Non-price forms of competition include advertising and innovation. Both of these forms of competition can be highly effective in improving the performance of a firm and enhancing consumer welfare.
Advertising is one of the most common methods used by businesses to gain a competitive advantage. It involves promoting a company's products or services to its target audience through various media channels such as television, radio, print, online, and social media. Advertising can be used to create brand awareness, inform customers about the features and benefits of a product or service, and persuade them to make a purchase. Moreover, advertising can be used to differentiate a company's products from its competitors' products by highlighting unique features and benefits.
Innovation is another effective form of competition. It involves the development and implementation of new products and processes that can improve a company's performance and enhance consumer welfare. Innovation can be in the form of new products, new services, or new ways of delivering existing products or services to customers. Advertising can help companies increase their market share, build customer loyalty, and generate more revenue. Innovation can help companies gain a competitive advantage by offering unique products or services, reducing costs, and improving the quality of their products and services. Therefore, firms that invest in advertising and innovation can achieve greater success in the marketplace.
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The Collins Company uses a job-order costing system and applies manufacturing overhead cost to jobs on the basis of the cost of materials used in production. At the beginning of the most recent year, the following estimates were made as a basis for computing the predetermined overhead rate for the year: Manufacturing overhead cost: $200,000 Direct materials cost: $160,000 The following transactions took place during the year (all purchases and services were acquired on account): a.) Raw materials purchased: $86,000. b.) Raw materials requisitioned for use in production (all direct materials): $98,000. c.) Utility costs incurred in the factory: $15,000. d.) Salaries and wages incurred as follows: Direct labour: $175,000 $70,000 Indirect labour: Selling and administrative salaries: $125,000 e.) Maintenance costs incurred in the factory: $15,000. f.) Advertising costs incurred: $89,000. g.) Depreciation recorded for the year: $80,000, of which 80% relates to factory assets and the remainder relates to selling and administrative assets. h.) Rental cost incurred on buildings: $70,000 (75% of the space is occupied by the factory, and 25% is occupied by sales and administration). į.) Miscellaneous selling and administrative costs incurred: $11,000. j.) Manufacturing overhead cost was applied to jobs as per company policy. k.) Cost of goods manufactured for the year: $500,000. 1.) Sales for the year (all on account): $1,000,000. These goods cost $600,000 to manufacture. Required: Prepare statement of cost of goods manufactured and net income
The cost of goods manufactured for the year was $500,000, and the net income was $400,000.
To begin, we need to calculate the predetermined overhead rate for the year. This is done by dividing the manufacturing overhead cost of $200,000 by the direct materials cost of $160,000, which gives us a predetermined overhead rate of 1.25.
Moving on to the transactions that took place during the year, we see that raw materials purchased amounted to $86,000, and raw materials requisitioned for use in production (all direct materials) were $98,000. This means that the ending raw materials inventory was $86,000 - $98,000 = -$12,000.
When we add up all the costs for the year, we get a total manufacturing cost of $532,000 ($98,000 direct materials + $175,000 direct labour + $60,000 indirect labour + $15,000 maintenance costs + $184,000 manufacturing overhead applied).
Adding the beginning work in process inventory of $32,000, we get a total cost of goods to account for of $564,000. Since only $500,000 worth of goods were manufactured, the remaining $64,000 must be the ending work in process inventory.
To calculate net income, we start with the cost of goods manufactured of $500,000 and add the beginning finished goods inventory of $0, giving us a total of $500,000 available for sale.
Since sales for the year were $1,000,000, we can calculate the cost of goods sold as $600,000 ($1,000,000 - $400,000 gross profit). Thus, the net income for the year is $400,000 ($1,000,000 sales - $600,000 cost of goods sold).
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The key characteristic that determines when consolidated financial statements should be prepared is: Select one: a. control. b. significant influence. c. the existence of transactions between the entities. d. substance over form.
The key characteristic for preparing consolidated financial statements is "control" by the parent company over the subsidiary.
The key characteristic that determines when consolidated financial statements should be prepared is "control." Control refers to the ability of one entity, known as the parent company, to govern the financial and operating policies of another entity, known as the subsidiary. Consolidated financial statements are prepared when the parent company exercises control over the subsidiary, typically by owning more than 50% of the subsidiary's voting shares.
Control is a fundamental criterion because it signifies the parent company's ability to direct the activities of the subsidiary and make decisions that affect its financial results. Consolidated financial statements combine the financial information of the parent and its subsidiaries as if they were a single economic entity. This provides a comprehensive view of the financial position, performance, and cash flows of the entire group.
Significant influence (option b) is a criterion used for equity method accounting, not for preparing consolidated financial statements. The existence of transactions between entities (option c) and substance over form (option d) are considerations in accounting principles, but they do not specifically determine when consolidated financial statements should be prepared.
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Evaluating the Timing of Cash Flows Case The manager of Champion Catering was quite excited when he learned that the cash flows for his business had more than doubled in November. Instead of the normal $5,000 positive cash flow per month, the cash flow for November was $12,4000. To be sure there was not any error, he made up the following summary of cash receipts and disbursements for the month: Collections on catering provided this month $11,500 3,200 Collections on catering provided last month 3,400 Deposits for catering to be provided next month Payments for salaries and catering supplies Payment of building rent 4,500 1,200 He also noted that his new "Pay Ahead-Get a Discount" program had been very successful. He had no uncollected receivables from customers at the end of November and had received prepayment for catering to be provided at several Christmas parties. He remembered that one of his employees was on vacation over Thanksgiving and was not paid for the second half of the month. A total of $3,000 is owed to the employee for work in November. The manager is hopeful that this upturn in cash flows will continue for the next several months so he can purchase his own building. Required: 1. Evaluate the November cash flow for Champion Catering. 2. Assess the likelihood of its being able to sustain the good fortunes of November.
Champion Catering has a high likelihood of sustaining its good fortunes in November due to positive cash flows, absence of financial problems, and optimistic outlook for future growth.
1. Evaluating the November cash flow for Champion CateringThe summary of the cash receipts and disbursements for Champion Catering in November is shown below:
Collections on catering provided this month $11,500 Collections on catering provided last month $3,400 Deposits for catering to be provided next month $3,200 Payments for salaries and catering supplies $4,500 Payment of building rent $1,200The cash flow for November was $12,400. In order to make sure there wasn't any error, the manager created the summary above. To see if there is any possibility of improving the business's cash flow in the future, a comprehensive review of all transactions is needed.
2. Assess the likelihood of its being able to sustain the good fortunes of November.Champion Catering has a strong chance of maintaining the good fortunes it had in November since there is no indication of financial or non-financial problems. The manager is optimistic and anticipates that the increase in cash flows will continue in the future. The organization's ability to generate the cash it needs to pay its bills and debts is the most important aspect of its financial health. It is also worth noting that the company does not owe any accounts receivable to its customers. Finally, because the "Pay Ahead-Get a Discount" program has been successful, the business is likely to continue to grow in the future.
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Michael works in a supermarket. He is paid $10.80 per hour.
What is Michael's overtime pay rate?
$10.80
$16.20
$7.20
Michael works in a supermarket. He is paid $10.80 per hour. What is Michael's overtime pay rate?Employees may be compensated for overtime hours, or hours worked over the standard forty-hour workweek.
Workers must receive overtime pay of at least one and one-half times their normal hourly rate of pay for hours worked over forty in a workweek (U.S. Department of Labor, n.d.). Let's see how we can figure out Michael's overtime pay rate:Michael's hourly pay rate is $10.80. He is compensated at a rate of one and one-half times his regular hourly pay rate, or 1.5 times his normal rate of pay, for hours worked over forty in a workweek.
Therefore, we may calculate Michael's overtime pay rate by using the formula:$10.80 x 1.5 = $16.20 (overtime pay rate)In conclusion, Michael's overtime pay rate is $16.20 per hour.
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When a change in accounting policy occurs:
a.
nothing should be done.
b.
the new policy should only be adjusted prospectively
c.
the new policy should be adjusted retrospectively
d.
the cumulative effect of the change in policy should be reflected on the income statement as of the beginning of the next year.
When a change in accounting policy occurs,- D. the cumulative effect of the change in policy should be reflected on the income statement as of the beginning of the next year. This is option d).
What about the other options?Option a): Nothing should be done is not a correct answer because a change in accounting policy is a material accounting decision that would significantly impact the financial statements of the company.
Option b): The new policy should only be adjusted prospectively is not a correct answer because a change in accounting policy is retroactive by nature, and a retrospective adjustment is required in the accounting treatment.
Option c): The new policy should be adjusted retrospectively is not a correct answer because it is incomplete. While it is true that the new policy should be adjusted retrospectively, the cumulative effect of the change in policy should be reflected on the income statement as of the beginning of the next year.
Therefore, this is an incomplete answer. The correct answer is option d).
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A company in a free competition market has marginal costs given by MC (Q) = 50 + 3⋅Q where Q is the quantity. If the price in the market is 200, what will be the contribution margin for optimal adaptation for the company? (Answer with an integer)
The contribution margin is calculated by subtracting the marginal cost (MC) from the price (P):
Contribution Margin = Price - Marginal Cost
Given that the price in the market is 200 and the marginal cost function is MC(Q) = 50 + 3Q, we can substitute these values into the formula to find the contribution margin.
Contribution Margin = 200 - (50 + 3Q)
To find the optimal level of adaptation for the company, we need to determine the quantity (Q) that maximizes the contribution margin. This occurs when the marginal cost equals the price in a perfectly competitive market. Setting MC(Q) equal to the price:
50 + 3Q = 200
Subtracting 50 from both sides:
3Q = 150
Dividing both sides by 3:
Q = 50
Substituting this value of Q into the contribution margin equation:
Contribution Margin = 200 - (50 + 3 * 50)
Contribution Margin = 200 - (50 + 150)
Contribution Margin = 200 - 200
Contribution Margin = 0
Therefore, the contribution margin for optimal adaptation for the company is 0.
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You have the following estimates for Drudge Inc.:
Year 1 Year 2 Year 3
Accounts Receivable $58 $62 $66
Inventory $64 $43 $45
Accounts Payable $47 $39 $42
What is the Year 2 NWC Cash Flow?
The Year 2 NWC Cash Flow for Drudge Inc. is $2.
To calculate the Year 2 Net Working Capital (NWC) Cash Flow, we need to subtract the change in NWC from Year 1 to Year 2 from the change in NWC from Year 2 to Year 3. The formula is:
Year 2 NWC Cash Flow = Change in NWC (Year 1 to Year 2) - Change in NWC (Year 2 to Year 3)
To calculate the change in NWC, we subtract the previous year's NWC from the current year's NWC.
Change in NWC (Year 1 to Year 2) = NWC (Year 2) - NWC (Year 1)
Change in NWC (Year 2 to Year 3) = NWC (Year 3) - NWC (Year 2)
Let's calculate:
Change in NWC (Year 1 to Year 2) = $62 - $58 = $4
Change in NWC (Year 2 to Year 3) = $45 - $43 = $2
Year 2 NWC Cash Flow = $4 - $2 = $2
Therefore, the Year 2 NWC Cash Flow for Drudge Inc. is $2.
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Suppose market demand is P = 100 – ½ QD and market supply is P = 10 + ¼ QS. a) Sketch the demand and supply curves.
b) Find equilibrium price and quantity in the competitive market.
c) Calculate the consumers’ willingness to pay (WTP), expenditures, and Consumer Surplus.
d) Calculate the firms’ costs, revenues, and Producer Surplus.
f) Now suppose the government imposes a consumption tax of $10. What is the impact on equilibrium quantity in the market?
g) What is the impact on CS and PS? Discuss. h) What is the deadweight loss (DWL) of the consumption tax?
The market equilibrium is (120, 40). Market equilibrium refers to the point where the quantity demanded by buyers is equal to the quantity supplied by sellers in a particular market.
Given, Market demand function P = 100 – ½ QDAnd, Market supply function P = 10 + ¼ QSSketch the demand and supply curves: To sketch the demand and supply curves, we can use the intercepts of the equation.Supply function intercepts:P = 10 + ¼ QSSo, when Qs = 0P = 10The intercept of the supply function is 10.And when P = 0,10 + ¼ QS = 0=> QS = -40The intercept of the supply function is -40.
Hence, we have the following supply function, Graph of supply function Demand function intercepts:P = 100 – ½ QDSo, when Qd = 0P = 100The intercept of the demand function is 100. And when P = 0,100 – ½ QD = 0=> QD = 200The intercept of the demand function is 200. Hence, we have the following demand function, Graph of demand functionIntersecting both functions, we get the following diagram: Graph of the market demand and supply market equilibrium is achieved when demand = supply hence,100 - 0.5QD = 10 + 0.25QSDividing by 0.25 on both sides,400 - 2QD = 40 + QD3QD = 360=> QD = 120And P = 100 – 0.5 * 120= 40Therefore, the equilibrium point is (120, 40).
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Bahrain Company makes snowblowers. It has two departments that process all productic Assembly and testing. The following data pertain to the Ably departm Direct materials are added at the beginning of the process and conversion costs are uniformly insered. The degree of completion of commcn follows At the beginning of September, work in procem in 40% complete and at the end of the mooth work in process is 60% complete.
Beginning work-in-process inventory 3,200 units
Units started 4,000 units
Units completed 6,400 units
Ending work-in-process inventory ?
Conversion costs for September $400,000
Direct materials cost for September $520,000
Beginning work-in-process costs:
Materials $308,000
Conversion $164,160
Required:
a) Prepare a production cost schedule for the Assembly Department at the end of September using the weighted average method of process costing
b) Prepare the necessary journal entries
a) Production Cost Schedule for the Assembly Department at the end of September using the weighted average method of process costing:
Units Materials ($). Conversion Costs ($)
Beginning work-in-process inventory (BWIP) 6,400 $328,320 $487,680
Units started 8,000 - -
Total units accounted for (BWIP + Units) 14,400 - -
Units completed 12,800 - -
Ending work-in-process inventory (EWIP) 1,600 - -
Equivalent Units of Production 14,400 - -
Cost per equivalent unit
Materials $22.83
Conversion costs - $91.67
Costs accounted for
Materials $292,800
Conversion costs - $1,173,333
Total costs $292,800 $1,173,333
b) Journal Entries:
1. To record the transfer of costs from beginning work-in-process inventory (BWIP) to production:
Debit: Work-in-Process Inventory (Assembly) - Materials: $328,320
Debit: Work-in-Process Inventory (Assembly) - Conversion Costs: $487,680
Credit: Beginning Work-in-Process Inventory (Assembly): $816,000
2. To record the transfer of costs from production to ending work-in-process inventory (EWIP):
Debit: Ending Work-in-Process Inventory (Assembly): $146,133.33 (Materials) + $586,200 (Conversion Costs)
Credit: Work-in-Process Inventory (Assembly) - Materials: $146,133.33
Credit: Work-in-Process Inventory (Assembly) - Conversion Costs: $586,200
3. To record the completion of units:
Debit: Finished Goods Inventory: $292,800 (Materials) + $1,173,333 (Conversion Costs)
Credit: Work-in-Process Inventory (Assembly) - Materials: $292,800
Credit: Work-in-Process Inventory (Assembly) - Conversion Costs: $1,173,333
Please note that the values in the production cost schedule and journal entries are based on the information provided and calculations specific to the weighted average method of process costing.
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Question 2 5 pts MACRS is preferred to SLN for income tax purposes because it maximizes. the present worth of taxes. O True O False
This statement 2 5 pts MACRS is preferred to SLN for income tax purposes because it maximizes. the present worth of taxes is true
MACRS is preferred to SLN for income tax purposes because it maximizes the present worth of taxes.
Is this statement true or false? This statement is true. MACRS is an acronym for Modified Accelerated Cost Recovery System.
This system is a tax depreciation approach that enables you to depreciate property faster than you would be able to with a straight-line depreciation. MACRS is, as a result, preferred to the SLN approach since it aids in the minimization of taxes. For tax purposes, this approach is commonly utilized on tangible property with a recovery period of 20 years or less. The MACRS enables for increased income tax deductions in the early years of a property's use, followed by a reduction in deductions in later years.
Income is the funds generated by a business, investments, or other assets. It is the revenue that a business receives from selling goods or services, interest, dividends, and other sources of revenue. For tax purposes, income is taxed based on the taxpayer's filing status and income level. The goal of tax planning is to minimize the amount of income tax that is paid.
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Pick an industry type (communications, industrial, and regulated such as medical/military and consumer). Show the top four steps in the supplier selection process and indicate the reasons for your ranking.
It's important to note that the supplier selection process may vary depending on the specific industry, organizational requirements, and other factors. However, these four steps provide a general framework for supplier selection and prioritize the key considerations for successful supplier engagement in the communications industry.
Let's consider the communications industry for the supplier selection process. The top four steps in the supplier selection process, ranked based on their importance and rationale, are as follows:
Needs Assessment and Supplier Identification: This initial step involves conducting a thorough needs assessment to determine the specific requirements and objectives of the organization. Once the needs are identified, the next step is to research and identify potential suppliers who can fulfill those requirements. This step is crucial as it sets the foundation for the entire supplier selection process.
Reason for Ranking: The needs assessment and supplier identification step is ranked first because it lays the groundwork for successful supplier selection. Without a clear understanding of the organization's needs and suitable supplier options, it would be challenging to make informed decisions later in the process.
Prequalification and Evaluation: In this step, the organization evaluates and prequalifies potential suppliers based on certain criteria, such as financial stability, past performance, capabilities, quality standards, and compliance with industry regulations. This evaluation helps narrow down the list of suppliers to those who meet the organization's requirements and are capable of delivering the desired goods or services.
Reason for Ranking: Prequalification and evaluation are essential to ensure that the potential suppliers are reliable, reputable, and capable of meeting the organization's quality and compliance standards. By thoroughly assessing their qualifications and track record, the organization can mitigate risks and select suppliers with a higher likelihood of success.
Request for Proposal (RFP) and Quotation: Once the prequalified suppliers are identified, the organization can issue a request for proposal (RFP) or quotation to solicit detailed information on pricing, terms, delivery schedules, warranties, and other relevant factors. The RFP/RFQ serves as a formal communication tool to gather comprehensive and standardized information from potential suppliers.
Reason for Ranking: The RFP/RFQ stage is crucial for gathering detailed information from suppliers and comparing their proposals objectively. It allows the organization to evaluate each supplier's offering, negotiate terms, and assess their ability to meet specific requirements. This step helps in selecting suppliers who offer the best value proposition for the organization.
Supplier Evaluation and Selection: In this final step, the organization evaluates the received proposals and quotations based on predetermined criteria and selects the most suitable suppliers. This evaluation may involve factors such as price competitiveness, quality standards, delivery capabilities, financial stability, technical expertise, and compatibility with the organization's goals and values.
Reason for Ranking: Supplier evaluation and selection, though the final step, is still crucial in ensuring the organization chooses suppliers that align with its requirements and long-term objectives. By considering multiple factors and conducting a thorough evaluation, the organization can make an informed decision and select the suppliers that best meet their needs.
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2. The Next General Election In Indonesia Is Scheduled On 14 February 2024 To Elect A New President, Vice President, And Members Of National And Local Legislatives Bodies. The Election Is Expected To Be Safe And Peaceful With No Political Upheaval That Might Negatively Affect The Economic Condition. Applying The Open Market Equilibrium, Analyse How Political 2.The next general election in Indonesia is scheduled on 14 February 2024 to elect a new President, Vice President, and members of national and local legislatives bodies. The election is expected to be safe and peaceful with no political upheaval that might negatively affect the economic condition. Applying the open market equilibrium, analyse how political instability may affect equilibrium in the loanable funds market, net capital outflows, and the rupiah real exchange rate. Use graphics to answer this question. national investment of USD1,600.00 billion, and net exports of USD400.00 billion. How much is the national savings? Show your calculation and explain it.
To calculate the national savings, we need to consider the components of the national income and expenditure.
National savings can be derived by subtracting consumption expenditure and government expenditure from the national income.
The equation for national income can be written as:
National Income = Consumption Expenditure + National Savings + Government Expenditure + Net Exports
Given the information provided:
Consumption Expenditure (C) = USD 3,000.00 billion
National Savings (S) = ?
Government Expenditure (G) = USD 1,800.00 billion
Net Exports (NX) = USD 400.00 billion
Using the equation, we can rearrange it to solve for national savings:
National Savings = National Income - Consumption Expenditure - Government Expenditure - Net Exports
Since the information about the national income is not provided in the question, we cannot calculate the national savings accurately without this data. National income is the sum of wages, rents, interest, and profits earned within a country's economy.
However, if we assume that the national income is equal to the sum of consumption expenditure, government expenditure, and net exports (ignoring other components such as investment), we can calculate an estimate for national savings:
National Income ≈ Consumption Expenditure + Government Expenditure + Net Exports
National Income ≈ USD 3,000.00 billion + USD 1,800.00 billion + USD 400.00 billion
National Income ≈ USD 5,200.00 billion
Now, we can calculate the national savings:
National Savings = USD 5,200.00 billion - USD 3,000.00 billion - USD 1,800.00 billion - USD 400.00 billion
National Savings ≈ USD 0.00 billion
Please note that this is an estimate based on the assumption mentioned earlier, and the actual calculation may vary depending on the complete data on national income and other components.
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SellltNow is an online company that sells hardware products for new houses to both industrial clients and individual consumers. As a result of its very competitive price schemes, SellltNow has developed an extensive customer base. which is reflected in its burgeoning database of customer details, purchasing history and internet usage data. Recognising that these data are potentially valuable to third parties, SellltNow's directors discuss the prospect of selling its customer database to a large insurance company, thus allowing the insurance company to target advertising and mailouts about home and contents insurance packages to new home buyers. The directors are split on the issue some view this as an exciting way to add value to their customers, through complementary product offerings, while others see it as a gross misuse of information that is not in keeping with the original purpose for which the data were gathered. You have been engaged by SellltNow as an ethics consultant and requested to advise it on the possibilities that exist to resolve the boardroom debate. Required: Work through the steps of the ethical decision-making model and evaluate what Selllt Now should decide and what it should do.
In the ethical decision-making process for SellltNow's customer database, it is crucial to consider the original purpose of data collection, potential benefits, and risks. The company should prioritize customer privacy and consent while exploring alternative options to provide value to customers.
SellltNow's directors are divided on whether to sell their customer database to an insurance company for targeted advertising. To resolve the debate ethically, SellltNow should follow the ethical decision-making model. Firstly, they need to gather information about data collection practices, assess potential benefits, and consider perspectives of stakeholders. Next, they should evaluate options like selling the database, maintaining it for internal use, seeking customer consent, or exploring alternative collaborations. These options should be assessed against ethical principles of privacy, consent, transparency, and fairness. The decision should prioritize customer privacy and the original purpose of data collection. SellltNow can consider obtaining explicit consent from customers before sharing their data or exploring opt-in programs. Taking action involves communicating the decision, ensuring data protection, and complying with privacy regulations. By prioritizing ethical considerations, SellltNow can maintain customer trust while exploring opportunities for complementary offerings.
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Consider a market with the following Inverse Demand and Marginal Cost/Supply Curves:
Inverse Demand: P = 40 - 1.5Q
Inverse Supply: P = 4 + 1.5Q
Suppose that there are 4 firms that control this market and they come together to form a cartel. How much output will each firm produce?
The equilibrium quantity in this market is 12 units. Since there are four firms in the cartel, each firm would produce 12/4 = 3 units of output. So, each firm in the cartel would produce 3 units of output.
If the four firms form a cartel in the given market with the given inverse demand and inverse supply curves, each firm will produce an equal amount of output. To determine the quantity of output produced by each firm, we need to find the equilibrium quantity at which the inverse demand and inverse supply curves intersect. The equilibrium quantity can be found by equating the inverse demand and inverse supply equations:
40 - 1.5Q = 4 + 1.5Q
Combining like terms, we get:
3Q = 36
Dividing both sides by 3, we find:
Q = 12
Therefore, the equilibrium quantity in this market is 12 units. Since there are four firms in the cartel, each firm would produce 12/4 = 3 units of output. So, each firm in the cartel would produce 3 units of output.
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The total annual ordering cost (SD/Q) when ordering EOQ is 5,813
dollars. Caring cost per unit per year (H) is 8 dollars. Compute
EOQ. Enter your answer as a whole number with NO decimal
point.
The Economic Order Quantity (EOQ) is a model for calculating the optimal quantity of goods a business should order in order to minimize inventory holding costs and order processing expenses.
The formula for calculating the EOQ is as follows:
EOQ = √((2DS)/H)
where D is the annual demand, S is the ordering cost, and H is the carrying cost per unit per year.The total annual ordering cost when ordering EOQ is 5,813 dollars; therefore,5,813 = DS/Q
The carrying cost per unit per year is 8 dollars; hence,H = 8
Using the formula above, we will equate the total ordering cost when ordering EOQ to the product of S and D/EOQ.5,813 = S × D/EOQIf we multiply both sides by EOQ, we get:
EOQ × 5,813 = S × D
Dividing both sides by S, we get:
EOQ = √((2DS)/H) = √((2 × 5,813 × D)/8) = √(1,452.25D)Thus, EOQ = √(1,452.25D).
However, since the value of D was not provided, we cannot solve for the EOQ.
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Variable costs per un SIR Druct labe 57 52 Fixed costs per year: Fixed manufacturing overhead $ 200,000 Fixed selling and administrative expenses $110.000 During the year, the company produced 20,000 units and sold 16,000 units. The selling price of the company's product is $50 per unit. Required: Assume that the company uses absorption costing a) Compute the unit product cost. (3 marks) (5 marks) b) Prepare an income statement for the year (use the detailed format of income statement which shows the calculation of the cost of goods sold) hp
a) Variable costs per unit: Direct labor cost = $57 ,Direct materials cost = $52 , Fixed manufacturing overhead = $200,000, Fixed selling and administrative expenses = $110,000. Total variable cost per unit = Direct labor cost + Direct materials cost. Total variable cost per unit = $57 + $52. Therefore, Total variable cost per unit = $109.
Total fixed cost per unit = (Fixed manufacturing overhead + Fixed selling and administrative expenses) / Units produced. Total fixed cost per unit = ($200,000 + $110,000) / 20,000 units. Therefore, Total fixed cost per unit =$15.50. Unit product cost = Total variable cost per unit + Total fixed cost per unit. Unit product cost = $109 + $15.50.Therefore, Unit product cost = $124.50.
b) Income statement for the year using the detailed format that shows the calculation of the cost of goods sold: Sales Revenue: Units sold = 16,000 units ,Selling price per unit = $50 ,Sales Revenue = Units sold × Selling price per unit Sales Revenue = 16,000 units × $50. Therefore, Sales Revenue = $800,000.
Cost of Goods Sold: Units sold = 16,000 units ,Unit product cost = $124.50 (calculated in part a) ,Cost of Goods Sold = Units sold × Unit product cost . Cost of Goods Sold = 16,000 units × $124.50. Therefore, Cost of Goods Sold = $1,992,000.
Gross Profit = Sales Revenue - Cost of Goods Sold .Gross Profit = $800,000 - $1,992,000. Therefore, Gross Profit = -$1,192,000 (loss). Selling and Administrative Expenses: Fixed selling and administrative expenses = $110,000. Operating Loss: Operating Loss = Gross Profit - Selling and Administrative Expenses .Operating Loss = -$1,192,000 - $110,000. Therefore, Operating Loss = -$1,302,000. Since the total costs exceed the sales revenue, the company incurred an operating loss of $1,302,000 for the year.
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In Linkou, 600,000 of the 1.5 million people in the country are employed. Average labor productivity in Linkou is $28,000 per worker. Real GDP per person in Linkou totals: A 11,200 B 10,000 C 28,000 D 16,800
Real GDP per person in Linkou totals 16,800. (Option D)
Real GDP per person is calculated by dividing the total real GDP by the population. In this case, the total real GDP is not given, but we can calculate it by multiplying the average labor productivity ($28,000 per worker) by the number of employed people (600,000). This gives us a total real GDP of $16,800,000,000. To find the real GDP per person, we divide the total real GDP by the population (1.5 million). The result is $16,800 per person, which corresponds to option D.
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Which of the following tips would you give to someone who wants to post a complaint online?
a. Posting negative comments online poses no risk because businesses and professionals cannot sue individuals for negative online comments.
b. Individuals should give companies an opportunity to resolve the issue before writing an online complaint.
c. Post anonymously because anonymous complaints or reviews cannot be traced.
d. A complaint that you post on social media can only be shared by you.
When posting a complaint online, the following tips should be followed: Individuals should give companies an opportunity to resolve the issue before writing an online complaint.This is the option B.
Individuals should provide companies with an opportunity to resolve the issue before posting a negative online review or complaint. It is essential to maintain an open line of communication with the company to identify a solution that works for both parties. Posting negative comments online poses a significant risk because it can be regarded as defamatory or libelous. Businesses and professionals can sue individuals for negative online comments because they may cause damage to a reputation or company. Before posting a negative comment online, it is essential to verify the accuracy of the information provided in the post. It is also crucial to ensure that the complaint or review is authentic and not fake.Posting anonymously because anonymous complaints or reviews cannot be traced is not the best option to follow. Companies and individuals can track anonymous posts, and it is often regarded as less credible. A complaint that you post on social media can be shared by anyone, and it may go viral if it is of interest to a broad audience. Therefore, it is essential to take responsibility for the content that is posted online, as it can impact the company's reputation and influence others.
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Tony is the general manager of a corrugated cardboard and packaging production plant.
He's hired you as an operations consultant to help him put Lean Management into practice at his company.
He wants you to address his main worry (eliminate waste). You should begin by identifying the waste sources.
In the Operations Management chapter, we explored Seven Waste Ohno; please identify and describe three of them in detail that related to this case
Tony is the general manager of a corrugated cardboard and packaging production plant. As an operations consultant, the following are the three types of waste in detail that relates to the case.
The Seven Wastes, first identified by Taiichi Ohno of Toyota Production System fame, are a common starting point for process improvement programs. Ohno defined the Seven Wastes as follows:1. OverproductionOverproduction is a waste that happens when you make more of a product than you need or manufacture it too soon. The overproduction of goods is frequently caused by trying to save money on setup expenses. Overproduction is a waste since it causes the creation of unnecessary inventory, which ties up cash and incurs storage expenses. It might also result in the waste of resources like manpower and electricity.2. WaitingWaiting occurs when something is not being worked on when it should be. It happens in between processes when material, people, or information isn't flowing smoothly or when a process must wait for an upstream process to finish. Waiting is a waste since it might lead to missed deadlines, lost orders, unhappy customers, and other problems. It also results in the waste of personnel's time, and it may create bottlenecks in the manufacturing process.3. DefectsDefects are a waste that occurs when a product is not built to specifications. Defects may happen for a variety of reasons, including issues with materials, equipment, or employee training. Defects are a waste since they generate work that must be redone, resulting in extra costs for materials and labor. It may also lead to missed deadlines, lost customers, and other problems. Defects might have an impact on a company's reputation.
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Assume the U.S. cconomy is initially in long-run equilibrium. Suppose there is a large decrease in U.S. investments which decreases output below the natural rate. To stabilize output, the Federal Reserve should increase the money supply, which will reduce interest rates. decrease the money supply, which will reduce interest rates. increase the money supply, which will increase interest rates. decrease the money supply, which will increase interest rates.
To stabilize output, the Federal Reserve should increase the money supply, which will reduce interest rates. Thus, Option A is the correct answer.
Option A - Increasing the money supply, which will reduce interest rates is the right answer. The Federal Reserve should increase the money supply, which will reduce interest rates to stabilize output. In the short run, money is a neutral factor, while investment and output respond strongly to changes in interest rates.
In the case of a decrease in U.S. investments, a decrease in output below the natural rate occurs. Thus, the Federal Reserve should increase the money supply to bring the economy back to equilibrium by increasing investment which will, in turn, increase output. An increase in the money supply will lower the interest rates, which will make loans cheaper and stimulate the economy.
The natural rate of output is the rate of output the economy would produce at full employment and potential output if all the prices and wages are flexible and can adjust. In the long run, the economy will reach this equilibrium naturally.
The output gap occurs when the actual output is not equal to the natural rate of output. It is measured as the percentage difference between actual and natural rates of output. When output falls below the natural rate, there is a negative output gap.
To stabilize output, the Federal Reserve may use monetary policy tools such as changing the interest rates, opening market operations, and changing the money supply. In the case of a decrease in U.S. investments, the output will fall below the natural rate, and there will be a negative output gap. Thus, the Federal Reserve should use expansionary monetary policy to increase the money supply and stimulate investment, which will, in turn, increase output.
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canula discounte rate i 18% canula uses the straight line method of depreciation using net present value analysis which company machine should cannula purchase and what us the approximate difference between the net present
The higher NPV is of machine B which means that Cannula should purchase machine B.
In order to determine which machine to purchase and the approximate difference between the net present value using the straight-line method of depreciation, we need more information.
Specifically, we need to know the cost and expected life of each machine. With that information, we can calculate the annual depreciation expense using the straight-line method and then use net present value analysis to compare the two machines.
To calculate annual depreciation using the straight-line method, we use the following formula:
Annual Depreciation = (Cost - Salvage Value) / Expected Life
With that in mind, let's say there are two machines: Machine A and Machine B. Machine A costs $20,000 and is expected to have a life of 5 years with no salvage value. Machine B costs $30,000 and is expected to have a life of 7 years with a salvage value of $5,000.
To calculate the annual depreciation for each machine:
Machine A:
Annual Depreciation = ($20,000 - $0) / 5 years = $4,000 per year
Machine B:
Annual Depreciation = ($30,000 - $5,000) / 7 years = $3,571.43 per year
Using a discount rate of 18%, we can calculate the net present value for each machine:
Machine A:
Net Present Value = ($4,000 / (1 + 0.18)^1) + ($4,000 / (1 + 0.18)^2) + ($4,000 / (1 + 0.18)^3) + ($4,000 / (1 + 0.18)^4) + ($4,000 / (1 + 0.18)^5) = $12,821.31
Machine B:
Net Present Value = ($3,571.43 / (1 + 0.18)^1) + ($3,571.43 / (1 + 0.18)^2) + ($3,571.43 / (1 + 0.18)^3) + ($3,571.43 / (1 + 0.18)^4) + ($3,571.43 / (1 + 0.18)^5) + ($3,571.43 / (1 + 0.18)^6) + ($8,571.43 / (1 + 0.18)^7) = $20,500.97
Therefore, based on these calculations, Cannula should purchase Machine B, as it has a higher net present value. The approximate difference between the net present values is: $20,500.97 - $12,821.31 = $7,679.66.
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.A contract involves contracting fleets of shipping vessels, trucks, and aircraft to provide regional, long-haul, and international shipments of the customers goods.
1.) How would you record an impact to a company that is in contract with other corporations that may OR may NOT convey the right to control the use of the identified asset?
2.) Does a contract like this contain an identified asset?
1.) **Recording the Impact of Contractual Rights to Control an Asset**: When a company is in a contract with other corporations that may or may not convey the right to control the use of the identified asset, the impact on the company should be recorded based on the nature of the contractual arrangement. If the contract grants the company control over the identified asset, it would typically be recorded as an asset on the company's balance sheet. Conversely, if the contract does not confer control, the company would not record the asset but may disclose the contractual rights and obligations in the notes to the financial statements. The impact on the company's financial position and performance should be appropriately assessed and disclosed, ensuring compliance with relevant accounting standards.
In more detail: When a company enters into a contract that may or may not convey the right to control an identified asset, the accounting treatment depends on whether the company obtains control over the asset. Control generally involves the ability to direct the use of the asset and obtain its benefits. If the company has the right to control the asset, it would be considered as an asset on the balance sheet, and any associated liabilities, such as lease obligations, would also be recognized. This could include recording the leased fleets of shipping vessels, trucks, and aircraft as assets, along with any related obligations.
On the other hand, if the contract does not grant the company control over the asset, the company would not recognize the asset itself, but instead disclose the contractual rights and obligations in the notes to the financial statements. This allows for transparency and provides relevant information to the users of the financial statements. The impact of the contract on the company's financial position and performance should be carefully evaluated and disclosed appropriately to ensure compliance with applicable accounting standards, such as the International Financial Reporting Standards (IFRS) or the Generally Accepted Accounting Principles (GAAP) in the respective jurisdiction.
2.) **Identification of Assets in the Contract**: Yes, a contract involving contracting fleets of shipping vessels, trucks, and aircraft for regional, long-haul, and international shipments of customer goods typically contains identified assets. The identified assets in this contract would include the fleets of shipping vessels, trucks, and aircraft that are being contracted for use. These assets are specifically mentioned and agreed upon in the contract between the company and the other corporations involved. The contract would outline the terms and conditions regarding the use, maintenance, and responsibilities related to these assets. Identifying the assets in the contract is crucial for determining the rights and obligations of the parties involved, as well as for proper accounting treatment and disclosure.
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What is considered essential to the growth of Ty's business? a. Not overspending on costs b. Finding the right people C. Building a strong relationship with people d. Building a strong relationship with investors
Building a strong relationship with people, including finding the right people and building strong relationships with investors, is considered essential to the growth of Ty's business.
Option C, "Building a strong relationship with people," encompasses both finding the right people and building a strong relationship with investors, which are crucial for the growth of Ty's business.
Finding the right people refers to recruiting and retaining talented individuals who possess the skills, expertise, and cultural fit necessary for the success of the business. Having the right team can drive innovation, productivity, and efficiency, leading to business growth and success.
Building a strong relationship with investors is essential for securing financial support, resources, and strategic guidance. Investors provide capital and expertise that can fuel the growth of the business, help expand operations, and support new initiatives. Maintaining a strong relationship with investors involves effective communication, transparency, and delivering on commitments, which builds trust and credibility.
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You are considering whether to pursue a higher degree after you finish your college study. The tuition for a two-year master program is 10000, andyourmonthlyincomewillbe 100 higher in the first 10 years after your graduation. Ignoring other gains, will you choose to take part in this program if the interest rate is 6967
As the NPV is negative, it is not a good choice to pursue a higher degree program at an interest rate of 6967.
The given tuition for a two-year master program is $10000 and the monthly income will increase by $100 in the first ten years after graduation. We need to find out if it is a good choice to pursue a higher degree if the interest rate is 6967. Therefore, we need to calculate the net present value (NPV) of the investment. If the NPV is greater than zero, then it is a good choice to pursue the higher degree program.
Formula for NPV: NPV = -Initial Cost + Sum of (Cash Inflow / (1+Interest Rate)ⁿ)
Where n is the year of cash inflow.
Here,
Initial Cost = $10000
Cash Inflow (monthly) = $100
Interest rate = 6967%
We have to calculate the present value of cash inflow for the first 10 years. Therefore,
NPV = -$10000 + ($100 / (1 + 0.6967/12)¹ + $100 / (1 + 0.6967/12)² + … + $100 / (1 + 0.6967/12)¹⁰)
NPV = -$10000 + ($100 / 1.0583¹ + $100 / 1.1180² + … + $100 / 1.8408¹⁰)
NPV = -$10000 + ($100 / 1.0583 + $100 / 1.1180² + … + $100 / 1.8408¹⁰)
NPV = -$10000 + ($94.45 + $89.21 + … + $54.20)
NPV = -$10000 + $790.56
NPV = -$9209.44
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ABC Enterprises (a partnership business) sells its products on cash as well as credit; the following relevant information has been extracted from its books: Gross Sales $ 2,00,000; Cash Sales $ 40,000; Sales Returns (from credit sales) $ 14,000; Total Debtors and Bills Receivables as on March 31, 2015 were $ 18,000 and $ 4,000 respectively. On the same date Provision for Doubtful Debts were $ 2,000 and Total Trade Payables were $ 20,000. Calculate the Trade Receivable Turnover Ratio.
The Trade Receivable Turnover Ratio for ABC Enterprises is 10. This ratio indicates that, on average, the company collects its receivables 10 times during the given period.
To calculate the Trade Receivable Turnover Ratio, we need to determine the average accounts receivable balance. This can be calculated by taking the average of the beginning and ending accounts receivable balances. In this case, the beginning accounts receivable balance is $18,000 and the ending accounts receivable balance is $18,000 + $4,000 = $22,000.
Average Accounts Receivable = (Beginning Accounts Receivable + Ending Accounts Receivable) / 2
Average Accounts Receivable = ($18,000 + $22,000) / 2
Average Accounts Receivable = $20,000
Now, we can calculate the Trade Receivable Turnover Ratio using the formula:
Trade Receivable Turnover Ratio = Gross Sales / Average Accounts Receivable
Gross Sales = $200,000
Average Accounts Receivable = $20,000
Trade Receivable Turnover Ratio = $200,000 / $20,000
Trade Receivable Turnover Ratio = 10
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The Consumer Financial Protection Bureau is empowered to sue business owners in court or — at its sole discretion — subject business owners to an administrative-enforcement hearing, administered by the CFPB. Those in-house decisions can be appealed to the CFPB’s director. After the director’s decision a business owner may then appeal to the regular courts. Courts are required to defer to the CFPB’s factual findings and legal conclusions. In Seila Law v. CFPB the U.S. Supreme Court considered whether the vesting of substantial executive authority in the Consumer Financial Protection Bureau, an independent agency led by a single director, violates the separation of powers. This case was decided in June 2020. Please read about this case (do several web searches). Discuss, using external sources to back up your assertions, whether or not the legislative and executive functions of agencies are contemplated within the constitutional authority granted the executive and legislative branches, and whether, in your informed opinion, the CFPB should be left as is, or disbanded, or restricted in a way that everyone may agree meets constitutional standards. Resource Video: http://thebusinessprofessor.com/authority-for-administrative-agency-functions/
The Supreme Court ruled that the CFPB's leadership structure was unconstitutional, but it did not dismantle the agency. It is debated whether to remain as is or be subject to restrictions.
The case of Seila Law v. CFPB raised questions about the separation of powers and the concentration of executive authority within independent agencies like the CFPB. The Court held that the CFPB's structure, with a single director removable only for cause, violated the Constitution's separation of powers principles. However, the Court did not abolish the agency and instead severed the provision regarding the removal of the director, allowing the CFPB to continue its operations.
To assess whether the legislative and executive functions of agencies are constitutionally sound, it is necessary to examine the broader context of the separation of powers and checks and balances. The Constitution grants the legislative branch the authority to create agencies and delegate certain powers, while the executive branch is responsible for executing and enforcing laws. The question arises when the concentration of executive authority within independent agencies potentially infringes upon the executive's power to control and remove agency heads.
The appropriate course of action for the CFPB, in light of constitutional standards, is a subject of debate. Some argue for stricter oversight and accountability mechanisms to align with constitutional principles, such as subjecting the CFPB's director to removal by the President without cause. Others advocate for the agency's complete disbandment or restructuring to ensure greater balance among the branches of government.
In conclusion, the Seila Law v. CFPB case highlights the need to carefully consider the constitutional authority granted to administrative agencies and the balance of power among the branches of government. Determining the future of the CFPB requires a thorough evaluation of its structure and functions, taking into account constitutional principles and the goal of maintaining effective consumer protection.
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On January 1, 2017, Assembly System Corporation's Retained Earnings account had a balance of $275,000. During 2017, cash dividends of $50,000 were declared and stock dividends with a market value of $40,000 were declared. Net income for 2017 amounted to $120,000.
What is the balance in Retained Earnings appearing on the statement of shareholders' equity on December 31, 2017?
Question 5 options:
$345,000
$305,000
$185,000
$395,000
Question 6 (1 point)
The Air Heart Corporation (legal business number of AH73,351,826) has sales revenue of $2.31 million, variable costs of $1.23 million, and fixed costs of $463,000.
What amount of sales, in units, are required for the firm to earn an operating income of $459,000? The company sells a single product with a sales price of $1,000.
Round to the nearest unit and enter your answer with NO dollar signs, commas, or spaces. For example, if the answer was 150,462.35 you would just enter 150462 in the box provided!
Your Answer:
Question 7 (1 point)
At the beginning of 2021, Mark's Manufacturing had the following estimates for it's three departments
Mixing Grinding Assembly TOTAL
Manufacturing Overhead $800,000 $600,000 $900,000 $2,300,000
Direct Labour Cost $400,000 $500,000 $600,000 $1,500,000
Direct Labour Hours 20,000 25,000 30,000 75,000
Machine Hours 30,000 40,000 8,000 78,000
A single plant-wide predetermined manufacturing cost driver rate based on direct labour hours is:
Question 7 options:
$30.67 per direct labour hour
$24.00 per direct labour hour
$40.00 per direct labour hour
$30.00 per direct labour hour
$29.49 per direct labour hour
Tropicana (legal business name of #BN134,993,314) had 38,000 litres of orange juice concentrate in ending WIP Inventory. Materials are added at the beginning of the process. What are the equivalent units in ending WIP Inventory for conversion costs if the orange juice concentrate is only 29% through the process?
Your Answer:
Which of the following is not true of the terms debit and credit?
Question 9 options:
They can be interpreted to mean left and right.
They can be used to describe the balance of an account.
They can be abbreviated as Dr. and Cr.
They can be interpreted to mean increase and decrease.
Deferred revenues are classified as
Question 10 options:
revenue on the statement of income.
assets on the statement of financial position.
expenses on the statement of income.
liabilities on the statement of financial position.
shareholders' equity on the statement of financial position.
Answer 1) The balance in Retained Earnings appearing on the statement of shareholders' equity on December 31, 2017 is $305,000.
Answer 2) The amount of sales, in units, required for the firm to earn an operating income of $459,000 is 1,145 units.
Answer 3) The single plant-wide predetermined manufacturing cost driver rate based on direct labor hours is $30.00 per direct labor hour.
Answer 4) The equivalent units in ending WIP Inventory for conversion costs if the orange juice concentrate is only 29% through the process is 10,920 liters.
Answer 5) "They can be interpreted to mean increase and decrease" is not true of the terms debit and credit.
Answer 6) Deferred revenues are classified as liabilities on the statement of financial position.
Answer 1) Balance in Retained Earnings appearing on the statement of shareholders' equity on December 31, 2017 is $305,000
Calculation:
Opening Balance of Retained Earnings = $275,000
Less: Cash Dividends = $50,000
Less: Stock Dividends with a market value of $40,000
Net Income for the year 2017 = $120,000
Closing Balance of Retained Earnings appearing on the statement of shareholders' equity on December 31, 2017= $275,000 - $50,000 - $40,000 + $120,000= $305,000
Answer 2) The amount of sales, in units, required for the firm to earn an operating income of $459,000 is 1,145 units.
Calculation:
Selling Price per unit = $1,000Variable Cost per unit = $1,230,000 / (2,310,000 / $1,000) = $533.33
Contribution Margin per unit = Selling Price per unit - Variable Cost per unit = $1,000 - $533.33 = $466.67Fixed Costs = $463,000
Operating Income = $459,000Using the formula, we get:Operating Income = (Contribution Margin per unit x Q) - Fixed CostsQ = (Fixed Costs + Operating Income) / Contribution Margin per unitQ = ($463,000 + $459,000) / $466.67 = 1,145 units
Therefore, the amount of sales, in units, required for the firm to earn an operating income of $459,000 is 1,145 units.
Answer 3) The single plant-wide predetermined manufacturing cost driver rate based on direct labor hours is $30.00 per direct labor hour.
Calculation:
Manufacturing Overhead Cost / Direct Labor Hours = Manufacturing Overhead Cost Driver Rate per Direct Labor Hour$2,300,000 / 75,000 = $30.67 per direct labor hour
$1,500,000 / 75,000 = $20 per direct labor hour
$78,000 / 75,000 = $1.04 per direct labor hour
Predetermined Manufacturing Cost Driver Rate per Direct Labor Hour = $2,300,000 / 75,000
Predetermined Manufacturing Cost Driver Rate per Direct Labor Hour = $30.00 per direct labor hour
Therefore, the single plant-wide predetermined manufacturing cost driver rate based on direct labor hours is $30.00 per direct labor hour.
Answer 4) The equivalent units in ending WIP Inventory for conversion costs if the orange juice concentrate is only 29% through the process is 10,920 litres.
Calculation:
Equivalent Units of Production = Units in Ending Work in Process x Percentage of CompletionOrange Juice Concentrate Equivalent Units = 38,000 litres x 29%
Orange Juice Concentrate Equivalent Units = 11,020 litres
Hence, the equivalent units in ending WIP Inventory for conversion costs if the orange juice concentrate is only 29% through the process is 10,920 litres.
Answer 5) They can be interpreted to mean increase and decrease is not true of the terms debit and credit.
Answer 6) Deferred revenues are classified as liabilities on the statement of financial position.
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QUESTION 5 A monopoly faces the following demand curve: Q(P) = 20,007-247P Its total cost function is: C(Q)= $2675 +37Q Calculate the profit maximizing quantity.
A monopoly is an industry that is composed of only one organization that can offer a particular product or service. Monopolies faces several challenges that make it difficult to regulate.
Here are the calculations to find the profit-maximizing quantity.Q(P) = 20,007 - 247PFor profit maximization, marginal revenue must be equal to marginal cost.Marginal revenue is the derivative of total revenue, and marginal cost is the derivative of total cost. Hence,Marginal Revenue = dTR / dQ = 20,007 - 494QTotal Cost = C(Q) = 2675 + 37QThe Marginal Cost = dC / dQ = 37Therefore, Marginal Revenue (MR) = Marginal Cost (MC)20,007 - 494Q = 37Q
Therefore, 531Q = 20,007Q = 37.67 ≈ 38Profit Maximizing Quantity = Q ≈ 38 unitsHence, the profit-maximizing quantity is approximately 38 units. We can determine the monopoly's profit by substituting the profit-maximizing quantity into either the total revenue or total cost function. We will use the total cost function.Cost = $2675 + 37Q = $2675 + 37(38)Cost = $2675 + $1406 = $4081Revenue = P x Q = P (38)Profit = Revenue - CostProfit = PQ - C(Q)Profit = P (38) - $4081.
Now, we need to know the value of P to determine the profit. To do this, we can use the demand function.Q(P) = 20,007 - 247PSetting this equal to the profit-maximizing quantity and solving for P,38 = 20,007 - 247P247P = 20,007 - 38P = 81The profit can now be determined:Profit = P (38) - $4081Profit = $81 (38) - $4081Profit = $1918Therefore, the profit-maximizing quantity is approximately 38 units, and the profit is $1918.
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we are going to examine how greater demand elasticity affects the Mark-up Index (MI=(P-MC)/MC). You are given two alternative demand functions for ManuProd International: P=250-6.57*Q P=250-1.65*Q
Demand elasticity and mark-up indexLet us examine how greater demand elasticity affects the mark-up index (MI=(P-MC)/MC).We are given two alternative demand functions for ManuProd International:
P=250-6.57*Q P=250-1.65*Q.Now, we have to determine the MI for each function at Q=1,000, MC=80, and Q=10,000, MC=60.When Q=1,000, MC=80Demand function: P=250-6.57*QP=250-6.57(1,000)P=250-6,570P=2430Now,MI=(P-MC)/MC=(2430-80)/80= 29.125When Q=10,000, MC=60Demand function: P=250-6.57*QP=250-6.57(10,000)P=250-65,700P=182.3Now,MI=(P-MC)/MC=(182.3-60)/60=2.037Therefore, the MI for P=250-6.57*Q when Q=1,000, MC=80 is 29.125 and the MI for P=250-6.57*Q when Q=10,000, MC=60 is 2.037.
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A monopoly firm has the following demand and total cost functions: P= 9 -0.250 TC = 124 - 160 + Q2. What are monopolist's profits? a. Profits $10 b. Profits =$1 c. Profits -$15 d. Profits = $20 e. None of the above 15. During spring break, students have an elasticity of demand for a trip to Cancun of-5. How much should an airline charge student for a ticket if the price it charges the general public is $400? Assume the general public has an elasticity of -2. a $260 b. $210 c. $280 d. $250
Monopolist's profit, The demand function of the firm is: P= 9 - 0.250Q, where P is the price and Q is the quantity demanded, which means correct answer is option E.
What is the reason?The total cost function of the firm is:
TC = 124 - 160 + Q2,
where, TC is the total cost of production and Q is the quantity produced.
The monopolist's profits are given by the formula:
Π = TR - TC,
Where-
Π is the profit,
TR is the total revenue,
and TC is the total cost of production.
The total revenue of the firm is:
TR = P × Q,
Substitute P = 9 - 0.250Q,
TR = (9 - 0.250Q) × QTR = 9Q - 0.250.
Q2The total cost of production of the firm is:
TC = 124 - 160 + Q2TC = Q2 - 36.
Thus, the monopolist's profit function is:
Π = TR - TCΠ
= (9Q - 0.250Q2) - (Q2 - 36)
Π = 9Q - 0.250Q2 - Q2 + 36Π
= -1.250Q2 + 9Q + 36.
Take the derivative of Π with respect to Q and set it equal to zero to find the profit-maximizing level of output.
Π' = -2.500Q + 9
= 0-2.500
Q = -9Q
= 3.60
Substitute-
Q = 3.60 into the profit function to find the maximum profit:
Π = -1.250(3.60)2 + 9(3.60) + 36Π
= -18.90 + 32.40 + 36Π
= $49.50.
The monopolist's profits are $49.50.
Therefore, the correct option is e. None of the above.
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