1) Identify the allocation base for each activity and estimate the total quantity of each allocation base, 2) Identify the activities that will be used to allocate overhead and estimate their costs. The answer is OPTION C
3) Allocate indirect costs to the cost object, 4) Compute the predetermined overhead rate for each activity used in developing an activity-based costing system. ABC is a technique for allocating overhead and indirect costs, such salaries and utilities, to goods and services.
The ABC system of cost accounting is built around activities, which are defined as any occasion, project, or task with a clear objective. Examples include the amount of space required per product, which is used to divide the factory's rent and the company's maintenance costs. Another example is the quantity of purchase orders (i.e., POs), which is used to divide the purchasing department's costs. The answer is OPTION C
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What did you learn about universal values and ethics from the categorical imperative list?
What happens when a society does not have ethical standards? Be sure to discuss the example of the situation in Brazil.
Who are the victims of corruption and graft?
Do you think following U.S. ethical standards in other countries is wise? Would it be unethical not to follow those standards? Explain your answer.
Answer:
When a society does not have ethical standards, it can lead to corruption, which can negatively impact the economy and the well-being of the people in that society. A good example of this is the situation in Brazil, where corruption has been rampant, with politicians and businesspeople engaging in bribery and other illegal activities.
The victims of corruption and graft are often the poorest and most vulnerable members of society, as they are the ones who suffer the most from the negative effects of corruption, such as reduced access to public services and increased poverty.
I think it's important to respect the ethical standards of other countries when conducting business or interacting with people from those countries. Not doing so could be seen as disrespectful and could damage relationships. However, it's also important to be aware of potential cultural differences in ethical standards and to be respectful of those differences.
Clay LLC placed in service machinery and equipment (seven-year property) with a basis of $3,450,000 on June 6, 2019. Assume that Clay has sufficient income to avoid any limitations. Calculate the maximum depreciation expense including §179 expensing (ignoring any possible bonus depreciation). (Use MACRS Table 1.) (Round final answer to the nearest whole number.)
Group of answer choices
$1,020,000
$493,005
$455,857
$595,857
None of the choices are correct.
final answer, option d is $595,857 to the nearest whole number The maximum depreciation expense, including 179 expensing.
Are Section 179 and depreciation allowed?Both Section 179 and Bonus Depreciation Allowances may be claimed by a firm, however Section 179 must be used first, and Bonus Depreciation Allowances may be claimed for any amount that exceeds the Section 179 cap of $1,160,000 after that. Any property put into use will no longer qualify for 100% bonus depreciation as of January 1, 2019.
Is Section 179 expense the same as depreciation expense?Major variations. The IRS imposes a cap on Section 179 depreciation ($1,040,000 in 2020), and any acquisitions that exceed the cap ($2,580,000 in 2020) are deducted from the total amount of Section 179 depreciation. There is no annual cap on the deduction for bonus depreciation. More flexibility is provided by Section 179.
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8. Arranging a firm's human and material resources to carry out plans is called organizing.
Yes, that's correct. Organizing is the process of arranging an organization's resources, including human and material resources, to carry out plans and achieve goals.
It involves determining what tasks need to be done, who is responsible for each task, and how resources will be allocated to ensure that the tasks are completed efficiently and effectively.
Organizing is an important function of management because it helps to ensure that resources are used effectively and that goals are achieved in a timely manner. By organizing resources in a logical and efficient manner, organizations can minimize waste and maximize productivity.
The process of organizing typically involves creating an organizational structure that outlines the roles and responsibilities of each employee, as well as the relationships between different departments or teams. It may also involve establishing policies and procedures to guide decision-making and ensure that resources are used in a consistent and effective manner.
Overall, organizing is a critical component of effective management and is essential for the success of any organization.
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Journalize in summary form the requisition of direct materials and the assignment of direct labor and the allocation of manufacturing overhead to job 423. wages are not yet paid. ( Record debits first, then credits exclude explanations from any journal entry)
To journalize in summary form the requisition of direct materials, assignment of direct labor, and allocation of manufacturing overhead to job 423, you would create the following journal entries (assuming you have specific dollar amounts for each component):
1. Requisition of direct materials:
Debit: Work in Process - Job 423 (Direct Materials Cost)
Credit: Raw Materials Inventory
2. Assignment of direct labor:
Debit: Work in Process - Job 423 (Direct Labor Cost)
Credit: Direct Labor Payable
3. Allocation of manufacturing overhead:
Debit: Work in Process - Job 423 (Manufacturing Overhead)
Credit: Manufacturing Overhead Allocated
In these journal entries, you are recording the movement of costs associated with direct materials, direct labor, and manufacturing overhead to the specific job (Job 423). The debits increase the cost of work in process for that job, while the credits decrease the balances in raw materials inventory, increase the direct labor payable, and allocate the manufacturing overhead, respectively.
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on january 1, 2020, corgan company acquired 80 percent of the outstanding voting stock of smashing, inc., for a total of $980,000 in cash and other consideration. at the acquisition date, smashing had common stock of $700,000, retained earnings of $250,000, and a noncontrolling interest fair value of $245,000. corgan attributed the excess of fair value over smashing's book value to various covenants with a 20-year remaining life. corgan uses the equity method to account for its investment in smashing.
Corgan's acquisition of 80% of Smashing's outstanding voting stock for $980,000 in cash and other consideration has resulted in the recognition of goodwill in Corgan's financial statements.
Based on the given information, it is clear that Corgan Company has acquired 80% of the outstanding voting stock of Smashing, Inc. for a total of $980,000 in cash and other consideration on January 1, 2020. At the acquisition date, Smashing had common stock of $700,000, retained earnings of $250,000, and a noncontrolling interest fair value of $245,000.
Since Corgan has acquired a controlling interest in Smashing, it is required to consolidate its financial statements. However, Corgan uses the equity method to account for its investment in Smashing, which means that it recognizes its share of Smashing's net income or loss in its own financial statements.
Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. This excess of fair value is recognized as goodwill in Corgan's financial statements. Goodwill is an intangible asset that represents the excess of the purchase price over the fair value of the net assets acquired. It is recorded as an asset on the balance sheet and is subject to impairment testing.
In summary, Corgan uses the equity method to account for its investment in Smashing, which means that it recognizes its share of Smashing's net income or loss in its own financial statements.
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All else equal, corporate bonds with lower (worse) credit ratings have [___] yields and [___] likelihood of default than those with higher (better) credit ratings.
a. higher;higher
b. higher;lower
c. lower;higher
d. lower;lower
e. more negative;lower
All else equal, corporate bonds with lower (worse) credit ratings have [higher] yields and [higher] likelihood of default than those with higher (better) credit ratings.
What is corporate bonds?A cοrpοrate bοnd is a bοnd issued by a cοrpοratiοn in οrder tο raise financing fοr a variety οf reasοns such as tο οngοing οperatiοns, M&A, οr tο expand business. The term is usually applied tο lοnger-term debt instruments, with maturity οf at least οne year.
In summary, lower-rated corporate bonds have lower credit ratings, higher yields, and a higher likelihood of default than higher-rated bonds. Investors consider these bonds to be riskier and demand higher returns to compensate for the additional risk.
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Consider the market for. Suppose average household income increases from $44 thousand to $60 thousand per year. As a result, the demand for increases from 305 to 478.
Using the midpoint formula, what is the income elasticity of demand for North Face coats?
The income elasticity of demand for North Face coats is calculated being 0.443, indicating that North Face coats are a normal good with income elasticity less than 1.
To calculate the income elasticity of demand using the midpoint formula, we can use the following formula:
Income elasticity of demand = [(Q2 - Q1) / ((Q1 + Q2) / 2)] / [(I2 - I1) / ((I1 + I2) / 2)]
where:
Q1 is the initial quantity demanded
Q2 is the new quantity demanded
I1 is the initial income level
I2 is the new income level
Plugging in the given values, we get:
Income elasticity of demand = [(478 - 305) / ((305 + 478) / 2)] / [($60,000 - $44,000) / (($44,000 + $60,000) / 2)]
Simplifying, we get:
Income elasticity of demand = [173 / 391.5] / [$16,000 / $52,000]
Income elasticity of demand = 0.443
Therefore, the income elasticity of demand for North Face coats is 0.443, indicating that North Face coats are a normal good with income elasticity less than 1.
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greg died on july 1, 2021, and left lea, his wife, a $87,500 life insurance policy which she elects to receive at $8,750 per year plus interest for 5 years. in the current year, lea receives $10,938. How much should Lea include in her gross income?
Lea does not have to include any amount in her gross income for the current year related to the life insurance policy.
To determine how much Lea should include in her gross income, follow these steps:
1. Calculate the total non-taxable amount: The life insurance policy is worth $87,500, and Lea will receive it in equal payments over 5 years. Divide the total policy amount by the number of years: $87,500 / 5 = $17,500. This is the non-taxable portion she receives each year.
2. Calculate the taxable portion: In the current year, Lea receives $10,938. Subtract the non-taxable portion ($17,500) from the total amount received: $10,938 - $17,500 = -$6,562.
Since the result is negative, Lea does not have to include any amount in her gross income for the current year related to the life insurance policy. The entire $10,938 she received is considered a return of the principal and is not taxable.
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identify at least two factors that limit the usefulness of ratio analysis
Ratio analysis is a quantitative method of gaining insight into a company's liquidity, operational efficiency, and profitability by studying its financial statements such as the balance sheet and income statement. Ratio analysis is a cornerstone of fundamental equity analysis.
What are two factors of ratio analysis?
Ratio Analysis is done to analyze the Company’s financial and trend of the company’s results over years where there are mainly five broad categories of ratios like liquidity ratios, solvency ratios, profitability ratios, efficiency ratio, coverage ratio which indicates the company’s performance and various examples of these ratios include current ratio, return on equity, debt-equity ratio, dividend payout ratio, and the price-earnings ratio.
The numerator and denominator of the ratio to be calculated are taken from the financial statements, thereby expressing a relationship with each other.
It is a fundamental tool that every company uses to ascertain the financial liquidity, debt burden, profitability, and how well it is placed in the market compared to its peers.
1. Limitation due to accounting practices: Different companies may follow different accounting practices, making it difficult to compare their financial ratios. For instance, one company might use the FIFO (First-In, First-Out) method for inventory valuation, while another might use the LIFO (Last-In, First-Out) method. This can lead to discrepancies in the ratios and reduce the effectiveness of ratio analysis.
2. Limitation due to external factors: Ratio analysis focuses on a company's financial data, but it does not take into account external factors such as industry trends, economic conditions, or regulatory changes. These external factors can significantly affect a company's performance, and not considering them in the analysis may result in an incomplete or misleading assessment of the company's financial health.
Investors and analysts employ ratio analysis to evaluate the financial health of companies by scrutinizing past and current financial statements. Comparative data can demonstrate how a company is performing over time and can be used to estimate likely future performance. This data can also compare a company's financial standing with industry averages while measuring how a company stacks up against others within the same sector.
Investors can use ratio analysis easily, and every figure needed to calculate the ratios is found on a company's financial statements.
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1) what is iso 9000, and why is it important for global businesses to have iso 9000 certification?
ISO 9000 is a set of international standards that provide guidelines for quality management systems. These standards are designed to help business ensure that their products and services consistently meet the needs of customers and stakeholders.
ISO 9000 certification is important for global businesses because it provides a globally recognized standard for quality management. This certification demonstrates that a business has implemented and adheres to a consistent and effective quality management system, which can help to improve customer satisfaction, increase operational efficiency, and reduce costs.
In addition, ISO 9000 certification can also help global businesses to compete in the international marketplace. Many customers and stakeholders prefer to work with businesses that have ISO 9000 certification, as it provides assurance that the products and services they receive will meet their expectations. As such, ISO 9000 certification can be a valuable tool for global businesses that want to expand their customer base and increase their market share.
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The veterinarian prescribes a drug at the dose rate of 2 x 100-mg tablets twice per day for 5 days. Each tablet costs 2 cents; there is a markup of 100% on that item; the dispensing fee is $5.00; and there is a minimum tablet cost of 10 cents each. What is the cost to the client for this prescription? a. $7.80 b. $7.00 c. $5.80 d. $9.00
The cost to the client for this prescription would be $7.00 (Option B). Here's how to calculate it:
The total number of tablets needed for the entire course of treatment is 2 x 2 x 5 = 20 tablets.
Each tablet costs 2 cents, with a markup of 100%, so the cost per tablet is 2 cents x 2 = 4 cents.
However, there is a minimum tablet cost of 10 cents each, so the cost per tablet is actually 10 cents.
So the total cost of the tablets is 10 cents x 20 tablets = $2.00.
The dispensing fee is $5.00.
So the total cost to the client is $2.00 + $5.00 = $7.00.
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Now assume that the order in Part A never took place. That is, the limit order book still looks like this
Asks Bids
Price Quantity Price Quantity
$10.01 150 $9.99 100
$10.05 250 $9.85 75
$10.14 150 $9.81 375
What would the bid-ask spread be after a limit sell order of 225 shares at $9.84 was placed? (Write your answer in terms of dollars, a 2 cent bid-ask spread would be written as .02)
To calculate the bid-ask spread after a limit sell order of 225 shares at $9.84, we first need to update the limit order book with the new sell order.
Asks (Price, Quantity) | Bids (Price, Quantity)
----------------------|----------------------
$10.01, 150 | $9.99, 100
$10.05, 250 | $9.85, 75
$10.14, 150 | $9.81, 375
$9.84, 225 |
Now, the lowest ask price is $9.84 with a quantity of 225 shares, and the highest bid price is $9.99 with a quantity of 100 shares.
The bid-ask spread is the difference between the lowest ask price and the highest bid price. In this case, it would be:
Bid-ask spread = Lowest Ask Price - Highest Bid Price
Bid-ask spread = $9.84 - $9.99
Bid-ask spread = -$0.15
Since the bid-ask spread should be a positive value, there might be an error in the question or the order placement. However, based on the given information, the bid-ask spread after the limit sell order of 225 shares at $9.84 would be -$0.15.
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Why are convertibles and bonds with warrants typically offered with lower coupons than similarly rated straight bonds?Why are convertibles and bonds with warrants typically offered with lower coupons than similarly rated straight bonds?
Convertibles and bonds with warrants are typically offered with lower coupons than similarly rated straight bonds due to the additional benefits provided to investors.
The consumption of these securities allows for potential capital appreciation through conversion into company stock or exercising warrants. These features provide extra value to investors, which justifies the lower coupon rates compared to straight bonds without such options.
Convertible bonds and bonds with warrants are typically offered with lower coupons than similarly rated straight bonds because they provide additional benefits to the investor. Convertibles and warrants give the investor the option to purchase company stock at a discounted price in the future. This added benefit increases the attractiveness of the investment, and therefore allows the issuer to offer a lower coupon rate. Additionally, the investor is able to participate in potential stock price appreciation, which is not available with straight bonds. This feature compensates for the lower coupon rate, making the investment more appealing to investors. Overall, the potential for higher consumption in the future makes these investments more attractive despite the lower initial coupon rate.
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the table shows te amount, in millions of dollars, of balances of various current accout components. Use the information in the table to calculate the current account balance for Year 5:
Goods Services Income Payments Unilateral
Transfers
Current
Account Balance
Year 1 –$13975 $5148 $2894 –$3363 Year 5 $7908 $6957 $3734 −$4638 $________million
The table provided shows the amounts in millions of dollars for various current account components. The current account balance for Year 5 is $13961 million. To calculate the current account balance for Year 5, we need to use the formula:
Current Account Balance = Goods + Services + Income Payments + Unilateral Transfers
Plugging in the values from the table, we get:
Current Account Balance = $7908 + $6957 + $3734 - $4638
Current Account Balance = $13961 million
Therefore, the current account balance for Year 5 is $13961 million.
The current account is an important component of a country's balance of payments. It reflects the net flow of goods, services, and transfers in and out of a country. A positive current account balance indicates that a country is exporting more goods and services than it is importing, while a negative balance suggests the opposite.
In the case of Year 5, the current account balance is negative, indicating that the country is importing more goods and services than it is exporting. This could be due to a variety of factors such as increased demand for foreign goods, lower competitiveness of domestic industries, or changes in exchange rates.
It is important for countries to monitor their current account balances to ensure that they are maintaining a sustainable balance of trade.
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as a noun, this term denotes the amount owed; as a verb, the term means to record the difference between the debit and credit columns and show nay amount due.
petty cash
credit
Balance
When used as a verb this is not a term typically associated with finance or accounting. Instead, the terms "petty cash" and "credit balance" are more relevant.
Petty cash refers to a small amount of cash that is kept on hand by a company for minor expenses such as office supplies or coffee. Credit balance, on the other hand, refers to the difference between the amount a company owes to a creditor and the amount owed to the company by its debtors. In other words, it is the amount of money a company has available to it.
Another finance-related term that could be associated with as a verb is "balance". This refers to the act of recording the difference between the debit and credit columns in a ledger or account. It is a process that helps to ensure that all financial transactions are properly accounted for and that the correct balance is maintained.
Overall, while as a noun and "petty cash" and "credit balance" as finance-related terms may not seem to have much in common, they do share the common thread of being essential components of their respective areas. Whether it's creating compelling content for users or maintaining accurate financial records, both are crucial to the success of a business.
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Under the P/E model, stock price is a product of:a. EPS and DPSb. P/E ratio and EPSc. EPS and required returnd. P/E ratio and required return
Under the P/E (Price-to-Earnings) model, stock price is a product of the P/E ratio and EPS (Earnings per Share). The correct answer is (b) 'P/E ratio and EPS'.
The P/E ratio is calculated by dividing the current market price per share by the earnings per share (EPS) of the company. It is a valuation metric that indicates how much investors are willing to pay for each dollar of earnings generated by the company.
Multiplying the P/E ratio by the EPS gives the stock price. For example, if a company has a P/E ratio of 20 and an EPS of $2, the stock price would be $40 ($2 x 20).
The DPS (Dividends per Share) and required return are not directly used in the P/E model to calculate stock price. However, they may indirectly affect the P/E ratio and EPS, and thus, the stock price.
Therefore, the correct answer is (b) P/E ratio and EPS.
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identify three business or sociocultural considerations in translating your marketing plan for use in a foreign market.
The three business or sociocultural considerations in translating your marketing plan for use in a foreign market are language and cultural differences, legal and regulatory framework and market saturation and competitors
Language and Cultural Differences: Language barriers and cultural differences can have a significant impact on how a marketing message is perceived in a foreign market. This means that companies must ensure that their message is translated accurately and effectively, taking into account the cultural nuances and sensitivities of the local population.
Legal and Regulatory Framework: Different countries have different legal and regulatory frameworks, which may impact the marketing tactics that can be used. For example, some countries may have strict laws around advertising, promotions, or product labeling that need to be taken into account.
Market Saturation and Competitors: The level of competition and market saturation in a foreign market should be carefully considered. Understanding the existing players, their positioning, and how they communicate with consumers can help companies tailor their marketing messages to stand out in the market.
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In order to foster a new environment of intrapreneurial service-providers, employees will need to
a. Be given an Intrapreneurial Bill of Rights
b. Become responsible themselves for adding value and knowledge to projects
c. Develop new capabilities to keep them valued and in demand
d. All of the above
e. None of the above
d. All of the above. In order to foster a new environment of intrapreneurial service providers, employees will need to d. All of the above. This includes being given an Intrapreneurial Bill of Rights, becoming responsible for adding value and knowledge to projects, and developing new capabilities to keep them valued and in demand.
Creating a new environment of intrapreneurial service providers involves not only giving employees the necessary tools and resources but also empowering them with a sense of ownership and accountability. Providing an Intrapreneurial Bill of Rights is one way to communicate expectations and support for employees to take risks and innovate. However, it is also important for employees to take responsibility for their own growth and development by continuously adding value and knowledge to projects. Additionally, developing new capabilities helps employees stay relevant and valuable to the organization.
All of these actions contribute to a culture of intrapreneurship and support the growth of both individuals and the organization as a whole.
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The table shows how Widgets R Us can use different combinations of labor and capital to produce its widgets.
Workers
1 2 3 4 5 6 7
Units of capital 1 10 22 30 38 46 50 48
2 15 29 41 49 57 64 70
3 18 34 52 68 82 94 104
If the firm uses 4 workers and 3 units of capital, how many widgets can it produce????
Widgets R Us currently has a fixed amount of capital, so the only way to vary the output of widgets is to change the number of workers. The table shows the total output of widgets when different numbers of workers are assigned to a widget press. If no workers are working a press, the output for that press is zero.
Widgets Workers
10 1
30 2
48 3
64 4
78 5
90 6
98 7
104 8
108 9
100 10
What is the marginal product of the seventh worker????
After the firm has hired the seventh worker, what is average product of labor????
the table provided and find the row that corresponds to 4 workers and the column that corresponds to 3 units of capital. The intersection of that row and column is 68, so the firm can produce 68 widgets with 4 workers and 3 units of capital.
For the second question, we can calculate the marginal product of the seventh worker by finding the difference in output between 6 workers and 7 workers. From the table, we can see that the output with 6 workers is 90 and the output with 7 workers is 98, so the marginal product of the seventh worker is 8 widgets.
After the firm has hired the seventh worker, we can calculate the average product of labor by dividing the total output (98) by the number of workers (7). The average product of labor in this case is approximately 14 widgets per worker.
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Suppose you are playing the Littlefield Game and you forecast that the daily demand rate stabilizes after day 120 at a mean value of 11 units per day with a standard deviation of 3.5 units per day. Each customer demand unit consists of (is made from) 60 kits of material. The cost per kit is 10$ and so the unit cost is 600 $/unit. The effective annual interest rate for working capital (carrying WIP inventory) is 10%; and the company operates for 350 working days each year. The fixed order cost is 1000 $/order. The lead time for delivery of kit replenishment orders placed with the supplier is 4 days. Item inventory replenishment is automatically controlled using a computer program that follows a (Q,r) policy. [Caveat note: The data above may or may not correspond to the data in your actual Littlefield game play.]
Using the given data, the cost of carrying inventory for the Littlefield Game is $XXX.Cost of Carrying Inventory = (Average Inventory Level) x (Cost per unit) x (Carrying Cost per unit).the cost per unit is $600 and the carrying cost per unit is 10% of the unit cost. Therefore, the cost of carrying inventory is (31.36 units) x ($600/unit) x (10% of $600/unit) = $XXX
To calculate the average inventory level, we need to use the formula:
Average Inventory Level = (Maximum Inventory Level + Minimum Inventory Level)/2
To calculate the maximum inventory level, we need to use the formula:
Maximum Inventory Level = Demand during Lead Time + Safety Stock
To calculate the demand during lead time, we need to use the formula:
Demand during Lead Time = Daily Demand Rate x Lead Time
To calculate the safety stock, we need to use the formula:
Safety Stock = z x (Standard Deviation of Daily Demand Rate) x Square Root of Lead Time
Here, z is the z-value from the normal distribution table at the desired service level. Let's assume a service level of 95%, so the z-value is 1.645.
Using the given data, we can calculate the daily demand rate to be 11 units/day, lead time to be 4 days, and standard deviation of daily demand rate to be 3.5 units/day. Therefore, the demand during lead time is 44 units (11 units/day x 4 days), and the safety stock is 7.73 units (1.645 x 3.5 units/day x square root of 4 days).
Now, we can calculate the maximum inventory level to be 51.73 units (44 units + 7.73 units), and the minimum inventory level to be 11 units (assuming a (Q,r) policy). Therefore, the average inventory level is (51.73 units + 11 units)/2 = 31.36 units.
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describe the relationship between averages and individuals in terms of specification limits and control limits.
the relationship between averages and individuals in terms of specification limits and control limits is that the average of the process needs to fall within the specification limits to meet customer requirements, and the variability of the process needs to be within the control limits to achieve a stable and predictable process.
In statistical process control, specification limits refer to the acceptable range of values for a product or process that meet customer requirements. Control limits, on the other hand, refer to the range of variability that is expected from the process over time.
The relationship between averages and individuals in terms of specification limits and control limits can be described as follows:
If the average of a process falls within the specification limits, it indicates that the process is producing products that meet customer requirements.
Control limits are used to monitor the variability of the process over time. If an individual data point falls outside the control limits, it suggests that there is a special cause of variation that needs to be investigated and addressed.
The goal of statistical process control is to achieve a stable process that is predictable and produces products within the specification limits.
When a stable process is achieved, the average of the process is expected to fall within the control limits, and the variability of the process is expected to be within the control limits.
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show the possible effect of this free entry and exit by shifting the demand curve for a typical individual producer of bikes on the following graph. Demand PRICE Dollars per Demand QUANTITY (B Which of the following statements are true about both monopolistic competition and monopolies? Check all that apply. Price is above marginal cost. Firms are not price takers Firms can earn positive profit in the long run. Firms ar zero profit in the long run.
In a market with free entry and exit, the possible effect on the demand curve for a typical individual producer of bikes would be that as new firms enter the market, the demand for each individual producer would decrease, leading to a leftward shift of the demand curve
Conversely, if firms exit the market, the demand for the remaining producers would increase, causing a rightward shift of the demand curve.
Price is above marginal cost: True for both monopolistic competition and monopolies, as firms have market power and can set prices higher than marginal cost to maximize profits.Firms are not price takers: True for both monopolistic competition and monopolies, as they have market power and can set their own prices instead of accepting the market-determined price like in perfect competition.
Firms can earn positive profit in the long run: True for monopolies, as they can maintain barriers to entry and continue to earn positive profits. However, this is not true for monopolistic competition, as free entry and exit will eventually erode any positive profits in the long run.
Firms earn zero profit in the long run: True for monopolistic competition, as free entry and exit lead to a situation where firms earn normal profit (zero economic profit) in the long run. This is not true for monopolies, as they can maintain barriers to entry and continue to earn positive profits in the long run.
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Suppose the current GBP/USD bid/offer quote is 1.2430-37. What is the bid/offer spread?
0.0007 pips
7 pips
70 pips
0.07 pips
Suppose the current GBP/USD bid/offer quote is 1.2430-37. the bid/offer spread is: A. 0.0007 pips.
What is the bid/offer spread?The bid/offer spread for the GBP/USD currency pair is the difference between the bid price and the offer (or ask) price. In this case, the bid/offer quote for GBP/USD is 1.2430-37.
The bid price is the lower price in the quote, which is 1.2430.
The offer (or ask) price is the higher price in the quote, which is 1.2437.
Therefore, the bid/offer spread for GBP/USD is:
Bid/offer spread = offer price - bid price
Bid/offer spread = 1.2437 - 1.2430
Bid/offer spread = 0.0007
Since pips are the smallest unit of measurement for currency pairs, we can say that the bid/offer spread for GBP/USD is 0.0007 pips.
Therefore the answer is: 0.0007 pips.
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Given the following cost and activity observations for Leno Enterprise’s utilities, use the high-low method to calculate Leno's variable utilities cost per machine hour. Round your answer to two decimal places.Month Cost Machine hoursSeptember $4,100 22,000October $3,700 16,000November $4,000 20,000December $4,500 25,000a. $0.09b. $4.32c. $0.25d. $12.50
To calculate Leno's variable utilities cost per machine hour using the high-low method, we first need to identify the highest and lowest activity levels and their corresponding costs.
Step 1: Identify the highest and lowest activity levels:
- Highest: December with 25,000 machine hours and $4,500 cost
- Lowest: October with 16,000 machine hours and $3,700 cost
Step 2: Calculate the difference in activity and cost between the highest and lowest levels:
- Difference in machine hours: 25,000 - 16,000 = 9,000 machine hours
- Difference in cost: $4,500 - $3,700 = $800
Step 3: Calculate the variable cost per machine hour using the high-low method:
- Variable cost per machine hour = Difference in cost / Difference in machine hours
- Variable cost per machine hour = $800 / 9,000 machine hours
- Variable cost per machine hour = $0.0889 (rounded to two decimal places: $0.09)
So, Leno's variable utilities cost per machine hour using the high-low method is $0.09 (Option a).
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As the degrees of freedom increases, the tails of the t-distribution:
depend on the sample size
stay the same but the distribution shifts over
get wider
get narrower
The correct option or answer to the question is D. As the degrees of freedom increases, the tails of the t-distribution gets narrower.
As the degrees of freedom increases, the tails of the t-distribution get narrower. This means that the distribution becomes more concentrated around the mean, and there is less variability in the data. Additionally, as the degrees of freedom increase, the distribution shifts over towards the standard normal distribution, which has a mean of 0 and a standard deviation of 1. This shift occurs because as the sample size increases, the t-distribution becomes more like the normal distribution, which is based on the population parameters. Therefore, increasing degrees of freedom lead to a more precise estimate of the population parameters, resulting in a narrower distribution that is more centered around the true mean.
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lessee computations and entries; finance lease with guaranteed residual value delaney company leases an automobile with a fair value of $10,000 from simon motors Inc., on the following terms.
1. Non-cancelable term of 50 months.
2. Rental of $200 per month (at the beginning of each month). (The present value at 0.5% per month is $8,873.)
3. Delaney guarantees a residual value of $1,180 (the present value at 0.5% per month is $920). Delaney expects the probable
residual value to be $1,180 at the end of the lease term.
4. Estimated economic life of the automobile is 60 months.
5. Delaney's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown.
instructions
(a) What is the nature of this lease to Delaney?
(b) What is the present value of the lease payments to determine the lease liability?
(c) Based on the original fact pattern, record the lease on Delaney's books at the date of commencement.
(d) Record the first month's lease payment (at commencement of the lease).
(e) Record the second month's lease payment.
(f) Record the first month's amortization on Delaney's books (assume straight-line).
(g) Suppose that instead of $1,180, Delaney expects the residual value to be only $500 (the guaranteed amount is still
$1,180). How does the calculation of the present value of the lease payments change from part (b)?
Nature of lease on Delany is a capital or finance lease since the lease period comprises the bulk of the economic life of the vehicle.
b. What is the present value of the lease payments to determine the lease liability?
- Present Value = $8,873 + $920 = $9,793
c. Record the lease on Delaney's books at the date of commencement.
- Dr. Automobile 9793$
Cr. Lease Liability 9793$
Hence, lease liability is recorded.
d. Record the first month's lease payment (at commencement of the lease).
- Entry for first month's lease payment-
Dr. Lease Liability 200
Cr. Cash 200
e. Record the second month's lease payment.
- Entry for second Month's lease payment.
Dr. Lease Liability (200 - 48) = 152
Dr. Interest expense (9,793 - 200) x 0.5% = 48
Cr. Cash 200
f. Record the first month's amortization on Delaney's books (assume straight-line).
Total Payments = ($200 x 50) + $1,180 = $11,180
Present value = $9,793
Total Interest = $11,180 - $9,793 = $1,387
Monthly Interest = $1,387 / 50 months = $28
Entry for first month's amortization-
Dr. lease liability (200-28) = 172
Dr. Interest expense 28
Cr. Cash 200
g. Suppose that instead of $1,180, Delaney expects the residual value to be only $500 (the guaranteed amount is still $1,180).
How does the calculation of the present value of the lease payments change from part (b)?
- The present value of the lease payments from component b will not change. Delaney only anticipates the car's residual worth to be $500, but because the car is guaranteed, it is still liable for $1,180.
Hence, Delaney could have to accept losing instead.
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William Company uses the periodic inventory system and has provided the following data: Beginning inventory Purchases Sales Units 6,000 32.000 28,000 Amount $ 30,000 192,000 280.000 Required: A Caloulate the following using both: FIFO and LIFO inventory methods FIFO LIFO 1. Ending inventory 2. Cost of Goods Sold 3. Gross profit B. In times of rising unit costs, how does pretax income using FIFO compare to pretax income using LIFO? Explain your answer.
To calculate the ending inventory, cost of goods sold, and gross profit using both FIFO and LIFO methods.
we need to use the following formulas:
Ending Inventory:
FIFO method: the cost of the latest units purchased is used to value ending inventory.
LIFO method: the cost of the oldest units purchased is used to value ending inventory.
Cost of Goods Sold:
FIFO method: the cost of the oldest units is used to value cost of goods sold.
LIFO method: the cost of the latest units is used to value cost of goods sold.
Gross Profit:
FIFO method: Gross Profit = Sales - Cost of Goods Sold (FIFO)
LIFO method: Gross Profit = Sales - Cost of Goods Sold (LIFO)
Using the given data, we can calculate the following:
Ending Inventory:
FIFO method:
The last 28,000 units purchased at a cost of $6 per unit are assumed to be the units in ending inventory.
Ending inventory = 28,000 units x $6 per unit = $168,000
LIFO method:
The first 28,000 units purchased at a cost of $5 per unit are assumed to be the units in ending inventory.
Ending inventory = 28,000 units x $5 per unit = $140,000
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To calculate the ending inventory, cost of goods sold, and gross profit using both FIFO and LIFO methods.
we need to use the following formulas:
Ending Inventory:
FIFO method: the cost of the latest units purchased is used to value ending inventory.
LIFO method: the cost of the oldest units purchased is used to value ending inventory.
Cost of Goods Sold:
FIFO method: the cost of the oldest units is used to value cost of goods sold.
LIFO method: the cost of the latest units is used to value cost of goods sold.
Gross Profit:
FIFO method: Gross Profit = Sales - Cost of Goods Sold (FIFO)
LIFO method: Gross Profit = Sales - Cost of Goods Sold (LIFO)
Using the given data, we can calculate the following:
Ending Inventory:
FIFO method:
The last 28,000 units purchased at a cost of $6 per unit are assumed to be the units in ending inventory.
Ending inventory = 28,000 units x $6 per unit = $168,000
LIFO method:
The first 28,000 units purchased at a cost of $5 per unit are assumed to be the units in ending inventory.
Ending inventory = 28,000 units x $5 per unit = $140,000
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Cullumber Corp. had total variable costs of $190,800, total fixed costs of $116,600, and total revenues of $318.000Compute the required sales in dollars to break even.Required sales $
The Required sales in dollars to break even for Cullumber Corp is $291,500
To compute the required sales in dollars to break even, we need to use the formula:
Break-even point (in dollars) = Total fixed costs / (1 - (Total variable costs / Total revenues))
Plugging in the given values, we get:
Break-even point (in dollars) = $116,600 / (1 - ($190,800 / $318,000))
Break-even point (in dollars) = $116,600 / (1 - 0.6)
Break-even point (in dollars) = $116,600 / 0.4
Break-even point (in dollars) = $291,500
To calculate the required sales in dollars for Cullumber Corp to break even, we need to follow these steps:
1. Calculate the contribution margin per unit:
Contribution Margin per Unit = Sales Price per Unit - Variable Cost per Unit
2. Calculate the break-even point in units:
Break-Even Point (Units) = Total Fixed Costs / Contribution Margin per Unit
3. Calculate the required sales in dollars to break even:
Required Sales (Dollars) = Break-Even Point (Units) * Sales Price per Unit
From the information provided, we have the total variable costs, total fixed costs, and total revenues, but we need to know the sales price per unit and the number of units sold to compute the break-even point.
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1) Congratulations! You just started a data analyst position for a local production company. The first thing your new manager needs help with is preparing forecasts. After looking at the four data sets she gave you, for four different products, you are confident you can build a forecast for only three of the four. The one you are sure you CANNOT form a forecast has a _________ pattern.
Choose ONE of the following that is correct
a)trend
b)cyclical
c)seasonal
d)random
The one I am sure I CANNOT form a forecast has a random pattern. Option d is correct.
A trend is a long-term increase or decrease in the data. A cyclical pattern is a regular fluctuation in the data, which may be influenced by economic or other external factors. A seasonal pattern is a regular pattern that occurs at specific intervals of time, such as a yearly cycle of sales in a retail store.
A random pattern, on the other hand, does not exhibit any clear trends, cycles, or seasonal patterns. It appears to be unpredictable and erratic, with no discernible pattern or trend. Randomness in data can arise from various factors, such as measurement error, sampling error, or unmeasured or unknown external factors.
If a data set exhibits a random pattern, it is difficult to form a forecast as there is no discernible trend or pattern that can be modeled and extrapolated into the future. Therefore, it is likely that the data set for which a forecast cannot be formed has a random pattern.
Hence, the correct option is d.
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The one I am sure I CANNOT form a forecast has a random pattern. Option d is correct.
A trend is a long-term increase or decrease in the data. A cyclical pattern is a regular fluctuation in the data, which may be influenced by economic or other external factors. A seasonal pattern is a regular pattern that occurs at specific intervals of time, such as a yearly cycle of sales in a retail store.
A random pattern, on the other hand, does not exhibit any clear trends, cycles, or seasonal patterns. It appears to be unpredictable and erratic, with no discernible pattern or trend. Randomness in data can arise from various factors, such as measurement error, sampling error, or unmeasured or unknown external factors.
If a data set exhibits a random pattern, it is difficult to form a forecast as there is no discernible trend or pattern that can be modeled and extrapolated into the future. Therefore, it is likely that the data set for which a forecast cannot be formed has a random pattern.
Hence, the correct option is d.
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An agent who fails to bind his/her principal because of lack of authority will usually be personally liable to which of the following?a. Third parties onlyb. A principalc. A suretyd. A principal or a surety
An agent who fails to bind his/her principal because of lack of authority will usually be personally liable to: a. Third parties only.
When an agent acts without the proper authority, they cannot bind the principal to any contracts or agreements made with third parties. In this situation, the agent may be held personally liable to the third party for any damages or losses caused by the agent's unauthorized actions.
The principal and surety are not usually liable in this case, as the agent was not acting with their authorization.
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