Answer:
The correct answer is the option E: None of the above.
Explanation:
To begin with, in the field of business management and accounting the concept known as "Job Order Costing" refers specifically to the system that the managers of a company use in order to establish a better organization when it comes to terms of costing and due to the fact that they tend to be organizations that elaborate products that differ from each other regarding the materials they need to be produced properly. So therefore that this method focuses in the fact the company needs to calculate every cost the best possible for every different product that needs different tasks and jobs.
Sales variance analysis is used by managers for: Select one: a. Planning purposes only. b. Budgeting purposes only. c. Control purposes only. d. Planning and control purposes. e. Planning and budgeting purposes.
Answer:
e. Planning and budgeting purposes.
Explanation:
Sales variance analysis is used by managers for planning and budgeting purposes, as this analysis allows managers to better understand the company's sales scenario in a given period in relation to different variables such as budgeted quantity, quantity sold and amount of profit made.
Through analysis, greater control and strategic planning and future budgets are possible so that an organization remains profitable and competitive in the market.
AJ Manufacturing Company incurred $54,500 of fixed product cost and $43,600 of variable product cost during its first year of operation. Also during its first year, AJ incurred $17,350 of fixed and $13,900 of variable selling and administrative costs. The company sold all of the units it produced for $178,000. Required Prepare an income statement using the format required by generally accepted accounting Principles (GAAP). Prepare an income statement using the contribution margin approach.
Answer and Explanation:
The preparation of the income statement under following approaches are
Under generally accepted accounting Principles (GAAP)
Sales $178,000
Less: cost of goods sold ($54,500 + $43,600) -$98,100
Gross margin $79,900
Less: selling & general admin ($17,350 + $13,900) -$31,250
Net income $48,650
Under contribution margin approach
Sales $178,000
Less: variable cost ($43,600 + $13,900) -$57.5
Contribution margin $120,500
Less: fixed cost ($54,500 + $17,350) -$71,850
Net income $48,650
Mack purchased a variable annuity with $50,000 premium deposits, which he splits equally between 2 subaccounts, at the time of purchase, the value of units in subaccount 1 was $25 and the value of units in subaccount 2 was $10.00, 6 months later the value of units in subaccount 1 increased to $30 and the value of units in subaccount 2 decreased to $8, What was the value of Mack's contract at that point?
Answer:
$50,000
Explanation:
Calculation to determine the value of Mack's contract at that point
First step is to calculate Units Purchased of Subaccount 1 using this formula
Units Purchased of Subaccount 1 = Amount of Premium deposit in Sub Account 1 /Unit Value of Sub Account 1
Let plug in the formula
Units Purchased of Subaccount 1 =($50,000/2 )/$25
Units Purchased of Subaccount 1 = $25000 / $25
Units Purchased of Subaccount 1 = 1000 Units
Second step is to calculate the Units Purchased of Subaccount 2 using this formula
Units Purchased of Subaccount 2= Amount of Premium deposit in Sub Account 2/Unit Value of Sub Account 2
Let plug in the formula
Units Purchased of Subaccount 2 =($50,000/2)/$10
Units Purchased of Subaccount 2 = $25000 / $10
Units Purchased of Subaccount 2 = 2500 Units
Now let determie the Value of Mark Contract at that point
Value of Mark Contract = (1000 * $30) + (2500 * $8)
Value of Mark Contract = $30000 + $20000
Value of Mark Contract = $50000
Therefore the value of Mack's contract at that point is $50,000
An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; Social security tax rate, 6%; and Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. Prepare the journal entry to record the salaries expense. If required, round your answers to two decimal places. If an amount box does not require an entry, leave it blank.
Answer and Explanation:
The journal entries are shown below:
On December 31
Salary Expense $735.00
To Federal Withholding Taxes Payable $120.00
To Social Security Taxes Payable 44.10 (735 × 6%)
Medicare Taxes Payable 11.03 (735 × 1.5%)
Salaries Payable 559.87
(Being salary expense is recorded)
Here the salaries expense is debited as it increased the expense and credited the payable account as it increased the liabilities account
Working note
Regular earnings 600 (40 × 15)
Overtime earnings 135 (46 - 40) × 15 × 1.5
Gross earnings 735
A software company is raising the prices on all of its products to increase revenue. For each price change described below, do the following: _____
State the percent change in the price.
State the number we can multiply the original price by to determine the new price.
Determine the new price (in dollars).
Answer:
%increase=increase+original number×100
Percent change, multiplying factor and new price are 5%, 1.05, $304.5 respectively.
Incomplete information;
Original price of software = $290
Increase rate = 5%
Find:
Percent change in the price Multiplying factor New price of softwareComputation:
Percent change in the price = Increase rate
Percent change in the price = 5%
New price of software = 290 + [290 × 5%]
New price of software = 290(1 + 5%)
New price of software = 290(1+0.05)
New price of software = 290 × 1.05
So, multiplying factor = 1.05
New price of software = 290 × 1.05
New price of software = $304.5
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We read about making business level strategies and corporate level strategies in pursuit of our vision or mission. In that, competing moves are described. Identify the firms from your industry that you would characterize as using each of the business level strategies. Use data to support your analysis. Then, can you identify their competitive moves, and the corporate level strategies to support it? This should be no more than three pages. This is a wee bit tricky but most of the information can be gained from first the competitive intelligence reports, and then second, the footwear industry reports.
Answer:
.....
good question. Wait for the answer
Explanation:
QS 8-9 Revenue and capital expenditures LO C3 Paid $40,000 cash to replace a motor on equipment that extends its useful life by four years. Paid $200 cash per truck for the cost of their annual tune-ups. Paid $175 for the monthly cost of replacement filters on an air-conditioning system. Completed an addition to a building for $225,000 cash. 1. Classify the above transactions as either a revenue expenditure or a capital expenditure. 2. Prepare the journal entries to record transactions a and d.
Answer:
1. a = Capital expenditure
b = Revenue expenditure
c = Revenue expenditure
d = Capital expenditure
2. Journal Entries
a. Debit Equipment $40,000
Credit Cash $40,000
To record a replacement on equipment that extends its useful life by four years.
d. Debit Building $225,000
Credit Cash $225,000
To record the payment for additional building completed.
Explanation:
a) Data and Analysis:
a. Equipment $40,000 Cash $40,000
to replace a motor on equipment that extends its useful life by four years.
b. Tune-ups Expenses $200 Cash $200
c. Repairs Expenses $175 Cash $175
d. Building $225,000 Cash $225,000
Direct Labor Variances The following data relate to labor cost for production of 20,000 cellular telephones: Actual: 8,450 hrs. at $22.50 Standard: 8,400 hrs. at $23.00
a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Rate variance $ Time variance $ Total direct labor cost variance $
b. The employees may have been less-experienced or poorly trained, thereby resulting in a labor rate than planned. The lower level of experience or training may have resulted in efficient performance. Thus, the actual time required was than standard.
Answer and Explanation:
The computation is given below:
a)
Direct labor rate variance = (Actual rate - Standard rate) × Actual hours
= ($22.50 - $23) × 8,450 hours
= -$4,225.00 Favorable
Direct labor time variance = (Actual hours - Standard hours) × Standard rate
= (8,450 hours - 8,400 hours) × $23
= $ 1,150.00 Unfavorable
Total direct labor cost variance is
= Direct labor rate variance + Direct labor time variance
= $4,225 Favorable + $1,150 Unfavorable
= -$3,075.00 Favorable
b. In the case when the employees are not much experienced or they are poorly trained so the less experience cause to less performance due to which the actual time needed should be more than the standard one
American Delights manufactures a wide variety of holiday and seasonal decorative items. American's activity-based costing overhead rates are:
Purchasing $380 per order
Storing $2 per square foot/days
Machining $100 per machine hour
Supervision $5 per direct labor hour
The Snow Man project involved three purchase orders, 4,000 square feet/days, 60 machine hours, and 40 direct labor hours. The cost of direct materials on the job was $19,000 and the direct labor rate is $30 per hour.
Determine the total cost of the Snow Man project.
Answer:
Total cost= $34,780
Explanation:
First, we need to allocate costs to Snow Man project:
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Purchasing= 380*1= 380
Storing= 2*4,000= 8,000
Machining= 100*60= 6,000
Supervision= 5*40= 200
Total allocated costs= $14,580
Now, the total costs:
Total cost= 19,000 + 30*40 + 14,580
Total cost= $34,780
Russell Inc. had sales of $2,210,000for the first quarter of 2017. In making the sales, the company incurred the following costs and expenses.
Variable Fixed
Cost of goods sold $921,000 $441,000
Selling expenses 71,000 46,000
Administrative expenses 87,000 99,000
Prepare a CVP income statement for the quarter ended March 31, 2017.
Answer:
A Cost-Volume-Profit statement is used to show just how the different costs incurred contribute to the expenses. It divides the costs into variable and fixed costs for better analysis.
Sales $2,210,000
Variable Costs:
Cost of Goods sold $921,000
Selling expenses $ 71,000
Admin expenses $87,000
Total variable costs ($1,079,000)
Contribution margin $1,131,000
Fixed costs:
Cost of goods $441,000
Selling expenses $ 46,000
Admin expenses $ 99,000
Total fixed costs ($586,000)
Net operating income $545,000
Angel Corporation began offering a two-year warranty on its products. The warranty program was expected to cost Angel 3% of net sales. Net sales made under warranty in 2021 were $218 million. Fifteen percent of the units sold were returned in 2021 and repaired or replaced at a cost of $4.40 million. The amount of warranty expense on Angel's 2021 income statement is:______.
Answer:
the amount of warranty expense on Angel's 2021 income statement is $6.54 million
Explanation:
The computation of the amount of warranty expense on Angel's 2021 income statement is given below:
Warranty expense on Angel's 2021 income statement is is
= Net sales × 3%
= $218 million × 3%
= $6.54 million
Hence, the amount of warranty expense on Angel's 2021 income statement is $6.54 million
When you compose a message, you want your audience to find the information it needs quickly and to understand what it finds. Your message should be easy to read and to comprehend. Well-designed documents enhance readability and comprehension. Understanding and employing the various design techniques that can be used to improve readability will make your messages more effective.
_______________ define the shape of text characters.
a. Headings
b. Fonts
c. Typefaces
Given the following cost and activity observations for Smithson Company's utilities, use the high-low method to calculate Smithson's fixed costs per month. Cost Machine Hours January $88,020 9,800 February 150,430 17,700 March 103,350 11,700 April 129,310 15,000 a.$33,900 b.$18,000 c.$8,500 d.$10,600
Answer:
d. $10,600
Explanation:
Variable cost = (Highest activity cost - Lowest activity cost) / (Highest activity units - Lowest activity units)
Variable cost = ($150,430 - $88,020) / (17,700 - 9,800)
Variable cost = $62,410 / 7,900
Variable cost = $7.9
Fixed cost = Highest activity cost - (Variable cost per unit*Highest activity units)
Fixed cost = $150,430 - ($7.9*17,700)
Fixed cost = $150,430 - $139,830
Fixed cost = $10,600
Sandoval needs to determine its year-end inventory. The warehouse contains 26,000 units, of which 3,600 were damaged by flood and are not sellable. Another 2,600 units were purchased from Markor Company, FOB shipping point, and are currently in transit. The company also consigns goods and has 4,600 units at a consignee's location. How many units should Sandoval include in its year-end inventory?
a. 29,000.
b. 21,000.
c. 23,000.
d. 19,000.
e. 26,000.
Answer:
the number of units that should Sandoval include in its year-end inventory is 29,600 units
Explanation:
The computation of the number of units that should Sandoval include in its year-end inventory is given below:
= Opening units + units purchased + units at consignee location - units damaged
= 26,000 + 2,600 + 4,600 - 3,600
= 29,600
Hence, the number of units that should Sandoval include in its year-end inventory is 29,600 units
This is the answer but the same is not provided in the given options
Inventors in developing countries are usually unable to capture the full benefit of their innovations. They therefore tend to devote too few resources to research. Government can address this problem of under-investment in research by (i) increasing restrictions on trade; (ii) establishing a patent system to provide inventors with exclusive control over their inventions for a period of time; (iii) subsidising the purchase of technology from other countries.
a. only (i) is used.
b. only (ii) is used.
c. only (iii) is used.
d. (i), (ii) and (iii) are all used.
Answer:
establishing a patent system to provide inventors with exclusive control over their inventions for a period of time.this way inventors will devout a lot of resources to research.
I hope this helps and sorry if it's wrong
The biggest question Sally has for you is about recovering the initial capital invested which she wishes to bundle as the initial building and land costs well as the future roof and common area expenses. The income stream for the apartment complex is only monthly rent money. How much should she charge for monthly rent in order to at least recover the bundled capital invested
Answer:
Sally should charge $1,280 per month for 18 months.
Explanation:
Sally has bought the land for $8,000 and she has invested in constructing the building $12,040. She has further invested $2,000 for future roof and common area expenses amount to $1,000. The total capital she has invested is $23,040. She should charge $1,280 per month for next 18 months in order to cover the bundled capital investment.
Nếu ngân hàng trung ương tăng cung tiền và chính phủ muốn duy trì tổng cầu ở mức ban đầu thì chính phủ cần giảm thuế thu nhập. Đúng hay sai và giải thích
Answer:
sai
Explanation:
Tăng cung tiền dẫn tới lãi suất bị giảm -> đầu tư tăng -> AD tăng
giảm thuế thu nhập -> thu nhập khả dụng tăng -> chi tiêu tăng -> AD tăng
Do đó, muốn duy trì tổng cầu ở mức ban đầu thì phải tăng thuế thu nhập
Measuring and reporting quality costs does not solve quality problems. Decreases in quality costs generally occur as soon as improvement programs are implemented. Quality cost information helps managers identify the relative importance of quality problems. The impact of customer ill will is generally not found on quality control reports.
a. True
b. False
Answer:
True statements:
Measuring and reporting quality costs does not solve quality problems.
Quality cost information helps managers identify the relative importance of quality problems.
The impact of customer ill will is generally not found on quality control reports.
Explanation:
When the quality cost is determined and reported so the same should not solve the problem of the quality also the information related to the quality cost helps the managers to identify the significance of the quality issue
The effect of the customer could not found on the reports made for quality control
But if there is a decrease in the quality cost so the improvement programs could not be implemented soon
The CEO of Fly Corporation decides to change an accounting method at the end of the current year. The change results in reported profits increasing by 5%, but the company's cash flows are not changed. If capital markets are efficient, then what would happen to the company stock price? Justify your answer with logical arguments
Answer:
Fly Corporation
The stock price will not be affected by the accounting change.
Explanation:
This opinion is based on the assumption that the capital markets are efficient. Therefore, the stock's market price will reflect all available and relevant information. Since all the necessary information is already incorporated into the stock price, the CEO of Fly Corporation cannot beat the market by the change in accounting method, and the stock price will not be undervalued or overvalued. Moreover, the change in accounting method only shifts the timing for reporting income.
a deli sells 720 sandwiches per day at $6 each. (a) a market survey shows that for every $0.10 reduction in price, 40 more sandwiches could be sold. how much should the deli harge in order to maximize revenue
Answer:
To maximize profits, the deli should charge each sandwich at $ 3.9.
Explanation:
Given that a deli sells 720 sandwiches per day at $ 6 each, and a market survey shows that for every $ 0.10 reduction in price, 40 more sandwiches could be sold, to determine how much should the deli harge in order to maximize revenue, the following should be done calculation:
720 x 6 = 4320
760 x 5.9 = 4484
800 x 5.8 = 4640
840 x 5.7 = 4788
880 x 5.6 = 4928
920 x 5.5 = 5060
960 x 5.4 = 5184
1000 x 5.3 = 5300
1040 x 5.2 = 5408
1080 x 5.1 = 5508
1120 x 5 = 5600
1160 x 4.9 = 5684
1360 x 4.4 = 5984
1400 x 4.3 = 6020
1600 x 3.8 = 6080
1560 x 3.9 = 6084
1520 x 4 = 6080
Therefore, to maximize profits, the deli should charge each sandwich at $ 3.9.
Selected financial information for Solomon Company for 2019 follows:
Sales $ 2,500,000
Cost of goods sold 1,750,000
Merchandise inventory
Beginning of year 154,000
End of year 200,000
Required
Assuming that the merchandise inventory buildup was relatively constant, how many times did the merchandise inventory turn over during 2019? (Round your answer to 2 decimal places.)
Merchandise inventory turnover _________ times
Answer:
9.89 times
Explanation:
Calculation to determine the merchandise inventory turn over during 2019
First step is calculate the Average Inventory using this formula
Average Inventory = (Opening Inventory + Closing Inventory) / 2
Let plug in the formula
Average Inventory= (154,000 + 200,000) / 2
Average Inventory= 354,000 / 2
Average Inventory= 177,000
Now let determine the Merchandise Inventory Turnover using this formula
Merchandise Inventory Turnover = Cost of goods sold/ Average Inventory
Let plug in the formula
Merchandise Inventory Turnover= 1,750,000 / 177,000
Merchandise Inventory Turnover= 9.89 times
Therefore Assuming that the merchandise inventory buildup was relatively constant, the merchandise inventory turn over during 2019 is 9.89 times
Mary has been asked to rank her preferences between three baskets of goods, X, Y, and Z. If Mary prefers Y to Z but does not care if she gets X or Y, then:______.
a. Z is on a lower indifference curve than X.
b. Y and Z are on the same indifference curve.
c. X is on a higher indifference curve than Y. Mary is indifferent between baskets X and Y. Therefore, these two points must be on the same indifference curve.
d. Y is on a higher indifference curve than Z but it is impossible to determine whether Z is on a higher, lower, or the same indifference curve as X.
Mary has been asked to rank the three baskets of goods—X, Y, and Z—in order of her choices. If Mary would rather have Y than Z but is unconcerned whether she receives X or Y, Z is on a lower indifference curve than X. Option (a) is correct, so.
What is goods?
Anything can be considered a good, including merchandise, suppliers, raw materials, and finished goods. All movable goods that are sold to a specific customer.
If Mary prefers Y to Z but does not care whether she receives X or Y, then Z is on a lower indifference curve than X.
As a result, option (a) is correct.
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On November 1, 2021, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022—at which time Vinfast credited $3,600 to Unearned Consulting Fees. The adjusting entry on December 31, 2021 would include a
a. Debit to Unearned Consulting Fees for $1,200
b. Debit to Unearned Consulting Fees for $2,400.
c. Credit to Consulting Fees Earned for $2,400.
d. Debit to Consulting Fees Earned for $1,200.
Answer: A. Debit to Unearned Consulting Fees for $1,200
Explanation:
Following the information given in the question, Vinfast Co. receives $3,600 cash from FPT Co. for consulting services to be provided evenly over the period November 1, 2021, to April 30, 2022.
Since we want to know the adjusting entry on December 31, 2021, a period form November 1, 2021 to December 31, 2021 is a period of two months out of the 6 months period. Therefore, the unearned consultancy fee will be:
= $3600 × 2/6
= $1200
Therefore, there'll be a debit to the unearned consulting Fees for $1,200. Also, there'll be a credit to the consulting fees earned account by $1200.
A new tool manufacturer opened a plant in town three months ago and hired 3000 new employees. People now have extra cash to spend and are out spending in the town. What is an example of how this extra money may shift the demand curve for goods and services in the town
Answer:
the extra money causes a 50% increase in IPhone sales.
Explanation:
One example would be that the extra money causes a 50% increase in IPhone sales. Therefore this higher income is shifting the demand curve for IPhones upwards due to the number of individuals purchasing the product. If individuals come into more money than they need to survive it is usually spent on luxury goods/services. This creates a demand for these goods and services that did not exist at the same level previously. This increased demand is what curves the demand curve upwards.
A company's flexible budget for 12,000 units of production showed total contribution margin of $24,000 and fixed costs, $16,000. The operating income expected if the company produces and sells 15,000 units is:________
a) $34,000.
b) $10,000.
c) $18,667.
d) $8,000.
e) $14,000.
Answer:
e. $14,000
Explanation:
Operating income for 15,000 units = Proportionate contribution - Fixed cost
Operating income for 15,000 units = [($24,000/12,000)*15,000] - $16,000
Operating income for 15,000 units = $30,000 - $16,000
Operating income for 15,000 units = $14,000
So, the operating income expected if the company produces and sells 15,000 units is $14,000.
The price of lemonade is $1.50; the price of popcorn is $0.75. If Fred has maximized his utility by purchasing lemonade and popcorn, his marginal rate of substitution will be: Group of answer choices 1/2 lemonade for each popcorn. indeterminate unless more information on Fred's marginal utilities is provided. 2 lemonades for each popcorn. none of these options is correct
Answer: 1/2 lemonade for each popcorn
Explanation:
Price of lemonade = $1.50
Price of popcorn = $0.75
Let good 1 = popcorn
Let good 2 = lemonade
MRS = MU1/MU2 = P1/P2
= 0.75/1.50
= 1/2
Therefore, the marginal rate of substitution will be 1/2 lemonade for each popcorn.
Therefore, the correct option is A.
Nick sees a commercial for a Brand X clothing company that depicts the wearers of the clothes out having a good time with friends. Although he doesn't particularly need new clothes, the commercial prompts him to buy a Brand X t-shirt. This illustrates a common.......... of advertising.
Answer:
Critique of
Explanation:
Advertising
This simply is used to give notice, pass informations, for notification etc. from a known source and it is delivered through a mass-mediated channel that is set up to persuade the masses.
The 3 main components of successful advertising includes information, reasoning, and emphases.
The critiques of advertising:
There are several critiques of advertising. It includes the fact that the society is wasting resources, companies manipulate people's tastes, it hinders competition because it creates the perception that products are more differentiated than they are, allowing higher assumptions or markups.
The 4 types of advertising criticisms includes the effect, taste, role, and appropriateness.
Sự gia tăng về giá cả một loại hàng hóa nào đó không chắc chắn là sự gia tăng của lạm phát.đúng hay sai?
Suppose a market is initially in equilibrium and demand decreases. The producer surplus will:_____.
a. be higher since the price is lower and equilibrium moves down along the supply curve.
b. be higher since the price is lower and equilibrium moves up along the supply curve.
c. be lower since the price is lower and equilibrium moves down along the supply curve.
d. be lower since the price is lower and equilibrium moves up along the supply curve.
Answer:
c. be lower since the price is lower and equilibrium moves down along the supply curve.
Rita managed a group of financial advisors. She decided to let her employees set their own goals for an appraisal period. She thought they would be more motivated to reach goals they had defined for themselves. Which theory below does this scenario illustrate? Management By Objectives Expectancy Theory Participative Management and Empowerment Goal Setting Theory
Answer:
The correct answer is the third option: Participative Management
Explanation:
To begin with, in the field of business management the concept known as "Participative Management" refers to the process of giving a great involvement to the employees of the company when it comes to deciding things or goals so they will be more involved in completing those goals effectively. This type of management is used as an alternative to traditional vertical management structures and that is basically for the direct defect that the PM strikes. And that is the participation from the employees when the goals are set by their superiors who do not do it properly.
