A farmer needs to borrow $1,000. The local PCA will make a 2-year loan fully amortized at 10% (annual rate) with quarterly payments. A $10 loan fee and stock purchase is required. The borrower stock requirement is the lesser of $1,000 or 2% of loan principal. Assume that sufficient money is borrowed to cover the $1,000, the fee and the stock requirement. Also assume that the stock requirement is returned to borrower when the loan is paid off and the last debt payment can be reduced by the stock amount. How much money needs to be borrowed

Answers

Answer 1

Answer:

the  amount required to be borrowed is $1,030.60

Explanation:

The computation of the amount required to be borrowed is given below:

= (Sufficient money + loan fee) ÷ (1 - given percentage)

= ($1,000 + $10) ÷(1 - 0.02)

= $1,030.60

Hence, the  amount required to be borrowed is $1,030.60

We simply applied the above formula so that the correct value could comes and the same should be relevant


Related Questions

How does a parent perform the functions of organizing in management?

Answers

Answer:

I'll assume that the term "parent" here means parent in the conventional term as in father, mother, and children.

With this in mind, parents have the responsibility of organising the family which include their children and the affairs of the house.

Therefore, a parent performs the functions of organizing in management by:

1. Guiding their wards in management principles

2. Educating them in what they should and shouldn't do.

A business purchases equipment by paying in cash and issuing a note payable of . Which of the following​ occurs? A. Cash is credited for ​, Equipment is credited for ​, and Notes Payable is debited for . B. Cash is credited for ​, Equipment is debited for ​, and Notes Payable is credited for . C. Cash is debited for ​, Equipment is debited for ​, and Notes Payable is credited for . D. Cash is debited for ​, Equipment is credited for ​, and Notes Payable is debited for .

Answers

Answer: Cash is credited for, Equipment is debited for and Notes Payable is credited for.

Explanation:

Let's assume the business purchases equipment by paying $5000 in cash and then issued a note payable of $15000.

Then, the journal entry will be:

Debit Equipment $20000

Credit Cash ($20000 - $15000)=$5000

Credit Note payable $15000

Martha works as a window dresser in her hometown of Victoria BC. She charges $16.72/h and it takes her 5 hours to finish the window display at a local department store. How much will her gross pay be for the job

Answers

Answer:

Her gross pay for the job will be $ 83.6.

Explanation:

Given that Martha works as a window dresser in her hometown of Victoria BC, and she charges $ 16.72 / h and it takes her 5 hours to finish the window display at a local department store, to determine how much will her gross pay be for the job the following calculation must be performed:

16.72 x 5 = X

83.6 = X

Therefore, her gross pay for the job will be $ 83.6.

Tip Top Painting Company has the following production data for March: Beginning work in process inventory, 2,000 units that are 30% complete for conversion costs Units completed and transferred out, 44,000 Units in ending work in process inventory, 9,000 that are 80% complete for conversion costs Materials are added only at the beginning of the process. What is the equivalent units of production during May for direct materials if the FIFO method is used?

Answers

Answer: 51000 units

Explanation:

The equivalent units of production during May for direct materials if the FIFO method is used will be calculated thus:

Units completed and transferred out = 44,000 Units

Less: Beginning work in process inventory = 2,000

Balance = 42000

Then, the Equivalent units of materials will be:

Balance = 42000

Add: Units in ending work in process inventory = 9,000

Equivalent units of materials = 51,000 units

Cosmo has just made his dream come true of buying the property that his restaurant occupies. His excitement is short lived, however. He now realizes that he needs to come up with the extra money for the mortgage. Cosmo decides to rent out the storefront next to the restaurant for added income. After acquiring the property, Cosmo shifted his focus onto which aspect of goal-setting theory

Answers

Answer:

Realistic aspect

Explanation:

Considering the scenario described in the question it can be concluded that Cosmo shifted his focus onto which REALISTIC aspect of goal-setting theory.

This is because following Cosmo making his dream come true of buying the property that his restaurant occupies, the idea that he could rent out the storefront next to the restaurant for added income is a REALISTIC Aspect of Goal Getting.

This implies that Cosmo is more realistic in terms of his financial abilities and willingness to work toward the goal of paying off the mortgage loan

A very accurate estimate that is formed only after most design work is complete:_________
Definitive estimate
Parametric estimate
Feasibility estimate
Ballpark estimate

Answers

Answer:

Definitive estimate

Explanation:

The definitive estimate shows the most accurate or correct estimation for the amount of work and the resources required for finishing the project. It is the estimate in which the organization commits to an order to the baseline

So as per the given situation, the accurate estimated i.e. should be created only after most design work is finished is known as the definitive estimate

In a process operation, each process has a separate department which will accumulate costs for each of the following: Multiple select question. administrative direct labor overhead sales direct materials

Answers

Answer:

overhead

direct labor

direct materials

Explanation:

Process operations can be regarded as process manufacturing it can be explained as mass production method that is been followed when producing products following a continuous flow.

It can be regarded conveyer belt system which brings about production of identical as well as standardized item with fast rate as regards the speed. It should be noted that In a process operation, each process has a separate department which will accumulate costs for ;

✓overhead ( ongoing costs that is gotten in operation of a business)

✓direct labor

✓direct materials

Cavy Company estimates that the factory overhead for the following year will be $1,470,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 40,000 hours. The machine hours for the month of April for all of the jobs were 4,780.

Required:
Prepare the journal entry to apply factory overhead.

Answers

Answer and Explanation:

The journal entry to record the factory overhead is given below:

Predetermined Overhead rate is

= Estimated overhead ÷ Estimated machine hours

= $1,470,000 ÷ 40,000

= $36.75 per mh

Now journal entry is  

Work in Process $175,665  

     To Factory Overhead $175,665   (4780 × 36.75)

(Being the factory overhead applied is recorded)

Here work in process is debited as it increased the assets and credited the factory overhead as it decreased the expense

Refer to Exhibit 15-5. Assume that the economy starts out in short-run equilibrium. An economist who believes that the economy is not self-regulating would assert that the government should use _________________ fiscal policy to close the existing ___________________ gap.

Answers

Answer: b. Contractionary; Inflationary gap

Explanation:

If the economy starts out at the short-run, the GDP would be higher than the GDP if we were using the Long Run Aggregate Supply Curve which shows what the potential GDP is.

This means that the Actual GDP is higher than the potential GDP and when this happens there will be an inflationary gap because prices will be higher than they should be as the economy is overheated.

In order to close this inflationary gap, the government should embark on contractionary fiscal policies that would reduce economic activity and bring GDP down to the potential level.

The ACogs-153 company has provided the following data for the month of May: Inventories: Beginning Ending Work in process $ 24,000 $ 19,000 Finished goods $ 53,000 $ 57,000 Additional information: Direct materials $ 64,000 Direct labor cost $ 94,000 Manufacturing overhead cost incurred $ 70,000 Manufacturing overhead cost applied to Work in Process $ 68,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The company's adjusted cost of goods sold (that is, cost of goods sold adjusted for underapplied or overapplied overhead) for May is:

Answers

Answer:

$209,000

Explanation:

   Schedule of Cost of goods manufactured

Particulars                                                Amount

Direct materials                                        $64,000

Direct labor cost                                       $94,000

Manuf. overhead cost applied to WIP     $68,000

Total manufacturing costs                        $226,000

Add: WIP Inventory, Beginning                $24,000

Less: WIP Inventory, Ending                     $19,000

Cost of goods manufactured                   $231,000

Add: Beginning Finished goods              $53,000

Less: Ending Finished goods                   $57,000

Unadjusted cost of goods sold                $207,000

Add: Underapplied manuf. overhead      $2,000     ($70,000-$68,000)

Adjusted cost of goods sold                   $209,000

Currently, the unit selling price of a product is $350, the unit variable cost is $290, and the total fixed costs are $780,000. A proposal is being evaluated to increase the unit selling price to $390.

Required:
a. Compute the current break-even sales (units).
b. Compute the anticipated break-even sales (units), assuming that the unit selling price is increased to the proposed $390, and all costs remain constant.

Answers

Solution :

a). [tex]\text{The contribution margin per unit = }[/tex][tex]\text{selling price per unit - variable cost per unit}[/tex]

                                                           = $ 350 - $ 290

                                                            = $60

The current break even sales = [tex]$\frac{\text{fixed cost}}{\text{contribution margin per unit}}$[/tex]

                                                  [tex]$=\frac{780,000}{60}$[/tex]

                                                 = 13,000 units

Therefore, the current break-even sales (units) = 13,000 units

b). The Contribution Margin Ratio = Selling Price Per Unit - Variable Cost Per Unit

                                                       = $390 - $290

                                                      = $ 100

[tex]$\text{Break even sales}=\frac{\text{fixed cost}}{\text{contribution margin per unit}}$[/tex]

                          [tex]$=\frac{780,000}{100}$[/tex]

                          = 7,800 units.

So, the answer is 7800 units.

Suppose that American firms claim that protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to Group of answer choices

Answers

Answer:

manufacturers who export to Canada.

Explanation:

From the question we are informed about an American firms claim that uses protectionism in Canada is on the rise as the Canadian government attempts to protect its infant industries. This protectionism will cause the greatest harm to manufacturers who export to Canada.

Protectionism can be regarded as economic policy that is used in restriction of imports from other countries using some methods and measures, these measures could be tariffs on imported goods as well as import quotas and some government regulations. This is usually create economic crises such as Great Depression.

Express net income as a common-size percentage using the following data.

Sales $45,000
Cost of goods sold $29,340
Gross profit from sales $15,660
Operating expenses $10,800
Net income $4,860.

a. 100 percent
b. 31 percent
c. 12 percent
d. 10.8 percent

Answers

Answer:

i think the answers D 10.8 percent

A company with excess capacity must decide between scrapping or reworking units that do not pass inspection. The company has 19,000 defective units that cost $5.30 per unit to manufacture. The units can be a) sold as is for $2.50 each, or b) reworked for $4.80 each and then sold for the full price of $7.80 each. What is the incremental income from selling the units as scrap and reworking and selling the units

Answers

Answer:

If the company reworks the units, income will increase by $9,500 (57,000 - 47,500).

Explanation:

Giving the following information:

Sell as-is:

Selling price= $2.5

Rework:

Selling price= $7.8

Incremental unitary cost= $4.8

We need to determine the impact of each option on the income:

Sell as-is:

Effect on income= 2.5*19,000= $47,500 increase

Rework:

Effect on income= 19,000*(7.8 - 4.8)

Effect on income= $57,000 increase

If the company reworks the units, income will increase by $9,500 (57,000 - 47,500).

Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 2% of sales. If sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is:______.a. $12,500.b. $11,500.c. $12,000.d. None of these answers are correct.

Answers

Answer:

$12,000

Explanation:

Calculation to determine what the amount of the adjusting entry to record the provision for doubtful accounts is

Using this formula

Provision for doubtful accounts =Sales *Uncollectible accounts expense estimated percentage of sales

Let plug in the formula

Provision for doubtful accounts = 2% × $600,000

Provision for doubtful accounts=$12,000

Therefore the amount of the adjusting entry to record the provision for doubtful accounts is $12,000

1. Prepare a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Post these entries to both the general ledger and the accounts receivable ledger. General Ledger Accounts Receivable Sales End.Bal End.Bal Accounts Receivable Subsidiary Ledger Ski Shop Sales Returns and Allowances End.Bal Welcome Enterprises Zia Natara End.Bal End.Bal Vail Company recorded the following selected transactions during November Current Year Debit Credit 5,238 Date General Journal Nov. 5 Accounts Receivable-Ski Shop Sales 5,238 10 Accounts Receivable-Welcome Enterprises 2,780 Sales 2,780 13 Accounts Receivable-Zia Natara 1,630 Sales 1,630 21 Sales Returns and Allowances 421 Accounts Receivable-Zia Natara 421 30 Accounts Receivable-Ski Shop 5,796 Sales 5,796
2 . Prepare a schedule of accounts receivable VAIL COMPANY Schedule of Accounts Receivable November 30, Current Year Total

Answers

Answer:

Vail Company

1. T-accounts:

a. General Ledger

Accounts Receivable

Date       Account Titles   Debit           Credit

Nov. 5    Sales                  5,238

Nov. 10  Sales                   2,780

Nov. 13  Sales                   1,630

Nov. 21  Sales Returns and Allowances 421

Nov. 30 Sales                  5,796

Nov. 30 Balance                               15,0232

Sales

Date       Account Titles                  Debit           Credit

Nov. 5    Accounts Receivable-Ski Shop            5,238

Nov. 10   Accounts Receivable-

              Welcome Enterprises                          2,780

Nov. 13   Accounts Receivable-Zia Natara         1,630

Nov. 30 Accounts Receivable-Ski Shop           5,796

Nov. 30 Balances                          15,444

Sales Returns and Allowances

Date       Account Titles                           Debit           Credit

Nov. 21 Accounts Receivable-Zia Natara 421

b. Accounts Receivable Ledger:

Ski Shop

Date       Account Titles   Debit           Credit

Nov. 5    Sales                  5,238

Welcome Enterprises

Date       Account Titles   Debit           Credit

Nov. 10   Sales                 2,780

Zia Natara

Date       Account Titles   Debit           Credit

Nov. 13   Sales                  1,630

Nov. 21   Sales Returns and Allowances 421

Ski Shop

Date       Account Titles   Debit           Credit

Nov. 30  Sales                  5,796

Explanation:

a) Data and Analysis:

Nov. 5 Accounts Receivable-Ski Shop 5,238

Sales 5,238

Nov. 10 Accounts Receivable-Welcome Enterprises 2,780

Sales 2,780

Nov. 13 Accounts Receivable-Zia Natara 1,630

Sales 1,630

Nov. 21 Sales Returns and Allowances 421

Accounts Receivable-Zia Natara 421

Nov. 30 Accounts Receivable-Ski Shop 5,796

Sales 5,796

Warby Parker, an online retailer for prescription eyewear, offers a free, try-on at home program for its customers. Customers browse frames on Warby Parker’s website and select five pairs they would like to try on before buying—or not. Warby Parker handles all the shipping costs and provides all the return packaging. This relates to the________ of its products. Multiple Choice

a. relative advantage
b. complexity
c. observability
d. compatibility
e. trialability

Answers

Answer:

e. trialability

Explanation:

Trialability is the ability to give an idea, process, product, or system a trial before making a final decision.

It indicates the degree to which a product or innovation can be experimented by the customer before they finally buy.

Warby Parker has leveraged on this strategy by allowing customers browse frames on Warby Parker’s website and select five pairs they would like to try on before buying—or not. Warby Parker handles all the shipping costs and provides all the return packaging

In 2020, Wild Corporation reported a net loss of $70,000. Wild's only net income adjustments were depreciation expense $81,000, and increase in accounts receivable $8,100. Compute Wild's net cash provided (used) by operating activities.

Answers

Answer:

$2,900

Explanation:

Computation for Wild's net cash provided (used) by operating activities.

Net income adjustments $81,000

Less increase in accounts receivable ($8,100)

$72,900

Less reported net loss $70,000

Net cash provided (used) by operating activities $2,900

($72,900-$70,000)

Therefore net cash provided (used) by operating activities will be $2,900

A firm wants to sponsor an engineering lab. This requires $2.5M to construct the lab, $1.2M to equip it, and $600,000 every 5 years for new equipment. What is the required endowment if the university will earn 6% interest on funds

Answers

Answer:

$5.47M

Explanation:

The required endowment from the sponsor is the total costs required immediately plus the present value of the new equipment that needs to be purchased every five years as shown thus:

Immediate costs=cost of lab construction+cost of equipping the lab

Immediate costs=$2.5M+$1.2M

Immediate costs=$3.7M

Present value of every 5 years equipment cost=cost/(1+interest)^n-1

interest rate=6%

n=5 years(the frequency of incurring the cost)

PV=$0.60M/(1+6%)^5-1

PV=$0.60M/0.33822558

PV=$1.77M

required endowment =$3.70M+$1.77M

required endowment =$5.47M

A firm sells two products, Regular and Ultra. For every unit of Regular the firm sells, two units of Ultra are sold. The firm's total fixed costs are $1,536,000. Selling prices and cost information for both products follow. What is the firm's break-even point in units of Regular and Ultra?

Answers

Answer:

regular - 32,000

ultra - 64,000

Explanation:

Please find the remaining part of this question in the attached image

Breakeven quantity are the number of  units produced and sold at which net income is zero

Breakeven quantity = fixed cost / price – variable cost per unit

Contribution margin :

Regular = 22 - 8 = 14

Ultra = 25 - 8 = 17

weighted contribution margin = (1/3 x 14) + (2/3 x 17) = 16

Firms breakeven =  $1,536,000 / $16 = 96,000

Regular's breakeven = 1/3 x 96,000 = 32,000

Ultra's breakeven = 2/3 x 96,000 = 64,000

Revising for clarity is an important revision task. Clear messages are immediately understood and appreciated. To improve the clarity of your message, keep your sentences short and simple, and dump trite business phrases.
Which of the following sentences employ the KISS formula? Check all that apply.
We are processing your request to the best of our abilities.
Our company is pleased to have processed your request.
Your request is noteworthy and has been processed through the correct channels.
Your request has been processed.
The trite business phrase as per your request can be revised as .
Determine which revision of each the following sentences provides the most clarity.
I would like to take this opportunity to inform you that the changes to your account will post soon.
As per your verbal instruction, changes to your account will post on Tuesday.
I am taking this opportunity to inform you that changes to your account will post on Tuesday.
The changes to your account will post on Tuesday.
Pursuant to your request, the sales managers will be a ubiquitous presence in case they are needed.
Every effort will be made for sales managers to be available if needed.
Sales managers are available if needed.
Per your request, the sales managers should be an omnipresent presence if needed.
Which sentence provides the most clarity?
Mary, from human resources, would like to explain the changes with reference to your employee benefits.
Mary, from human resources, will explain the changes to your employee benefits.
In accordance with company policy, the human resources associate would like to codify the new employee benefits information.

Answers

Answer:

ANSWERS TO PART A:   Sentence 2 and Sentence 4

ANSWER TO PART B:    Sentence 3

ANSWER TO PART C:    Sentence 3

ANSWER TO PART D:    Sentence 2

Explanation:

In Part A, which of the sentences employs the Keep It Short & Simple formula?

We start by labelling the sentences and then selecting the right answers.

Remember the rules are that the sentences must not be long and complex and also must not contain trite business phrases.

1. We are processing your request to the best of our abilities.

2. Our company is pleased to have processed your request.

3. Your request is noteworthy and has been processed through the correct channels.

4. Your request has been processed.

PART B: Which sentence provides the most clarity?

1. I would like to take this opportunity to inform you that the changes to your account will post soon.

2. As per your verbal instruction, changes to your account will post on Tuesday.

3. I am taking this opportunity to inform you that changes to your account will post on Tuesday.

4. The changes to your account will post on Tuesday.

PART C: Which sentence provides the most clarity?

1. Pursuant to your request, the sales managers will be a ubiquitous presence in case they are needed.

2. Every effort will be made for sales managers to be available if needed.

3. Sales managers are available if needed.

4. Per your request, the sales managers should be an omnipresent presence if needed.

PART D: Which sentence provides the most clarity?

1. Mary, from human resources, would like to explain the changes with reference to your employee benefits.

2. Mary, from human resources, will explain the changes to your employee benefits.

3. In accordance with company policy, the human resources associate would like to codify the new employee benefits information.

Many experts believe that marketing is the most important function in a company. Discuss the reasons this is a true statement. Discuss the reasons this is not a true statement.

Answers

Solution :

Marketing is considered as an important function in a company.

Marketing is an important function in any organization as it allows the business to maintain a long-lasting and an ever-present relationships with the audience. It increase the brand value and generates revenue for the organization.

Marketing is not considered as an important function in a company.

Besides marketing there are other function as well which are important for an organization. The human resource department is an important function which maintains the relationship between the employees and the management. It works for the welfare of its employees which is considered as asset to the organization.

Also attention should be given to manufacture a good product seeing the demand in the market that can be easily available and usable by the customer. More research should be done to develop a product that is best for its consumers.

Bluebean Inc. produces two lines of coffee cups: espresso coffee cups and travel coffee mugs. The unit cost information is shown here. The company uses a traditional volume-based costing system and believes that the number of labor hours is the appropriate cost driver

Activity Cost Pool Espresso Coffee Cups Travel Coffee Mugs
Selling price $20 $25
Direct materials $6 $8
Direct labor $2 $5
Units produced 10,000 units 4,000 units
Direct labor hours 10,000 hours 6,000 hours
Estimated total overhead costs $80,000

Item Espresso coffee cups Travel coffee mugs
Pre-determined overhead rate
Total manufacturing overhead allocated
Manufacturing cost per unit
Gross profit unit

Answers

Answer:

Results are below.

Explanation:

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 80,000 / (10,000 +  6,000)

Predetermined manufacturing overhead rate= $5 per direct labor hour

Now, we can allocate overhead:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Espresso coffee cups= 5*10,000= 50,000

Travel coffee mugs= 5*6,000= 30,000

In unitary bases:

Espresso coffee cups= 50,000/10,000= 5

Travel coffee mugs= 30,000/4,000= 7.5

Finally, the total unitary cost and the gross profit per unit:

Espresso coffee cups:

Total unitary cost= 6 + 2 + 5= $13

Gross profit= 20 - 13= $7

Travel coffee mugs:

Total unitary cost= 8 + 5 + 7.5= $20.5

Gross profit= 25 - 20.5= $4.5

Gabriele Enterprises has bonds on the market making annual payments, with nine years to maturity, a par value of $1,000, and selling for $978. At this price, the bonds yield 7.4 percent. What must the coupon rate be on the bonds

Answers

Answer:

7.06%

Explanation:

The computation of the coupon rate is given below:

Given that

FV is $1,000

PV is $978

NPER is 9

RATE is 7.4%

The formula is given below:

=PMT(RATE,NPER,-PV,FV,TYPE)

After applying the above formula, the PMT is $70.57

Now the coupon rate is

= $70.57 ÷ $1,000

= 7.06%

You are in desperate need for cash to pay your water bill so you head to the check-cashing store down the street. They offer to lend you $200 now but you must leave a postdated check of $212 to be cashed in 7 days. What is the effective annual rate of this short-term loan?

Answers

Answer:

1969.6%

Explanation:

The computation of the effective annual rate is given below;

Given that

It is been charged $12 for $200 loan for 7 days

So for 7 days,

the nominal interest rate is is

= 12 ÷ 200 × 100

= 6%

Now

(1+r) = (1+0.06)^{52}

(1+r) = 20.696

r = 19.696

= 1969.6%

A pure monopoly without competitors: Group of answer choices Faces a perfectly elastic demand curve for its product. Cannot influence the price of its

Answers

Answer:

d

Explanation:

Here is the complete question

A pure monopoly firm

Select one:

a. faces a perfectly elastic demand curve for its product.

b. will always be able to earn more profit when it raises price.

c. will always earn economic profit, no matter what the level of demand for its product.

d. can influence the price of its product by controlling output

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

A natural monopoly occurs due to the high start-up costs or a large economies of scale.

Natural monopolies are usually the only company providing a service in a particular region  

Characteristics of natural monopolies  

1. they have a large fixed cost  

2. The firms have a low marginal cost

3. They occur naturally through the free market. It does not occur by government regulation or any other force

The demand curve for a pure monopoly is usually inelastic.

Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one

A monopoly can can influence the price of its product by controlling output

A monopoly will not always earn economic profit no matter the level of output

Given direct material cost of $10, direct labor cost of $15, direct-labor based overhead of $12 and Activity-Based Costing overhead of $16, the total cost of the product using Activity-Based costing is $___________ . (Enter your answer as a whole number.)

Answers

Answer:

Total cost of product using the Activity-Based costing

Particulars                                Amount

Material cost                                $10

Labor cost                                    $15

Overheads cost under ABC        $16

Total cost of product                   $41

Costs: Costs in beginning Work in Process - Direct Materials: $58,000. Costs in beginning Work in Process - Conversion: $63,850. Costs incurred in February - Direct Materials: $388,250. Costs incurred in February - Conversion: $614,150. Calculate the cost per equivalent unit of materials.

Answers

Answer: $2.05 per unit

Explanation:

First find out the Equivalent units for materials:

= Units started and completed + Ending work in process

= 180,000 + 37,500

= 217,500 units

Find out total cost of materials:

= Costs in beginning Work in Process for materials + Cost incurred in February

= 58,000 + 388,250

= $446,250

Cost per equivalent unit:

= Total costs / Equivalent units

= 446,250 / 217,500

= $2.05 per unit

Mrs. Dill is planning on baking cakes for a summer festival. In order to do this, she needs to spend $15 on new equipment to bake the cakes, plus she estimates that it will cost her 5 cents for every cake that she bakes. If x is the number of cakes that she makes, what is the cost function C(x)?a. C(x) = 15 + 0.5x.b. C(x) =15 + 5x.c. C(x) = 5 + 15x.d. C(x) = 15 +0.05x.

Answers

Answer: d. C(x) = 15 +0.05x.

Explanation:

The Cost function for the cake will be the sum of the fixed and variable costs that Mrs. Dill will incur per cake baked.

Fixed cost = $15

Total Variable cost = Number of cakes baked * variable cost per cake

= x * 5 cents

= x * 5 cents / 100 cents in a dollar

= 0.05x

Cost function is therefore:

= 15 + 0.05x

Potatoes and wheat output (tons per day)

Country Potatoes Wheat
United States 4 2
Ireland 3 1

The United States has a comparative advantage in producing: __________

a. wheat
b. neither
c. potatoes
d. both

Answers

Answer:

c. potatoes

Explanation:

The computation is shown below:

Opportunity cost of producing 1 tons of wheat is  

for US = 4 ÷ 3 = 1.33 tons of potatoes

for Ireland = 2 ÷ 1 = 2 tons of potatoes

As the opportunity cost is higher in united states of potatoes so here the united stated should be comparative advantage in generating potatoes  

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