Thomas Company uses a standard cost system. Information for raw materials for Product RBI for the month of October follows: Standard unit price $1.75 Actual purchase price per unit $1.65 Actual quantity purchased 4,000 units Actual quantity used 3,900 units Standard quantity allowed for actual production 3,800 units What is the materials purchase price variance

Answers

Answer 1

Answer:

Material price variance = $400

Explanation:

A material price variance occurs where materials are purchased at a price either lower or higher than the standard price. A favorable variance is recorded where the actual total cost of materials is lower that the standard cost. While an adverse variance implies the opposite.

It is is computed as follows:

The material price variance

                                                                                           $

4000 units should have cost (4,000× 1.75)              =  7,000

but did cost - actual cost        (4,000× $1.65)           =  6,600

Material price variance                                                   400  favorable

Material price variance = $400


Related Questions

Victor Rumsfeld Inc.'s dividend policy is under review by its board. Its projected capital budget is $2,000,000, its target capital structure is 60% debt and 40% equity, and its forecasted net income is $300,000. If the company follows a residual dividend policy, what total dividends, if any, will it pay out? Select the correct answer.

Answers

Answer:

The multiple choices are

a.  $240,000

b. $228,000

c. $216,600

d.$205,770

e. $0

The correct option is E,$0

Explanation:

The funding required from equity is 40% of the projected capital budget of $2000,000 which is expected to be from the profit attributable to stockholders since new issue of shares is not contemplated.

In other words, dividends payable to shareholders is the net income less their counter funding of the project which is computed below:

residual dividends=net income-(equity%*capital outlay)

residual dividends=$300,000-(40%*$2000,000)

                               =$300,000-$800,000=$0

In essence the $300,000 is not even enough as funds expected from equity less alone paying excess as dividend

Miller Company's most recent contribution format income statement is shown below:sales (20,000 units)............300,000 15.00Variable expenses.............180,000 9.00CM ..............................120,000 6.00Fixed expense................. 70,000Net operating income......... 50,000Required:Prepare a new contribution format income statement under each of the following conditions (consider each case independently):1. The number of units sold increases by 15%.2. The selling price decreases by $1.50 per unit, and the number of units sold increases by 25%.3. The selling price increases by $1.50 per unit, fixed expenses increase by $20,000, and the number of units sold decreases by 5%.4. The selling price increases by 12%, variable expenses increase by 60 cents per unit, and the number of units sold decreases by 10%.

Answers

Answer:

Miller Company

New contribution format income statement under each of the following conditions (consider each case independently):

1. The number of units sold increases by 15%.

Sales (23,000 units)     $345,000 ( unit price $15.00)

Variable expenses       $207,000 ( unit cost $9.00)

Contribution Margin     $138,000 ( unit $6.00)

Fixed expense               $70,000

Net operating income $68,000

2. The selling price decreases by $1.50 per unit, and the number of units sold increases by 25%.

Sales (25,000 units)    $337,500 ( unit price $13.50)

Variable expenses      $225,000 ( unit cost $9.00)

Contribution Margin     $112,500 ( unit $4.50)

Fixed expense               $70,000

Net operating income $42,500

3. The selling price increases by $1.50 per unit, fixed expenses increase by $20,000, and the number of units sold decreases by 5%.

Sales (19,000 units)      $313,500 ( unit price $16.50)

Variable expenses        $171,000 ( unit cost $9.00)

Contribution Margin    $142,500 ( unit $7.50)

Fixed expense              $90,000 ($70,000 + 20,000)

Net operating income $52,500

4. The selling price increases by 12%, variable expenses increase by 60 cents per unit, and the number of units sold decreases by 10%.

Sales (18,000 units)    $302,400 ( unit price $16.80)

Variable expenses      $172,800 ( unit cost $9.60)

Contribution Margin   $129,600 ( unit $7.20)

Fixed expense              $70,000

Net operating income $59,600

Explanation:

a) Contribution Format Income Statement as per question:

Sales (20,000 units)   $300,000 ( unit price 15.00)

Variable expenses      $180,000 ( unit cost 9.00)

Contribution Margin   $120,000 ( unit 6.00)

Fixed expense              $70,000

Net operating income $50,000

b) The contribution format income statement can be prepared under different scenarios to account for different events as in the above.  They are estimates of future occurrences under scenario planning and analysis which can help management to make informed decisions, knowing the outcome of each situation.

On January ​3, Halsall Corporation purchased 1,800 shares of the​ company's ​$1 par value common stock as treasury​ stock, paying cash of $ 8 per share. On January ​30, Halsall sold 1,200 shares of the treasury stock for cash of $9 per share. Journalize these transactions.

Answers

Answer:

The journal entries alongwith its explanation are as under:

Explanation:

Journal entry at Jan 3, to record purchase of treasury stock would include the recording of treasury stock at the price paid to the shareholders for purchase of the stock, the journal entry is as under:

Dr Treasury Stock (1800 share*$8 per share) $14,400

Cr Cash                                                                      $14,400  

 

Journal entry at Jan 30, of selling treasury stock would include the elimination of the treasury stock at the amount purchased and the remainder will will be the Paid-In Capital, the journal entry is as under:

Dr Cash (1200*9)                 $10,800

Cr Treasury stock (1200*8) $9,600

Cr Paid in capital from sale of treasury stock $1,200

The Converting Department of Osaka Napkin Company uses the average cost method and had 2,000 units in work in process that were 60% complete at the beginning of the period. During the period, 25,200 units were completed and transferred to the Packing Department. There were 1,100 units in process that were 30% complete at the end of the period.

a. Determine the number of whole units to be accounted for and to be assigned costs for the period.

b. Determine the number of equivalent units of production for the period.

Answers

Answer:

Equivalent Units

Material cost = 26,560

Conversion Cost= 25,540

Explanation:

We would assume the company uses  weighted average method of valuation.

Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked.

Equivalent units = Degree of completion (%) × Number of units

Material cost

Item                                 Unit                                  Equivalent unit

Completed                    25,200      100% ×25200  = 25,200

Closing WIP                   1,360           100%× 1,360       1360

Total equivalent units                                                 26,560

Conversion Cost

Item                                 Unit                                  Equivalent unit

Completed                    25,200      100% ×25200  = 25,200

Closing WIP                   1,360           25%× 1,360        340

Total equivalent units

The Converting Department of Osaka Napkin Company uses the average cost method and had 2,000 units in work in process that were 60% complete at the beginning of the period.

A. To determine the number of whole units to be accounted for and to be assigned costs for the period, let's calculate the total equivalent units of production.

Whole units at the beginning of the period = 2,000 unit

Units started and completed during the period = 25,200 units

Whole units in process at the end of the period = 1,100 units

Total whole units to be accounted for:

= Whole units at the beginning + Units started and completed during the period + Whole units in process at the end

= 2,000 units + 25,200 units + 1,100 units

= 28,300 units

B. To determine the number of equivalent units of production for the period, we need to consider the percentage of completion for the units in process at the beginning and the units in process at the end.

Equivalent units of production for units in process at the beginning:

= Whole units at the beginning × Percentage of completion at the beginning

= 2,000 units × 60%

= 1,200 equivalent units

Equivalent units of production for units in process at the end:

= Whole units in process at the end × Percentage of completion at the end

= 1,100 units × 30%

= 330 equivalent units

Total equivalent units of production for the period:

= Equivalent units of production for units in process at the beginning + Equivalent units of production for units in process at the end + Units started and completed during the period

= 1,200 equivalent units + 330 equivalent units + 25,200 units

= 26,730 equivalent units

Therefore, the number of equivalent units of production for the period is 26,730 units.

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Trucks R' Us has a market capitalization of $142 million, $78 billion in BB rated debt, and $10 billion in cash. If Trucks R' Us' equity beta is 1.68, then their underlying asset beta is closest to:

Answers

Answer:

Their underlying asset beta is closest to is 1.08

Explanation:

According to the given data we have the following:

Debt is given as $78 billion

Equity is given as $142 billion

equity beta given as 1.68

Therefore, in order to calculate the underlying asset beta we would have to use the formula of the the equity beta for a levered firm as follows:

betaE =beta A [1 + (Debt / Equity)]

1.68 = \beta A [1 + ($78 B/ $142 B)]

1.68 = \beta A [1 + 0.5493]

betaA = 1.68 / 1.5493

betaA = 1.08

Their underlying asset beta is closest to is 1.08

Joe has just moved to a small town with only one golf​ course, the Northlands Golf Club. His inverse demand function is pequals=140140minus−22​q, where q is the number of rounds of golf that he plays per year. The manager of the Northlands Club negotiates separately with each person who joins the club and can therefore charge individual prices. This manager has a good idea of what​ Joe's demand curve is and offers Joe a special​ deal, where Joe pays an annual membership fee and can play as many rounds as he wants at ​$2020​, which is the marginal cost his round imposes on the Club. What membership fee would maximize profit for the​ Club? The manager could have charged Joe a single price per round. How much extra profit does the Club earn by using​ two-part pricing? The​ profit-maximizing membership fee​ (F) is ​$nothing. ​(Enter your response as a whole​ number.)

Answers

Answer: $1800

Explanation:

Here is the correct question:

Joe has just moved to a small town with only one golf​ course, the Northlands Golf Club. His inverse demand function is p=140-2q, where q is the number of rounds of golf that he plays per year. The manager of the Northlands Club negotiates separately with each person who joins the club and can therefore charge individual prices. This manager has a good idea of what​ Joe's demand curve is and offers Joe a special​ deal, where Joe pays an annual membership fee and can play as many rounds as he wants at ​$20, which is the marginal cost his round imposes on the Club. What membership fee would maximize profit for the​ Club? The manager could have charged Joe a single price per round. How much extra profit does the Club earn by using​ two-part pricing? The​ profit-maximizing membership fee​ (F) is ​$nothing. ​(Enter your response as a whole​ number.)

Answer:

p = 140 - 2q

The profit-maximizing membership fee​ will be equal to total surplus

Therefore, the number of rounds that Joe played will be,

P = MC

20 = 140 - 2q

2q = 140 - 20

2q = 120

q = 120/2

q = 60

Total surplus = 1/2 × (vertical intercept of the demand curve - marginal cost) × the quantiy of rounds.

Total surplus = 1/2 × (140 - 20) × 60

= 1/2 × 120 × 60

= 3600

Therefore, the maximum membership fee will be = $3600.

If the firm charge Joe a single price , then the rounds provided will be such that MR = MC

Total revenue = price × quantity

TR = (140 - 2q) × q

TR = 140q - 2q²

MR = dTR/dQ = 140 - 4q

We then equate MR = MC

140 - 4q = 20

4q = 140 - 20

4q = 120

q = 120/4

q = 30

P = 140 - 2q

P = 140 - (2 × 30)

P = 140 - 60

P = 80

Therefore, the profit if a single price is charge will be:

= TR - TC = pq - MC×q = (P-MC)×Q

= (80-20) × 30

= $1800

Therefore, the increase in the profit by two-par pricing will be:

=Membership fee - Profit of single price charge

= $3600 - $1800

= $1800

Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the cutting machine area, which is the chief constraint during production. Khaki shorts take 15 minutes on the cutting machine and have a contribution margin per pair of shorts of $16. Khaki pants take 24 minutes on the cutting machine and have a contribution margin per pair of pants of $32. If it is assumed that Rough Stuff has 4,800 hours available on the cutting machine to service a minimum demand for each product of 3,000 units, how much will profits increase if 100 more hours of machine time can be obtained?

Answers

Answer:

$8,000

Explanation:

                                                    khaki shorts           khaki pants

machine minutes per unit                    15                         24

contribution margin per unit               $16                       $32

CM per machine minute                  $1.067                   $1.33

minimum demand                            3,000                   3,000

machine minutes required              45,000                72,000

total machine minutes available               288,000

total machine minutes remaining               171,000

production                                             0                       7,125

total production                                3,000                   10,125

total contribution margin               $48,000               $324,000

if 100 more machines hours are added, then production time increases by 6,000 minutes which can be used to produce 250 more khaki pants. Contribution margin will increase by 250 x $32 = $8,000

I calculated contribution margin per minute, but you could also calculate contribution margin per hour to determine which product is more profitable.  Contribution margin per hour for shorts = $64, and for pants = $80. The answer will not change.

Chang Industries has 1,200 defective units of product that have already cost $13.20 each to produce. A salvage company will purchase the defective units as they are for $4.20 each. Chang's production manager reports that the defects can be corrected for $6.80 per unit, enabling them to be sold at their regular market price of $19.40. The incremental income or loss on reworking the units is: Multiple Choice $18,240 income. $10,080 loss. $8,160 loss. $15,120 income. $10,080 income.

Answers

Answer:

$10,080 income

Explanation:

The computation of  incremental income or loss on reworking the units is shown below:-

Incremental income on reworking unit = Sales after reworking - Sales to salvage company - Incremental cost

= (1,200 × $19.40) - (1,200 × $4.20) - (1,200 × $6.80)

= $23,280 - $5,040 - $8,160

= $10,080 income

Therefore for computing the Incremental income on reworking unit we simply applied the above formula.

Some major technology companies have faced scrutiny in the past when it comes to labor and human rights on the overseas suppliers' side. What are the challenges of monitoring overseas suppliers (especially tier 3, tier 4, etc.) that are guilty of not following labor and human rights guidelines

Answers

Answer: The answer is provided below

Explanation:

With overseas factories that continue to move to new locations with a lower labour costs, the monitoring and controlling working conditions becomes a challenge. Research has shown that companies do little to monitor human rights violations in the low-cost supply chain locations.

A scandal involving Apple was reported in 2014 at a manufacturing building in China. The building which was owned by Catcher Technology Co., manufactures metal iPad covers for iPhones. Some findings included hiring discrimination, locked safety exits, excessive work hours, and also unpaid overtime each month totalling about $290,000 in owed wages. The factory was reported to have been dumping its industrial fluids and waste into nearby rivers, and also not providing proper toxic equipment for the employees.

Human rights of these people saw n those area are being abused by having them exposed to pollution, which can lead to lung diseases.

Companies like Apple have said that they are continuing to monitor situations like this, and are fixing them, but we still hear cases of more wrongdoings, therefore you have to wonder how vital these issues truly are to the firms involved.

The statement of owner's equity shows a. only net income, beginning capital, and withdrawals b. only net income, beginning and ending capital c. only total assets, beginning and ending capital d. beginning and ending capital and all the changes in the owner's capital as a result of net income (loss), and withdrawals

Answers

Answer:

d. beginning and ending capital and all the changes in the owner's capital as a result of net income (loss), and withdrawals

Explanation:

The statement of owner's equity is a financial report that is prepared to indicate the changes in the owner's capital as a result of withdrawals, contributions, and net income or net loss. The structure of this report is beginning capital plus contributions plus net income less withdrawals which is equal to the ending capital. According to this, the answer is that the statement of owner's equity shows beginning and ending capital and all the changes in the owner's capital as a result of net income (loss), and withdrawals.


Levine, Inc., has an ROA of 8.6 percent and a payout ratio of 33 percent.

What is its internal growth rate?

Answers

Answer:

Explanation:

Workings

Internal growth rate is the highest possible growth attained by a business without obtaining outside funding but with its retained earning.

Given information

ROA = 8.6%

Percentage Payout ratio = 33%

Internal growth rate = (ROA * Retention ratio) / 1 - (ROA * Retention ratio)

Retention ratio is the percentage earning that is no paid out in dividends

To calculate the retention ratio , we use the formula

Retention ratio = (1-percentage pay out ratio)

= 1 - 0.33 = 0.67

Substituting retention ratio for 0.67 in the inter growth rate formula

Therefore

Internal growth rate = (0.086*0.67)/1-(0.086*0.67)

0.05762/(1-0.05762) = 0.05762/0.94238

=0.0611

= 6.11%

Complex companies adopt decentralization in order to realize all of the following benefits, except:________.
1. delegation of control to lower levels of management, thus facilitating their training and development
improved awareness of, and response to, local conditions
2. reduced record-keeping
3. shorter elapsed time from problem identification to decision-making and implementation
4. no exceptions above

Answers

Answer:

2. reduced record-keeping

Explanation:

The decentralization is the chain of the processes in which the proper process of all department is followed

Just like from top-level to middle level and then lower level

And, the inverse is lower level to middle level to top level.

The authority and responsibility are delegated to each level of management so that the day to day operations could be performed in a smooth, effective and efficient manner

For the complex companies who adopt decentralization, they have all the benefits like delegation, problem identification but do not reduce record keeping as it is not an easy task for every company

Hence, option 2 is correct

Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Sales discounts $ 890 Office salaries expense 3,400 Rent expense—Office space 2,900 Advertising expense 780 Sales returns and allowances 390 Office supplies expense 780 Cost of goods sold 11,800 Sales 48,000 Insurance expense 2,400 Sales staff salaries 3,900 Required: Prepare a multiple-step income statement for the year ended December 31.

Answers

Answer:

Multiple-step income statement for the year ended December 31.

Sales                                                                   48,000

Less Sales returns and allowances                        390

Net Sales                                                              47,610

Less Cost of goods sold                                     (11,800)

Gross Profit                                                          35,810

Less Operating Expenses :

Sales discounts                                       890

Office salaries expense                       3,400

Rent expense—Office space               2,900

Advertising expense                               780

Office supplies expense                         780

Insurance expense                              2,400

Sales staff salaries                               3,900    (15,050)

Operating  Income / (Loss)                                 20,760

Explanation:

The multiple-step income statement shows separately profit derived from Primary Activities of an Entity (Operating Profit) and the profit that includes Secondary Activities of an Entity (Net Profit)

In this case, Save-the-Earth Co derived its profit only from Primary Activities.

Plum Corporation (a C corporation and a computer manufacturer) donated 100 laptop computers to a local university (a qualified educational organization) this year. The computers were constructed by Plum earlier this year, and the university will use the computers for research and research training. Plum's basis in the computers is $35,000, and their fair market value is $120,000. What is Plum's deduction for the contribution of the computers (ignoring the taxable income limitation)?

Answers

Answer:

Plum’s deduction for the contribution of the computers is $70,000

Explanation:

According to the given data the contribution of the computers qualifies for the increased contribution amount available with respect to certain inventory.

Therefore,  The contribution amount is equal to the lesser of :

1) $35,000 basis + 50 % * ( $120,000 FMV - $35,000 basis ) = $ 77,500 ( basis + 50 % of the appreciation on the property )

2) $35,000 * 2 = $ 70,000 ( twice the property's basis )

Therefore, Plum’s deduction for the contribution of the computers is $70,000.

Answer:

$70,000

Explanation:

Solution

Recall that:

Plum's basis in the computers is= $35,000

The fair market value is = $120,000.

Now,

We find the deduction for plum's corporation towards the contribution of computers.

Thus,

The donation of the computers allows for the increased amount  contribution at hand with respect to certain inventory. The contribution amount is equal to the lesser of the following:

So,

35000 basis + 50 % * ( 120000 FMV - 35000 basis ) = $ 77500 ( basis + 50 % of the appreciation on the property )

Then

35000 * 2 = $ 70000 ( twice the property's basis )

Hence, Plum’s deduction for the contribution of the computers is 70000.

An adjusted trial balance is given below.

Debit Credit
Cash $12,000
Accounts Receivable 3,000
Prepaid Rent 700
Merchandise Inventory 25, 000
Accounts Payable $4,100
Salaries Payable 1,500
Notes Payable 800
Common Stock 8,000
Retained Earnings 3,500
Dividends 1,000
Sales Revenue 89,500
Cost of Goods Sold 21,000
Salaries Expense 20,000
Rent Expense 14,000
Selling Expense 8,300
Delivery Expense 1,900
Supplies Expenseâââââ 500âââââââââââââââ
Totalâ $107,400â$ 107,400

What will be the final balance in theâ corporation's Retained Earnings account after recording the closingâentries?

Answers

Answer:

$16,400

Explanation:

The formula for Retained Earnings = Total assets - Total Liabilities except Retained Earnings

Under the Balance sheet in accordance with this question, the asset recognizable are Cash Account Receivables Prepaid Rent and Merchandise inventory. The liability recognizable are Account payable, Salary Payable, Notes Payable and Common stocks

Therefore Retained earnings = (12000+3000+700+25000)-(14000+1500+800+8000)

Retained earnings = 40700 - 24300

Retained earnings = $16,400

An all-equity business has 100 million shares outstanding selling for $20 a share. Management believes that interest rates are unreasonably low and decides to execute a leveraged recapitalization (a recap). It will raise $1 billion in debt and repurchase 50 million shares. a. What is the market value of the firm prior to the recap? What is the market value of equity? b. Assuming the Irrelevance Proposition holds, what is the market value of the firm after the recap? What is the market value of equity? c. Do equity shareholders appear to have gained or lost as a result of the recap? Please explain. d. Assume now that the recap increases total firm cash flows, which adds $100 million to the value of the firm. Now what is the market value of the firm? What is the market value of equity? e. Do equity shareholders appear to have gained or lost as a result of the recap in this revised scenario?

Answers

Answer:

a) Market Value = $100 million × $20 = $2,000 million = $2 billion

Market value of equity would remain same = $2 billion

b) Market value would remain same after recap. Only market capitalization would reduce to half.

Market value of equity = 1 billion

c) Buying back shares increases the stock price which demonstrates the faith of the company in its work. But creditors have capital gains.

d) After recap and cash flow firm total value has increased to $2 billion + $100 Million = $2.1 billion and market value of equity has increased from $20 to $22 . ($1000 + $100)/50 = $22.

e) Equity shareholders have gained due to increase in there share value

Explanation:

Neil Andrews is the marketing manager for the National Basketball Association. Neil analyzes and tracks his marketing campaigns to determine the best success rate per project for increasing ticket sales. Neil uses an internal KPI to track his marketing campaign success. Which of the following would be an internal KPI Neil would use to track his marketing campaigns?
A. Marketing campaign market share eBook
B. Marketing campaign percentage of fans purchasing Sports Ilustrated magazine
C. Marketing campaign advertiser revenue sales
D. Marketing campaign ROI

Answers

Answer:

Option D

Explanation:

Neil Andrews, communications coordinator for that National Basketball Association. Neil evaluates and monitors its marketing strategies to assess the optimal rate of performance for a campaign to boost ticket prices. The ROI marketing campaign will be an internal KPI Neil used to track its marketing techniques.

Apps that are permitted to be installed on the company network, such as IM software and company computer equipment used mostly for personal purposes on online communities, are two fields that should be handled by organizational security administrators.

Thus, from the above we can conclude that the correct option is D.

A company uses direct labor costs as it allocation base. Management estimates the company will incur $150,000 of direct labor cost during the year and total overhead costs of $200,000. What is their predetermined overhead rate? 1.33% 133% 50% 75%

Answers

Answer:

133.33%

Explanation:

The computation of the predetermined overhead rate is shown below:

Predetermined overhead rate = Total overhead cost ÷ direct labor cost

where,

Total overhead cost is $200,000

And, the direct labor cost is $150,000

Now placing these values to the above formula

So, the predetermined overhead rate is

= $200,000 ÷ $150,000

= 1.33%

We simply applied the above formula

Required information The Foundational 15 [LO5-1, LO5-3, LO5-4, LO5-5, LO5-6, LO5-7, LO5-8] [The following information applies to the questions displayed below.] Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of production is 500 units to 1,500 units): Sales $ 20,000 Variable expenses 12,000 Contribution margin 8,000 Fixed expenses 6,000 Net operating income $ 2,000 Foundational 5-11 11. What is the margin of safety in dollars

Answers

Answer:

$5,000

Explanation:

Sales $20,000

Variable expenses $12,000

Contribution margin $8,000

Fixed expenses $6,000

Net operating income $2,000

margin of safety in $ = current sales level - break even point

margin of safety in % = (current sales level - break even point) / current sales level

first we need to calculate the contribution margin per unit = $20 - $12 = $8 per unit

break even point = fixed costs / contribution margin = $6,000 / $8 = 750 units

sales level at break even point = 750 x $20 = $15,000

margin of safety in $ = $20,000 - $15,000 = $5,000

margin of safety = ($20,000 - $15,000) / $20,000 = $5,000 / $20,000 = 25%

The manager of the customer service division of a major consumer electronics company is interested in determining whether the customers who have purchased a Blu-ray player made by the company over the past 12 months are satisfied with their products. Which of the following will be a good frame for drawing a sample? a. telephone directory b. a list of potential customers purchased from a database marketing company c. voting registry d. the list of customers who returned the registration card

Answers

Answer:

D. The list of customers who returned the registration card

Explanation:

The list of customers who returned the registration card will be a good frame for drawing the sample because it will enable the company to easily and effectively known how good or bad the Blu-ray player was when used by the customers and the satisfaction the customers had from using the company products which is why checking through the record or list of customers who returned the registration card can be good frame from drawing the sample without error occuring because it will give the company the correct and accurate result of all what they need to know about how good or bad their Blue ray player was and the satisfaction their customers derived from using it.

Answer:

D. The list of customers who returned the registration card

Explanation:

The list of customers who returned the registration card will be a good frame for drawing the sample because it will enable the company to easily and effectively known how good or bad the Blu-ray player was when used by the customers and the satisfaction the customers had from using the company products which is why checking through the record or list of customers who returned the registration card can be good frame from drawing the sample without error occuring because it will give the company the correct and accurate result of all what they need to know about how good or bad their Blue ray player was and the satisfaction their customers derived from using it.

Spotter Corporation reported the following for June in its periodic inventory records. Date Description Units Unit Cost Total Cost June 1 Beginning 20 $ 10.00 $ 200.00 11 Purchase 30 11.00 330.00 24 Purchase 30 13.00 390.00 30 Ending 34 Required: Calculate the cost of ending inventory and the cost of goods sold under the (a) FIFO, (b) LIFO, and (c) weighted average cost methods. (Do not round your intermediate calculations. Round "Weighted Average Cost" to 2 decimal places.)

Answers

Answer:

(a) FIFO

cost of ending inventory = $442.00

cost of goods sold = $486.00

(b) LIFO

cost of ending inventory = $354.00

cost of goods sold = $566.00

(c) weighted average cost

cost of ending inventory = $391.00

cost of goods sold = $529.00

Explanation:

(a) FIFO

cost of ending inventory

cost of ending inventory  = Number of Units left × Earliest Price

                                          = 34 × $13.00

                                          = $442.00

cost of goods sold (46 units sold during the year)

cost of goods sold  : 20 units × $10 = $200

                                  26 units × $11  = $286

                                  Total                 = $486

(b) LIFO

cost of ending inventory

cost of ending inventory : 20 units × $10 = $200

                                           14 units  × $11  = $154

                                           Total                = $354

cost of goods sold (46 units sold during the year)

cost of goods sold :    30 units × $13 = $390

                                     16 units × $11  = $176

                                    Total                 = $566

(c) weighted average cost

cost of ending inventory

cost of ending inventory  = Number of Units left × Average price

New Average Price = ((20 units × $10) + (30 units × $11)) / 50 units

                                 = $10.60

New Average Price = ((50 units × $10.60) + (30 units × $13)) / 80 units

                                 = $11.50

cost of ending inventory  = 34 units × $11.50

                                          = $391.00

cost of goods sold (46 units sold during the year)

cost of goods sold  = Number of Units Sold × Average price

                                = 46 units × $11.50

                                = $529.00

c

Mark can produce 50 baseballs in a month and Katie can produce 60 baseballs in a month. Also, Mark can produce 40 bats in a month and Katie can produce 30 bats in a month. ______________has the absolute advantage in the production of bats, and _____________ has the comparative advantage in the production of bats. Group of answer choices

Answers

Answer:

Mark has the absolute advantage in the production of bats.

Mark has the comparative  advantage in the production of bats

Explanation:

The absolute advantage is a principle in which  a party is able to produce a good more efficiently than the others. In this situation, Mark can produce 40 bats while Katie can produce 30 bats which indicates that Mark can produce them more efficiently having an absolute advantage in the production of bats.

The comparative advantage is a principle in which a party has the ability to produce a good at a lower opportunity cost than others. In this situation:

                 Baseballs     Bats

Mark                50            40

Katie                60            30

The opportunity cost for Mark of producing 1 bat is producing 1.25 baseballs and the opportunity cost for Katie of producing 1 bat is producing 2 baseballs. This means that Mark has a lower opportunity cost and the comparative advantage in the production of bats.

A decade ago the government of Weinsland decided to liberalize the country's economy. As a result, today the country is experiencing rapid economic advancement and societal changes favorable to international business. Which change is most likely to occur next in Weinsland?
A. As the country gets richer, there will be a shift in the society from "traditional" to "secular rational" values.
B. As the country gets richer, there will be a shift in the society from "well-being" to "survival" values.
C. The country, to further facilitate globalization, will commit to authoritarian ideologies.
D. The people in the country will give more importance to collectivism than to individualism.
E. The country will exhibit more need for social and material support structures built on collectives.

Answers

Answer:

As the country gets richer, there will be a shift in the society from "traditional" to "secular rational" values

Explanation:

In this scenario Weinsland decided to liberalize the country's economy. This will reduce government regulation on the economy and increase participation of private entities.

Liberalisation encourages economic growth.

Traditional conservative values are passed from generation to generation, and change only a little over time.

Secular rational values on the other hand embrace an ever changing economic environment where innovation constantly changes acceptable ways of doing things

Jones, CPA, is auditing the financial statements of XYZ Retailing, Inc. What assurance does Jones provide that direct effect noncompliance that is material to XYZ’s financial statements and noncompliance that has a material but indirect effect on the financial statements will be detected?

A. Direct effect noncompliance: Reasonable; indirect effect noncompliance: none.

B. Direct effect noncompliance: Reasonable; indirect effect noncompliance: reasonable.

C. Direct effect noncompliance: Limited; indirect effect noncompliance: none.

D. Direct effect noncompliance: Limited; indirect effect noncompliance: reasonable.

Answers

Answer:

Direct effect noncompliance: Reasonable; indirect effect noncompliance: none.

Explanation:

Direct-effect noncompliance is a noncompiance that has a direct and material effects on financial statement amounts. Examples of direct-effect noncompliance include the violations of tax laws.

Indirect-effect noncompliance is a violation of laws that do not have direct relationships with the financial statements. Example of indirect-effect noncompliance include violations that have to do with environmental protection, occupational health and safety, etc.

Reasonable assurance can be described as a high level of assurance that is not an absolute one but it is however related to material misstatements.

Therefore, an assurance that Jones provide that direct effect noncompliance that is material to XYZ’s financial statements and noncompliance that has a material but indirect effect on the financial statements will be detected is direct effect noncompliance: Reasonable; indirect effect noncompliance: none.

Levi Corporation (a U.S. company) has several transactions with foreign entities. Each transaction is denominated in the local currency unit of the country in which the foreign entity is located. On December 2, 20X1, Levi sold confectionary items to a foreign company at a price of 50,000 yen when the direct exchange rate was 1 yen = $1.15. The account has not been settled as of the year ended December 31, 20X1, when the exchange rate had changed to 1 yen = $1.12. The foreign exchange gain or loss on Levi's records at year-end for this transaction will be

Answers

Answer: $1500 loss

Explanation:

From the question, On December 2, 20X1, Levi sold confectionary items to a foreign company by selling at a price of 50,000 yen when direct exchange rate was 1 yen = $1.15.

Sale value in dollar = 50,000 × 1.15

= $57500

The account has not been settled as of the year ended December 31, 20X1, when exchange rate had changed to 1 yen = $1.12.

Sale value in dollar = 50,000 × 1.12

= $56000

Foreign exchange loss:

= $57500 - $56000

= $1500 loss

A firm is deciding between two different sewing machines. Technology A has fixed costs of $500 and marginal costs of $50 whereas Technology B has fixed costs of $250 and marginal costs of $100. ​If the price is $60 per unit, what is the break even amount of units for technology A?A. ​50 ​B. 100 ​C. 150​D. None-They would have to shut down

Answers

Answer:

A. 50 units

Explanation:

Break even point (units) = Fixed cost / (Selling price - Variable cost)

= $ 500 / ($ 60 - $ 50)

= $ 500/$10

= 50 units

The break-even point is derived by dividing the fixed costs of production by the price per unit - the variable costs of production. Break-even point is the level of production at which the costs of production equal the Income for the particular product

Asset management ratios are used to measure how effectively a firm manages its assets, by relating the amount a firm has invested in a particular type of asset (or group of assets) to the amount of revenues the asset is generating. Examples of asset management ratios include the average collection period (also called the days sales outstanding ratio), the inventory turnover ratio, the fixed asset turnover ratio, and the total asset turnover ratio.
Consider the following case:
Walker Telecommunications has a quick ratio of 2.00x, $35,550 in cash, $19,750 in accounts receivable, some inventory, total current assets of $79,000, and total current liabilities of $27,650. The company reported annual sales of $200,000 in the most recent annual report.
Over the past year, how often did Walker Telecommunications sell and replace its inventory?
a. 8.01 x
b. 5.24 x
c. 2.85 x
d. 4.75x

Answers

Answer:

Option A 8.01x is the closest answer

Explanation:

Quick ratio =current assets-inventory/current liabilities

let x represent the value of inventory

quick ratio is 2.00

current assets is $79,000

current liabilities is $27,650

2.00=$79,000-x/$27650

2.00*$27,650=$79,000-x

$55,300=$79,000-x

x=$79,000-$55,300

x= $23,700.00  

Inventory turnover =sales/inventory

sales is $200,000

Inventory value is $23,700

inventory turnover ratio=$200,000/$23,700=8.44

The closest option is A,

Which of the following is false?
a) Mail surveys are cheap but have low response rates.
b) Coverage error is when respondents give untruthful answers.
c) Focus groups are nonrandom but can probe issues more deeply.
d) Surveys posted on popular websites suffer from selection bias.

Answers

Answer:

b) Coverage error is when respondents give untruthful answers

Explanation:

Coverage error occurs when the target population isn't the population actually sampled.

Coverage error could be undercoverage or over coverage.

undercoverage is when the sampling population doesn't include all of the target population.

Over coverage is when some of the target population is over represented in the sample population.

I hope my answer helps you

Answer:

b) Coverage error is when respondents give untruthful answers.

Explanation:

Coverage error is a form of bias in experiments, where the selected sample does not match with the population for whom the experiment is actually meant for. This problem could arise as a result of undercoverage or overcoverage of samples.

Undercoverage is a situation wherein the members of the earmarked population are not included in the sample. Overcoverage occurs when samples that are not from the intended population, are included in error or even included more than once.

Lane Company manufactures a single product that requires a great deal of hand labor. Overhead cost is applied on the basis of standard direct labor-hours. Variable manufacturing overhead should be $5.80 per standard direct labor-hour and fixed manufacturing overhead should be $3,087,000 per year.
The company’s product requires 4 pounds of material that has a standard cost of $12.50 per pound and 1.5 hours of direct labor time that has a standard rate of $13.90 per hour.The company planned to operate at a denominator activity level of 315,000 direct labor-hours and to produce 210,000 units of product during the most recent year. Actual activity and costs for the year were as follows:
Number of units produced 252,000
Actual direct labor-hours worked 409,500
Actual variable manufacturing overhead cost incurred $ 1,351,350
Actual fixed manufacturing overhead cost incurred $ 3,276,000
Required:
1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements.(Round your answers to 2 decimal places.)
Predetermined Overhead Rate = $15.60 per DLH
Variable Rate = $5.80 per DLH
FIxed Rate = $9.80 per DLH
3a. Compute the standard direct labor-hours allowed for the year’s production.
3b. Complete the following Manufacturing Overhead T-account for the year:
4. Determine the reason for the underapplied or overapplied overhead from (3) above by computing the variable overhead rate and efficiency variances and the fixed overhead budget and volume variances.(Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).)

Answers

Answer:

1. Compute the predetermined overhead rate for the year. Break the rate down into variable and fixed elements.

total standard overhead rate = $15.60standard variable overhead rate = $5.80standard fixed overhead rate = $9.80

3a. Compute the standard direct labor-hours allowed for the year’s production.

1.5 direct labor hours x 252,000 units = 378,000 hours

3b. Complete the following Manufacturing Overhead T-account for the year:

                                    Manufacturing overhead

Debit                                                       Credit

Actual variable cost $1,351,350            Applied variable cost $2,192,400

Actual fixed costs $3,276,000              Applied fixed costs $3,704,400

                                                                $1,269,450

Adjustment for over applied

overhead expense $1,269,450                                                                  

0                                                              0

4. Determine the reason for the underapplied or overapplied overhead from (3)

two different factors affected the overhead costs:

Actual labor hours were higher than budgeted, since 378,000 should have been used to produce the 252,000 units, but 409,500 were used instead. That results in an unfavorable variance of 31,500 labor hours (8.3% variance). Even though labor hour variance was unfavorable, the actual overhead costs incurred were much lower than expected. The favorable variance regarding overhead costs was much larger than the unfavorable variance in labor hours. The actual total overhead per labor hour = $11.30 vs. $15.60 (standard), which represents a 27.6% favorable variance.

Explanation:

variable overhead $5.80 per direct labor hour

fixed overhead $3,087,000

each unit requires:

4 pounds of materials at standard cost of $12.50 per pound

1.5 direct labor hours at standard rate of $13.90 per hour

fixed overhead per direct labor hour = $9.80

total budgeted production 210,000 units

total budgeted direct labor hours 315,000

actual units produced 252,000

actual direct labor hours 409,500

actual variable manufacturing $1,351,350

actual fixed manufacturing $3,276,000

applied variable cost = $5.80 x 378,000 labor hours = $2,192,400

applied fixed costs = $9.80 x 378,000 labor hours = $3,704,400

According to the Coase theorem, private parties can negotiate to an efficient solution in the presence of externalities if the is (are) relatively low.Suppose Jeremy, Francis, and Andrew are part of Mu Epsilon Nu, a college fraternity known for its very loud, rambunctious weekend parties. The parties annoy many of the residents in nearby apartment complexes due to the loud music and blaring neon lights. This is a(n)example:________

a.external cost
b. positive externality
c. neither

Answers

b. positive externality
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