for sale
Explanation:
An increase in U.S. interest rates relative to German interest rates would make U.S investments more attractive. This will increase the demand for U.S bonds: to buy them, investors have to acquire dollars. Then, in this case, it is more convenient to exchange euros to dollars to be able to buy US bonds, which have a higher yield (because they pay more interest than German ones). This implies than dollar's demand will increase and euro's supply will decrease.An increase in U.S. interest rates would likely reduce the U.S. demand for euros and increase the supply of euros for sale due to more attractive investment opportunities in the U.S.
Explanation:An increase in U.S. interest rates relative to German interest rates would likely reduce the U.S. demand for euros and increase the supply of euros for sale. When U.S. interest rates are higher, it becomes more attractive to save and invest in the U.S., reducing the demand for euros. At the same time, a higher interest rates can attract investors from other countries, such as those using euros, to invest in the U.S. This leads to an increased supply of euros for sale as they are exchanged for U.S. dollars. So, the correct answer should be (d) reduce; increase.
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Which of the following statements is a true statement about the Newsvendor model? 1 point In the Newsvendor model, the ordering decision is made before seeing the customer demand. The Newsvendor model can be only applied to vendors who sell newspapers or magazines. The Newsvendor model can be used only if unsold units cannot be salvaged. In the Newsvendor model, the decision-maker who decides how much to order, always knows the exact quantity of demand that will happen.
Answer:
The answer is (a) "In the Newsvendor model, the ordering decision is made before seeing the customer demand."
Explanation:
The Newsvendor model, used by various companies, is a way of predicting consumer demands based on already known variables. It is a core approach in determining supply and inventory in some businesses e.g Newspaper selling, ticket sales for some sports match,etc.Basically, it is used whenever demand for a product is uncertain.It helps to determine outcomes that favor and are less painful to the business owner, supplier or main seller like the Newspaper Vendor.
In the Newsvendor model, the ordering decision is made before customer demand is known. It can be applied to any kind of business, not just to newspaper vendors and also this model doesn't restrict to unsold units that can't be salvaged.
Explanation:The correct statement about the Newsvendor model is: 'In the Newsvendor model, the ordering decision is made before seeing the customer demand.' This model is used in operations management and supply chain management for determining optimal inventory levels. It makes an ordering decision based on estimates of demand, not knowing the exact quantity that will happen. The model can be applied to any retail or wholesale business, not just newspaper vendors. Also, the unforeseen leftovers can be salvaged or sold at a discount, so its not applicable only if unsold units can't be salvaged.
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President Ronald Reagan once joked that a Trivial Pursuit game designed for economists would a. have no questions but hundreds of answers. b. have 100 questions and 3,000 answers. c. have 1,000 questions but no answers. d. never produce a winner.
Answer: b. have 100 questions and 3,000 answers.
Explanation:
There are many jokes about Economists and their inability to agree on a definite approach. It's almost as if no matter the position one takes, there will always be an economist to support them.
This is why President Ronald Reagan famously said that, "there should be a Trivial Pursuit game for economists with 100 questions and 3000 answers".
Answer:
b. have 100 questions and 3,000 answers.
Explanation:
The reason was that the economics doesn't gives straight forward answers in most of situations. The economics theories though help in understanding of the economic situations and help it to make it better by numerous solutions and strategical options available. So he was right that the trivial pursuit game will have lower number of questions and greater number of answers.
If labor in Mexico is less productive than labor in the United States in all areas of production, a. then neither nation can benefit from trade. b. then Mexico can benefit from trade but the United States cannot. c. then the United States will have a comparative advantage relative to Mexico in the production of all goods. d. then both Mexico and the United States still can benefit from trade.
Final answer:
Even if one country has an absolute advantage in all production areas, both nations can still benefit from trade by focusing on their comparative advantages and trading accordingly.
Explanation:
The concept in question is comparative advantage, which is fundamental to understanding international trade. Despite one country having an absolute advantage in all areas of production, there can still be beneficial trade based on comparative advantage. In the example provided with the United States and Mexico, although the U.S. has an absolute advantage in producing both shoes and refrigerators—requiring fewer workers for each task—this doesn't preclude the possibility of mutually advantageous trade. Comparative advantage suggests that each country should specialize in the production of goods for which they have the least absolute disadvantage, or the greatest relative efficiency.
Mexico's comparative advantage in shoes, which is the area where its productivity disadvantage is smallest, allows it to trade shoes for refrigerators, where the U.S. has a significant productivity advantage. Thus, through the principles of comparative advantage, both countries can still benefit from trade. Applying the concept of the production possibility frontier, we can visualize how each country can increase their overall consumption by specializing and trading accordingly.
Accounting profit is equal to a. total revenue minus the opportunity cost of producing goods and services. b. average revenue minus the average cost of producing the last unit of a good or service. c. total revenue minus the explicit cost of producing goods and services. d. marginal revenue minus marginal cost.
Answer:Option C
Explanation:
Accounting profit means the book keeping profit where the explicit cost is taken and subtracted from the revenue of the firm. This rule is followed according to the GAAP rule of accounting. The explicit cost of production includes the production cost, raw material costs, distribution costs, and other production expenses.
Explicit cost are the direct cost incurred in the production of goods and services. Hence these cost are deducted from revenue. Implicit cost are hidden cost which are not paid directly.
Accounting profit is a company's total revenue minus all explicit costs related to the production of goods or services. It's a fundamental measure of financial performance.
Explanation:The correct statement is c. Accounting profit is equal to total revenue minus the explicit cost of producing goods and services. Traditionally, accounting profit is a firm's total revenue minus all the explicit costs involved in producing goods or services. The explicit costs include payments for labor, rent, raw materials, and other tangible expenses. The concept is one of the fundamental measures of a company's financial performance that investors, regulators, and other stakeholders use to make decisions.
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In july, noel & vang company purchased materials costing $23,100 and incurred direct labor cost of $19,800. manufacturing overhead totaled $35,200 for the month. information on inventories was as follows: july 1 july 31 materials $6,820 $7,810 work in process 770 1,320 finished goods 3,630 2,970 if noel & vang company sold 10,300 units during july and its gross margin totaled $32,780, what was the sales price per unit? (note: round answer to two decimal places.)
a. $10.11
b. $9.94
c. $10.09
d. $10.68
Answer:
d. $10.68
Explanation:
The computation of sales price per unit is shown below:-
Sales = Cost of Goods Sold + Gross Margin
For computing the sales price per unit first we need to find out the cost of goods sold
Statement of Cost of Goods Sold
Direct material (on July 1) $6,820
Add:- Purchase Direct Materials $23,100
Less:- Direct Materials (on July 31) ($7,810)
Direct Material used in Production $22,110
Add:- Direct Labor $19,800
Manufacturing overhead $35,200
Total Production Cost $77,110
Add:- Work in process (on July 1) $770
Less:- Work in process (on July 31) ($1,320)
Cost of Goods Manufactured $76,560
Add:- Finished Goods (on July 1) $3,630
Less:- Finished Goods (on July 31) ($2,970)
Cost of Goods Sold $77,220
Sales = Cost of Goods Sold + Gross Margin
=$77,220 + $32,780
= $110,000
Sales price per unit = Sales ÷ Number of Units Sold
= $110,000 ÷ 10,300
= $10.68
The philosophical leaders of the quality movement, Philip Crosby, W. Edwards Deming, and Joseph M. Juran, had the same general message about what it took to achieve outstanding quality. Which of the following was part of that message? A. Quality is freeB. Leadership from senior managementC. Customer focusD. Total involvement of the workforceE. Continuous improvement
Answer:
C. Customer focus
Explanation:
Since the main recipient of what you're producing is targeted at the customer, Customer focus by every organization is very important. Customer focus involves taking into consideration the needs of the customer. It involves carrying out the activities of planning and operating using the terms of the customers who are the final consumers. According to those philosophical leaders, in trying to achieve outstanding quality, one must be customer focused. With customer focus an organization can ensure that its meeting the satisfaction of its customers. The general quality of such products is usually high as it is centered on what the customer wants.
Answer:
Customer focus
Explanation:
Customer focus
Total involvement of the workforce
Continuous improvement needs of the customer was also part of the message
Deming opined that by embracing certain principles of the management, organizations can improve the quality of the product and concurrently reduce costs. Reduction of costs would include the reduction of waste production, reducing staff attrition and litigation while simultaneously increasing customer loyalty. The key, in Deming’s opinion, was to practice constant improvement and to imagine the manufacturing process as a seamless whole, rather than as a system made up of incongruent parts.
The primary focus of every business, during Juran's time, was the quality of the end product, which is what Deming stressed upon. Juran shifted track to focus instead on the human dimension of Quality management. He laid emphasis on the importance of educating and training managers. For Juran, the root cause of quality issues was the resistance to change, and human relations problems.
His approach to quality management drew one outside the walls of a factory and into the non-manufacturing processes of the organization, especially those that were service-related.
Crosby's principle, Doing It Right the First Time, was his answer to the quality crisis. He defined quality as full and perfect conformance to the customers' requirements. The essence of his philosophy is expressed in what he called the Absolutes of Quality Management and the Basic Elements of Improvement.
All this are for the customer, they focus on te customers
An ad for Hanes brand of underwear says, "Wait ’til we get our Hanes on you!" The brand is positioned as being comfortable for the wearer, and the ad really stressed how comfortable the brand feels against your skin. This brand’s positioning is best described as appealing to consumers’ _____ needs.
The Hanes brand of underwear's positioning is best described as appealing to consumers' physiological needs by focusing on the comfort aspect. This aligns with the most basic level of human needs as per Maslow's Hierarchy.
Explanation:The Hanes underwear ad is positioned to appeal to consumers' physiological needs, specifically the need for comfort. Maslow's Hierarchy of Needs theory posits physiological needs as the most basic level of human needs, concerned with physical comfort and avoidance of discomfort. By positioning the Hanes brand as comfortable against the skin, the brand appeals to this basic human requirement.
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William installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. William will install eight sound systems per day only if the eighth customer is willing to pay at least:_________.A. $400. B. $300 C. $50. D. $100.
Answer:
D. $100
Explanation:
Given: William install 7 system per day at the cost of $300.
William install 8 system per day at the total cost of $400.
Remember, If the marginal cost curve is upward-sloping, this means that as output increase, marginal costs will also increase.
Marginal cost is an additional cost incurred in producing additional unit of output.
Now, finding additional payment that eighth customer has to pay.
Change in marginal cost= [tex]Cost\ incurred\ in\ installing\ 8\ system - cost\ incurred\ in\ installing\ 7\ system[/tex]
⇒ Change in marginal cost= [tex]\$400-\$300[/tex]
∴ Change in marginal cost= [tex]\$ 100[/tex]
Hence, there is an increase in marginal cost by $100 as output increases, therefore, William will install eight sound systems per day only if the eighth customer is willing to pay at least $100.
Ayesha is a strategist for the firm Optiks Inc., which produces high-quality HD movie cameras. This company needs a specific material for a new camera they are developing, which is manufactured in large quantities by a competitor called Expert Technology Inc. However, this material is difficult to trade. Because of this, which of the following is most likely the best strategy for Ayesha to suggest? Optiks should enter into co-opetition with Expert Technology. Optiks should form a long-term agreement with Expert Technology. Optiks should acquire Expert Technology. Optiks should form a short-term agreement with Expert Technology.
Answer:
Option C Optiks should acquire Expert Technology.
Explanation:
Ther reason is that the competitor will never let an organization to use its innovation to compete with itself in the same market in which it is operating. This means that the only solution is to acquire the expert technology by either investing in research and development or buying the innovation from the Competitor which it would not sell.
Answer:
Firm Optiks Inc, should acquire Expert Technology
Explanation:
Co-opetition ,long-term agreement as well as short-term agreement would be nearly impossible due to the fact the difficult inherent in trading the material as the three options are all trade agreements.
However,acquiring Expert Technology Inc, means the company would now be under the control of Optiks Inc, and it is able to direct its affairs to suit its preference including the usage of the material required by Optiks Inc,to manufacture its HD movie cameras.