Answer:
combine widely varying elements of overhead into a single cost pool
Explanation:
A Traditional cost system is the system where the overhead cost are allocated that depend upon the cost driver volume. It determined the overhead cost per unit by measuring the total overhead cost i.e. incurred and this is be divided by the number of units produced
So as per the given options, the above option should be considered
Wholesome Burger, Inc. budgeted 25,000 direct labor hours for producing 100,000 units. The standard direct labor rate is $6 per hour. During March, the company used 30,000 hours for producing 80,000 units and paid $6.25 per hour. Calculate the direct labor rate variance.
Answer:
See below
Explanation:
Given the above information, we will apply the formula below to compute direct labor rate variance.
Direct labor rate variance =
(SR - AR) × AH
Stanadard (Rate) SR = $6
Actual Hour (AR) = $6.25
Actual Hour (AH) = 30,000
Then,
Direct labor rate variance
= ($6 - $6.25) × 30,000
= -$0.25 × 30,000
= -$7,500
= $30,000 Unfavorable
It is unfavourable because the actual rate is more than the budgeted rate.
Darius, Inc. has the following income statement (in millions): DARIUS, INC. Income Statement For the Year Ended December 31, 2012 Net Sales $300 Cost of Goods Sold 120 Gross Profit 180 Operating Expenses 44 Net Income $136 Using vertical analysis, what percentage is assigned to Cost of Goods Sold? Group of answer choices 30% 40% 100% None of the above
Answer:
40%
Explanation:
Calculation to determine what percentage is assigned to Cost of Goods Sold
Using this formula
Cost of Goods Sold percentage=
Cost of Goods Sold /Net Sales
Let plug in the formula
Cost of Goods Sold percentage=$120/$300*100
Cost of Goods Sold percentage=0.40*100
Cost of Goods Sold percentage=40%
Therefore the percentage assigned to Cost of Goods Sold is 40%
What is my level of education if I just finished 10th grade?
11th grade because that's the grade above
A local restaurant has promised to provide a combination of hamburger meal and hot dog meal at a local fundraiser. They have promised no fewer than a total of 100 meals. Their capacity is a maximum of 200 meals. The restaurant management has decided that number of hamburger meals cannot be less than the number of hotdog meals. The cost of a hamburger meal is $3 whereas the cost of a hotdog meal is $2. The restaurant wants to minimize their cost. How many hamburger and hotdog meals should they produce
Answer:
Minimize Z = 3x + 2y
Explanation:
Let x represent hamburger meal and let y represent hot dog meal. The objective is to minimize the total cost. The objective function will be
Z = 3x + 2y
The maximum capacity of restaurant is 200 meals while it has minimum cap for 100 meals.
Indicate whether the following instruments are examples of money market or capital market securities.
a. U.S. Treasury bills
b. Long-term corporate bonds
c. Common stocks
d. Preferred stocks
e. Dealer commercial paper
Answer and Explanation:
In the Money Market Securities, it is treated as the short-term securities that means they are traded for short-term period i.e. less than one year. It has the less risk also the return is also very less but the liquidity is very rich. Examples - treasury bills, commercial papers etc
While on the other hand, the capital market securties are traded for the long term i.e. more than one year. It contains the high risk also the return is very high. Examples - stocks, bonds, debentures
So based on the above explanation, the classification is as follows
a. Money market securities
b. capital market securities
c. capital market securities
d. capital market securities
e. money market securities
Why are businesses using LinkedIn automation for lead generation?
Answer:
A few years back, LinkedIn automation raised eyebrows among the business community. Many embraced it and started taking advantage of it while many others hesitated thinking that it’s spammy.
In recent years, there has been a dramatic shift in the marketing landscape and businesses are using automation to streamline their workflows. Almost 40% of the small and large businesses have already included automation into their workflows one way or the other.
Finley Company
End-of-Period Spreadsheet
For the Year Ended December 31
Adjusted Trial Balance Income Statement Balance Sheet
Account Title Debit Credit Debit Credit Debit Credit
Cash 48,000 48,000
Accounts
Receivable 18,000 18,000
Supplies 6,000 6,000
Equipment 57,000 57,000
Accumulated Depreciation 18,000 18,000
Accounts Payable 25,000 25,000
Wages Payable 6,000 6,000
Common Stock 30,000 30,000
Retained Earnings 3,000 3,000
Dividends 3,000 3,000
Fees Earned 155,000 155,000
Wages Expense 63,000 63,000
Rent Expense 27,000 27,000
Depreciation
Expense 15,000 15,000
Totals 237,000 237,000 105,000 155,000 132,000 82,000
Net Income (Loss) 50,000 50,000
155,000 155,000 132,000 132,000
The entry to close Dividends would be:_____.
a. debit Retained Earnings, $3,000; credit Common Stock, $3,000.
b. debit Common Stock, $3,000; credit Retained Earnings, $3,000.
c. debit Dividends, $3,000; credit Retained Earnings, $3,000.
d. debit Retained Earnings, $3,000; credit Dividends, $3,000.
Answer:
d. debit Retained Earnings, $3,000; credit Dividends, $3,000.
Explanation:
The journal entry to close the dividend account should be
Retained earnings Dr $3,000
To Dividend $3,000
(being the closing of the dividend account is recorded)
here the retained earning is debited as it decreased the stockholder equity and dividend is credited as it is closed
Changes in financial reporting methods unquestionably will alter the resulting measures of financial positions reported in financial statements.
a. True
b. False
Answer:
a
Explanation:
Pet Place Supplies Inc., a pet wholesale supplier, was organized on May 1. Projected sales for each of the first three months of operations are as follows:May$134,000June155,000July169,000All sales are on account. Sixty-five percent of sales are expected to be collected in the month of the sale, 30% in the month following the sale, and the remainder in the second month fol-lowing the sale.Prepare a schedule indicating cash collections from sales for May, June, and July
Answer:
Pet Place Supplies Inc.
Schedule of Cash from Sales for May, June, and July:
May June July
Cash collections:
60% month of sale $80,400 $93,000 $101,400
30% ffg month of sale 40,200 46,500
10% second month 13,400
Total cash collections $80,400 $133,200 $161,300
Explanation:
a) Data and Calculations:
May June July
Projected credit sales $134,000 $155,000 $169,000
Cash collections:
60% month of sale $80,400 $93,000 $101,400
30% ffg month of sale 40,200 46,500
10% second month 13,400
Total cash collections $80,400 $133,200 $161,300
A debit: Multiple Choice Always decreases an account. Is the left-hand side of a T-account. Is the right-hand side of a T-account. Is not needed to record a transaction. Always increases an account.
A debit side is the left-hand side of a T-account according to the Ledger's book of account.
The left side of the Account is always the debit side and the right side is always the credit side irrespective of what account is. Debit side represents money being paid out of a particular account. In the Ledger is a book of account, in which all types of accounts relating to assets liabilities, capital, expenses and revenues and maintained. it is a complete set of account of business enterprise.
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Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for a magazine publisher: a. Paper used for the magazine b. Wages of printing machine employees c. Glue used to bind magazine d. Maintenance on printing machines
Answer:
a. Paper used for the magazine = prime cost (P)
b. Wages of printing machine employees = both (B
c. Glue used to bind magazine = prime cost (P)
d. Maintenance on printing machines = conversion cost (C)
Explanation:
prime cost (P), conversion cost (C), or both (B) are cost of a manufacturing business.
Cliff Company traded in an old truck for a new one. The old truck had a cost of $290,000 and accumulated depreciation of $87,000. The new truck had an invoice price of $293,000. Huffington was given a $200,000 trade-in allowance on the old truck, which meant they paid $93,000 in addition to the old truck to acquire the new truck. If this transaction has commercial substance, what is the recorded value of the new truck
Answer:
203,000
Explanation:
Is the answer to this question
If the subtotal of the income statement debit column is $250,000, the subtotal of the income statement credit column is $300,000, and the total of the Statement of Retained Earnings debit column is $475,000, what is the beginning balance in Retained Earnings
Answer:
$425,000
Explanation:
Calculation to determine the beginning balance in Retained Earnings
First step is to prepare the Income Statement
Revenues $300,000
Less Expenses ($250,000)
Profit $50,000
Now let calculate the beginning balance in Retained Earnings
Using this formula
Beginning balance in Retained Earnings= Statement of Retained Earnings debit column -Income Statement Profit
Let plug in the formula
Beginning balance in Retained Earnings=$475,000-$50,000
Beginning balance in Retained Earnings=$425,000
Therefore the beginning balance in Retained Earnings is $425,000
Dake Corporation's relevant range of activity is 3,500 units to 8,500 units. When it produces and sells 6,000 units, its average costs per unit are as follows: For financial reporting purposes, the total amount of product costs incurred to make 6,000 units is closest to:
Answer:
$89,100
Explanation:
Direct material = $6.6
Direct labor = $3.6
Variable manufacturing overheads = $1.35
Fixed manufacturing overheads = $3.3
Total production cost per unit = $6.6 + $3.6 + $1.35 + $3.3
Total production cost per unit = $14.85
Total amount of product cost incurred for 6000 unit:
= $14.85 * 6,000 units
= $89,100
You own a portfolio equally invested in a risk-free asset and two stocks. One of the stocks has a beta of 1.25 and the total portfolio is equally as risky as the market. What must the beta be for the other stock in your portfolio?
Answer:
The answer is "1.75"
Explanation:
The portfolio is equally weighted with three parts, which each weighs 33,33%. The risk-free asset (Rf) is available worldwide and beta 0 is given for the market portfolio.
[tex]Return \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ Beta \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ Probability (Pi)\\\\\text{Risk free Return (Rf)} \ \ \ \ \ \ \ \ \ \ \ 0 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 33.33\%\\\\Stock 1\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 1.25 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 33.33\%\\\\Stock 2\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ ? \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 33.33\%\\\\[/tex]
[tex]\text{Portfolio Beta = (Pi Rf * Beta Rf) + (Pi Stock1 * Beta Stock1) + (Pi Stock2 * Beta Stock2)}\\\\1 = (33.33\% \times 0) + (33.33\% \times 1.25) + (33.33\% \times x)\\\\1 = 0 + 0.416625 + 0.3333x\\\\1 - 0.416625 = 0.3333x\\\\0.583375 = 0.3333x\\\\x =\frac{0.583375}{0.3333}\\\\x = 1.75[/tex]
A severe freeze has damaged the Florida orange crop. The impact on the market for orange juice will be a leftward shift of
Group of answer choices.
A. the supply curve, resulting in a lower equilibrium price.
B. the supply curve, resulting in a higher equilibrium price.
C. the demand curve, as consumers try to economize because of the shortage.
D. the demand curve, resulting in a price ceiling in the market.
Answer:
B. the supply curve, resulting in a higher equilibrium price.
Explanation:
In this scenario, a severe freeze has damaged the Florida orange crop. Thus, the impact on the market for orange juice will be a leftward shift of the supply curve, resulting in a higher equilibrium price.
An equilibrium price can be defined as the price at which the quantity of goods demanded is equal to the quantity of goods supplied.
Additionally, the equilibrium price is generally said to be stable because at this price, the quantity of goods or services demanded is equal to the quantity of goods or services supplied to the consumers.
Why is it important to eliminate debt as soon as possible?
The following units of a particular item were available for sale during the calendar year:
Jan. 1 Inventory 4,000 units at $40
Apr. 19 Sale 2,500 units
June 30 Purchase 4,500 units at $44
Sept. 2 Sale 5,000 units
Nov. 15 Purchase 2,000 units at $46
The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method.
Answer:
The cost of goods sold for eachs ale and the inventory balance after each sale, assuming the LIFO (last-in, first-out) method:
Cost of goods sold Ending Inventory
Apr. 19 Sale $100,000 $60,000
Sept. 2 Sale $218,000 $40,000
Explanation:
a) Data and Calculations:
Date Description Units Unit Cost Total Balance
Jan. 1 Inventory 4,000 $40 $160,000
Apr. 19 Sale (2,500) (100,000) $60,000
June 30 Purchase 4,500 $44 198,000 258,000
Sept. 2 Sale (5,000) (218,000) 40,000
Nov. 15 Purchase 2,000 $46 92,000 132,000
Cost of goods sold: Ending Inventory
April 19: = 2,500 * $40 = $100,000 = 1,500 * $40 = $60,000
Sept 2: = 4,500 * $44 + 500 * $40 = 1,000 * $40 = $40,000
= $198,000 + $20,000
= $218,000
During its first year of operations a company recorded accrued expenses totaling $375,000 for book purposes. For tax purposes, $175,000 of the expenses are deductible during the first year of operations and $200,000 are deductible during the second year of operations. The enacted income tax rate was 21% during the first year of operations and 25% during the second year of operations. The balance sheet at the end of the first year of operations will report a deferred tax:
Answer:
$50,000
Explanation:
Optiins includes "asset of $42,000. liability of $42,000. liability of $50,000. asset of $50,000."
Deferred tax assets = Future deductible amount * Tax rate of future year
Deferred tax assets = $200,000* 25%
Deferred tax assets = $50,000
So, the balance sheet at the end of the first year of operations will report a deferred tax of $50,000
Alpha Moose Transporters has a current stock price of $33.35 per share, and is expected to pay a per-share dividend of $1.36 at the end of next year. The company’s earnings’ and dividends’ growth rate are expected to grow at the constant rate of 8.70% into the foreseeable future. If Alpha Moose expects to incur flotation costs of 5.00% of the value of its newly-raised equity funds, then the flotation-adjusted (net) cost of its new common stock (rounded to two decimal places) should be
Answer:
Alpha Moose Transporters
If Alpha Moose expects to incur flotation costs of 5.00% of the value of its newly-raised equity funds, then the flotation-adjusted (net) cost of its new common stock (rounded to two decimal places) should be:
= $30.84.
Explanation:
a) Data and Calculations:
Current stock price = $33.35 per share
Dividend per share = $1.36
Flotation costs = 5.00%
Flotation-adjusted stock price = $31.68 ($33.35 * 0.95)
Expected dividend growth rate = 8.70%
Expected rate of returns = 4.29% ($1.36/$31.68 * 100)
Cost of new common stock = Dividend per share/(Expected rate of returns - Dividend growth rate)
= $1.36/(0.0429 - 0.087)
= $1.36/0.0441
= $30.84
Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income statement for a recent month for the two games appears below: Claimjumper Makeover Total Sales $ 110,000 $ 55,000 $ 165,000 Variable expenses 27,400 5,600 33,000 Contribution margin $ 82,600 $ 49,400 132,000 Fixed expenses 93,840 Net operating income $ 38,160 Required: 1. What is the overall contribution margin (CM) ratio for the company? 2. What is the company's overall break-even point in dollar sales? 3. Prepare a contribution format income statement at the company's break-even point that shows the appropriate levels of sales for the two products.
Answer:
1. Overall contribution margin ratio for the company = 80%
2. Company's overall breakeven point in dollar sales = $117,300
3. Net operating income = $0
Explanation:
1. What is the overall contribution margin (CM) ratio for the company?
Overall contribution margin ratio for the company = (Total contribution margin / Total sales) * 100 = ($132,000 / $165,000) * 100 = 80%
2. What is the company's overall break-even point in dollar sales?
Company's overall breakeven point in dollar sales = Fixed cost / Contribution margin ratio = $93,840 / 80% = $117,300
3. Prepare a contribution format income statement at the company's break-even point that shows the appropriate levels of sales for the two products.
Note: See Part 3 of the attached excel file for the contribution format income statement at the company's break-even point that shows the appropriate levels of sales for the two products.
From the Part 3 of the attached excel file, we have:
Net operating income = $0
You want to take out a $125,000 mortgage. The interest rate on the mortgage is 5%, and the loan is for 30 years. How much will your monthly payments be
Answer: $671.03
Explanation:
The monthly payment will be an annuity because it will be constant. The loan amount will be the present value of the loan.
Periodic interest rate of loan = 5%/12 = 5/12%
Loan period = 30 * 12 months = 360 months
Present value of annuity = Annuity * ( 1 - ( 1 + rate) ^ -number of periods) / rate
125,000 = Annuity * ( 1 - ( 1 + 5/12%)⁻³⁶⁰) / 5/12%
125,000 = Annuity * 186.2816170
Annuity = 125,000 / 186.2816170
= $671.03
Answer:
Answer on the picture
Explanation:
What is the change in net income if fixed cost of $20,000 can be avoided and Frannie could rent out the factory space no longer in use for $20,000?
Answer:
Note The full question is attached as picture below
1). Purchasing cost = 10,000* $18
Purchasing cost = $180,000
Making cost = Direct material + Direct labor + Variable overhead
Making cost = $65,000 + $55,000 + $30,000
Making cost = $150,000
Difference in cost (Per unit) = ($180,000-$150,000) / 10,000\
Difference in cost (Per unit) = $3
Change in net income = $180,000 - $150,000
Change in net income = $30,000 (Decrease)
2. Purchasing cost = 10,000*$18
Purchasing cost = $180,000
Making cost = Direct material + Direct labour + Variable overhead + Fixed overhead
Making cost = $65,000 + $55,000 + $30,000 + $20,000
Making cost = $170,000
Difference in cost (per unit) = ($180,000 - $170,000) / 10,000
Difference in cost (per unit) = $1
Change in net income (decrease) = $170,000 - $180,000
Change in net income (decrease) = $10,000
3. Purchasing cost = $180,000 - $20,000
Purchasing cost = $160,000
Making cost = Direct material + Direct labour + Variable overhead + Fixed overhead
Making cost = $65,000 + $55,000 + $30,000 + $20,000
Making cost = $170,000
Change in net income = $170,000 - $160,000
Change in net income = $10,000 (increase)
At an activity level of 9,300 machine-hours in a month, Curt Corporation's total variable production engineering cost is $766,320 and its total fixed production engineering cost is $191,040. What would be the total production engineering cost per machine-hour, both fixed and variable, at an activity level of 9,600 machine-hours in a month
Answer:
$102.3 per machine hour
Explanation:
We can compute the total production engineering cost per hour by using the following equation;
Cost per machine hour = (Fixed cost + Variable cost) / Total machine hours
But first, we need to calculate variable cost at 9,600 hours;
= $766,320 × 9,600hr / 9,300hr
= $791,040
Now, cost per machine hour
= $191,040 + $791,040 / 9,600hr
= $982,040 / 9,600hr
= $102.3 per machine hour
If a property will produce net cash flow that grows at a rate of 1.5% per year in perpetuity, and the opportunity cost of capital is 12%, then what is the "cap rate" (net cash flow / property value) for the property?
(a) 8%.
(b) 10%.
(c) 10.5%.
(d) 12%.
Answer:
(c) 10.5%.
Explanation:
Calculation to determine what is the "cap rate
Using this formula
x 1/r-g
Let plug in the formula
1/12-1.5
NBS Co. is considering a project that has the following cash flow and cost of capital (r) data. What is the project's MIRR
Answer:
13.50%
Explanation:
Please find attached an image showing r and the cash flows
MIRR = (Future value of a firm's cash inflow / present value of the firm's cash outflow)^ (1/n) - 1
n = number of years
present value of the firm's cash outflow = $800
Future value of a firm's cash inflow
Future value of year 1's cash flow = 350 x (1.11^2) = $431.24
Future value of year 2's cash flow = 350 x (1.11^1) = $388.50
Future value of year 3's cash flow = $350
Add the future values together = 1169.74
MIRR = [(1169.74 / 800)^(1/3)] - 1 = 0.1350 = 13.50%
Linda believes that employees can view work as being as natural as rest or play, and therefore the average person can learn to accept, and even seek, responsibility. Linda's belief is best described by ______________.
Answer: Theory Y
Explanation:
Douglas McGregor came up with this theory of labor motivation that proposes that people are motivated internally to work hard and so need little push to actually work.
They are like this because they have come to view work as being a natural occurrence just like rest or play. Because it is now natural to them, they are able to learn to accept and even seek responsibility. Managers prefer such workers.
A buyer has decided to offer $335,000 for a home that she really likes. The bank will loan her 80% of the purchase price for 30 years at 5% interest. What will be the amount of her principal and interest payment if the requirement is $5.68 per thousand of the loan amount?
Answer:
We have:
Amount of principal = $268,000
Interest payment = $1,522.24
Explanation:
These can be calculated as follows:
Loan principal = Cost of the home * Percentage to borrow = $335,000 * 80% = $268,000
Interest payment = (Loan principal / $1,000) * $5.68 = ($268,000 / $1,000) * $5.68 = 268 * $5.68 = $1,522.24
Therefore, we have:
Amount of principal = $268,000
Interest payment = $1,522.24
Do government statisticians calculate GDP by simply adding up the total sales of all business firms in one year? Explain.
Answer:
No
Explanation:
No, because the gross domestic product is determined by encompassing the final product. If the total sales are used to determine the GDP then the false value of GDP will come up because the problem of double counting will arise. Many firms sell their goods to other firms which is intermediate goods for the other firms.
As a researcher, what would you do if you set to reject the null and found the null to be true?
In the event that the null hypothesis was true, I would report my results honestly and transparently. If my results did not support my expectations, my goal as a researcher would be to learn as much as possible from them.
The first thing I would do is to make my data and my statistical analysis error-free. If my results were influenced by outliers or other unusual patterns in the data, I would check for them. I would recheck the statistical methods I used to ensure that they were appropriate and correct for the type of data I collected.
Once I was confident that my data and analysis were correct, I would consider whether there were any other explanations for the null hypothesis.
Therefore, In the event that the null hypothesis was true, I would report my results honestly and transparently.
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