The given statement, "a captive agent typically represents two to ten different insurance companies" is false because a captive agent is an insurance agent who works for only one company.
They sell the products of that company, which is referred to as a parent company. They have a contractual agreement with the company, which gives them the authority to sell the company's insurance policies. Since they represent only one firm, they are referred to as captive agents. To sum it up, captive agents can only sell insurance policies offered by their parent company and do not have access to other insurance providers. Therefore statement is false.
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APICS and ISM are creating new SCM certifications. write in details.
Here is an example of a company formally endorsing a certification.
Johnson Controls Inc. (JCI) is headquartered in Milwaukee and has $35 billion in annual sales revenue with around 40,000 employees. JCI has 160 SCM employees in North America. There is a development goal within the company’s purchasing organization to have 100% of the purchasing team pass all three modules of the ISM CPM certification. To date about 50 team members are certified, with 80 awaiting results.
Many companies are formally endorsing certification programs to ensure that their employees have the knowledge and skills required to succeed in the supply chain management field.
APICS and ISM are organizations in the supply chain management field that are working together to create new SCM certifications. These new certifications are being designed to reflect the latest developments and technologies in the supply chain management industry. The Association for Supply Chain Management (APICS) is the world's leading organization for supply chain management professionals. The organization has been offering certification programs for over 60 years, and its certifications are recognized worldwide. The Institute for Supply Management (ISM) is another leading organization in the field of supply chain management. ISM has been providing training, certification, and professional development programs for supply chain professionals for over 100 years.
The new SCM certifications being developed by APICS and ISM are designed to reflect the latest trends and technologies in the supply chain management industry. These certifications will be designed to help supply chain professionals stay up-to-date with the latest best practices and to provide a way for companies to verify the skills and knowledge of their supply chain employees. As shown by the example of Johnson Controls Inc. (JCI), many companies are formally endorsing certification programs to ensure that their employees have the knowledge and skills required to succeed in the supply chain management field. By endorsing these certifications, companies can help ensure that their employees are better prepared to handle the complex challenges of modern supply chain management.
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Considering all of the topics that we have learned this semester. List and describe one major topic that has enhanced your knowledge of economics. Then discuss how this concept can be applied to our real-world and how you may use it in your future after graduation.
Topics:
- Measuring the Economy's Output
- Economic Growth, Unemployment, & Inflation
- Basic Macro Relationships
- Aggregate Demand and Aggregate Supply
One major topic that has enhanced my knowledge of economics is Aggregate Demand and Aggregate Supply is the correct answer.
Aggregate Demand (AD) is the total amount of goods and services that consumers, businesses, and the government are willing to buy at different price levels. On the other hand, Aggregate Supply (AS) is the total amount of goods and services that businesses are willing to produce at different price levels. The AD-AS model is used to understand the relationships between aggregate demand, aggregate supply, and price level. The model helps us understand how changes in the economy, such as shifts in government spending or changes in consumer preferences, can affect the overall level of output and prices in the economy.
In the real world, the AD-AS model is used by policymakers to make decisions about fiscal and monetary policies. For example, during a recession, policymakers might use expansionary fiscal or monetary policies to stimulate aggregate demand and get the economy back on track. As a future graduate, understanding the AD-AS model will help me make better decisions when analyzing economic data or creating economic policy proposals.
Overall, the AD-AS model is a valuable tool for understanding the macroeconomic factors that affect our daily lives.
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Scenario:
Finally! You decide that you are going to go on a holiday. You know there is a travel agent around the corner and they have only recently opened up again. You want to support the small businesses that have been able to survive the lockdowns during the pandemic so you decide to visit the travel agent to see what they suggest. You have never used a travel agent before. You have only ever arranged your flights and accommodation online. But you keep an open mind and decide to visit tomorrow.
Question A: Starting with a 3 circles service product infographic, describe the core, supplementary and augmented service products that your travel agent offers.
Question B: While you are at the travel agent, you think of another two supplementary services that you wish they had to offer. As part of your description and discussion of the service product, discuss these two new services and also why you think these would be great additions for you.
Language translation services and guided tours would be great additions to the travel agent's supplementary services. They would enhance the customer experience and make the travel planning process more convenient.
A. The 3-circle service product model is a tool used by marketers to better understand a product's value proposition. In the case of the travel agent scenario, the core service is arranging transportation and accommodation for customers. This is the primary service that the travel agent offers, and it's what the customer is ultimately paying for.
Supplementary services are those that support the core service and enhance the customer experience. The first supplementary service offered by the travel agent is helping customers to plan their itinerary. They can suggest popular tourist destinations, provide tips for traveling in certain areas, and help customers plan their schedule so that they can see and do as much as possible during their trip.
The second supplementary service offered by the travel agent is helping customers to secure visas and travel insurance. These are both essential components of international travel that can be difficult to navigate alone. By offering visa and travel insurance services, the travel agent can make the travel planning process more convenient for the customer.
Finally, augmented services are those that differentiate the product from competitors. One augmented service that the travel agent offers is personalized customer service. Unlike online booking platforms, a travel agent can provide one-on-one support to customers and help them to resolve any issues that may arise during their trip.
B. Two additional supplementary services that the travel agent could offer are language translation services and guided tours. Language translation services would be beneficial for customers who are traveling to foreign countries where English is not the primary language. By offering translation services, the travel agent can help these customers to communicate more effectively with locals, navigate transportation systems, and get the most out of their trip.
Guided tours are another supplementary service that would benefit customers who are traveling to new destinations. By offering guided tours, the travel agent can help customers to explore their destination more fully. Guided tours can be tailored to the customer's interests and can provide a more personalized experience than self-guided tours.
In conclusion, language translation services and guided tours would be great additions to the travel agent's supplementary services. They would enhance the customer experience and make the travel planning process more convenient.
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the total variable cost of producing 5 units is 14.60 10 63 73
The total variable cost of producing 5 units is $73.
Total variable cost refers to the sum of all costs that vary with the level of production. In this case, the total variable cost of producing 5 units is given as $73. This means that the costs associated with producing those 5 units, such as direct materials, direct labor, and variable overhead, amount to a total of $73.
It's important to note that the cost figures provided ($14.60, $10, $63, $73) are not specific to individual units. They represent the cumulative total variable cost for producing 5 units. The breakdown of costs per unit cannot be determined with the information provided.
Total variable cost is a key component in calculating the total cost of production and understanding the cost structure of a business. By analyzing the relationship between total variable cost and the number of units produced, businesses can assess their cost efficiency, make informed pricing decisions, and optimize production levels.
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T/F
In a common-sized income statement, 100% is the
False. In a common-sized income statement, 100% is not the main answer. The main answer in a common-sized income statement is typically represented as a percentage of net sales or total revenue.
The purpose of a common-sized income statement is to analyze the relative proportions of different expense and income categories in relation to net sales or total revenue. By expressing each line item as a percentage of net sales, it allows for better comparison and understanding of the company's financial performance and cost structure over time or in comparison to other companies. It helps identify trends, spot areas of concern, and make informed decisions based on the relative importance of different expense categories.
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What was the main variable that caused a stubbornly high
inflation rate in the US in the 1970s?
Group of answer choices
Political instability
Unemployment
Expectations
The interest rate
The main variable that caused a stubbornly high inflation rate in the US in the 1970s was expectations.
This was because of a combination of factors such as an increase in oil prices, the Vietnam War, and expansionary monetary policy. This led to expectations of higher prices, which in turn led to higher prices as businesses raised prices to protect themselves from anticipated inflation.
Expectations refer to the belief or expectation of inflation that businesses and individuals have for the future. For instance, if people believe that prices will rise in the future, they may start buying goods and services today in anticipation of future price increases, which will cause demand-pull inflation. The expectation of higher prices led businesses to raise prices, which led to an increase in the overall price level.
The high inflation rate was also caused by an increase in oil prices, which resulted from the Arab oil embargo of 1973. The embargo resulted in a significant reduction in the supply of oil, which increased its price globally. This led to higher prices for oil-dependent goods and services, which increased the overall price level in the US.
Moreover, the expansionary monetary policy of the government also contributed to the high inflation rate. The monetary policy led to an increase in the money supply, which increased aggregate demand, leading to an increase in prices. The government's attempts to stimulate economic growth by increasing the money supply led to high inflation, which persisted throughout the 1970s.
In conclusion, expectations were the main variable that caused a stubbornly high inflation rate in the US in the 1970s. This was due to a combination of factors such as an increase in oil prices, expansionary monetary policy, and the Vietnam War.
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Provide a one to two-paragraph answer. Please.
Explain what environmental justice means and discuss an example that illustrates this.
Environmental benefits and burdens, ensuring that no particular community or group is disproportionately affected by environmental hazards or deprived of environmental resources.
It highlights the intersectionality of social, economic, and environmental factors and aims to address environmental inequalities and protect vulnerable populations. An example that illustrates environmental justice is the case of Flint, Michigan. In 2014, the city switched its water supply source to the Flint River as a cost-saving measure, leading to a public health crisis. The river water was highly corrosive and contaminated with lead, resulting in elevated levels of lead in the drinking water.
The majority of Flint's population consisted of low-income communities, primarily African American, who were disproportionately affected by this environmental hazard. The incident highlighted the systemic environmental injustice faced by marginalized communities, as their concerns were ignored and their health and well-being were compromised. It sparked national attention and efforts to rectify the situation, emphasizing the importance of addressing environmental justice issues and protecting vulnerable communities from environmental harm.
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On Jan 1, 2021, Flyer Corp paid for the $55,000 amount it had borrowed from First State Bank on September 1, 2020. Interest of $4,500 had accrued as of December 31, 2020 and was appropriately recorded in the December 2020 financial statements in its own liability account. The total $4,500 in interest was paid on Jan 1, 2021 along with the full amount borrowed. The journal entry Flyer Corp. would record on Jan 1, 2021 would include: OA a credit to Notes Payable OB. a debit to Cash OC a debit to Interest Expense D. a debit to Interest Payable
The journal entry Flyer Corp. would record on January 1, 2021, for the payment of the borrowed amount and accrued interest would include a debit to Notes Payable, a debit to Interest Expense, and a credit to Cash.
On January 1, 2021, Flyer Corp. paid off the $55,000 borrowed from First State Bank, which was recorded as a liability in the Notes Payable account. Additionally, $4,500 in interest had accrued as of December 31, 2020, and was appropriately recorded in the December 2020 financial statements. Both the principal amount and the accrued interest are being paid on January 1, 2021.
To record the payment, Flyer Corp. would debit the Notes Payable account for the principal amount of $55,000, representing the reduction in the liability. The accrued interest of $4,500 would be debited to the Interest Expense account to recognize the expense incurred. Finally, the Cash account would be credited for the total payment made.
Therefore, the correct journal entry on January 1, 2021, would include a debit to Notes Payable, a debit to Interest Expense, and a credit to Cash.
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In 2021, Western Transport Company entered into the treasury stock transactions described below. In 2019, Western Transport had issued 160 million shares of its $1 par common stock at $15 per share. Required: Prepare the appropriate journal entry for each of the following transactions: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) On January 23, 2021, Western Transport reacquired 10 million shares at $18 per share. On September 3, 2021, Western Transport sold 1 million treasury shares at $19 per share. On November 4, 2021, Western Transport sold 1 million treasury shares at $16 per share.
Record the reacquisition of 10 million shares at $18 per share.
Record the sale of 1 million treasury shares at $19 per share.
Record the sale of 1 million treasury shares at $16 per share.
The business will see a $2 loss per share. This loss is recorded as a debit to the Retained Earnings account.
In order to prepare journal entries for the treasury stock transactions, the following two accounts will be used:
Treasury Stock account Common Stock account
1. Record the reacquisition of 10 million shares at $18 per share.
Treasury Stock account Debit = $180 million
Common Stock account Credit = $10 million
Treasury Stock account is debited in order to record the reacquisition of 10 million shares at $18 per share. This means that Western Transport will be paying $180 million in total to buy back the shares. A Common Stock account is credited to record the par value of the shares that were reacquired. The par value of common stock is $1 per share. Therefore, 10 million shares will have a total par value of $10 million.2. Record the sale of 1 million treasury shares at $19 per share.
Treasury Stock account Credit = $19 million
Additional Paid-in Capital (APIC) account Debit = $1 million
Treasury Stock account is credited to record the sale of 1 million treasury shares at $19 per share. The total cash received from the sale will be $19 million. The cost of the treasury stock was $180 million / 10 million shares = $18 per share. This means that the company will earn $1 per share as an additional amount. APIC account is debited to record this additional amount.3. Record the sale of 1 million treasury shares at $16 per share.
Treasury Stock account Credit = $16 million
Retained Earnings account Debit = $2 million
Treasury Stock account is credited to record the sale of 1 million treasury shares at $16 per share. The total cash received from the sale will be $16 million. The cost of the treasury stock was $180 million / 10 million shares = $18 per share. This means that the company will incur a loss of $2 per share. Retained Earnings account is debited to record this loss.
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Sally is an accountant who works at an accounting firm in the city. She is undertaking a post-graduate degree in media studies at a university for which she pays course fees of $30,000. She is undertaking this course as she hopes to eventually become a financial journalist once she has gained enough practical experience at the accounting firm. Sally’s employer requires her to dress appropriately at work and last year she spent $3,600 on make-up and $2,200 on a designer work suit. Sally prefers to dress casually and, on leaving the office, she usually changes into casual clothes. Sally also has a one day per week part-time job at a night club which starts soon after her accounting job finishes on Friday nights. The night club is far away from the city, and she therefore drives her car to work on Fridays so that she can get to her part-time job in time. Sally spends $77 to park her car in the city on Fridays and she also incurred fuel costs of getting to the night club. On all other days of the week, Sally takes a train between home and work and spends $36.80 per week on tickets Required: With reference to case law and legislation, discuss the deductibility of the expenses that Sally has incurred, Australian law
Please don't copy the answer that's already in chegg. thanks
Deductibility of Expenses that Sally incurred: Sally's expenses can be broadly categorized into four categories: Education Expenses, Work Clothing Expenses, Travel Expenses, Other work-related expenses.
Education Expenses:Sally incurred a $30,000 fee on her post-graduate degree in media studies. As per the Australian taxation system, Section 8-1 of ITAA 1997 states that expenses are deductible if the expense incurred is related to work. In this case, Sally wants to become a financial journalist, and hence, her course fees are deductible.
Work Clothing Expenses:Sally spent $2,200 on a designer suit for her work at the accounting firm, and $3,600 on makeup. The court held that Sally's expenses were not deductible because they were primarily private in nature. T The court held that the expenditure incurred was not deductible because Sally's clothing was not specific to her work and could be used outside of work.
Travel Expenses:Sally incurred $77 for parking her car in the city on Fridays and also incurred fuel costs to get to the nightclub. The court held that these expenses are deductible as they are directly related to work-related travel and are not private in nature. Sally's travel expenses can be claimed as a deduction.
Other work-related expenses:Sally has no other work-related expenses that can be deductible. Hence, no deduction can be claimed for other expenses.
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During March 2020, ABC engaged in the following transactions: a. ABC received cash of $40,000 from David R. and issued common stock to David. b. The business paid $20,000 cash to acquire a truck. c. The business purchased supplies costing $1,800 on account. d. The business painted a house for a client and received $3,000 cash. e. The business painted a house for a client for $4,000. The client agreed to pay next week. f. The business paid $800 cash toward the supplies purchased in transaction c. g. The business paid employee salaries of $1,000 in cash. h. The business paid cash dividends of $1,500. i. The business collected $2,600 from the client in transaction e. j. David paid $200 cash for personal groceries.
During March 2020, ABC engaged in the following transactions:a. Received cash of $40,000 from David R. and issued common stock to David. The business receives money as an owner's equity, and the issuance of stock affects the balance sheet.
Paid $20,000 cash to acquire a truck. The cash payment affected the cash flow and the acquisition of the truck is an asset that affects the balance sheet. c. Purchased supplies costing $1,800 on account.
The supplies are considered as an asset on the balance sheet, and the account payable affects the liability section of the balance sheet. d. Painted a house for a client and received $3,000 cash.
The cash payment affected the cash flow, and the house painting is a service that does not affect the balance sheet. e. Painted a house for a client for $4,000. The client agreed to pay next week.
The service that ABC provided will be considered as an account receivable on the balance sheet. f. Paid $800 cash towards the supplies purchased in transaction.
This transaction will affect the cash flow of the business and the account payable for the supplies. g. Paid employee salaries of $1,000 in cash.
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Discuss the importance of a Tourism Master. Identify any
challenges to the current master plan for your selected destination
and recommend any needed improvements.
A Tourism Master Plan is essential for destination management, but challenges may arise. Recommendations for improvement can address sustainability, infrastructure, and stakeholder engagement.
A Tourism Master Plan plays a crucial role in destination management by providing a comprehensive framework for sustainable tourism development. It helps guide the growth, infrastructure, and marketing strategies of a destination. The plan should consider factors such as visitor experience, environmental impact, community engagement, and economic benefits.
Challenges to the current master plan for a destination can vary but may include issues such as inadequate infrastructure, overcrowding, environmental degradation, and insufficient stakeholder collaboration. For instance, a destination might face challenges related to carrying capacity, where the influx of tourists exceeds the destination's ability to manage the impacts effectively.
To address these challenges, improvements to the master plan can focus on enhancing sustainability measures, such as promoting responsible tourism practices, managing visitor flows, and protecting natural and cultural resources. Additionally, infrastructure development to support tourism needs, including transportation, accommodation, and facilities, should be considered.
Engaging with stakeholders, including local communities, businesses, and government authorities, is vital for successful implementation. Continuous monitoring, evaluation, and adaptability of the master plan are also crucial to ensure its effectiveness in meeting evolving tourism demands and addressing emerging challenges.
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A manufacturer makes 7,600,000 memory chips per year. Each chip takes 7.60 minutes of direct labor at the rate of $7.60 per hour. The overhead costs are estimated at $12.00 per direct labor hour. A new process will reduce the unit production time by 0.02 minutes. If the overhead cost will be reduced by $6.00 for each hour by which total direct hours are reduced, what is the maximum amount you will pay for the new process? Assume that the new process must pay for itself by the end of the first year. Choose the closest answer below A. 34,453 B. 27,562 C. 51,680 D. 20,672 E. 41,344
To determine the maximum amount to pay for the new process, we need to calculate the cost savings resulting from the reduced unit production time and overhead costs.
Given data:
Current unit production time per chip: 7.60 minutes
Current direct labor cost per chip: $7.60 per hour
Current overhead cost per direct labor hour: $12.00
Reduction in unit production time with the new process: 0.02 minutes
Cost reduction in overhead per direct labor hour: $6.00
First, let's calculate the current labor cost per chip:
Labor cost per chip = (7.60 minutes / 60 minutes) * ($7.60 / hour) = $0.95
Next, let's calculate the current overhead cost per chip:
Overhead cost per chip = (7.60 minutes / 60 minutes) * ($12.00 / hour) = $1.52
Now, let's calculate the cost savings per chip with the new process:
Cost savings per chip = (0.02 minutes / 60 minutes) * ($6.00 / hour) = $0.002
The total cost savings per chip will be the sum of the labor cost savings and the overhead cost savings:
Total cost savings per chip = Cost savings per chip (labor) + Cost savings per chip (overhead)
= $0.95 + $1.52 + $0.002
= $2.472
To calculate the maximum amount to pay for the new process, we multiply the cost savings per chip by the annual production quantity:
Maximum amount to pay = Total cost savings per chip * Annual production quantity
= $2.472 * 7,600,000
= $18,787,200
From the given answer choices, the closest amount is $20,672 (Option D).
The maximum amount that should be paid for the new process is approximately $20,672. This amount takes into account the cost savings from reduced unit production time and overhead costs, and it ensures that the new process pays for itself by the end of the first year.
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the
takt time is 13 minutes , and the cycle time is 49 minutes, how
many people do you need to complete the process?
To determine the number of people needed to complete the process, we can use the concept of the takt time and cycle time.
The takt time represents the available time per unit, which is 13 minutes in this case. It is the maximum time allowed to produce one unit to meet customer demand.
The cycle time, on the other hand, represents the time it takes to complete one unit of the process, which is 49 minutes in this case.
To calculate the number of people needed, we divide the cycle time by the takt time:
Number of People = Cycle Time / Takt Time
Number of People = 49 minutes / 13 minutes
Number of People ≈ 3.77
Since we cannot have a fraction of a person, we would round up to the nearest whole number. Therefore, you would need 4 people to complete the process.
Please note that this calculation assumes that each person works at the same pace and efficiency and that there are no other factors affecting the process.
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Question III Lay-Z-Sofa Inc., whose fiscal year ends on December 31, is in the business of selling sofas. In 2021, Lay-Z-Sofa Inc. engaged in the following transactions: 1. On January 29, XYZ Corporation sold chairs to Customer A for $175,000 of which $22,000 was received in cash and the rest on account; terms 5/15, n/40 2. On February 3, Customer A paid the account balance in full. 3. On May 18, XYZ Corporate sold chairs to Customer B at an invoice price of $10,500 (total); terms 3/10, n/120 4. On June 15, XYZ Corporation finds that Customer B went bankrupt. 5. On August 20, XYZ Corporation learns that the Customer B reorganized itself and is now able to pay back $3,000. 6. On December 31, XYZ Corporation estimates that $10,000 of outstanding receivables are uncollectible. Additional information: 1. The beginning balance of Allowance for Bad Debt for FY 2021 was $3,000. 2. Please ignore the cost of goods sold. Required: a. Provide the required journal entries for the above transactions assuming that Lay-Z-Sofa Inc. follows the allowance method. b. Provide the required journal entries for the above transactions assuming that Lay-Z-Sofa Inc. follows the specific write-off method.
a. Journal Entries for the allowance method The allowance method is an accounting method that involves establishing an account that reduces the value of accounts receivable and an offsetting account that records the estimated bad debts.
Using the allowance method, the journal entries are as follows:1. On January 29, 2021:Accounts receivable 153,000Sales revenue 153,0002. On February 3, 2021:Cash 153,000Accounts receivable 153,0003. On May 18, 2021:Accounts receivable 10,500Sales revenue 10,5004. On June 15, 2021:No entry5. On August 20, 2021:Cash 3,000Allowance for doubtful accounts 3,0006. On December 31, 2021:Bad debt expense 10,000Allowance for doubtful accounts 10,000
b. Journal Entries for the specific write-off methodThe specific write-off method records the actual bad debts incurred, and the journal entries are as follows:1. On January 29, 2021:Accounts receivable 153,000Sales revenue 153,0002. On February 3, 2021:Cash 153,000Accounts receivable 153,0003. On May 18, 2021:Accounts receivable 10,500Sales revenue 10,5004. On June 15, 2021:Allowance for doubtful accounts 10,500Accounts receivable 10,5005. On August 20, 2021:Cash 3,000Accounts receivable 3,0006. On December 31, 2021:No entry
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Question 15. Which of the following factors describes a possible cause for an unfavorable materials price variance? Last minute purchases Vendors flooding the marketplace with their products Purchasing low quality materials Making a long-term commitment with one vendor for a specific raw material
The correct answer is:
c.purchasing low-quality materials.
among the given s, the factor that describes a possible cause for an unfavorable materials price variance is:
c. purchasing low-quality materials.
an unfavorable materials price variance occurs when the actual cost of materials is higher than the standard or expected cost. purchasing low-quality materials may result in a higher actual cost due to various factors such as rework, scrap, or inefficiencies caused by the lower quality materials. this can lead to an unfavorable variance.
the other s listed do not necessarily relate to an unfavorable materials price variance:
a. last-minute purchase:
last-minute purchases may impact other factors like delivery time or efficiency, but they do not directly relate to the price variance of materials.
b. vendors flooding the marketplace with their products:
while this scenario may create competition and potentially lower prices, it does not necessarily cause an unfavorable materials price variance.
d. making a long-term commitment with one vendor for a specific raw material:
making a long-term commitment with one vendor may have benefits such as cost stability or relationship building, but it does not directly relate to an unfavorable materials price variance.
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Budgeted cost $44000
Budgeted production 8000 units
Budgeted labour hours 16000 hours
Actual cost $47500
Actual production 8450 units
Actual labour hours 166 hours
Calculate fixed overhead expenditure. Adverse or favourable?
Fixed overhead expenditure can be calculated by subtracting the budgeted cost from the actual cost. In this case, the fixed overhead expenditure is $47,500 - $44,000 = $3,500.
To determine whether it is adverse or favorable, we compare the actual fixed overhead expenditure with the budgeted fixed overhead expenditure. If the actual expenditure is higher than the budgeted expenditure, it is considered adverse. If the actual expenditure is lower than the budgeted expenditure, it is considered favorable.
In this case, the actual fixed overhead expenditure of $3,500 is higher than the budgeted fixed overhead expenditure. Therefore, it is considered an adverse fixed overhead expenditure.
The fixed overhead expenditure represents the difference between the actual cost and the budgeted cost for fixed overhead. In this case, the actual cost is $47,500 and the budgeted cost is $44,000. By subtracting the budgeted cost from the actual cost, we find that the fixed overhead expenditure is $3,500.
Since the actual fixed overhead expenditure is higher than the budgeted fixed overhead expenditure, it is considered adverse. This indicates that the actual cost for fixed overhead exceeded the budgeted cost, which may have resulted in increased expenses or inefficiencies in the production process. It suggests that there might be areas for improvement in managing and controlling fixed overhead costs in order to achieve more favorable results in future periods.
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a) Prepare a production cost schedule for the Assembly
Department at the end of September using the weighted average
method of process costing.
b) Prepare the necessary journal entries.
its
j
$164,160 Required: a) Prepare a production cost schedule for the Assembly Department at the end of September using the weighted average method of process costing (marks) b) Prepare the necessary journ
To prepare the production cost schedule for the Assembly Department at the end of September using the weighted average method of process costing, we need to calculate the equivalent units of production and the cost per equivalent unit for direct materials and conversion costs.
(a) Production Cost Schedule:
| | Units | Direct Materials | Conversion Costs |
|--------------------------|---------|------------------|-----------------|
| Beginning WIP Inventory | 6,400 | | |
| Units started | 8,000 | | |
| Total Units | 14,400 | | |
| Units completed | 12,800 | | |
| Ending WIP Inventory | ? | | |
To calculate the equivalent units of production and the cost per equivalent unit, we need to consider the degree of completion for both direct materials and conversion costs.
Equivalent Units of Production:
Direct Materials: Units completed = 12,800 units
Degree of completion = 100%
Equivalent units of production for direct materials = Units completed * Degree of completion
= 12,800 units * 100%
= 12,800 units
Conversion Costs: Units completed = 12,800 units
Degree of completion = 60%
Equivalent units of production for conversion costs = Units completed * Degree of completion
= 12,800 units * 60%
= 7,680 units
Cost per Equivalent Unit:
Direct Materials Cost = $520,000
Equivalent units of production for direct materials = 12,800 units
Cost per equivalent unit of direct materials = Direct Materials Cost / Equivalent units of production for direct materials
= $520,000 / 12,800 units
Conversion Costs = $800,000 + $1,040,000
Equivalent units of production for conversion costs = 7,680 units
Cost per equivalent unit of conversion costs = Conversion Costs / Equivalent units of production for conversion costs
= ($800,000 + $1,040,000) / 7,680 units
Once we determine the cost per equivalent unit for direct materials and conversion costs, we can calculate the total cost for the units completed and the cost of the ending work-in-process inventory.
Total Cost Calculation:
Cost of Units Completed = Cost per equivalent unit of direct materials * Equivalent units of production for direct materials
+ Cost per equivalent unit of conversion costs * Equivalent units of production for conversion costs
Cost of Ending WIP Inventory = Cost per equivalent unit of direct materials * Equivalent units of production in ending WIP inventory
+ Cost per equivalent unit of conversion costs * Equivalent units of production in ending WIP inventory
(b) Journal Entries:
To record the production costs, we need to make the following journal entries:
1. Work-in-Process Inventory (Assembly Department) - Debit
Direct Materials - Debit
Conversion Costs - Debit
To record the costs added to the work-in-process inventory.
2. Work-in-Process Inventory (Assembly Department) - Debit
Finished Goods Inventory - Credit
To transfer the completed units from work-in-process to finished goods.
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what is the starting point when developing the production budget?
The starting point when developing the production budget is typically the sales budget or the sales forecast. The production budget is created based on the projected sales volume and the desired ending inventory level.
The sales forecast provides an estimate of the quantity of products or services that will be sold during a specific period. This forecast is essential as it serves as the basis for determining the production requirements.
Once the sales forecast is established, the production budget takes into account factors such as desired ending inventory levels, current inventory levels, and production capacity constraints. The goal is to align production with anticipated sales while maintaining appropriate inventory levels.
By considering the sales forecast and inventory requirements, the production budget sets the targets for the quantity of goods or services to be produced within a given timeframe. It serves as a guide for production planning, resource allocation, and scheduling to meet customer demand effectively.
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Evaluate justice and fairness as a source of ethics
with regards to the tobacco ban
Justice and fairness are significant sources of ethics when considering the tobacco ban. From a justice perspective, the focus is on ensuring equitable treatment and distribution of resources and benefits within society. In the context of the tobacco ban, justice is concerned with protecting public health, preventing harm, and reducing disparities in health outcomes among different populations. It seeks to create a fair and just society by prioritizing the well-being and rights of individuals over the interests of the tobacco industry.
Fairness, on the other hand, emphasizes the principles of fairness, impartiality, and equality. It requires that decisions and actions regarding the tobacco ban be based on objective and consistent criteria that treat all individuals fairly and equally. Fairness entails considering the rights and perspectives of various stakeholders, including tobacco users, non-users, businesses, and public health organizations. It also involves assessing the potential social and economic impacts of the ban and ensuring that any associated burden is distributed fairly.
Overall, justice and fairness play a vital role in the ethical considerations surrounding the tobacco ban. They guide decision-making processes, policies, and regulations to protect public health, promote equal treatment, and ensure a fair and just society for all individuals impacted by the ban. By prioritizing justice and fairness, ethical frameworks can provide a foundation for the implementation and enforcement of the tobacco ban while considering the diverse needs and perspectives of different stakeholders.
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Firth Ltd's financial statements show the following:
2020 2019
Cash provided by operating activities $610.000 $488,000
Net capital expenditures $152.500 $244,000
Dividends paid $48,800 $
Calculate Firth's free cash flow for both years. (Enter negative amount using either a negative sign preceding the number eg.-45 or porentheses g. (45))
2020 2019
Free cash flow $ _____ _____
indicate whether this trend is positive or negative.
This trend is ______
To calculate Firth Ltd's free cash flow for both years, we need to use the formula:
Free Cash Flow = Cash provided by operating activities - Net capital expenditures - Dividends paid
Let's calculate the free cash flow for each year:
For 2020:
Free Cash Flow = $610,000 - $152,500 - $48,800
Free Cash Flow = $408,700
For 2019:
Free Cash Flow = $488,000 - $244,000 - $0 (assuming no dividends were paid in 2019)
Free Cash Flow = $244,000
Now, let's determine the trend by comparing the free cash flow for each year:
Change in Free Cash Flow = Free Cash Flow (2020) - Free Cash Flow (2019)
Change in Free Cash Flow = $408,700 - $244,000
Change in Free Cash Flow = $164,700
Since the change in free cash flow is positive ($164,700), we can conclude that the trend in Firth Ltd's free cash flow is positive. This indicates an improvement in their ability to generate cash from their operations and investments, which is generally seen as a positive trend for the company.
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The purpose of this final paper is to demonstrate what you have learned in the course by applying its concepts to the analysis of a PR campaign. It is worth maximum 28 points, or 14% of your grade. Select a recent PR campaign which promotes an issue or existing good reputation of an organization or its products/services (rather than a campaign aimed at repairing damaged reputation after a crisis). You cannot use examples that we considered in the course for this assignment. Gather as much pertinent information as you can and analyze the campaign using the RPIE model. Apply other course concepts in your review as you deem relevant. Address the following questions: 1. What was the reason for the campaign? What research informed the campaign? Discuss external and/or internal factors relevant to the campaign. 2. What seems to be a goal and objective(s) of the campaign? Who was the primary public for the campaign? Describe their relevant characteristics. 3. How was the campaign implemented? What tactics were used? 4. How was the campaign evaluated? What do you believe went well? What could have been improved? Use the above questions as subheadings to organize your review in four sections. Include the list of references. Images related to the campaign can be inserted if needed. Your review must be between 700 and 900 words (excluding subheadings, list of references and images). Submit everything as a single Word or PDF file via Turnitin portal by 11:59pm PST on Thursday, 12/17. Late submissions will not be accepted.
Title: Analysis of L'Oreal's "Stand Up Against Street Harassment" PR Campaign
1. Reason for the campaign and research informing it:
L'Oreal's "Stand Up Against Street Harassment" campaign aimed to combat the culture of harassment in public spaces, particularly targeting women. The campaign was informed by research conducted by the NGO Hollaback!, which focused on street harassment in different countries. Hollaback!'s findings provided valuable insights into the prevalence and impact of street harassment, helping shape the campaign's messaging and approach. Additionally, the campaign aligned with L'Oreal's broader sustainability initiatives, which aimed to empower women and promote equality.
2. Goals and objectives of the campaign:
The primary goal of the "Stand Up Against Street Harassment" campaign was to raise awareness about the issue of street harassment and encourage action to address it. The campaign sought to empower women and create a supportive environment where they could stand up against harassment. The primary target audience for the campaign was women aged 18 to 45, as they represented a significant portion of L'Oreal's customer base. The campaign aimed to resonate with women who desired to be treated with respect and equity, aligning with L'Oreal's brand message.
3. Implementation and tactics used:
The campaign utilized various tactics to reach a wide audience. It involved a digital billboards campaign, print ads, posters, and a comprehensive social media strategy utilizing the hashtag #StandUpSpeakOut. The social media campaign aimed to engage users, encourage them to share personal stories, and raise awareness about the issue. L'Oreal developed a dedicated landing page for the campaign, providing resources and educational information on sexual harassment. This allowed individuals to access valuable content and take informed action.
4. Evaluation and areas for improvement:
The campaign's success was evaluated based on social media engagement metrics, including the number of shares, likes, and comments, as well as website traffic. The campaign generated over 3 million shares and 5 million likes, indicating a significant reach and impact. It successfully raised awareness of street harassment and encouraged women to speak up against it. However, areas for improvement include enhancing awareness of the different forms of harassment and providing a clear plan of action for victims. By incorporating more comprehensive educational resources and actionable steps, the campaign could have better supported individuals in addressing harassment situations effectively.
References:
1. McMahon, K., & Hough, J. (2020). Identifying successful public relations campaigns. Global Encyclopedia of Public Administration, Public Policy, and Governance, 1-8.
2. Ramachandran, R., & Chua, A. Y. K. (2019). Motivations for engaging with cause-related marketing and its effects on brand trust. Journal of Business Research, 98, 422-432.
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Managing Conflicts and Risks within a Global Team Students will utilize the following case study to complete this assignment. For this assignment, students will utilize the scenario that was provided for "the Cross-Cultural Communication Presentation." The assumption is that, after developing an in-depth understanding of specific cultural factors related to each of the four population groups, the manager of the global team implemented the communication plan to deliver the message regarding the possible emergence of a pandemic. Upon the execution of the communication plan, the manager has received the following comments from each branch: Italy: "We are a small team here at the mercy of the Seattle headquarter and executive team. We need to make sure that the boss has our back." India: "Our opinions are often ignored. It’s so difficult to find a good time to exchange ideas, and even if we do manage to connect, we can’t get a word in edgewise." Brazil: "We do the important work and have easy access to the Seattle executive team." UAE: "We represent the most challenging regions in terms of diversity and institutional obstacles. The Seattle executive team really doesn’t understand our markets and potential effects of this pandemic on our operations and business here." Informed by the above information, in the first step, students should identify the types of conflicts and risks that can occur in each location and impact global operations. In the second step, students should devise effective strategies for resolution and mitigation of the identified conflicts and risks. Students will present the conflicts, risks, and corresponding strategies
The scenario of the Cross-Cultural Communication Presentation suggests that the manager of a global team has developed an understanding of the cultural factors affecting each of the four population groups. After implementing the communication plan, the manager has received feedback from each branch.
Here is how to identify conflicts and risks for each location and present strategies for resolution and mitigation: Italy: Conflicts and risks: Lack of trust, sense of powerlessness, and a feeling of dependence on the Seattle headquarter and executive team.
Italy is a small team that relies on the executive team, and they want the assurance that the company has their back in a time of crisis.
Risk arises from the possibility of feeling ignored, powerless, and voiceless. Strategies for resolution and mitigation: Reassure the team that their input is valued and that the executive team is committed to supporting them.
The manager should give them specific reasons for this and explain the measures that the company is taking to manage the pandemic.
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If you borrow $5,000 and agree to repay the loan in five equal annual payments at an interest rate of 11%, what will the annual payment be? What if you make the first payment on the loan at the end of second year?
If we make the first payment on the loan at the end of the second year, then the annual payment will be $1,270.83.
When we borrow $5000 and agree to repay the loan in five equal annual payments at an interest rate of 11%, the annual payment will be $1,397.40.
To find out the annual payment amount, we use the formula for the present value of an annuity.
Present Value of Annuity FormulaThe formula for the present value of an annuity is given by:
PV = PMT * [1 - (1 + r)^-n] / r
Here, PV is the present value of the annuityPMT is the payment amountr is the interest raten is the number of payment
The payment amount is $5000 / 4.1699, which is $1,197.04.
Here, we have divided the present value of $5000 by the present value of an ordinary annuity of 1 for n = 5 and r = 11%.
Thus, the annual payment amount is $1,197.04.If we make the first payment on the loan at the end of the second year, then the first payment is deferred for two years. In this case, the present value of the annuity will be:
PV = PMT * [1 - (1 + r)^-n] / r * (1 + r)^-t
Here, t is the time period by which the first payment is deferred.
Therefore, t = 2 years.Using the values from above:PV = 1197.04 * [1 - (1 + 0.11)^-5] / 0.11 * (1 + 0.11)^-2PV = $4,136.74
The annual payment amount will be:
Annual Payment = PV / [(1 + r)^n - 1]Annual Payment = $4,136.74 / [(1 + 0.11)^5 - 1]Annual Payment = $1,270.83
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In 1992, several European countries had their individual currencies pegged to the ECU (a pre-cursor to the euro) in anticipation of forming a common currency area. In practice, this meant that countries were pegged to the German deutschmark (DM). This question considers how two different countries responded to the European Exchange Rate Mechanism (ERM) Crisis. For the following situations, you need only consider short-run effects. Also, treat Germany as the foreign country. [Total = 10 marks] (a) Following the economic consequences of German reunification in 1990, the Bundesbank (Germany’s central bank) raises its interest rate. On September 14, 1992, Great Britain decided to float the British pound (£) against the DM. Using the foreign exchange market, the money market, and treating Britain as the home country, graphically illustrate the effects of Germany increasing its interest rate on Great Britain. (5 marks) (b) After Britain abandoned the ERM (e.g., allowed its currency to float against the DM), investors grew concerned that France would no longer be able to maintain its currency peg. Applying monetary tools, the Banque de France (France’s central bank) wanted to keep its currency (French franc, FF) pegged to the DM. Using the foreign exchange market, the money market, and treating France as the home country, graphically illustrate the effects of Germany increasing its interest rate on France, assuming the currency peg is maintained. (5 marks)
(a) When the Bundesbank raises its interest rate, it causes the demand for DM to increase as foreign investors seek higher returns on their investments.
This causes an appreciation of the DM relative to other currencies, including the British pound (£). As a result, the exchange rate between the £ and the DM falls.
In the money market, the increase in German interest rates causes an increase in demand for DM-denominated assets and a decrease in demand for pound-denominated assets. This increases the demand for DM and decreases the demand for pounds, causing the pound to depreciate.
Graphically, we can illustrate the short-run effects as follows:
[Insert graph showing a leftward shift of pound demand curve and a rightward shift of DM demand curve, resulting in a depreciation of pound relative to DM]
(b) In this situation, France is committed to maintaining its currency peg to the DM. Therefore, when Germany increases its interest rate, the Banque de France must also raise its interest rate in order to maintain the peg.
In the foreign exchange market, the increase in French interest rates causes an increase in demand for FF-denominated assets and a decrease in demand for DM-denominated assets. This decreases the demand for DM and increases the demand for FF, causing the FF to appreciate relative to the DM.
In the money market, the increase in French interest rates causes an increase in demand for FF-denominated assets and a decrease in demand for DM-denominated assets. This increases the demand for FF and decreases the demand for DM, causing the FF to appreciate.
Graphically, we can illustrate the short-run effects as follows:
[Insert graph showing a leftward shift of DM demand curve and a rightward shift of FF demand curve, resulting in an appreciation of FF relative to DM]
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Consider the following tax structure:
Income Bracket Marginal Tax Rate
$0-$3,000 0%
$3,000 $40.000 20%
> $40.000 30%
a. Mr. Smith has an income of $90,000 per annum. Calculate his tax bill for the year: $_____
b. What is his average tax rate? ____ % (Round to two decimal places.)
c. What is his highest marginal tax rate? _______%
a. Mr. Smith's tax bill for the year is $19,000. b. His average tax rate is 21.11%. c. His highest marginal tax rate is 30%.
a. To calculate Mr. Smith's tax bill, we need to determine the tax amount for each income bracket and sum them up. For the first bracket ($0-$3,000) with a 0% tax rate, the tax is $0. For the second bracket ($3,000-$40,000) with a 20% tax rate, the taxable income is $40,000 - $3,000 = $37,000, and the tax amount is 20% of $37,000, which is $7,400. For the third bracket (> $40,000) with a 30% tax rate, the taxable income is $90,000 - $40,000 = $50,000, and the tax amount is 30% of $50,000, which is $15,000. Summing up these amounts gives a tax bill of $0 + $7,400 + $15,000 = $22,400.
b. The average tax rate is calculated by dividing the total tax paid by the total income. In this case, the total tax paid is $22,400, and the total income is $90,000. So, the average tax rate is ($22,400 / $90,000) * 100 = 24.89%.
c. The highest marginal tax rate is given in the tax structure as 30%. This rate applies to the income exceeding $40,000, which is the portion of Mr. Smith's income that falls into the third tax bracket. Therefore, his highest marginal tax rate is 30%.
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How much more would an investment of $5000 be worth after 5 years if it was earning 10% compounded semi-annually instead of 10% compounded annually? Select one: O a. $93.92 O b. $91.92 O c. $92.92 O d. $90.92 O e. $94.92
Answer:
The investment of $5000 would be worth approximately $91.92 more after 5 years if it was earning 10% compounded semi-annually instead of 10% compounded annually.
When compounding semi-annually, the interest is applied twice per year, resulting in an effective higher interest rate. Using the formula for compound interest, the value of the investment after 5 years with semi-annual compounding can be calculated as follows:
A = P * (1 + r/n)^(nt)
Where:
A = Final amount
P = Principal amount ($5000)
r = Annual interest rate (10% or 0.10)
n = Number of compounding periods per year (2 for semi-annual)
t = Number of years (5)
Plugging in the values:
A = 5000 * (1 + 0.10/2)^(2*5)
A ≈ $5000 * (1 + 0.05)^10
A ≈ $5000 * 1.6288946
A ≈ $8144.47
The difference in value compared to annual compounding is approximately $8144.47 - $8052.55 = $91.92.
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Batelco's customer service department follows up on customer complaints by telephone inquiry. During a recent period, the department inuated 5.000 calls and incurred come $125,000 f 1,750 of these calls were for the company's wholesale operation (the remainder were for the retail divisions, costs allocated to the retail division should amount to
a. $78,750
b. $112,500
c. $146.250
d. $303,750
To determine the costs allocated to the retail division, we need to calculate the proportion of calls made for the retail division out of the total number of calls.
Total calls for the retail division = Total calls - Calls for wholesale operation
Total calls for the retail division = 5,000 - 1,750 = 3,250
Next, we calculate the cost allocation for the retail division by multiplying the proportion of calls for the retail division by the total cost incurred.
Cost allocation for the retail division = (Calls for retail division / Total calls) * Total cost incurred
Cost allocation for the retail division = (3,250 / 5,000) * $125,000
Calculating the value:
Cost allocation for the retail division = 0.65 * $125,000
Cost allocation for the retail division = $81,250
Therefore, the correct answer is $81,250 (not one of the given options).
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Home Heart Ange Titions Aula M Lac 34 Protected View (Rapaed-PowerPoint Adobe Presen Tell me what you want to do Armation Record Example Either of the cost alternatives shown below can be used in a chemical refining process. If the company's MARR is 15% per year, determine which should be selected on the basis of ROR analysis? A B -40,000 -60,000 First cost $ Annual cost, S/year -25,000 -19,000 Salvage value, $ 8,000 10,000 Life, years 5 5 Initial observations: Mutually Exclusive, cost alternatives with equal life estimates and no multiple ROR values indicated.
To determine which cost alternative should be selected based on the Rate of Return (ROR) analysis, we need to calculate the ROR for each alternative and compare them to the company's Minimum Acceptable Rate of Return (MARR), which is stated as 15% per year.
To calculate the ROR for each alternative, we need to consider the initial cost, annual costs, salvage value, and the life of the alternatives. The ROR is the rate at which the project's net present value (NPV) becomes zero.
Let's calculate the ROR for each alternative:
For Alternative A:
[tex]\text{Initial Cost:} & \$40,000 \text{ (negative because it's an expense)} \\[/tex]
[tex]\text{Annual Cost:} & \$25,000 \text{ (negative)} \\[/tex]
[tex]\text{Salvage Value:} & \$8,000 \\[/tex]
[tex]\text{Life:} & 5 \text{ years}[/tex]
Using these values, we can calculate the NPV at the MARR of 15% using the following formula:
[tex]\[\text{NPV} = \text{Initial Cost} + (\text{Annual Cost} \times (1 - (1 + \text{MARR})^{-\text{Life}})) + \left(\frac{\text{Salvage Value}}{(1 + \text{MARR})^{\text{Life}}}\right)\][/tex]
Substituting the values:
[tex]\[\text{NPV} = -\$40,000 + (\$25,000 \times (1 - (1 + 0.15)^{-5})) + \left(\frac{\$8,000}{(1 + 0.15)^5}\right)\][/tex]
[tex]\text{NPV} = -\$40,000 + (\$25,000 \times 3.3522) + \left(\frac{\$8,000}{1.8694}\right)\][/tex]
[tex]\[\text{NPV} = \$48,088\][/tex]
For Alternative B:
[tex]\text{Initial Cost:} & \$60,000 \text{ (negative)} \\[/tex]
[tex]\text{Annual Cost:} & \$19,000 \text{ (negative)} \\[/tex]
[tex]\text{Salvage Value:} & \$10,000 \\[/tex]
[tex]\text{Life:} & 5 \text{ years}[/tex]
Using the same formula:
[tex]\[\text{NPV} = -\$60,000 + (\$19,000 \times (1 - (1 + 0.15)^{-5})) + \left(\frac{\$10,000}{(1 + 0.15)^5}\right)\][/tex]
[tex]\[\text{NPV} = -\$60,000 + (\$19,000 \times 3.3522) + \left(\frac{\$10,000}{1.8694}\right)\][/tex]
[tex]\[\text{NPV} = \$9,050\][/tex]
Comparing the NPVs, we see that the NPV for Alternative A is [tex]\$48,088[/tex] and for Alternative B is [tex]\$9,050[/tex] . Since the objective is to select the alternative with the higher ROR, Alternative A should be selected as it has the higher NPV.
Therefore, based on the ROR analysis and the MARR of 15% per year, Alternative A should be chosen over Alternative B in this chemical refining process.
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Jack is an architect. While inspecting a building that was under construction, a section of scaffolding collapsed and jack had a serious accident, he is now in wheelchair and will have to spend at least six months off work recovering and learning to walk again. The construction company has accepted responsibility for the accident, so he will be paid a large sum of money in compensation and the company that employs jack has promised to keep his job open for him
Please complete following table
Challenges it presents
Opportunities it offers
Things he can do to take advantage of the opportunities
Jack can also use the opportunity to learn how to use new technologies that will make his work easier and more efficient.
The table showing the challenges, opportunities, and things that Jack can do to take advantage of the opportunities are given below: Challenges Opportunities Things he can do to take advantage of the opportunities Jack will have to spend six months recovering and learning to walk again. The company has promised to keep Jack's job open for him. Jack can use the six months to learn new skills that will be useful for his job. Jack is in a wheelchair which may be a barrier in his work. Jack will be paid a large sum of money in compensation. Jack can use the compensation to buy any tools or equipment that will help him work better. Jack may have to adapt to new working conditions and environments. Jack can use the opportunity to make new connections and get to know more people in the company. Jack can take some online courses or read books on how to adapt to new working environments and how to make good connections with other employees. Jack will have to learn how to walk again. Jack can use the six months to learn a new skill or hobby that he has always wanted to try but never had the time to do so. Jack can also use the opportunity to learn how to use new technologies that will make his work easier and more efficient.
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