Collaborative glossary of terms related to diverse sports laws: Contract: A legally binding agreement between two or more parties that outlines the rights, obligations,
and responsibilities of each party regarding the provision of goods or services in the sports industry.
Law: A system of rules and regulations enforced by a governing authority that governs conduct and provides a framework for resolving disputes in the sports context.
Collective Bargaining: The process by which representatives of athletes or sports teams negotiate with management or governing bodies to determine terms and conditions of employment, such as salaries, benefits, and working conditions.
Antitrust: Laws designed to promote fair competition and prevent monopolistic practices in the sports industry. These laws aim to ensure a level playing field for teams, athletes, and stakeholders.
Intellectual Property: Legal rights that protect creations of the mind, such as trademarks, copyrights, and patents, which are crucial in safeguarding the commercial interests and branding of sports organizations, teams, and athletes.
Collaborative efforts can further enhance this glossary by adding definitions, examples, or additional terms related to diverse sports laws.
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Explicit and implicit costs: Juan and Julia contributed $50,000 of their own money to the company They bought equipment for $3,000 They hired an employee with a salary of $20,000 Juan quit his job where he earned $30,000 Julia quit part of her job where she earned $15,000 Purchases of materials for the business were $10,000 At the end of the year the value of the equipment is $28,000 · A business loan of $100,000 pays 6% annual interest Based on the data, what is the implicit cost?
The implicit cost is the sum of Juan’s salary ($30,000), Julia’s part-time job ($15,000), and the equipment value at the end of the year ($28,000). Therefore, the implicit cost is $73,000.
The costs in a business can be classified as explicit and implicit costs. Explicit costs are the expenses that a firm or business incurs, such as wages, salaries, and rent, that require a monetary payment. In contrast, implicit costs are the opportunity costs that a business incurs, such as the income foregone by business owners and/or their partners when they opt to start or operate a company instead of an alternative job or investment opportunity.
Juan and Julia contributed $50,000 of their own money to the company, which is an implicit cost of the business. This is because the $50,000 could have been invested in another venture and earned income for the business owners. They bought equipment for $3,000, which is an explicit cost that requires a monetary payment. The purchase of materials for the company amounted to $10,000, which is also an explicit cost.
They hired an employee with a salary of $20,000, which is an explicit cost because it requires monetary payment. Juan quit his job, where he earned $30,000 annually, which is an implicit cost since the company foregoes this potential income. Julia also quit a part-time job where she earned $15,000 per annum, which is another implicit cost. At the end of the year, the value of the equipment was $28,000, which is an implicit cost.
This is because the business would have received this money if they sold the equipment instead of keeping it, which is an opportunity cost since the equipment could have been used elsewhere. A business loan of $100,000 with a 6% annual interest rate is another explicit cost since the business will have to pay the loan plus the interest charged.The implicit cost can be calculated by adding all the potential incomes foregone by the business and its owners.
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On May 16th,2021, the closing price of target stock was $75.83. A put option with strike price X=70.00 and maturity date June 15th, 2021 costs $0.78. Assume a continously- compounded risk-free rate of 0.0176(1.76%) per annum. Further, assume that the options are European and that the stock does not pay dividends. Assuming there were 21 trading days between May 16th and June 15th and assuming 252 trading days in a year. If put-call parity holds, what should the price of the call option be ?
Call Option Price ≈ $0.78 + $75.83 - F
to obtain the exact value of the call price, you would need to calculate the forward price and perform the final calculation using the given values and the formula mentioned above.
To determine the price of the call using put-call parity, we need to calculate the value of the call and the value of the put .
Given information:Closing price of Target stock on May 16th, 2021: $75.83
Strike price of the put : X = $70.00Cost of the put : $0.78
Risk-free rate: 0.0176 per annumNumber of trading days between May 16th and June 15th: 21
Number of trading days in a year: 252
First, we need to calculate the time to maturity (T) in years:T = Number of trading days / Number of trading days in a year
T = 21 / 252T ≈ 0.0833
Next, we calculate the forward price (F) using the put-call parity equation:
[tex]F = X * e⁽ʳ*T⁾F = $70.00 * e⁽⁰.⁰¹⁷⁶ * ⁰.⁰⁸³³⁾[/tex]
Now, we can calculate the value of the call using put-call parity:
Call Option Price = Put Option Price + Stock Price - Forward PriceCall Option Price = $0.78 + $75.83 - F
Substituting the calculated values:
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Consider the market demand for computers in which the initial demand curve and supply curves are given by the following equations where Q refers to the quantity of computers and P is the price per computers in Demand Curve: QP-1050-2P Supply Curve: Q³-P-300 a) What is the initial equilibrium price and quantity in this market? Show your work. b) Now suppose the demand curve shifts to the right and can now be expressed by the equation: New Demand curve: Q2 = 1200-2P Find the equilibrium price and quantity in the following cases, and for each case, show your work. The supply curve remains the same, i.e. Q1S-P-300 ii) The supply curve shifts to the right and is now expressed by the equation: Q2S-P-90 iii) The supply curve shifts to the right and is now expressed by the equation: Q3S - P - 150 c) What do you observe about the equilibrium quantity in each case in (b) with the initial equilibrium in (a)? What about the equilibrium price? d) Given the increase in demand from the initial demand curve to the new demand curve, how big did the horizontal increase in the quantity supplied need to be in order to return the price in the market to its original equilibrium level? In your answer, assume that the new supply is parallel to the initial supply curve: that is, the two supply curves have the same slopes.
a) To find the initial equilibrium price and quantity, we set the demand and supply equations equal to each other and solve for P and Q:
Demand curve: QD = QP - 1050 - 2P
Supply curve: QS = Q³ - P - 300
Setting QD equal to QS:
QP - 1050 - 2P = Q³ - P - 300
Simplifying the equation:
Q³ - QP + P - 2P + 300 - 1050 = 0
Combining like terms:
Q³ - QP - P + 250 = 0
We don't have enough information to solve for the exact equilibrium price and quantity without additional information or values for Q. However, we can proceed to the next parts of the question.
b) i) New Demand curve: Q2 = 1200 - 2P
Supply curve: Q1S = Q - P - 300
Setting Q2 equal to Q1S:
1200 - 2P = Q - P - 300
Simplifying the equation:
Q - P + 2P - Q + 900 = 0
Combining like terms:
P + 900 = 0
Solving for P:
P = -900
Since the price cannot be negative, this scenario does not have an equilibrium.
ii) New Demand curve: Q2 = 1200 - 2P
Supply curve: Q2S = Q - P - 90
Setting Q2 equal to Q2S:
1200 - 2P = Q - P - 90
Simplifying the equation:
Q - P + 2P - Q + 1110 = 0
Combining like terms:
P + 1110 = 0
Solving for P:
P = -1110
Again, since the price cannot be negative, this scenario does not have an equilibrium.
iii) New Demand curve: Q2 = 1200 - 2P
Supply curve: Q3S = Q - P - 150
Setting Q2 equal to Q3S:
1200 - 2P = Q - P - 150
Simplifying the equation:
Q - P + 2P - Q + 1350 = 0
Combining like terms:
P + 1350 = 0
Solving for P:
P = -1350
Similarly, the price cannot be negative, so this scenario does not have an equilibrium.
c) In all the cases presented in (b), there is no equilibrium price because the resulting prices are negative. Therefore, there is no comparison to be made between the equilibrium quantity in each case and the initial equilibrium in (a).
d) Since there is no equilibrium price in the cases presented in (b), we cannot determine the horizontal increase in the quantity supplied needed to return the price in the market to its original equilibrium level.
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Would we expect the demand for labor to slope downward? O Yes, at a lower wage we would expect firms to substitute relatively cheaper labor for more expensive inputs (like capital). O No, at a lower wage the marginal product of labor would be lower and less valuable for firms. O Yes, at a higher wage the marginal product of labor should be higher and more labor will be employed. O No, at a higher wage the marginal cost of labor is higher. O No, at lower wages alternative inputs (like capital) provide less costly ways of creating output.
Yes, at a lower wage we would expect firms to substitute relatively cheaper labor for more expensive inputs (like capital).
The demand for labor is influenced by various factors, including the wage rate and the cost of alternative inputs, such as capital. When the wage rate decreases, firms may find it more cost-effective to substitute labor for other more expensive inputs, such as capital.
To explain this further, the substitution effect comes into play. If the wage rate decreases, the cost of labor becomes relatively cheaper compared to other inputs. As a result, firms are more likely to increase their demand for labor and reduce their demand for other inputs.
This substitution effect is driven by firms' desire to minimize costs and maximize profits. By substituting relatively cheaper labor for more expensive inputs, firms can achieve cost savings and improve their overall productivity.
The demand for labor would slope downward as a lower wage would lead firms to substitute relatively cheaper labor for more expensive inputs, such as capital.
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In this ISU, you will demonstrate your understanding of the critical points of the accounting cycle and production of key financial statements. You will create and complete your own accounting exercise for a service-based business. The business will begin as of June 1, 2020 and will have a year-end of December 31, 2020. This may be a professional business such as a law firm or consulting firm, or a service business such as a housepainter, dog walker, hairstylist, landscaper, etc. Your business may not sell products - just services. You will have an initial (opening entry) as of June 1, 2020 of $65,000 in cash. Requirement One Provide an overview of your newly opened business. Discuss your revenue sources and your main business activities (2 paragraphs). Requirement Two Create a Chart of Accounts for your business. There must be at least 15 accounts, can be a few more but you must include current assets; long-term assets; current liabilities; long term liabilities; capital account; drawings account; revenue account(s) and at least 4 expense accounts. Include HST Payable and HST Recoverable, Depreciation and Accumulated depreciation. Requirement Three Create and journalize at least 15 relevant financial transactions. All must be completed and include source document references, explanations, dollar values, etc. Source documents must be presented - For example: an invoice, a receipt or a cheque, a bank advice etc. * At least 2 must include sales and purchase taxes, where HST Payable and HST Recoverable are utilized → At least 2 must be compound entries that do not include sales taxes. * You must calculate and record year-end adjusting entries for depreciation on one long-term asset- Use the Declining Balance method with the government recommended rate * You should consider that the business is a start-up. Consider what you would need to purchase, or finance, to achieve your business' goals and the required financial structure noted in Requirement Two. Requirement Four Create and journalize 3 adjusting entries and all closing entries for year end. Adjusting entries must include physical count adjustments, prepaid expenses, and late arriving invoices. Requirement Five → Post all Journal entries to Ledger Accounts Requirement Six Produce end-of-year Trial Balance Financial Statements Business Home Renovation Shoe Cleaning Services Barbershop Phone Repairs Car Service Repairs Window Repairs Daycare
Requirement One:Overview of newly opened business:Business: Shoe Cleaning ServicesShoe Cleaning Services, as the name suggests, is a company providing shoe cleaning services.
The business aims to cater to the people of the area who are conscious of their shoes and need a good shoe cleaning service. The company will offer its services to customers in their area or home. In addition to shoe cleaning services, the company will also sell shoe cleaning products.Revenue sources:The main source of revenue for the company will be the service charges for cleaning shoes. The company will charge a fee per pair of shoes cleaned. There will also be revenue from the sale of shoe cleaning products.Business Activities:The main business activities of the company will be providing shoe cleaning services and selling shoe cleaning products.Requirement Two:Chart of Accounts for the business:Shoe Cleaning Services' Chart of Accounts:Requirement Three:Journalizing relevant financial transactions:Journal Entry #1:Owner invested $25,000 in the business, issuing common shares of the company. (June 1, 2020)Journal Entry #2:The company rented a building for $7,000 per month and signed a six-month lease, paying the landlord the first month's rent. (June 1, 2020)Journal .The company paid $3,000 to furnish the rented building. (June 1, 2020)Journal Entry #4:The company purchased cleaning equipment for $7,000, paying $4,000 in cash and the rest on account. (June 3, 2020)Journal .
The company purchased supplies worth $500 on account. (June 5, 2020)Journal Entry #6:Provided shoe cleaning services to clients worth $6,000, of which $2,500 was received in cash and the rest was put on account. (June 10, 2020)Journal Entry #7:The company paid $500 cash for its internet connection. (June 12, 2020)Journal Entry #8:The company purchased additional cleaning equipment for $2,000 on account. (June 15, 2020)Journal Entry #9:Paid $2,000 to suppliers for cleaning supplies on account. (June 20, 2020)Journal Entry #10:The company paid $3,000 cash to employees for salaries and wages. (June 30, 2020)Journal Entry #11:Received $3,000 from clients who had earlier put their accounts on hold. (July 10, 2020)Journal Entry #12:The company paid a dividend of $500 to its shareholders. (July 15, 2020)Journal Entry #13:The company purchased a $10,000 van with a down payment of $3,000 and the rest on account. (August 1, 2020)Journal Entry #14:The company provided cleaning services worth $5,000 to customers on account. (August 10, 2020)Journal Entry #15:The company paid its supplier $2,500 for cleaning supplies purchased on account. (August 20, 2020)Requirement Four:Creating and journalizing 3 adjusting entries and all closing entries for year-end:Journal Entry #1:Accrued the salaries and wages payable for the year to $1,000. (December 30, 2020)Journal Entry #2:Accrued HST payable of $250 on services provided to customers. (December 30, 2020)Journal Entry #3:The company's computer equipment had a cost of $4,500, with a residual value of $1,500 and an estimated useful life of three years.
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Which of the following is a positive aspect of advertising for
consumers?
A. It increases the profits for the company.
B. It provides information that might be useful to the
customers.
C. Advertising
According to the question The correct option is B. It provides information that might be useful to the customers. Advertising plays a crucial role in providing information that can be useful to consumers.
It serves as a medium to convey details about products or services, including their features, benefits, pricing, availability, and promotional offers. Through advertising, consumers can become aware of new products in the market, compare different options, and make informed purchasing decisions.
By presenting information in a clear and compelling manner, advertising helps consumers understand the value and utility of a product. It educates them about the product's attributes, such as its quality, performance, durability, and unique selling propositions. This information empowers consumers to make choices that align with their needs, preferences, and budget advertising also
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a firm that faces the duopolists' dilemma can avoid the dilemma by
A firm that faces the duopolist's dilemma can avoid the dilemma by differentiating its products from its competitors. A product differentiation strategy is a business technique that distinguishes the products or services provided by a firm from those provided by its rivals.
Explanation:When two companies engage in competition, each one must determine whether to collaborate or compete with the other. When two companies agree to collaborate, they form a duopoly, which can result in lower prices and increased profits. However, in most cases, the companies compete with each other. Duopolist's dilemma arises when both companies compete aggressively for market share, resulting in reduced profits for both companies.The best solution for a company that is facing duopolist's dilemma is product differentiation. A company may avoid direct competition by offering a unique product or service that cannot be found anywhere else. This will help the firm establish a loyal customer base and, as a result, increase profits.
A firm that faces the duopolist's dilemma can avoid the dilemma by differentiating its products from its competitors. When two companies engage in competition, each one must determine whether to collaborate or compete with the other. Duopolist's dilemma arises when both companies compete aggressively for market share, resulting in reduced profits for both companies. A product differentiation strategy is a business technique that distinguishes the products or services provided by a firm from those provided by its rivals. The best solution for a company that is facing duopolist's dilemma is product differentiation.
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Ker & Nick Consulting's partners equity accounts reflected the following balances on August 31, 2020: $ 84,000 203,000 Lee and Kalpakan share profit/losses in a 23 ratio, respectively. On September 1, 2020, Liam Court is admitted to the partnership with a cash investment of $123.000 Required Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given: a. A 30% interest in equity Vw transaction list Journal entry worksheet 1 Record the admission of new partner Date Debit Credit Sep 01, 2020 View general j General Journal Clear entry 4 b. A 20% interest in equity View transaction list Journal entry worksheet < 1 Record the admission of new partner. te Exter debits before credits Date General Journal Sep 01, 2020 Recont entry CA 50% interest in equity Clear entry Debit Credit View general journal
The journal entry to record the admission of Liam to Ker & Nick Consulting under the assumption of a 30% interest in equity would be to debit Liam's Capital account for $36,900 and credit Lee's Capital account for $27,300 and Kalpakan's Capital account for $9,600. The journal entry to record the admission of Liam under the assumption of a 20% interest in equity would be to debit Liam's Capital account for $24,600 and credit Lee's Capital account for $18,200 and Kalpakan's Capital account for $6,400.
a. Assuming Liam is given a 30% interest in equity, we need to adjust the partners' capital accounts. The existing partners, Lee and Kalpakan, share profits and losses in a 23:77 ratio. The total profit sharing ratio is 100, so Liam's share will be 30%. To record Liam's admission, we debit Liam's Capital account for $36,900 (30% of $123,000) and credit Lee's Capital account for $27,300 (23% of $123,000) and Kalpakan's Capital account for $9,600 (77% of $123,000).
b. Assuming Liam is given a 20% interest in equity, we follow the same procedure as above, but adjust the percentages. Liam's share will be 20%. To record Liam's admission, we debit Liam's Capital account for $24,600 (20% of $123,000) and credit Lee's Capital account for $18,200 (23% of $123,000) and Kalpakan's Capital account for $6,400 (77% of $123,000). These journal entries reflect the adjustments made to the partners' capital accounts to include Liam's investment and distribute the ownership percentages among the partners.
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Time left 2:24:46 Associates and joint ventures (5 marks) Brown Ltd acquired a 27% interest in Black Ltd for $300,000 cash on 1 July 2019. The directors of Brown Ltd believe this investment represents significant influence over the investee. All the identifiable assets and liabilities of Black Ltd were recorded at fair value. Profits and dividends for the years ended 30 June 2020 were as follows. Profit after tax: $156,000 Dividend Paid: $28,800 Required: a)Prepare journal entries in the records of Brown Ltd for each of the years ended 30 June 2020 in relation to its investment in the associate, Black Ltd. (Assume Brown Ltd does not prepare consolidated financial statements.) (6 marks) b)Calculate the carrying amount of the investment in Black Ltd on 30 June 2020. (4 marks)
a) Journal entries for Brown Ltd for the years ended 30 June 2020 in relation to its investment in Black Ltd:
Year ended 30 June 2020:
1. To record share of profit from associate:
Profit from associate (27% * $156,000) $42,120
Investment in associate $42,120
2. To record receipt of dividend from associate:
Cash $8,160
Investment in associate $8,160
b) Carrying amount of the investment in Black Ltd on 30 June 2020:
The carrying amount of the investment is the initial investment cost plus the share of profit and minus any dividends received.
Initial investment cost $300,000
Share of profit (27% * $156,000) $42,120
Dividend received ($8,160)
Carrying amount of investment on 30 June 2020 $334,960
Therefore, the carrying amount of the investment in Black Ltd on 30 June
2020 is $334,960.
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Ak, Basol and Ziad are sharing income and loss in a 43.2 rabo respectively and decided to liquidate their partnership Por to the final detribution of cash to the partners, All has a capital balance of $(30,000), Basel has a capital balance of $72,000, and Zad has a capital balance of $108,000 Also, canh balance is $150,000 Ali is NOT able to pay the amount he owes the partnership. Which of the following two journal entries are right to record this liquidation case?
The appropriate journal entries to record this liquidation case would be to debit Ali's capital account for $30,000 and credit the partnership's allowance for doubtful accounts for $30,000.
In a partnership liquidation, the partners' capital accounts need to be adjusted to reflect the final distribution of cash to the partners. In this case, Ali is unable to pay the amount he owes the partnership, resulting in a loss for the partnership.
To record this liquidation case correctly, two journal entries can be made:
Debit Ali's capital account for $30,000: This entry reduces Ali's capital account by the amount he owes to the partnership. The debit entry signifies a decrease in Ali's capital balance.
Credit the partnership's allowance for doubtful accounts for $30,000: This entry establishes an allowance to account for the loss from Ali's inability to pay. The credit entry represents an increase in the allowance account.
By debiting Ali's capital account, his portion of the partnership's loss is recognized. The credit to the allowance for doubtful accounts reflects the expected loss from Ali's non-payment.
It's important to note that this entry assumes the partnership had previously established an allowance for doubtful accounts or a similar reserve to account for potential losses. If such an account does not exist, an alternative approach would be to debit the partnership's loss account and credit Ali's capital account.
The liquidation process involves further journal entries to distribute the remaining cash to the partners and close out their capital accounts. However, the given information does not specify the final distribution and the treatment of any remaining assets or liabilities.
Therefore, the above journal entries address only the specific case of Ali's inability to pay his debt to the partnership.
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a) Over the past few years Oman has experienced central problems
of economy, list out the possible reason for the same and currently
what is the situation of Oman economy explain in detail.
Oman's economy has been facing central problems over the past few years. Among the possible reasons that may have contributed to the situation are declining oil prices, the decline of foreign investment, decreasing oil production, and population growth. Additionally, Oman’s economy is highly dependent on hydrocarbon, which accounts for nearly 70% of its GDP, with limited contributions from other sectors.
Oman’s current economic situation has been characterized by a contraction in the country's GDP growth, which has been negatively affected by declining oil production and prices. The government is currently undertaking a series of measures to promote economic growth, which includes diversification and modernization of the economy, increasing government investment in development projects, and improving the business environment to attract more foreign investors.
The government has implemented a number of economic reforms, including the introduction of value-added tax (VAT) and the reduction of subsidies on petroleum products and other utilities, which are designed to help Oman achieve its economic objectives. These measures have helped to improve the country’s fiscal position and have supported its long-term economic growth. To promote economic diversification, the government has launched several initiatives aimed at supporting small and medium-sized enterprises (SMEs), such as the SME Development Fund, which provides financing for startups and existing businesses. The government is also investing in infrastructure development, including the construction of new ports, airports, and highways, which are expected to support the growth of non-oil sectors.
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In recent years, Oman has faced several central problems in its economy. Some of the possible reasons for these challenges include Declining Oil Prices, Oil Dependency, and Fiscal Imbalances.
Oman heavily relies on oil as a major source of revenue. Fluctuations in global oil prices can significantly impact the country's economy. The decline in oil prices in recent years has put pressure on Oman's fiscal stability and economic growth.
Oman's economy has been heavily dependent on oil exports, which make up a significant portion of its revenue and GDP. This heavy reliance on oil makes the country vulnerable to oil price fluctuations and exposes it to risks associated with a single commodity-based economy.
Oman has faced fiscal imbalances due to reduced oil revenues and high government spending. The decline in oil prices has led to budget deficits and increased government debt, impacting the overall fiscal health of the country.
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In the Week 1 Discussion (also known as a small business scenario), you develop a specific business good or service. You should use this specific good or service for all of the remaining weeks, please do not change your good or service. If you applied for and obtained a patent, copy right, or some form of monopoly protection for your good or service. 1. Indicate what happens to the firm's demand curve for your good or service. 2. Describe how the monopoly price and quantity is different from the perfectly competitive price and quantity? 3. Discuss the prospects for your small business in the long run.
Obtaining a patent, copyright, or some form of monopoly protection for a good or service would significantly impact the firm's demand curve. The introduction of monopoly protection creates a barrier to entry, thus, preventing other firms from entering the market, increasing the demand for the good or service.
In a monopoly market, the firm has complete control over the price of the good or service, which makes it possible for the firm to set a price higher than the equilibrium price.
The quantity of output produced and sold by a monopolistic firm is lower, and the price is higher than in perfect competition. In a perfectly competitive market, the price is determined by the interaction of supply and demand; whereas, in a monopoly market, the firm has a degree of market power, which allows them to charge higher prices.
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When calculating an investment’s net present value, which table is used when the annual cash flows are even or equal?
Present value of 1 table.
Future value of an annuity table.
Future value of 1 table.
Present value of an annuity table.
When calculating an investment's net present value (NPV) with even or equal annual cash flows, the Present value of an annuity table is used.
The Present value of an annuity table provides the discount factors for each period of the cash flows, allowing for the calculation of the present value of a series of equal cash flows occurring at regular intervals. By multiplying the cash flow by the corresponding discount factor from the table for each period, and summing up these present values, the net present value of the investment can be determined.
The Present value of an annuity table is designed specifically for annuities, which involve a series of equal cash flows over a certain period. It takes into account the time value of money, reflecting the concept that money received or paid in the future is worth less than the same amount of money received or paid today.
Using the Present value of an annuity table helps in evaluating the profitability of investments by considering the timing and value of cash flows over time. It allows for a more accurate assessment of the investment's value by discounting future cash flows to their present value and providing a basis for comparing different investment options.
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The Chilton Corporation specializes in manufacturing one type of desk lamp. Chilton allocates variable manufacturing overhead costs on the basis of machine hours. Chilton budgeted 0.3 machine hours per lamp and allocates overhead at a rate of $1.90 per machine hour. Last year Chilton manufactured 19,000 lamps, used 7,600 machine hours and incurred actual overhead costs of $12,920. What was Chilton's variable manufacturing overhead efficiency variance last year? $3,610 favorable $1,520 unfavorable $3,610 unfavorable $1,520 favorable
To calculate the variable manufacturing overhead efficiency variance, we need to compare the actual machine hours used with the standard machine hours allowed and multiply the difference by the standard overhead rate.
Standard machine hours allowed = Budgeted machine hours per lamp * Actual number of lamps manufactured
= 0.3 machine hours per lamp * 19,000 lamps
= 5,700 machine hoursVariable manufacturing overhead efficiency variance = (Standard machine hours allowed - Actual machine hours used) * Standard overhead rateStandard overhead rate = $1.90 per machine hourVariable manufacturing overhead efficiency variance = (5,700 - 7,600) * $1.90
= -1,900 * $1.90
= -$3,610
The variable manufacturing overhead efficiency variance is -$3,610. Since the variance is negative, it indicates unfavorable performance. Therefore, the correct answer is $3,610 unfavorable.
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A properly developed organisational structure will help provide transparency within the organisation, ensuring the complete, timely disclosure of information and enhances competitive advantage for the organisation. Using practical examples and relevant theory, evaluate the applicability of ANY FOUR (4) organisational structures in realising the desired strategy in a competitive business environment. Advise managers on strategic mechanisms for promoting effective coordination of functions and divisions.
Organizational structures promote transparency and competitive advantage, while effective coordination can be achieved through communication, cross-functional teams, performance measurement, and leadership alignment.
Functional Structure: This structure groups employees by specific functions such as marketing, finance, and operations. It enhances specialization and efficiency within departments, enabling a focused approach to achieve the desired strategy. For example, a manufacturing company may have separate departments for production, quality control, and logistics, ensuring effective coordination and streamlined operations.
Divisional Structure: In this structure, the organization is divided based on products, services, or geographical locations. Each division operates as a separate entity, allowing for flexibility and adaptability to market demands. For instance, a multinational company may have divisions for different product categories or regions, enabling a tailored approach to cater to diverse customer needs.
Matrix Structure: The matrix structure combines functional and divisional structures, creating dual reporting lines. It facilitates cross-functional collaboration, resource sharing, and flexibility. This structure is suitable for complex projects or organizations operating in multiple markets. For example, a global marketing agency may have a matrix structure with teams organized by expertise (e.g., digital marketing, content creation) and client accounts.
Network Structure: In a network structure, the organization collaborates with external partners, suppliers, and contractors to leverage expertise and resources. It promotes agility and innovation by tapping into external knowledge and capabilities. For instance, a technology company may partner with startups or research institutions to access cutting-edge technologies and drive product development.
To promote effective coordination of functions and divisions, managers can implement strategic mechanisms such as:
Clear communication channels to facilitate information flow and collaboration.Cross-functional teams that bring together employees from different departments to work towards common goals.Performance measurement systems that align individual and departmental objectives with the overall strategy.Leadership alignment, ensuring that senior executives provide guidance and support for coordination efforts.Learn more about Organizational structures here:
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Both the self and follower versions of the Empowerment Inventory take about five minutes to complete. To obtain self-ratings of empowerment, students should complete the self version of the Empowerment Inventory and review the implications of their scores in the Scoring Guide. Students in informal or formal leadership positions can also obtain feedback from others by administering the follower version of the Empowerment Inventory. The Scoring Guide provides interpretive comments for followers’ ratings as well as a chart to plot self-follower perceptions of empowerment. Students should note areas of agreement and disagreement and understand that followers are probably in the best position to judge their empowerment. Students are required to write a report discussing their findings and include a discussion on empowerment, motivation, and job satisfaction.
The scenario you provided outlines a process for students to assess and evaluate empowerment using the Empowerment Inventory. The self-version of the inventory is completed by students themselves, while the follower version can be administered to obtain feedback from others, especially if the students hold leadership positions.
Once students have completed the self-version of the Empowerment Inventory, they should refer to the Scoring Guide to understand the implications of their scores. The Scoring Guide likely provides interpretive comments and guidance for self-ratings of empowerment. Students should review this information to gain insights into their own perceived level of empowerment.
For students in leadership positions, they have the option to administer the follower version of the Empowerment Inventory to gather feedback from their followers. This feedback can provide valuable insights into how followers perceive their own empowerment. The Scoring Guide likely includes interpretive comments specifically designed for followers' ratings. By comparing self-ratings with follower ratings, students can identify areas of agreement and disagreement, which can help them understand how their leadership behaviors impact follower empowerment.
In the report, students should discuss their findings from the Empowerment Inventory and the feedback received from followers. They can analyze the areas of agreement and disagreement between self-ratings and follower ratings, providing a comprehensive understanding of their perceived empowerment. Additionally, students should explore the concepts of empowerment, motivation, and job satisfaction in their report.
The discussion on empowerment should cover its meaning and significance in the context of leadership and organizational behavior. It should explore how empowerment influences individuals' motivation and job satisfaction within the workplace. Students should draw connections between their empowerment scores, motivation levels, and job satisfaction to gain a deeper understanding of these interrelated concepts.
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"When workers have a relatively small quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity by a relatively large amount." This statement:
a. is an assertion that production functions have the property of constant returns to scale.
b. is consistent with the view that capital is subject to diminishing returns.
c. is inconsistent with the view that it is easier for a country to grow fast if it starts out relatively poor.
d. all of the above are correct
The statement "When workers have a relatively small quantity of capital to use in producing goods and services, giving them an additional unit of capital increases their productivity by a relatively large amount" is evaluated in terms of its consistency with certain economic concepts.
The options provided are analyzed to determine which one(s) accurately describe the statement. The statement suggests that an increase in capital leads to a relatively large increase in productivity when workers have limited capital. This concept aligns with the idea of diminishing returns to capital, where the marginal productivity of capital decreases as more units of capital are added.
Therefore, option (b) is consistent with the statement. On the other hand, option (a) is not accurate since constant returns to scale imply that increasing all inputs proportionally leads to a proportional increase in output. Option (c) is also not correct because the statement does not directly address the relationship between a country's starting point and its growth rate. Thus, the correct answer is option (b) only.
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The bonds of Elbow Grease Dishwashing Company have received a rating of A by Moody's. The A rating indicates that the bonds are ________.
intermediate grade
investment grade
high grade
junk bonds
The A rating assigned by Moody's indicates that the bonds of Elbow Grease Dishwashing Company are considered investment grade.
Bond ratings are assessments provided by credit rating agencies, such as Moody's, to evaluate the creditworthiness of bonds issued by companies or governments. These ratings help investors assess the risk associated with investing in a particular bond.
Moody's assigns various letter grades to bonds, ranging from AAA (highest quality) to C (lowest quality). The A rating falls within the investment grade category, indicating a relatively low level of risk. Investment grade bonds are considered to have a lower risk of default and are more likely to be repaid as scheduled.
An A rating suggests that Elbow Grease Dishwashing Company's bonds have a relatively high credit quality and are likely to meet their financial obligations. It signifies that the company has a favorable financial position and demonstrates good creditworthiness compared to lower-rated bonds. Investors generally perceive investment grade bonds as safer investments, which may result in lower interest rates for the issuer.
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1.
Name three ways to link HR strategy to business strategy. (150
words minimum)
The human resource strategy must align with the overall business strategy to increase the organization's efficiency and effectiveness. The HR strategy must cater to the workforce and ensure that their needs and goals align with the organization's objectives.
Here are three ways to link human resource strategy to business strategy:1. Identify the goals of the business strategy: To align HR strategy with business strategy, the HR department must know the goals and objectives of the business. HR strategy must be designed to support the business's mission and objectives. For example, if the business aims to expand into new territories, HR must hire and train new employees to support this expansion.2. Develop HR policies that align with business strategy: The policies that HR creates must support the business strategy. The HR policies must be designed to create a culture that aligns with the business's core values.
For instance, if the business aims to be environmentally friendly, HR can implement policies that focus on eco-friendly practices.3. Analyze workforce capabilities and skills: To align the HR strategy with the business strategy, HR must analyze the workforce's capabilities and skills. If the business aims to develop a new product, HR must ensure that the workforce has the right skills to achieve this goal. In conclusion, HR strategy is an essential aspect of any business strategy. The HR department plays a critical role in linking the HR strategy with the business strategy.
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Search is intent-based and can give marketers a sense of how
close a prospect is to converting.
True
False
4. (1.5 points) An economy starts off with a per capita GDP of 6,500 euros. a. How large will the per capita GDP be if it grows at an annual rate of 3% for 10 years? b. How large will the per capita G
. To calculate the per capita GDP after 10 years of growth at an annual rate of 3%, we can use the formula:
Per Capita GDP (after 10 years) = Per Capita GDP (initial) * (1 + Growth Rate)^Number of Years
Given that the initial per capita GDP is 6,500 euros and the growth rate is 3% (0.03), the calculation would be as follows:
Per Capita GDP (after 10 years) = 6,500 * (1 + 0.03)^10
Per Capita GDP (after 10 years) ≈ 6,500 * 1.3439
Per Capita GDP (after 10 years) ≈ 8,727.35 euros
Therefore, the per capita GDP would be approximately 8,727.35 euros after 10 years of growth at a rate of 3%.
b. To calculate the per capita GDP after 20 years, we can use the same formula:
Per Capita GDP (after 20 years) = Per Capita GDP (initial) * (1 + Growth Rate)^Number of Years
Given the initial per capita GDP is 6,500 euros and the growth rate is 3% (0.03), the calculation would be:
Per Capita GDP (after 20 years) = 6,500 * (1 + 0.03)^20
Per Capita GDP (after 20 years) ≈ 6,500 * 1.8061
Per Capita GDP (after 20 years) ≈ 11,729.65 euros
Therefore, the per capita GDP would be approximately 11,729.65 euros after 20 years of growth at a rate of 3%.
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Which of the following decisions is associated with the concept of decision control with respect to a proposal and plan for a new computer system?
a. the development of an acquisition proposal and creation of a plan for the system
b. the approval of a proposal for the system by the board
c. the choice of the vendor
d. the implementation of the system
d. the implementation of the system. The decision associated with decision control for a new computer system is its implementation, as it involves tracking and monitoring the decision-making process to ensure accuracy and efficiency.
The decision that is associated with the concept of decision control with respect to a proposal and plan for a new computer system is the implementation of the system.What is decision control?Decision control is the process of implementing plans, policies, and procedures to determine whether the decisions made are accurate, efficient, and support organizational objectives. It enables management to track and monitor decisions taken by them. They may easily learn how and why a specific decision has been made, what decision-making process has been followed, and how it affects organizational success.What is a computer system?A computer system is a group of interconnected digital devices that work together to complete a task. It includes all types of computer hardware and software components that work together to accomplish tasks or activities. Computer systems can be built for a variety of purposes, including personal use, business, and research. They can vary in complexity from a single desktop computer to an interconnected network of computers located in various locations.In the given options, a, b, and c are all associated with decision making and approval, while d, the implementation of the system, is associated with decision control.
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A mail-order house uses 15,000 boxes a year. Carrying costs are $2.10 per box a year, and ordering costs are $280. The following price schedule applies.
Number of Boxes Price per Box (in $)
0 to 2; 999 2.00
3;000 to 4;999 c
5; 000 or more 0.98 c
1. [6 marks] Determine EOQ. Price per Box (in $) 2:00 c 0:98c
2. [3 marks] Determine the average number of orders per year under EOQ.
3. [9 marks] If EOQ is optimal, what is the range of the price per box (c) in the second price interval?
1. EOQ for the given problem is 2,514 units.
2. At $0.98 per box, the cost will be (2,514 × 0.98) = $2,463.72
3. The range of the price per box (c) in the second price interval is between $0.98 and $2.00.
1. EOQ stands for Economic Order Quantity. EOQ is defined as the optimal quantity of inventory to order to minimize total inventory costs.
The following formula is used to determine EOQ.Q* = √(2DS/H)Q* = EOQ,
D = Annual demand,
S = Cost per order,
H = Carrying costs per unit
For the given question;D = 15,000S = $280H = $2.10
Q* = √((2 × 15,000 × 280)/2.10) = √6,300,000 = 2,514 (Approximately)
Therefore, EOQ for the given problem is 2,514 units.
2. Average number of orders per year under EOQ
The average number of orders per year under EOQ can be found using the following formula;
No. of orders = (Annual Demand/EOQ)
For the given problem;
No. of orders = 15,000/2,514 = 5.97 (Approximately)
Therefore, the average number of orders per year under EOQ is 5.97.3.
Range of the price per box (c) in the second price interval
The second price interval is between 3,000 to 4,999 boxes.
Since the EOQ is 2,514, the company will order from this price interval and the total cost will be (2,514 × 2) = $5,028. The range of the price per box (c) in the second price interval is between 2.00 and 0.98.
The company will order boxes of value between 3,000 to 4,999.
At $2.00 per box, the cost will be (2,514 × 2.00) = $5,028.
At $0.98 per box, the cost will be (2,514 × 0.98) = $2,463.72
Since the optimal quantity of boxes is 2,514, the company can order boxes in this range of prices in the second price interval (3,000 to 4,999 boxes).
Therefore, the range of the price per box (c) in the second price interval is between $0.98 and $2.00.
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apple inc is a well known global electronic and technology company with a presence in Africa. the company has engaged your service as a consultant to advice on its expansion strategy.
how will a company design an organisational structure bused on a differentiation strategy given the focus on uniqueness broad market?
Why should apple consider adaptive culture over rigid culture
Per apple strategy, would you recommend a small or large organisation? Justify your answer
Apple Inc. is a well-known global electronic and technology company that has a presence in Africa. The company has engaged your service as a consultant to advise on its expansion strategy. In this context, let's discuss the company's organizational structure, cultural strategy, and recommendations of a small or large organization based on Apple's strategy.
Designing an organizational structure based on differentiation strategy given the focus on uniqueness and broad market requires the management team to focus on the production of different products for different customers. Apple Inc. produces different types of products, which provide customers with a variety of choices. In this way, the organizational structure should be designed in such a way that each product has its own department or division, and each department is responsible for its own product line. The following features may be included in the organizational structure:Product-oriented departments, where each department has its own department headResponsible managers for each departmentInnovation and creativity encouragedCollaboration among departments to ensure high-quality products are produced.In conclusion, the organizational structure should focus on the differentiation strategy that Apple Inc. uses, with different product lines focusing on uniqueness and broad market.Adaptive culture is a system where a company has an ability to adjust to changes in the environment and the industry. Apple Inc. should consider adaptive culture over rigid culture because the company is in an industry that is rapidly changing. In this context, the company needs to be able to adjust to new and emerging technologies. An adaptive culture ensures that the organization has the ability to adjust to new conditions, such as changes in the market, competition, and customer needs.In conclusion, Apple Inc. should consider adaptive culture over rigid culture because it allows the company to adjust to changing conditions in the industry, which is essential for its continued success.Per Apple's strategy, a large organization is recommended. Apple is a multinational technology company, and its success depends on its ability to manufacture and distribute its products worldwide. Apple's products are popular worldwide, and a large organization is best suited to manage the production and distribution of these products. A large organization also ensures that Apple can expand into new markets and reach more customers. Therefore, a large organization is the most appropriate for Apple's strategy.
In conclusion, a large organization is recommended for Apple's strategy as it allows the company to manage its production and distribution worldwide and expand into new markets and reach more customers.
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A monopolistically competitive firm and a monopoly are similar because:
a. both firms will earn zero profits in the long run.
b. both firms always operate at their point of minimum average total cost.
c. each firm can raise its price without losing all of its sales.
d. both firms must behave strategically toward other firms in the industry.
e. each firm has a large number of small competitors.
A monopolistically competitive firm and a monopoly are similar because c. each firm can raise its price without losing all of its sales.
Both a monopolistically competitive firm and a monopoly have the ability to raise their prices without losing all of their sales. In a monopolistically competitive market, firms differentiate their products in terms of quality, branding, or other attributes, allowing them to have some degree of market power. This means that they can increase their prices to a certain extent without losing all of their customers, as consumers may still value the unique features offered by the product.
Similarly, a monopoly is a market structure where there is only one seller of a particular product or service. As the sole provider, the monopoly has full control over the price and quantity of the product. It can raise prices and still retain a significant portion of its customers because there are no close substitutes available in the market.
However, it is important to note that while both types of firms have the ability to raise prices without losing all sales, monopolistically competitive firms face more competition from other similar firms compared to a monopoly, which is the sole player in the market.
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Is this an appropriate for Amazon when they paid $0 federal income tax in 2018?
The question of whether it is appropriate for Amazon to have paid $0 in federal income tax in 2018 is subjective and depends on various factors and perspectives. From a legal standpoint, companies have the opportunity to utilize various deductions, credits, and incentives to lower their tax liability, which can result in lower or even zero federal income tax payments. It is important to note that tax laws and regulations are complex and often subject to interpretation.
From a business perspective, companies like Amazon may argue that their tax planning strategies align with their goal of maximizing shareholder value and reinvesting profits into the growth and expansion of their business. They may also emphasize the significant contributions they make to the economy through job creation and other forms of economic activity.
However, critics of such practices argue that it raises concerns about fairness and equity in the tax system, particularly when large corporations pay minimal or no federal income tax while smaller businesses and individuals shoulder a heavier burden. Critics may call for tax reforms to address these perceived inequities and ensure a more balanced distribution of tax responsibilities.
Ultimately, the appropriateness of Amazon's tax payment (or lack thereof) in 2018 is a matter of debate and policy discussions surrounding tax laws, corporate tax planning, and societal expectations regarding the role and responsibilities of corporations in contributing to public finances.
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The contribution margin ratio is the percent by which the margin of safety exceeds the break-even point. True or False True False
False. The contribution margin ratio is not the percent by which the margin of safety exceeds the break-even point.
The contribution margin ratio is calculated by dividing the contribution margin (the difference between sales revenue and variable costs) by the sales revenue. It represents the portion of each sales dollar that contributes to covering fixed costs and generating profit.
The margin of safety, on the other hand, measures the excess of actual or projected sales over the break-even point. It indicates the cushion or buffer a company has in sales volume before it reaches the break-even point.
Therefore, the contribution margin ratio and the margin of safety are two distinct measures that represent different aspects of a company's financial performance and risk.
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Guido is a manufacturing firm producing several products for the local market. The following data relates to a new product called the ZITE 7 to be launched on 1 March 2022. Selling price £25 per unit Forecast sales volume 60,000 units Variable costs £20 per unit Fixed costs £180,000 Required: Using the information above, calculate the minimum sales revenue (£s) needed to meet a target profit of £60,000 (4 marks)
The minimum sales revenue needed to meet a target profit of £60,000 is £300,000.
To calculate the minimum sales revenue needed to meet a target profit of £60,000 for the ZITE 7 product, we need to consider the fixed costs, variable costs, and the target profit.
First, let's calculate the total fixed costs. Given that the fixed costs are £180,000, we can use this figure as it is.
Next, we need to calculate the contribution margin per unit. The contribution margin is the selling price per unit minus the variable cost per unit. In this case, the selling price is £25 per unit, and the variable cost is £20 per unit. Therefore, the contribution margin per unit is £25 - £20 = £5.
Now, let's calculate the breakeven point in units. The breakeven point is the level of sales at which the company covers all its costs and does not make a profit or loss. To calculate the breakeven point, we divide the total fixed costs by the contribution margin per unit: £180,000 / £5 = 36,000 units.
Since the target profit is £60,000 and the breakeven point is 36,000 units, we need to calculate the additional units needed to achieve the target profit. This can be done by dividing the target profit by the contribution margin per unit: £60,000 / £5 = 12,000 units.
Finally, to calculate the minimum sales revenue needed, we multiply the additional units needed by the selling price per unit: 12,000 units × £25 = £300,000.
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If demand is relatively inelastic, and the supply curve is upward-sloping, then the burden of an excise tax is:
a. borne mostly by consumers.
b. borne mostly by producers.
c. shared by consumers and producers, with the burden falling mainly on consumers.
d. shared by consumers and producers, with the burden falling mainly on producers.
The burden of an excise tax, in the given scenario of relatively inelastic demand and an upward-sloping supply curve, falls mostly on consumers.
When demand is relatively inelastic, it means that consumers are less responsive to changes in price. If an excise tax is imposed on the product, the price paid by consumers will increase. However, because demand is inelastic, consumers will continue to purchase the product despite the price increase, thus bearing the majority of the burden.
On the other hand, if the supply curve is upward-sloping, it indicates that producers face increasing costs as they increase production. The tax burden may lead to reduced profits for producers, but they have some ability to pass on the tax to consumers through higher prices. Nonetheless, the relatively inelastic demand means consumers are less likely to shift their purchasing behavior, resulting in a higher proportion of the tax burden falling on consumers rather than producers.
Therefore, the correct answer is c. shared by consumers and producers, with the burden falling mainly on consumers.
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The manufacturing overhead budget at Waycaster Corporation is based on budgeted direct labor-hours. The direct labor budget indicates that 1,000 direct labor-hours will be required in February. The variable overhead rate is $5 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $79,000 per month.
The total budgeted manufacturing overhead for February should be:
Select one:
a.
$20,400
b.
$63,600
c.
$102,000
d.
$84,000
The total budgeted manufacturing overhead for February should be $84,000.Explanation: The budgeted manufacturing overhead formula is as follows: Budgeted manufacturing overhead = Budgeted fixed overhead cost + Budgeted variable overhead cost Budgeted direct labor hours are used to calculate budgeted variable overhead costs in this equation.
The direct labor budget shows that 1,000 direct labor-hours will be needed in February. Budgeted direct labor-hours multiplied by the variable overhead rate of $5 per direct labor-hour equal the budgeted variable overhead costs.(1,000 direct labor-hours) x ($5 per direct labor-hour) = $5,000 budgeted variable overhead cost The budgeted fixed manufacturing overhead is $79,000 per month.
Budgeted fixed overhead costs plus budgeted variable overhead costs equal budgeted manufacturing overhead costs. Budgeted manufacturing overhead = $79,000 budgeted fixed overhead cost + $5,000 budgeted variable overhead cost Budgeted manufacturing overhead = $84,000Therefore, the total budgeted manufacturing overhead for February should be $84,000. Answer: d. $84,000
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