Answer:
The answer is 100%
Explanation:
we are given the mean which is $78 which is the average value of the data therefore this tells us most values are collectively around this bill and we also know the standard deviation of the cellphone bill which is $10 now we check the possibilities of x which is the cellphone bill being around these values so if x>$78+$10 , where x>$88 as we know the standard deviation is the measure of dispersion of data from the mean then we will see if x<$68 also then we'll find the probability where $68>x>$88 therefore if we sum these whole probabilities they will give us 1 which means it is certain but not impossible to find values that are $102>x>$54 which we see by the above numbers that approximately 1 is the probability which is 100%.
At least 95% of cell phone bills will be between $54 and $102, as this range is more than two standard deviations but less than three standard deviations from the mean, in accordance with the empirical rule.
To determine the minimum percentage of cell phone bills that will be between $54 and $102, we can apply the empirical rule (also known as the 68-95-99.7 rule). This is a statistical rule which states that for a normal distribution, nearly all of the data will fall within three standard deviations of the mean.
The average cell phone bill is $78 with a standard deviation of $10. So, one standard deviation from the mean is $68 to $88, two standard deviations is $58 to $98, and three standard deviations is $48 to $108.
Since $54 to $102 encompasses more than two but less than three standard deviations from the mean, we can say that at least 95% but less than 99.7% of cell phone bills will fall in this range. Therefore, the minimum percentage of cell phone bills between $54 and $102 would be 95%.
NatureMade Snacks just received an order to produce 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips. The order will require 21 preparation hours and 36 cooking and draining hours. Use the activity rates you calculated in S4-4 to compute the following: What is the total amount of manufacturing overhead that should be allocated to this order? How much manufacturing overhead should be assigned to each bag? What other costs will the company need to consider to determine the total manufacturing costs of this order?
Answer:
Instructions are lsited below.
Explanation:
Giving the following information:
Production= 12,000 single-serving bags of gourmet, fancy-cut, sweet potato chips.
The order will require 21 preparation hours and 36 cooking and draining hours.
We were not provided with enough information to solve the requirements. But, I will leave the formulas and an example to guide you.
First, we need to calculate the estimated manufacturing overhead rate for each department:
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
For example:
Preparation:
Estimated overhead= 100,000
Estimated preparation hours= 2,000
Estimated manufacturing overhead rate= 100,000/2,000= $50 per preparation hour
Cooking:
Estimated overhead= 175,000
Estimated cooking hours= 10,000
Estimated manufacturing overhead rate= 175,000/10,000= $17.5 per direct cooking hour.
Now, we can allocate overhead to the special order:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Preparation= 50*21= $1,050
Cooking= 17.5*36= $630
Unitary overhead= (1,050 + 630)/12,000= $0.14 per bag
The total manufacturing costs include direct labor, direct materials and allocated overhead:
Total manufacturing cost= direct material + direct labor + allocated overhead
For example:
DM= 300,000
DL= 200,000
Overhead= 1,680
Total manufacturing cost= 300,000 + 200,000 + 1,680= $501,680
Final answer:
The allocation of manufacturing overhead for NatureMade Snacks cannot be precisely calculated without the specific activity rates. In general, the overhead is determined based on preparation and cooking hours, and additional costs like direct materials, direct labor, and other overheads are essential for calculating total manufacturing costs.
Explanation:
The question relates to the allocation of manufacturing overhead for a specific order of gourmet, fancy-cut, sweet potato chips at NatureMade Snacks and necessitates a computation based on provided activity rates and production hours. Unfortunately, since the original activity rates from S4-4 are not supplied within the query, a specific numerical answer cannot be accurately calculated here. However, generally, the total manufacturing overhead could be determined by assigning overhead costs based on the rates associated with the preparation and cooking activities for the 12,000 single-serving bags.
In addition to manufacturing overhead, the company must consider other costs to determine the total manufacturing costs of this order. These include direct materials (the cost of sweet potatoes and any seasonings or oils), direct labor (wages for workers preparing and cooking the chips), and possibly other overheads related to equipment depreciation, utilities, and rent for the manufacturing space.
The manufacturing overhead per bag can be ascertained by dividing the total overhead costs by the number of bags (12,000 in this case). However, without the specific activity rates and overhead costs, a precise per-bag cost calculation remains elusive in this response.
. One of the most commonly used operations management tools is cognitive mapping which is used to better understandthe psychology of the workers. a. True b. False ANSWER: False
Answer:
The correct answer is letter "B": False.
Explanation:
Scientific Management also called Taylorism after American economist and father of this theory Frederick Winslow Taylor (1856-1915), looks for increasing companies' efficiency by improving labor productivity and understanding the psychology of workers.
That will be achieved by hiring the correct workers for a job, monitoring their performance and providing training, and dividing the work between management and workers correctly so managers can take care of handling the business operations while employees of executing those operations.
The claim that cognitive mapping is a common tool in operations management for understanding worker psychology is false. While it can be used to understand an individual's mental model, it is not a primary tool in operations management, which focuses more on efficiency and effectiveness of business processes.
Explanation:The statement that cognitive mapping is one of the most commonly used operations management tools to better understand the psychology of the workers is false.
Operations management focuses mainly on ensuring efficiency and effectiveness in the business processes. Tools used in operations management include, but are not limited to, Gantt charts, process mapping, capacity planning, and inventory management.
On the other hand, cognitive mapping is a psychological tool used to understand an individual's mental model of the world, including their perception, knowledge, and beliefs. In a working environment, cognitive mapping may be used in designing work spaces or creating strategies for organizational change, but it is not a main tool under operations management.
Learn more about Cognitive Mapping & Operations Management here:https://brainly.com/question/32559864
#SPJ3
A 6 percent, annual coupon bond is currently selling at a premium and matures in 7 years. The bond was originally issued 3 years ago at par. Which one of the following statements is accurate in respect to this bond today?a. The face value of the bond today is greater than it was when the bond was issued.b. The bond is worth less today than when it was issued.c. The yield-to-maturity equals the current yield.d. The coupon rate is less than the current yield.e. The yield-to-maturity is less than the coupon rate.
Answer and Explanation:
the answer is attached below
Answer:
e. The yield-to-maturity is less than the coupon rate.
Explanation:
When the yield is lower than the coupon rate, the bond is considered to be trading at a premium.
Price of bond = Present value of future coupon payments and present value of par value to be recieved on the date of maturity, discounting is done athe the rate at which market is prevailing.
Hence, if the yield rate is the prevailing market rate,coupon rate is compared to yield rate to invest in bond because the coupon is more compared to market rate.
Thus the investors would be charged more than the par value which is being traded at premium in order to set off the benefit of the payments of coupon.
Perfect Pad manufacturers floor mats for trailers that are used to transport horses. The mats provide for a firm footing surface that quickly sheds water. Mats are made to customer specifications via orders submitted over an internet site. The mats are completed and shipped in about one day. As a result, Perfect Pad does not maintain any work in process or finished goods inventory.
The following costs were incurred in producing and selling mats during August:
Synthetic rubber used in the mat $134,300
Lubricant used in the molding machine 14,000
Factory rent 9,600
Electricity to run the molding machine 2,600
Labor cost of machine operators 34,100
Internet sales site 1,500
Administrative salaries 12,500
Depreciation of molding machine 7,400
Salary of factory safety inspector 3,500
Office rent 13,500
Evaluate these costs, and determine the amount of direct material, direct labor, factory overhead, and selling/general/administrative costs. Next, identify how much is considered to be a "prime cost" and how much is considered to be a "conversion cost."
The costs incurred in producing and selling mats for Perfect Pad are classified as direct material, direct labor, factory overhead, and selling/general/administrative costs. The prime cost is the sum of direct material and direct labor costs, while conversion cost is the sum of direct labor and factory overhead costs.
Explanation:The costs incurred in producing and selling mats during August can be categorized as follows:
Direct material: Synthetic rubber used in the mat ($134,300) and lubricant used in the molding machine ($14,000).Direct labor: Labor cost of machine operators ($34,100).Factory overhead: Factory rent ($9,600), electricity to run the molding machine ($2,600), depreciation of molding machine ($7,400), and salary of factory safety inspector ($3,500).Selling/General/Administrative costs: Internet sales site ($1,500), administrative salaries ($12,500), and office rent ($13,500).The direct material and direct labor costs together make up the prime cost ($148,300), while the direct labor and factory overhead costs make up the conversion cost ($54,800).
Learn more about cost classification here:https://brainly.com/question/33287351
#SPJ3
Analyze fraternal polyandry in Himalayan south-central Asia with respect to material conditions. What specific problems are posed by what specific material conditions, and how are they solved? Is this a simple causal relationship?
Answer:
Analyze fraternal polyandry in Himalayan south-central Asia with respect to material conditions.
Since the population of the region is high and there is no farmable land therefore they want to keep it as one unit and practice fraternal polyandry in a way that a woman will be married to many brothers and therefore they wont have to fragment the land. They have to keep the population of their family low and this system works for them.
What specific problems are posed by what specific material conditions, and how are they solved?
Major condition of material is land and they dont want to split it between the brothers. If they all will have a separate wife, there are chances of fighting and asking for their fragment of the land. Therefore fraternal polyandry works for them
Is this a simple causal relationship?
No it is not. It is more like of an organization / corporation relationship where land must be retained as a collective unit.
In an economy, the working-age population is 100 million. Of this total, 80.0 million workers are employed. 3.0 million workers are unemployed. 14.0 million workers are not available for work (homemakers, full-time students, etc.). 2.0 million workers are available for work but are discouraged and thus are not seeking work. 1.0 million workers are available for work but are not currently seeking work due to transportation or childcare problems.
Answer:
Unemployment rate = 3.6%
Explanation:
Unemployment is the number of people who are willing to work and are actively seeking work but are unable to find it. The unemployment rate is the unemployed / total number of people in the labor force x 100.
In the above scenario, the unemployed is 3 million people. The others are either already employed, unavailable, unwilling or not seeking work.
The labour force comprises of those who are employed and unemployed, that is 80million + 3million = 83 million.
Hence, unemployment rate = (3/83) x 100 = 3.6%
The student's question involves calculating and understanding the employment, unemployment, and labor force participation rates within an economy, as demonstrated by the working-age population and labor force definitions.
Explanation:The question pertains to the concepts of employment, unemployment, and labor force participation in an economy. In the given scenario, the working-age population is 100 million, with 80.0 million employed, 3.0 million unemployed, 14.0 million not available for work, 2.0 million discouraged workers, and 1.0 million available for work but not seeking due to other problems. This resembles the situation often illustrated in economic statistics such as those represented by the Bureau of Labor Statistics (BLS).
The labor force includes all the employed and unemployed individuals actively seeking employment. To calculate the unemployment rate, we consider only those individuals who are part of the labor force, i.e., those who are employed plus those who are unemployed and looking for work. People who are not in the labor force like homemakers, full-time students, discouraged workers, and those not seeking work due to transportation or childcare problems are excluded from the labor force calculations.
Jason, a new salesperson at a shoe store, followed the customers around the store. He kept talking to them about all the products in the store even after a significant number of customers asked him to leave them alone. Ultimately, most of the customers left and went to the adjacent shoe store. The customers' reaction in this case is an example of:
(A) compliance.
(B) congruity.
(C) reactance.
(D) conformity.
(E) valence.
Answer: (C) reactance.
Explanation:
Reactance is the human inclination to do the opposite of what a rule, person or business has to offer because a restriction to their individual's freedom is perceived. It's a coping mechanism triggered by the feeling of having choices taken away, a counterforce prompted by suspicion of losing self-determination.
What other information would you need to be confident that the equation in requirement 2 accurately predicts the cost of manufacturing drink bottles?
A. Does the slope of the regression line indicate that a strong relationship exists between manufacturing costs and the number of drink bottles produced?
B. How good is the goodness of fit? That is, how well does the estimated line fit the data?
C. Can Garcia's competitors manufacture drink bottles at a cost less than Garcia?
D. Is the relationship between total manufacturing costs and quantity of drink bottles economically plausible
Answer:D
Explanation:
Is the relationship between total manufacturing costs and quantity of drink bottles economically plausible.
Final answer:
To ensure the equation accurately predicts the cost of manufacturing drink bottles, one must evaluate the slope of the regression line and the goodness of fit. These statistical measures directly impact the confidence in the equation's predictive accuracy, while economic comparisons and plausibility provide important context.
Explanation:
To be confident that the equation in requirement 2 accurately predicts the cost of manufacturing drink bottles, we need to consider several factors. Firstly, let's analyze whether the slope of the regression line indicates a strong relationship between manufacturing costs and the number of drink bottles produced. A steep slope either positive or negative could indicate a strong relationship but would need to be supported by a high correlation coefficient for confirmation. Secondly, assessing the goodness of fit is crucial as it tells us how well the estimated line fits the data. Metrics such as R-squared can provide insight into the percentage of variance in the dependent variable that is explained by the independent variable.
Furthermore, understanding the economic aspect, such as if Garcia's competitors can manufacture drink bottles at a lower cost, is essential but not directly related to the statistical accuracy of the equation. Similarly, evaluating whether the relationship between total manufacturing costs and quantity of drink bottles is economically plausible is vital for real-world application but again does not directly impact the statistical validity of the regression analysis.
In summary, both the strength of the relationship indicated by the slope and the regression line's goodness of fit are direct factors that influence the confidence in the equation's predictive accuracy. Comparisons to competitors and economic plausibility provide necessary business context but do not directly affect the accuracy of the predictive model.
One company executive has expressed concern about the operating loss that has occurred in Product Line 2 and has suggested that Product Line 2 be discontinued. If Product Line 2 were to be dropped, the operating income of the company would:_______.
Answer:
Increase
Explanation:
Operating income is a company's profit after deducting operating expenses which are the cost of running operations daily.
When the product line 2 is dropped cost of running operations will reduce thereby increasing the operating income.
Alchemy Manufacturing produces a pesticide chemical and uses process costing. There are three processing departments—Mixing, Refining, and Packaging. On January 1, the first department—Mixing—had no beginning inventory. During January, 56,000 fl. oz. of chemicals were started in production. Of these, 30,000 fl. oz. were completed and 26,000 fl. oz. remained in process. In the Mixing Department, all direct materials are added at the beginning of the production process, and conversion costs are applied evenly throughout the process. The weighted-average method is used. At the end of the month, Alchemy calculated equivalent units. The ending inventory in the Mixing Department was 75% complete with respect to conversion costs. With respect to direct materials, what is the number of equivalent units in the ending inventory?
Answer:
Explanation:
Opening units 0
Started 56000
56000
Transffered 30000
Closing 26000
Production Table
Using Weighted Average Method
Cost Element Complete Closing WIP Equivellant production units
Material 30,000 26,000 56,000
Labour Cost 30,000 19,500 49,500
In process costing, equivalent units for direct materials correspond to actual units in the ending inventory. For Alchemy Manufacturing, the equivalent units in ending inventory for direct materials are 26,000. For conversion costs, which are 75% applied, equivalent units are 19,500.
Explanation:In the context of process costing, equivalent units are a measure of the work done during a period, expressed in terms of fully completed units. Given that all direct materials are added at the beginning of the process at Alchemy Manufacturing, the number of equivalent units for direct materials in the ending inventory is equal to the number of physical units in that inventory. That means, for the Mixing department's ending inventory, there are 26,000 equivalent units for direct materials, because that's how many fluid ounces of chemicals remained in process at the end of January.
In terms of conversion costs (which are applied evenly throughout the production process), the number of equivalent units would be less. Since the ending inventory is 75% complete with regard to conversion costs, the equivalent units for conversion costs would be 0.75 times the physical units, or 19,500 equivalent units.
Learn more about Equivalent Units here:https://brainly.com/question/32322961
#SPJ3
Turtle Corporation produces and sells a single product. Data concerning that product appear below:
Per Unit Percent of Sales
Selling price $ 150 100 %
Variable expenses 90 60 %
Contribution margin $ 60 40 %
The company is currently selling 7,100 units per month. Fixed expenses are $199,000 per month. The marketing manager believes that a $6,700 increase in the monthly advertising budget would result in a 110 unit increase in monthly sales. What should be the overall effect on the company's monthly net operating income of this change?
Answer:
The monthly Net Operating Income would reduce by $100 if additional funds are allocated to Marketing Expenses.
Explanation:
I have attached a screen shot of my workings, give it a look and you will have a better idea of what is going on.
Key Points:
New units to be sold are 7,210.Variable Expense is calculate as (Sales * Percentage of Variable Expense).A new Fixed cost of 6,700 for Marketing will be deducted.I hope I made it very much clear for you. Feel free to ask if you have any confusion.
Thanks!
Alex is a self-employed dentist who operates a qualifying office in his home. Alex has $180,000 gross income from his practice and $160,000 of expenses directly related to the business, i.e., non-home office expenses. Alex's allocable home office expenses for mortgage interest expenses and property taxes are $14,000 and other home office expenses are $9,000. What is Alex's total allowable home office deduction?
Answer:
The correct answer is $20,000.
Explanation:
According to the scenario, the given data are as follows:
Gross income = $180,000
Business expense = $160,000
Mortgage interest and property taxes expense = $14,000
Other home office expense = $9,000
So, we can calculate the total allowable home office deduction by using following method:
As we know, first we have to deduct the business expense from the gross income and than if there any net income left than other expense can be deducted.
Hence,
= Gross income - Business expense
= $180,000 - $160,000
= $20,000
Aspects of fiscal policy Suppose the economy had been producing at potential output but is now producing above it. Which of the following are discretionary fiscal policies that could bring the economy closer to potential output? Check all that apply. ? a. A tax increase b. A rise in spending to prevent coastal erosion c. A reduction in spending on new road constructiond. A tax cut In the preceding scenario, is the discretionary fiscal policy needed to bring the economy closer to potential output an example of expansionary fiscal policy or contractionary fiscal policy?a. Expansionaryb. Contractionary
Answer:
d. A tax cut
a. Expansionary
Explanation:
Fiscal policy refers to the use of government spending and tax policy to influence how the economy operates. Discretionary fiscal policy is a type of policy that uses expansionary or contractionary measures in order to change the course of the economy. This can be further divided in two types: expansionary and contractionary.
he accounting for the allocation of overhead costs is a three-step process and occurs at three different points in the accounting cycle. List each of the three steps. For each step indicate when the step occurs and why the step is needed.
Answer:
The correct answer is:
1. Calculating the predetermined overhead rate before the period .
2. Allocating overhead during the period .
3. Adjusting overhead at the end of the period.
Explanation:
A pre-determined overhead rate is the rate used to apply overload manufacturing to work in the inventory process. The pre-determined overhead rate is calculated before the period begins. The first step is to estimate the amount of the activity base that is required to support operations in the next period. The second step is to estimate the total manufacturing costs at that level of activity. The third step is to calculate the predetermined overhead rate by dividing the estimated total manufacturing overhead from the estimated total amount of cost factor or activity base. Common bases of activity used in the calculation are direct labor costs, direct working hours, or machine hours.
When calculating the cost of a product or service it is necessary to take into account direct and general or indirect expenses. These two elements influence the final price of an item or service. Determining what direct expenses are is very simple. However, when establishing overhead or indirect expenses, things change. Even so, we recommend that when determining the final price of a product or service, you also take into account the overhead.
The adjustments of expenses are those that before issuing financial statements, the necessary adjustments must be made to comply with the technical allocation rule, record the economic facts that have not been recognized, correct the entries that were made incorrectly and recognize the effect of the loss of purchasing power of the functional currency. These adjustments and corrections are necessary to be able to issue financial statements adjusted to the economic and financial reality of the company, in addition to complying with accounting principles.
Final answer:
The accounting for the allocation of overhead costs is essential for business financial management, consisting of determining the cost structure, allocating overhead costs, and reviewing and adjusting these allocations. This three-step process helps businesses accurately reflect production costs and make informed pricing decisions.
Explanation:
The accounting for the allocation of overhead costs involves a three-step process, crucial for accurately reflecting production costs and making informed pricing and budgeting decisions. Each step tackles a specific aspect of cost allocation, necessary for thorough financial management within a company.
Determine the cost structure: This initial step involves calculating the total, average variable, average total, and marginal costs based on the firm’s fixed and variable costs. This stage occurs at the beginning of the accounting cycle to establish a foundation for overhead allocation, enabling businesses to understand their cost composition for more effective financial planning.Allocation of overhead costs: After determining the cost structure, the next step is to allocate those overhead costs to different products or services. This is crucial for businesses, especially those with diverse offerings like Apple, to accurately assess the cost implications of each product or service. It makes the pricing decisions more data-driven.Review and adjustment: The final step occurs at the end of the accounting cycle, where businesses review the allocated overhead costs against actual expenditures. Any discrepancies necessitate adjustments to ensure the overhead allocations reflect the true cost of production, safeguarding against under or overestimation in future cycles.Cedar Designs Company, a custom cabinet manufacturing company, is setting standard costs for one of its products. The main material is cedar wood, sold by the square foot. The current cost of cedar wood is $ 9.00 per square foot from the supplier. Delivery costs are $ 0.25 per square foot. Carpenters' wages are $ 20.00 per hour. Payroll costs are $ 4.00 per hour, and benefits are $ 5.00 per hour. How much is the direct labor standard cost per hour?
Answer:
$29
Explanation:
The direct labor standard cost corresponds to the costs related to employees directly related to the manufacturing process of the product. In this case, the cost of cedar wood is classified as direct materials cost, while delivery costs are post-production costs. Therefore, the direct labor standard cost is composed by the carpenters' wages, payroll costs, and benefits:
[tex]C = 20.00+4.00+5.00\\C=\$29/hour[/tex]
The direct labor standard cost per hour is $29.
On Jan. 2, Callie Taylor invests $40,000 into the business in exchange for common stock. She journalize the transaction as follows but something is wrong with the journal entry. Use your knowledge of what a correct journal entry should look like to identify everything that is wrong.
Answer:
See explanation section.
Explanation:
The correct journal to record this transaction is -
Cash Debit $40,000
Common stock Credit $40,000
Note: As Callie Taylor invests the amount in exchange for common stock, An asset (cash) will be increased, and equity (common stock) will be increased. An increase in asset means debit, while an increase in equity means credit.
Answer:
The dollar amount is wrong in the Credit column.
The Cash account should be listed first.
The Common Stock account should be indented as it is credited.
Common Stock should be listed second, below Cash.
Explanation:
Peppy Pups, a dog toy company, uses a job order costing system in which overhead is applied to jobs on the basis of direct labor hours. It's predetermined overhead rate is based on a cost formula that estimated $346,000 of manufacturing overhead for an estimated activity level 69,200 direct labor hours. Peppy Pups began the year with no raw materials, work in process or finished goods inventory. During the year, the following transactions were completed: Raw materials purchased, $300,000 Raw materials requisitioned for use in production, $280,000 (materials costing $220,000 were charged directly to jobs, the remaining material were indirect) Direct labor costs, $180,000 (at $4/direct labor hours) Indirect labor was, $72,000 Sales commissions and administrative salaries, $153,000 Utility costs incurred in the factory, $57,000 Advertising costs incurred, $140,000 Depreciation recorded on equipment, $100,000 ($88,000 of this amount was on equipment used in factory operations, the remaining was on equipment used in selling and administrative activities Manufacturing overhead was applied to jobs, S ???? Sales for the year totaled S1,250,000 and the company's gross margin was $700,00. . Is the manufacturing overhead overapplied or underapplied for the year and by how much?
Answer:
Explanation:
Predetermined overhead rate is based on a cost formula that estimated $346,000 of manufacturing overhead for an estimated activity level 69,200 direct labor hours. So Overhead rate is 346,000/69,200 = $5/labour hour
Applied overhead = 180,000/4*5 = $225,000
Actual overhead = 60,000[280,000-220,000] +72,000+57,000+88,000 = $277,000
Under applied overhead = 225,000-277,000 = $52000
The following transactions were selected from the records of Evergreen Company:
July 12 Sold merchandise to Wally Butler, who paid the $940 purchase with cash. The goods cost Evergreen Company $570.
16 Sold merchandise to Claudio’s Chair Company at a selling price of $4,940 on terms 3/10, n/30. The goods cost Evergreen Company $3,470.
19 Sold merchandise to Otto’s Ottomans at a selling price of $2,970 on terms 3/10, n/30. The goods cost Evergreen Company $1,870.
23 Received cash from Claudio’s Chair Company for the amount due from Jul-16.
31 Received cash from Otto’s Ottomans for the amount due from July Jul-19.
Required:
Compute the amount of revenue to be reported for the month ended July 31. (Round your answer to 2 decimal places.)
The total revenue for Evergreen Company in the month of July is $8,850.00, which is the sum of all the selling prices of the merchandise sold within that month.
Explanation:The revenue for Evergreen Company can be calculated by summing up the selling price of all merchandise sold within the month of July. In this case, the transactions are as follows:
July 12: $940July 16: $4,940July 19: $2,970The total revenue can be found by adding all these amounts together. So, $940 (from July 12) + $4,940 (from July 16) + $2,970 (from July 19) = $8,850.00. Hence, Evergreen Company should report a revenue of $8,850.00 for the month ended July 31.
Learn more about Revenue calculation here:
https://brainly.com/question/31539865
#SPJ3
The total revenue for Evergreen Company for the month ended July 31 is $8,850. This includes cash sales and credit sales made within the month, as revenue is recognized when earned, not when cash is received.
The question requires us to calculate the total revenue for Evergreen Company for the month ended July 31. Following the revenue recognition principle in accounting, revenue is recognized when it is earned, regardless of when the payment is received. Thus, we will consider all sales made within the month, whether cash was received or not.
July 12: Sold merchandise for cash $940 (immediate revenue recognition).July 16: Sold merchandise on account $4,940 (revenue recognized on the date of sale).July 19: Sold merchandise on account $2,970 (revenue recognized on the date of sale).To calculate total revenue, we add up these amounts:
Total revenue = $940 + $4,940 + $2,970 = $8,850.
Therefore, the total revenue is $8,850.
Sebastian Wayne's filing status is married filing jointly, and he has earned gross pay of $3,940. Each period he makes a 401(k) contribution of 14% of gross pay and contributes $120 to a dependent care flexible spending account. His current year taxable earnings for Social Security tax and Medicare tax, to date, are $91,500.
Social Security tax = $
Medicare tax = $
Answer:
Social Security Tax = $ 244.28
Medicare tax = $ 57.13
Explanation:
Social Security Tax: $3,940 x 6.20% = $244.28
Medicare tax: $3,940 x 1.45% = $ 57.13
Pureform, Inc., manufactures a product that passes through two departments. Data for a recent month for the first department follow:
Units Materials Labor Overhead
Work in process, beginning 5,000 $4,320 $1,040 $1,790
Units started in process 45,000
Units transferred out 42,000
Work in process, ending 8,000
Cost added during the month $52,800 $21,500 $32,250
--------------------------------------------------------------------------------
The beginning work in process inventory was 80% complete with respect to materials and 60% complete with respect to labor and overhead. The ending work in process inventory was 75% complete with respect to materials and 50% complete with respect to labor and overhead.
Required:
Assume that the company uses the weighted-average method of accounting for units and costs.
(a) Compute the equivalent units for the month for the first department.
Materials Labor Overhead
Equivalent units of production ? ? ?
--------------------------------------------------------------------------------
(b) Determine the costs per equivalent unit for the month. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)
Materials Labor Overhead
Cost per equivalent unit $ ? $ ? $ ?
--------------------------------------------------------------------------------
Answer:
Explanation:
(a) Compute the equivalent units for the month for the first department.
*Ending work in process units (materials) = Ending work in process inventory*Percentage completed = 8,000*0.75 = 6,000 units
Units transferred out = 42,000
Ending work in process = 6,000
Equivalent units of production(materials) = 42,000+6,000 = 48,000(a2)
Ending work in process units (labor) = Ending work in process inventory*Percentage completed = 8,000*0.50 = 4,000
Equivalent units of production(labor) = 42,000+4,000 = 46,000(a3)
Ending work in process units = Ending work in process inventory*Percentage completed = 8,000*0.50 = 4,000
Equivalent units of produuction (overheads) = 42,000+4,000 = 46,000(b1) Determine the costs per equivalent unit for the month
With respect to materials:
Total cost = beginning work in process + cost added during year = 4320 + 52,800 = $57,120
Cost per equivalent units = Total cost/ Equivalent units of production = 57,120/48,000 = 1.19
(b2) With respect to labor:
Total cost = beginning work in process + cost added during year = 1040 + 21,500 = $22,540
Cost per equivalent units = Total cost/ Equivalent units of production = 22,540/46,000 = 0.49
(b3) With respect to overhead:
Total cost = beginning work in process + cost added during year = 1790 + 32,250 = $34,040
Cost per equivalent units = Total cost/ Equivalent units of production = 34,040/46,000 = 0.74
When car makers began to cut the costs of producing cars by designing the chassis, engine, and transmissions so that different models could be produced on the same assembly line, production costs fell $240 per car. Based on this information, this scenario could potentially illustrate
Options:
A.economies of scale.
B. diseconomies of scale.
C. constant returns to scale.
D. diminishing marginal product
Answer:A. Economies of scale.
Explanation: Economies of scale is a term used in Economics to describe the as the costs benefits and advantages that a business firm enjoys through efficient utilisation of its processes and resources.
Economies of scale is also a major advantage of large scale business organisations as it ensures that the size of manufacturing enhances their capacity to compete favourably with reduced cost due to their size and multiple stream of investments.
What is the price of a $1,000 par 9 year, annual bond with a 8.1% coupon rate and a yield to maturity of 6.3%? (Show your answer to nearest cent with no comma. For example $1,378.565 is entered as 1378.57)
Answer:
Price of the Bond is $1,120.85
Explanation:
Coupon payment = 1000 x 8.1% = $81
Number of years = n = 9 years
Yield to maturity = 6.3%
Price of bond is the present value of future cash flows, to calculate Price of the bond use following formula:
Price of the Bond = C x [ ( 1 - ( 1 + r )^-n ) / r ] + [ F / ( 1 + r )^n ]
Price of the Bond =$81 x [ ( 1 - ( 1 + 6.3% )^-9 ) / 6.3% ] + [ $1,000 / ( 1 + 6.3% )^9 ]
Price of the Bond = $81 x [ ( 1 - ( 1.063 )^-9 ) / 0.063 ] + [ $1,000 / ( 1.063 )^9 ]
Price of the Bond = $543.82 + $577.03
Price of the Bond = $1,120.85
An electronic ________ is essentially a collection of personal computers networked together with sophisticated software tools to help group members solve problems and make decisions through interactive electronic idea generation, evaluation, and voting. tag cloud data interchange folksonomy fund transfer meeting system
Answer:
The correct answer is letter "E": meeting system.
Explanation:
An Electronic Meeting System (EMS) is a form of a networking-based group in which its members are connected through computers so they collectively can take decisions, solve problems, discuss over certain topics, and provide anonymous valuable feedback. EMS is used as a meeting platform for large entities with centralized decision-making but a presence in different regions around the world.
EMS disadvantage is relying on different internet connections for the meeting. If one of them is not stable the meeting is likely to be interrupted frequently.
Jill is a student at Vanderbilt University who recently got her first F. Now she has to make a decision about how to get her grades back up. Having recently taken a class on decision making, Jill decides to follow the six-step process for deciding what to do. What problem is Jill most likely to face during the development of alternatives step in the decision-making process?
A. Satisficing, or choosing the first solution that works, not the best solution
B. Neglecting to gather information on whether or not the plan was successful
C. Not having the time to take all of the steps outlined in her plan
D. Considering only "tried and true" solutions without creating new possibilities
Answer:
A
Explanation:
Satisficing, or choosing the first solution that works, not the best solution
There is a tendency when you see the solution that works maybe almost imstantly you go with it without understanding the long term consequences on that decision or whether there is yet a better solution than the one you opted fo. Following a process will be adequate
Answer: Considering only " tried and true" solutons without creating new possibilites.
Explanation:
Suppose that Expresso and Beantown are the only two firms that sell coffee. The following payoff matrix shows the profit (in millions of dollars) each company will earn depending on whether or not it advertises:
Beantown
Advertise Doesn’t Advertise
Expresso Advertise 10, 10 18, 2
Doesn’t Advertise 2, 18 11, 11
For example, the upper right cell shows that if Expresso advertises and Beantown doesn't advertise, Expresso will make a profit of $18 million, and Beantown will make a profit of $2 million. Assume this is a simultaneous game and that Expresso and Beantown are both profit-maximizing firms.
If Expresso decides to advertise, it will earn a profit of:_____
a. million if Beantown advertises and a profit of
b. million if Beantown does not advertise.
Answer:
(a) $10 million
(b) $18 million
Explanation:
Given that,
Payoff matrix is as follows:
Beantown
Advertise Doesn’t Advertise
Expresso Advertise (10, 10) (18, 2)
Doesn’t Advertise (2, 18) (11, 11)
(a) If Expresso decides to advertise, it will earn a profit of $10 million if Beantown advertises, it follows the strategy (Advertise, Advertise).
(b) He earns a profit of $18 million if Beantown does not advertise, here it follows the strategy (Advertise, Doesn't Advertise).
Christine recently earned a promotion at work, raising her income by 40%. As a result, she now attends twice as many concerts as before. What is Christine's income elasticity of demand for concerts?
Answer:
2.5
Explanation:
If Christine now attends twice as many concerts, her percent increase in demand for concerts was 100%. Christine's income elasticity of demand for concerts is given by the percentage change in demand divided by the percentage change in income:
[tex]E = \frac{\%D}{\%I}=\frac{100\%}{40\%}\\ E=2.5[/tex]
Christine's income elasticity of demand for concerts is 2.5.
Culver Corporation has retained earnings of $718,500 at January 1, 2017. Net income during 2017 was $1,596,000, and cash dividends declared and paid during 2017 totaled $80,500. Prepare a retained earnings statement for the year ended December 31, 2017. Assume an error was discovered: land costing $86,470 (net of tax) was charged to maintenance and repairs expense in 2014. (List items that increase retained earnings first.)
Explanation:
The preparation of the retained earnings statement for the year ended December is presented below:
Culver Corporation
Retained Earning statement
For the year ended December 31, 2017
Beginning balance of retained earning $718,500
Add: Correction recorded $86,470
Add: Net income $1,596,000
Less: Cash Dividend paid -$80,500
Ending balance of retained earning $2,320,470
All International Monetary Fund (IMF) loan packages come with conditions attached which limits Group of answer choices
excessive government spending and debt.
elimination of restrictive import licensing.
privatization of state-owned assets.
deregulation of the economy to increase competition.
trade liberalization.]
Answer:
The correct answer is excessive government spending and debt
Explanation:
The justification for this answer is that International Monetary Fund(IMF) as a credit-granting organization would want the nation that loan is granted to ,to strengthen its liquidity position by cutting down on excessive government spending so as to be able to use such reserved liquidity to service IMF loans.
Also, by cutting down on international indebtedness the country is able to repay IMF loans as at when due,compared to a situation of multiple debts which brings about default in servicing and repaying IMF loans
Privatization of state-owned assets is not a requirement as well as deregulation of the economy.
The same applies to elimination of restrictive import licensing.
A restrictive short-term financial policy, as compared to a more flexible policy, tends to increase A. the probability that a firm will face a cash-out situation. B. the sales of a firm due to the firm's credit availability and terms. C. sales due the large amount of inventory on hand. D. accounts receivable. E. the ability of a firm to charge premium prices.
Answer:
A. the probability that a firm will face a cash-out situation
Explanation:
First, it is important to understand that the characteristic of a restrictive short-term financial policy is that it does not allow firms to keep a high level of assets that are easily converted to cash i.e. current assets. These assets include accounts receivable and cash among others.
As such the probability that the firm will face a cash out situation (due to the insufficiency of liquid assets) is high.
Looking at the other options, any option that does affect the short term assets or liquidity of the firm will be false. As such sales will not be affected, account receivable will not increase
In an hour, Henry can wash 20 windows or clean 2 bath tubs. In an hour, Rose can wash 30 windows or clean one bath tub. If their father Dave allows them to trade chores to achieve gains from trade, who will specialize in what?
Henry will wash the windows; Rose will clean bath tubs.
Henry and Rose will both clean bath tubs.
Henry will clean bath tubs; Rose will wash the windows.
There are no gains from trade in this situation.
If their father Dave allows them to trade chores to achieve gains from trade then "Henry will clean bath tubs; Rose will wash the windows".
Option: C
Explanation:
In this scenario Henry is washing 20 windows or 2 bath tabs in an hour, which showcase his average washing of 10 windows over 1 bath tab in half hour. While here Rose is washing 30 windows or 1 bath tab in an hour by giving average of 15 windows over half bath tab in half hour, which is less than Henry's average of washing.
Thus on considering the above average of work performed by Henry and Rose in equal amount of given time for work, Henry is more prominent to be specialized in cleaning bath tubs while Rose will more expert in washing windows because she is cleaning more windows than Henry in same on hour of time.
According to the concept of Opportunity Cost, Henry should specialize in cleaning bathtubs (as he gives up fewer windows to do so compared to Rose) and Rose should specialize in washing windows (as she gives up more windows to clean a bathtub). This division allows them to achieve gains from trade.
Explanation:The way to determine who should specialize in what in terms of gains from trade is by evaluating Opportunity Cost. Opportunity Cost tells us what is given up to perform an action or task. Here, Henry can wash 20 windows or clean 2 bath tubs in an hour. So, to clean one bath tub, he gives up washing 10 windows (i.e., 20 windows / 2 bath tubs). Similarly, Rose can wash 30 windows or clean one bath tub. Consequently, to clean one bath tub, Rose has to give up washing 30 windows.
We can see that Rose gives up more windows than Henry does to clean one bath tub, which means Rose has a higher opportunity cost for bath tub cleaning compared to Henry. The best arrangement here would be for the person with the lower opportunity cost to specialize in that task. As a result, Henry should specialize in cleaning bath tubs and Rose should specialize in washing windows. This way, they can achieve gains from trade.
Learn more about Opportunity Cost here:
https://brainly.com/question/13036997
#SPJ12