Learning organization. A learning organization is skilled at creating, acquiring, and transferring knowledge, and at modifying its behavior to reflect new knowledge and insights.
It values continuous learning and development at all levels of the organization and seeks to create a culture that fosters innovation and adaptability. A learning organization is one that recognizes the importance of continuous learning and development, both for individuals and the organization as a whole. Such an organization has a culture that values and supports learning, and encourages its employees to acquire new knowledge and skills. It also places emphasis on sharing and transferring knowledge, so that insights gained by individuals can be applied more broadly across the organization. Additionally, a learning organization is able to modify its behavior in response to new knowledge and insights, and is therefore better equipped to adapt to changes in its environment. By continually improving and innovating, a learning organization is able to maintain a competitive edge and achieve long-term success.
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Use the following information for the ten (10) questions that follow. company a (a) sells merchandise to company b (b) that b intends on reselling to retail consumers. b purchases the merchandise under the terms of 5/15 n/30. b purchases 100 units at a cost of $8 per unit. the cost to a of the merchandise sold was $5 per unit. after 10 days, b returns 10 units to a. there were no defects in the products and a intends on reselling these 10 items at a later date. after 14 days, b pays what it owes to a.
1. The net impact on B's income statement from the COGS would be 620 dollars.
2. A's income statement would ultimately see a $40 decline in net sales.
3. The answer to question 1 revealed that the net effect on B's income statement would leave the net sales amount at 620 dollars.
1) For B, the cost of goods sold (COGS), which affects the income statement for the acquisition of 100 units less the 10 returned items, would be 700$ (100 units × $8 unit).
If 10 units were returned, the COGS would be decreased by 80 dollars (10 units × $8). The net impact on B's income statement from the COGS would be 620 dollars (700 dollars - 80 dollars).
B's income statement was impacted by B's expenditure of $800 on 100 items at an average cost of $8 each.
2) The impact on A's income statement: A paid $8 per unit for the items and sold them to B for a total of $800 ($100 units × $8 unit).
The price difference ($8 - $5) per unit was $3 because the cost of the products sold to A was $5 per unit.
The net sales for A would have decreased by $40 if 10 units were returned (10 units * the $4 difference between cost and sales price).
A's income statement would ultimately see a $40 decline in net sales.
3) After 14 days, B settled the debt owing to A, and the money was recorded in B's books as an accounts payable.
This payment will not affect B's net sales because it is a liability recorded as accounts payable rather than a reduction in COGS.
The net sales amount would remain at 620$ after question 1's analysis of the impact on B's income statement.
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The complete question is:
Company A sells merchandise to Company B that intends on reselling to retail consumers. B purchases merchandise under the terms of 5/15, n/30. B purchases 100 units at 8$ a unit. The cost to A of the merchandise sold was 5$ per unit.
After 10 days, B returns 10 units to A. There were no defects in the products and A intends on reselling these 10 items at a later date.
After 14 days, B pays what they owe to A.
Questions:
1) What is the impact to the income statement for B as a result of the purchase of 100 units, less the 10 items returned?
2) For A, the return of the 10 items by B will result in what impact to the income statement? Please use the net amount.
3) After the payment by B to A, what is the net sales amount that B would show on its income statement?
ACME Corp. managers view environmental forces as uncontrollable and thus adjust their marketing
strategies to changes in the marketing environment. This approach is best described as
a. proactive
Ob. controversial
Oc.static
O d. reactive
Oe. offensive
Managers at ACME Corp. consider environmental variables as uncontrolled and, as a result, adapt their marketing tactics to changes in the marketing environment.
What exactly does the term "environmental" mean?
The preservation of the natural world's land, sea, air, plants, and animals is referred to as environmental. Air, water, temperature, soil, natural flora, and landforms are examples of environmental factors. Environmental factors, by definition, have an influence on everyday living and contribute significantly to health inequalities across geographic locales. People consider the environment to be our natural world, which includes the atmosphere, land, vegetation, oceans, rivers, and lakes. Simply said, the word refers to our whole planet's physical surroundings.
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Evaluate the impact of choosing entrepreneurship as a method of making a living after completion of Grade 12
When you have to choose entrepreneurship as a method of making a living after the completion of Grade 12, it can significantly impact an individual's life. E
Entrepreneurship is starting and running a business, and it can provide several benefits and challenges.
One of the main benefits of entrepreneurship is the potential for financial independence. By starting and running a successful business, an individual can potentially earn a significant income and become financially independent. Additionally, entrepreneurship can provide a sense of accomplishment and personal satisfaction, as an individual can create and build something from the ground up.
However, entrepreneurship also comes with several challenges. Starting and running a business requires significant time, effort, and resources, and there is always the risk of failure. Additionally, entrepreneurship can be a very stressful and demanding career path, as an individual is responsible for all aspects of the business.
Overall, choosing entrepreneurship as a method of making a living after the completion of Grade 12 can significantly impact an individual's life, with potential benefits and challenges. It is essential for an individual to carefully consider their personal goals, skills, and resources before deciding to pursue entrepreneurship.
Hope it helps!If the interest paid on an account is 14% compounded annually, $__________ now is basically equivalent to $12,000 six (6) years from now.
A.4652
B.6321
C.8521
D.5467
The correct option is option A
If the interest paid on an account is 14% compounded annually, $4652 now is basically equivalent to $12,000 six (6) years from now.
To calculate the present value of $12,000 in six years, we can use the formula:
Present Value = Future Value / (1 + r)n
Where,
Future Value is $12,000
r is the annual interest rate (14%)
n is the number of years (6 years)
Therefore,
Present Value = 12000 / (1 + 0.14)6
Present Value = $4,652
The present value (PV) of a future stream of payments is a financial concept that relates to its current value. In other terms, it is the amount of money that a certain amount of money is currently worth. The PV is calculated by multiplying the future payments by a fixed rate of return. Typically, the rate of return chosen is the investor's necessary rate of return.
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Make a job cost sheet for the standard units. use the following direct materials and direct labor information. - direct materials $7,740 - direct labor $5,492 for overhead, computer overhead rates for each of the three activities. hint, you will divide each activitys budgeted cost by the total amount of that activity's cost driver. you will have to calculate 3 different rates, one for each activity. (round activity rate and cost per unit answers to 2 decimal places.) your job cost sheet will include: direct materials direct labor overhead for purchasing overhead for designing overhead for shipping
Per units cost is 2.96(round to 2 decimal places) as per the requirement.
Job cost sheet for Standard units:
Job cost sheet for Standard Units
Direct Material
$7,846.00
Direct labor
$6,540.00
Overheads:
Purchasing
$30,000.00
Designing
$41,400.00
Shipping
$45,000.00
Total overheads
$116,400.00
Total job cost
$130,786.00
Divide by Units produced
$44,254.00
Per Cost unit
$2.96
Formula snip: for the Job cost sheet.
Job cost sheet for Standard Units
Direct Material
7846
Direct labor
6540
Overheads:
Purchasing
=(93000/7750)*2500
Designing
=(92000/10000)*4500
Shipping
=(87000/5800)*3000
Total overheads
=SUM(B5:B7)
Total job cost
=SUM(C2:C8)
Divide by Units produced
44254
Per Cost unit
=C9/C10
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Beverlyn, however takes 10% of all her earning and give it to worthy causes, this is called?
Answer:
Donations, no?
Explanation:
In search for growth opportunities, organizations using diversification analysis consider both current and new options for which of the following?a. Portfolios
b. Products
c. Metrics
d. Markets
Option b & d. Products and markets. In search for growth opportunities, organizations using diversification analysis consider both products and markets.
A market is a place where buyers and sellers come together to facilitate the exchange and trade of goods and services.
A marketplace can be physical/ in person, like a retail store, or virtual, like an e-merchant.
Other examples include illegal markets, auction markets, and financial markets.
Markets set/keeps prices for goods and services determined by supply and demand.
Market characteristics include arena, buyers and sellers, and resource availability. Markets can be physical, such as retail stores where people meet in person, or virtual, such as online markets where there is no direct physical contact between buyers and sellers.
There are several key characteristics that help define a market such as arena, buyers and sellers, availability of goods to buy and sell.
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Select the correct answer. For which jazz style was new orleans famous? a. Bebop b. Swing c. Cool jazz d. Dixieland.
The correct answer is d. Dixieland They claimed that it was their traditional jazz. jazz style was new orleans famous.
Jazz music is strongly associated with New Orleans, Louisiana, which is widely recognised as the cradle of the genre. Dixieland, often known as classic jazz, "New Orleans," and "New Orleans jazz," was the first type of jazz. Dixieland jazz is a subgenre of jazz that is based on the music that emerged in New Orleans at the beginning of the 20th century. It is sometimes known as classic jazz, hot jazz, or just Dixieland.Through the 1920s, "New Orleans style" or Dixieland jazz was extremely well-liked, but the 1930s witnessed the emergence of a new musical movement: swing. The big bands of the late 1930s and early 1940s were finally formed when several jazz performers combined into larger combos.
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With its estimated outlay of $582.7 billion in fiscal year 2017, the Department of Defense represents which type of B2B organization?
The Department of Defense represents a B2G (Business-to-Government) organization due to its primarily engaging in transactions with government entities.
B2G organizations engage in transactions with government entities rather than individual consumers or businesses. The Department of Defense is a federal government agency responsible for national security and military operations, and its expenditures are funded through the federal budget. The Department of Defense may work with private contractors and other organizations to fulfill its mission, but its primary purpose is to serve the needs of the federal government in safeguarding national security. The Department of Defense is a prime example of a B2G organization, with its estimated outlay of $582.7 billion in fiscal year 2017 being a testament to its magnitude and reach. B2G organizations are subject to specific regulations and requirements, such as bidding and contracting procedures, and may face different challenges and opportunities than other types of B2B organizations.
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Cheryl is single, has one child (age six), and files as head of household during 2022. Her salary for the year is $21,700. She qualifies for an earned income credit of the following amount.
a.$0.
b.$3,733.
c.$3,483.
d.$3,493.
Cheryl is single, has one child (age six), and files as head of household during 2022. Her salary for the year is $21,700. She qualifies for an earned income credit of the $3,493. Thus, option (d) is correct.
What is earned income credit?Earned Income Tax Credit (ETC) was the main motive to the low- to moderate-income workers and the tax was the break to the earned to the income on the tax break. It was the based on the retirement income, unemployment benefits, alimony, and the child support.
According to the earned income credit was the Cheryl is single child are the age is six. The head of the qualifies for an earned income credit of the $3,493. Her salary was the $21,700.
The maximum amount of credit for Tax Year 2022 is:
$7,430 with three or more qualifying children$6,604 with two qualifying children$3,493 with one qualifying child$600 with no qualifying children.As a result, the significance of the earned income credit are the aforementioned.
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Employers, in some states, enjoy absolute privilege when giving employment references as long as the reference is factual and without malice.a. trueb. false
True. Employers, in some states, enjoy absolute privilege when giving employment references as long as the reference is factual and without malice.
In some states, employers have absolute privilege when giving employment references, which means they cannot be held liable for any defamatory statements they make as long as the reference is factual and without malice. This is to encourage honest feedback on job performance and suitability from previous employers, which can be crucial for current and prospective employers in making informed decisions about hiring and promoting employees. However, it's important for employers to exercise good judgment and avoid making false or malicious statements that could harm an employee's reputation, as this could still result in legal liability.
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for a public works project, changes may not be made to any of the documents during which of the following phases?
a.after bid opening, but before award of the contract
b.before opening of bids, but after advertising for bids.
c.after bid opening, but before signing of the agreement
d.after award of the contarct, but before signing the agreement
The correct option is Option D
For a public works project, changes may not be made to any of the documents during which of the following phases - after award of the contract, but before signing the agreement.
Changes to any of the documentation for a public works project are not permitted throughout the phases before opening bids (Phase B), after bid opening but before contract award (Phase A), and after bid opening but before agreement signing (Phase C). The documentation cannot be changed after the contract is awarded but before the agreement is signed (Phase D). Bidders must submit their proposals by the deadline specified in the Advertisement for Bids, and no changes, withdrawals, or cancellations can be made after this date unless the university agrees.
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Brady Industries has average variable costs of $1 and average total costs of $3 when it produces 500 units of output. The firm's total fixed costs equal
a.
$2.
b.
$4.
c.
$1,000.
d.
$2,000.
please provide with explanation
(a) $2 Brady Industries has average variable costs of $1 and average total costs of $3 when it produces 500 units. The firm's total fixed costs are equal.
Variable costs are the sum of all labor and materials required to produce one unit of your product. Its total variable cost is equal to the variable cost per unit, multiplied by the number of units produced.Its average variable cost is equal to its total variable cost,divided by the number of units produced. However, as production grows,fixed costs become relatively less important since they do not increase with production,so average variable cost creeps up on average cost.Average total and variable costs measure the average costs of producing a certain number of products.The difference between the average total cost (ATC) and the average variable cost (AVC) is the average fixed cost (AFC) and the average fixed cost can never be constant.Since AFC tends to decrease with increasing production,the difference between ATC and AVC should decrease as production increases.
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Pick a favorite specific product
category (do not list categories
such as
"clothes" or "houses" as they
are non-specific) and discuss
what types of
target markets reside in that
product category. List a
minimum of three
different target markets that
reside in that product category
and write a
minimum of one paragraph (5
useful sentences) discussing
why those three
markets are included with your
product.
Explanation:
Sure, I'll help you with that task. Let's pick the product category "smartphones".
1. Young Adults: The first target market for smartphones is young adults, particularly those between the ages of 18 and 34. This demographic is tech-savvy, constantly connected to the internet, and interested in using their phone for both work and leisure activities. Brands often market to this group by emphasizing the latest features, trendy designs, and cutting-edge technology.
2. Business Professionals: Another target market for smartphones is business professionals, including executives, entrepreneurs, and managers. These individuals need a phone that can keep up with their demanding schedules, stay connected with clients and colleagues, and help them stay organized. Brands cater to this market by offering phones with advanced productivity features, such as email, calendars, and task management tools.
2. Seniors: A third target market for smartphones is seniors, particularly those over the age of 65. This demographic is growing and increasingly interested in staying connected with family and friends, as well as accessing information and entertainment on-the-go. Brands cater to this market by offering phones with larger screens, clear displays, and simple user interfaces, which are easier to navigate and use.
In conclusion, these three target markets represent different age groups with varying needs and preferences, but they all have a common interest in staying connected and using their phone for both personal and professional purposes. Brands market to these groups by offering features and designs that cater to their specific needs, and by highlighting the benefits of using a smartphone in their daily lives.
If one of the two nations at war defines justice as might and the other defines justice as defending sovereignty; what kind of disagreement are they engaged in and why as a member of mediating team seeking to bring peace, do you think a stipulative definition id helpful justify your answer
The two nations are engaged in a fundamental disagreement about the nature of justice. The first nation defines justice as might, which suggests that whoever has the power to impose their will on others is acting justly. The second nation, on the other hand, defines justice as defending sovereignty, which implies that acting in the interests of one's own nation is the most just thing to do.
What is sovereignty about?The above two definitions are very incompatible, as they lead to different actions and goals. The first nation might believe that conquering territories and subjugating others is just, while the second nation might see such actions as a violation of their sovereignty and an act of aggression.
As a member of a mediating team seeking to bring peace, it is essential to recognize these fundamental differences in how the two nations view justice.
Therefore, In this case, it may be helpful for the mediators to explore other shared values or interests that the two nations have in common, such as economic cooperation or a desire for regional stability.
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To what extent do you think it’s ethical for businesses to impose such strict rules on guests?
By defining permissible practises outside of the purview of the state, business ethics strengthen the law.
What is ethical for businesses ?Businesses construct business ethics to encourage moral behaviour among their workforce and win over important constituencies like customers and investors.
Businesses must always act ethically towards their clients, even when they are unable to be held accountable for their actions, such as during the manufacturing or production stages.
Many businesses claim to uphold the ideals of integrity, honesty, and openness, but these principles must also apply to their clients.
The moral principles, laws, and attitudes that organisations exhibit in their conduct and transactions are referred to as ethical behaviour. Maintaining employee safety, following rules and regulations, and protecting the environment all require ethical behaviour.
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Suppose consumption decreases at each price level. As a result, aggregate demand ______, and the AD curve shifts ______.
Suppose consumption decreases at each price level. As a result, aggregate demand decreases, and the AD curve shifts leftward .
Attempting to deal with a complete transition of the demand curve, not even a movement along it, because we're talking about such a transformation at every price level. A shift to the right demonstrates an increase in demand; a shift to the left signifies a reduction in demand.
Aggregate Demand (AD) or Final Domestic Demand (DFD) is the aggregate demand for final products and services in an economy at a given macroeconomic period. We often talk about the need for efficiency, even if this expression is sometimes distinguished. This is a country's demand for its gross domestic product.
The aggregate demand curve is plotted with the horizontal axis representing actual output and the vertical axis representing the price level. While the curve is said to have a downward slope, Sonenshein-Mantel-Debreu's studies show that the slope cannot be inferred quantitatively from assumptions about the individual's rational behavior.
Hence the correct option is B
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The above question is incomplete the complete question is-
Suppose consumption decreases at each price level. As a result, aggregate demand _____ and the AD curve shifts _____.
A. increases; leftward
B. decreases; leftward
C. increases; rightward
D. decreases; rightward
What is the state intangible tax one of our assumes a mortgage of 60,000 and takes out a new mortgage of 20,000
The intangibles tax, which is a local tax imposed on gross earnings from intangible property such as savings accounts is not to be confused with the state income tax, which is used to fund state government.
What does intangible mean in tax?Patents, franchises, trademarks, and goodwill are a few examples of intangible assets, although they are not the only ones. Copyrights, trademarks, patents, and trade secrets all fall under the category of intellectual property, which is an intangible asset, Patents and licences .
According to the extent that these sums are included or includable in calculating federal taxable income, intangible income is defined as income connected to, or in link with, the acquisition, use, preservation or management, ownership, sale, exchange, licence, or any other disposition of intangible property.
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The first interview in the hiring process is called a
1. Which of the following is not classified as a current liability account?
a. Accounts payable
b. Note payable, due in 2 years
c. Salaries and wages payable
d. Income taxes payable
The following is not classified as a current liability account: Note payable, due in 2 years. Thus option (b) is correct.
What is a current liability account?A current liability account is a type of account in accounting that records the obligations of a business that are expected to be settled within a short period, typically within one year.
These liabilities are debts or financial obligations that a business owes to another party and are expected to be paid off in the near future. they represent a company's short-term obligations and can impact its liquidity and financial stability.
Some examples of current liabilities include accounts payable, salaries payable, taxes payable, short-term loans, and accrued expenses.
The Note payable, due in 2 years is not classified as a current liability account. Therefore, option (b) is correct.
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Suppose the government in this economy decides to decrease government purchases by $250 billion. The decrease in government purchases will lead to a decrease in income, generating an initial change in consumption equal to-$62. 5 billion. This decreases income yet again, causing a second change in consumption equal to. The total change in demand resulting from the initial change in government spending is
The total change in demand resulting from the initial decrease in government purchases of $250 billion is -$125 billion.
This is due to the multiplier effect, which is the effect of a change in spending or income on the total amount of spending or income in the economy.
When the government decreases its purchases, there is an initial decrease in income of $62.5 billion, which decreases consumption by the same amount. This then leads to a further decrease in income, leading to a second change in consumption of an additional -$62.5 billion. The total change in demand resulting from the initial decrease in government spending is therefore -$125 billion.
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You are employed as the Personal Assistant to the Customer Service Manager at Sukram Industries Ltd., a regional Logistics company. The company has its headquarters in Miami, Florida and offices in Jamaica, St. Lucia, and Panama. The local office was forced to close operations during the height of the pandemic due to months of inactivity in the logistics sector. Many customer service agents done virtually. were laid off and what little work was done, was The local office started operation in October 2018. Many of the administrative functions were just being developed before the pandemic hit causing the company to close for months. The business reopened in June 2021. Since then, the company has been embarking on job enrichment and enlargement programmes as a means of motivating staff, succession planning and dealing with high labour turnover. Your manager will be promoted to Regional Customer Service Manager which will require him/her to travel to all the locations occasionally. A new position of Senior Customer Service Officer was created with the responsibility to lead the local customer service team and develop strategies to expand the product and service offerings in Jamaica. The position reports to the Regional Customer Service Manager. The management team identified that there were several challenges with formal documentation within the customer service and administrative and office services departments. The team also realizes that they will need to engage in continuous training of the customer service agents if they wish to gain a competitive advantage in the local industry. TASK 1 1. You applied for the position of Senior Customer Service Officer and was short listed. One aspect of the interview will require you to make a presentation to the panel. In preparation for your interview: compile an electronic portfolio of evidence that you will need to present at the a. interview b. create a PowerPoint presentation on the most effective leadership style you believe should be used to lead the customer service team and why
The electronic portfolio that you woyuld have to compile are:
ResumeYour cover letterYour philosophythe success storiesWhat are the portfolios needed?For the electronic portfolio, you can include the following items:
Resume: An updated and professional resume highlighting your relevant work experience, education and skills.
Cover letter: A well-written cover letter explaining your motivation for applying for the Senior Customer Service Officer position and how you can contribute to the company's goals.
Customer Service Philosophy: A clear and concise statement that outlines your approach to customer service, including your core values, beliefs, and principles.
Success Stories: Examples of customer service situations that demonstrate your ability to provide excellent customer service, handle difficult situations and achieve positive outcomes.
Training and Development Plan: A detailed plan that outlines your approach to training and development of customer service agents, including strategies to improve customer satisfaction, build staff morale and increase customer loyalty.
Organizational Chart: A visual representation of the proposed structure of the customer service team, showing the reporting lines, responsibilities, and accountability of each team member.
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Below are recent inventory turnover ratios for four companies. The companies, listed in no particular order are Tiffany & Co. (a manufacturer and retailer of fine jewelry), Deere & Co. (maker of heavy duty agricultural equipment), Boeing (aircraft manufacturer), and Sprouts (a grocery chain focusing on organic products). Think about which of these companies operate in businesses that tend to have very slow or very fast inventory turnover. Which one below is the inventory turnover ratio for Sprouts?a. 14.4
b. 10.8
c. 7.4
d. 10
The correct option is a. 14.4 is the inventory turnover ratio for Sprouts (a grocery chain focusing on organic products).
Sprouts being a grocery store chain focusing on organic products shall have the highest inventory turnover as this sector has a very high turnover and low margin as a result higher inventory turnover ratio. In other sectors, manufacturers and retailers of fine jewellery, makers of heavy-duty agricultural equipment, and aircraft manufacturers have low sales though they may have good profit margins their inventory turnover is less. Therefore, Sprouts company is among the four given companies i.e. Tiffany and Co., Deere and Co., and Boeing the company which tends to have very slow or very fast inventory turnover.
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A system of charging issues to production at a price which starts with the price of the earliest consignment on hand is?
Answer:
This system of charging issues to production is known as First-in, First-out (FIFO) pricing. The first consignment to arrive is charged at the earliest price, and subsequent consignments are charged at prices that reflect the cost of the production process.
Explanation:
Operations and sales are the two functional areas that exist to support activities in other functions such as accounting, finance, IT, and human resources True or False True False
False : A business organization's two line functions are operations and sales. The two line functions are supported by all other functions, including accounting, finance, IT, and human resources.
Which department of management is in charge of the company's sales?Sales Administration: The recruitment of sales employees, their selection and training, supervision of work, motivation for work, and evaluation of work execution are all parts of sales management. Sales management also plays a crucial role in business because it oversees all aspects of personnel. It aims to develop sales strategies, policies, and programs as well as straightforward and efficient sales procedures. Additionally, it oversees and develops advertising, sales promotion, and other tasks. Additionally, it is a subset of marketing management.
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point-of-sale (POS) terminal
a computer used to collect, store, and report all the information of a sales transactiontrue or false
Computers called point-of-sale (POS) terminals are used to gather, store, and report all the details of a sales transaction. This statement is true.
A point-of-sale (POS) terminal is a computer-based hardware and software system used to process sales transactions at a retail or other point of purchase. The system includes hardware components such as a cash register, barcode scanner, credit card reader, and other peripherals. The software component includes a user interface to enter the sale amount and select the payment method.
The POS terminal captures the transaction data and stores it in a database for later analysis and reporting. This information can be used for inventory management, sales analysis, and customer relationship management. POS systems are widely used in retail, hospitality, and other industries where the sale of goods or services occurs at a fixed location.
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Baird Company manufactures molded candles that are finished by hand. The company developed the following standards for a new line of drip candles:
Amount of direct materials per candle 1.20 pounds
Price of direct materials per pound $ 0.60 Quantity of labor per unit 0.90 hours
Price of direct labor per hour $ 7.60 /hour
Total budgeted fixed overhead $ 117,000 During 2017, Baird planned to produce 26,000 drip candles. Production lagged behind expectations, and it actually produced only 19,000 drip candles. At year-end, direct materials purchased and used amounted to 24,100 pounds at a unit price of $0.55 per pound. Direct labor costs were actually $7.10 per hour and 20,100 actual hours were worked to produce the drip candles. Overhead for the year actually amounted to $89,300. Overhead is applied to products using a predetermined overhead rate based on estimated units.
Required
a.&b. Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candle.
c.&d. Compute the actual cost per candle for direct materials, direct labor, overhead and also the total actual cost per candle.
e. Compute the price and usage variances for direct materials and direct labor.
f. Compute the fixed cost spending and volume variances.
Compute the standard cost per candle for direct materials, direct labor, overhead and also the total standard cost for one drip candle. (Round your answers to 2 decimal places.)
Cost Standard cost per unit
Direct material Direct labor Overhead Total per candle Cost Actual cost per unit
Direct material Direct labor Overhead Total per candle Cost Variance Fav or Unfav
Direct materials: Price variance Usage variance Direct labor: Price variance Usage variance Fixed MOH cost Variance Fav or Unfav
Spending variance Volume variance
"Favorable variance" and "unfavorable variance" are terms used in variance analysis, which is a tool used by management accountants to analyze the difference between actual performance and expected performance.
a. Direct materials:
Standard cost per pound = $0.60
Standard quantity per candle = 1.20 pounds
Standard cost for direct materials per candle = $0.60 x 1.20 = $0.72
b. Direct labor:
Standard cost per hour = $7.60
Standard quantity per candle = 0.90 hours
Standard cost for direct labor per candle = $7.60 x 0.90 = $6.84
c. Overhead:
Predetermined overhead rate = Total budgeted fixed overhead / Total budgeted units
= $117,000 / 26,000
= $4.50 per unit
Standard cost for overhead per candle = $4.50
d. Total standard cost per candle:
Direct materials per candle + Direct labor per candle + Overhead per candle
= $0.72 + $6.84 + $4.50
= $12.06
e. Actual cost per candle:
Direct materials:
Actual cost per pound = $0.55
Actual quantity used per candle = 24,100 pounds / 19,000 candles = 1.27 pounds
Actual cost for direct materials per candle = $0.55 x 1.27 = $0.70
Price variance = (Standard price - Actual price) x Actual quantity
= ($0.60 - $0.55) x 1.27
= $0.06 F
Usage variance = (Standard quantity - Actual quantity) x Standard price
= (1.20 - 1.27) x $0.60
= $0.042 U
Direct labor:
Actual cost per hour = $7.10
Actual quantity per candle = 20,100 hours / 19,000 candles = 1.06 hours
Actual cost for direct labor per candle = $7.10 x 1.06 = $7.53
Price variance = (Standard price - Actual price) x Actual quantity
= ($7.60 - $7.10) x 1.06
= $0.53 F
Usage variance = (Standard quantity - Actual quantity) x Standard price
= (0.90 - 1.06) x $7.60
= $1.216 U
f. Overhead:
Spending variance = Actual overhead - Budgeted overhead
= $89,300 - $117,000
= $27,700 U
Volume variance = (Actual units - Budgeted units) x Predetermined overhead rate
= (19,000 - 26,000) x $4.50
= $31,500 F
F represents Favorable variance and U represents Unfavorable variance.
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A $500 savings account that earned $25 after a year would have a rate of return, or yield, of ______ percent. (assume annual compounding.)
The rate of return or yield on the savings account is 5 percent.
The gain or loss of an investment over a specific time period is known as a Rate of Return (ROR). In other terms, the rate of return, which is commonly stated as a percentage, is the gain (or loss) compared to the cost of an initial investment. When the ROR is positive, the investment is said to have made money; when the ROR is negative, it has lost money.
The rate of return or yield on the savings account can be calculated using the following formula:
yield = (interest earned / initial investment) x 100%
In this case, the initial investment or principal is $500, and the interest earned is $25. So, substituting these values into the formula, we get:
yield = (25 / 500) x 100% = 0.05 x 100% = 5%
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Based on the description for our new investment advice platform, what capabilities or innovations are missing that you want included?
Sana Gill withdrew $1,000 from her company for personal expenses. This transaction would be recorded with which of the following entries?
A. debit to Sana Gill, Capital for $1,000
B. debit to Cash for $1,000
C. credit to Sana Gill, Capital for $1,000
D. debit to Sana Gill, Drawing for $1,000
E.credit to Sana Gill, Drawing for $1,000
F. credit to Cash for $1,000
Sana Gill's $1,000 drawing is debited, and $1,000 in cash is credited.
What do debit and credit entail?A business's debits and credits show where value is coming into and going out of it. To maintain the balance of a company's books, they must be equal. Accounts for assets, expenses, and losses gain value as a result of debits. The value of the liability, equity, revenue, and gain accounts is increased by credits. Debits in double-entry accounting refer to money coming in, and credits to money going out. A credit of equal amount must be present in another account for every debit in the first account. A debit is an accounting entry that affects a company's balance sheet by increasing assets or decreasing liabilities. In basic accounting, credits that operate in the inverse direction of debits balance each other out.
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