Red Sun Rising just paid a dividend of $2.43 per share. The company said that it will increase the dividend by 15 percent and 10 percent over the next two years, respectively. After that, the company is expected to increase its annual dividend at 4.1 percent. If the required return is 11.5 percent, what is the stock price today

Answers

Answer 1

Answer:

P0 = $39.76

Explanation:

The dividend discount model or DDM can be used to calculate the price of the share today. The DDM values a stock based on the present value of the expected future dividends from the stock. The price of this stock under this model can be calculated as follows,

P0 = D0 * (1+g1) / (1+r)  + D0 * (1+g1) * (1+g2) / (1+r)^2  +  

[ (D0 * (1+g1) * (1+g2) * (1+g3) / (r - g3)) / (1+r)^2 ]

Where,

g1 is the growth rate in the first year which is 15% g2 is the growth rate in the second year which is 10%  g3 is the constant growth rate which is 4.1% r is the required rate of return P0 is the stock price today

P0 = 2.43 * (1+0.15) / (1+0.115)  +  2.43 * (1+0.15) * (1+0.1) / (1+0.115)^2  +

[ (2.43 * (1+0.15) * (1+0.1) * (1+0.041) / (0.115 - 0.041)) / (1+0.115)^2 ]

P0 = $39.76


Related Questions

Salud Company reports the following information. Use the indirect method to prepare only the operating activities section of its statement of cash flows for the year ended December 31, 2017. (Amounts to be deducted should be indicated with a minus sign.)

Selected 2017 Income Statement Data Selected Year-End 2017

Net income $455,000 Accounts receivable increase $52,800
Depreciation expense 95,500 Prepaid expenses decrease 17,400
Gain on sale of machinery 26,300 Accounts payable increase 6,200
Wages payable decrease 2,100

Answers

Answer:

Cash flow from Operating Activities

Net income                                                          $455,000

Adjustments for non-cash items :

Depreciation expense                                          $95,500

Gain on sale of machinery                                  ($26,300)

Adjustment for Changes in Working Capital :

Increase in Accounts receivable                        ($52,800)

Decrease in  Prepaid expenses                           $17,400

Increase in Accounts payable                               $6,200

Decrease in Wages payable                                  $2,100

Net Cash from Operating Activities                   $497,100

Explanation:

The Indirect method adjusts the Profit before tax with the following items :

Non-cash items previously added or deducted from net incomeChanges in Working Capital

Quality improvement teams are groups of people from various work areas who define, analyze, and solve common production problems.
a. True
b. False

Answers

Answer: True

Explanation:

The quality improvement teams are groups of employees that are from various departments who come together and meet regularly in order to define, analyze, and then solve common production problems.

The aim of the quality improvement team is to improve the production process. This is achievable by them working on their methods.

Suppose an item sells for​ $125 in the United States and for​ 62,500 pesos in Chile. According to the law of one​ price, the nominal exchange rate​ (pesos/dollar) should be​ ________.

Answers

Answer:

$1 = 500 Pesos

1 Pesos = $0.002

Explanation:

$125 = 62,500 Pesos

$1 = 62,500 / 125

$1 = 500 Pesos

$1 = 500 Pesos

1 Pesos = $1 / 500

1 Pesos = $0.002

Assume Division 1 of the XYZ Company had the following results last year. Sales $5,000,000 Operating income 1,000,000 Total assets (average) 10,000,000 Current liabilities 500,000 Management's required rate of return is 8% and the weighted average cost of capital is 6%. Its effective tax rate is 30%. What is the division's economic value added?

Answers

Answer:

Economic Value was $130,000

Explanation:

As we know that:

Economic Value Added = Net Operating Income after tax - (WACC * Capital Employed)

Here

Operating Income After Tax is $700,000 (Step1)

WACC is 6%

Capital Employed is $9,500,000 (Step2)

By putting values, we have:

EVA = $700,000 - 9,500,000 * 6%

EVA = $700,000 - $570,000

EVA = $130,000

Step1: Operating Income After Tax

Simply deduct the 30% tax share from the operating income to arise at Net Operating Income After Tax.

Mathematically,

Net Operating Income After Taxes = Operating Income *(1 - Tax Rate)

Here

Operating Income is $1,000,000

Tax Rate is 30%

By putting values, we have:

Net Operating Income After Taxes = $1,000,000 * (1 - 30%)

Net Operating Income After Taxes = $700,000

Step2: Capital Employed

Capital Employed = Total Assets - Current Liabilities

Capital Employed = $10,000,000 - $500,000

Capital Employed = $9,500,000

The following data has been collected about Keller Company's stockholders' equity accounts: Common stock $10 par value 21,000 shares authorized and 10,500 shares issued, 1,100 shares outstanding $105,000 Paid-in capital in excess of par value, common stock 51,000 Retained earnings 26,000 Treasury stock 12,760 Assuming the treasury shares were all purchased at the same price, the number of shares of treasury stock is:

Answers

Answer:

9,400 shares

Explanation:

Treasury stock is the difference between issued shares and outstanding shares.

Number of treasure shares = Number of issued shares - Number of outstanding shares

Number of treasure shares = 10,500 - 1,100

Number of treasure shares = 9,400 shares

Therefore, number of treasury shares is 9,400

On January 1, a company issued and sold a $300,000, 5%, 10-year bond payable, and received proceeds of $293,000. Interest is payable each June 30 and December 31. The company uses the straight-line method to amortize the discount. The carrying value of the bonds immediately after the first interest payment is:

Answers

Answer: $293,350

Explanation:

The carrying value of the bonds immediately after the first interest payment will be the addition of the received proceed and the ammortized discount. This will be:

= $293,000 + $350

= $293,350

Note that the ammortized discount was calculated as:

= ($300000 - $293000)/20

= $7000/20

= $350

The development manager is required to choose between two projects. Project A has an IRR of 25% and project B has an IRR of 30%. Which of the following statements is correct? A. If she can invest only in one project, the manager will choose project B B. None of the statements above is correct C. If she can invest only in one project, the manager will choose project A D. If she can invest in both projects, the manager will choose both projects A and B

Answers

Answer:

A

D

Explanation:

Internal rate of return is the discount rate that equates the after tax cash flows from an investment to the amount invested.

Because the IRR of both projects are positive, both projects are acceptable.

If the manager can only choose one project, she should choose the one with the higher IRR because it would be more profitable.

A corporation is attempting to sell additional shares to its existing shareholders through a rights distribution. A shareholder who wishes to subscribe must send the purchase amount with the rights certificate to the:

Answers

Answer:

Right agent.

Explanation:

A rights agent is said to be a correlative junction, serve and also seen to be an obedient mediator and right assistance between his client and any form of third party organisation or also other clients. A right agent is sometimes seen to be reliable to a principal when he/she acts without actual authority, but with apparent authority. He is also held responsible for indemnify and also principal loss or damage resulting from his/her act. He is also keen and careful in his advise and dealing on behalf of his client is he owes certain contractual duties to his/her agent as he protect him also from wrong claims, expenses that are not worthwhile, liabilities etc.

Southtown Realty has entered into agency agreements with Sara, a seller and Tom, a buyer. Tom wants to make an offer on Sara’s home. Is this possible?

Answers

Answer: Yes it's possible as long as Tom and Sara gives a written consent to the dual agency arrangement.

Explanation:

From the question, we are informed that Southtown Realty has entered into agency agreements with Sara, a seller and Tom, a buyer. Tom wants to make an offer on Sara’s home.

This is possible as long as Tom and Sara gives a written consent to the dual agency arrangement.

If it is determined that your procurement scenario will not be conducted using full and open competition you are prohibited from purchasing a non-domestic product.
A. True
B. False

Answers

Answer:

Correct answer:

A. True

Explanation:

When procurement of goods and services is to be made from another country, it is expected that, it should be open and done in full view showing other competitors. This is to prevent fraud, such as the marking up of the price of goods or outright false declaration of the procurement prices.

Ready Company has two operating (production) departments: Assembly and Painting. Assembly has 280 employees and occupies 55,200 square feet; Painting has 120 employees and occupies 36,800 square feet. Indirect factory expenses for the current period are as follows: Administration $ 86,000 Maintenance $ 102,000 Administration is allocated based on workers in each department; maintenance is allocated based on square footage. The total amount of indirect factory expenses that should be allocated to the Painting Department for the current period is:

Answers

Answer:

$61,200

Explanation:

Maintenance expenses allocated to assembly department

Allocation base = Square footage

= $102,000 * $55,200 / ($55,200 + $36,800)

= $102,000 * $55,200 / $92,000

= $61,200

"A husband and wife wish to open an account that allows either party to trade or draw checks; and that becomes the property of the surviving spouse if one should die. The proper ownership form is:"

Answers

Answer:

Joint Tenants with Rights of Survivorship

Explanation:

The property ownership form that is being mentioned in the question is known as Joint Tenants with Rights of Survivorship . As described, this is when two individuals share equal ownership of the property and have the equal, undivided right to keep or dispose of the property. Rights of Survivorship means that if one of the individual joint tenants dies then their ownership of the property does not pass on to the next of kin but instead is passed to the other joint tenant that is the beneficiary.

Moorcroft sales are 40% cash and 60% credit. Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase.Prepare a schedule of expected collections from customers for June.

Answers

Answer:

The budgeted sales are missing, so I looked for them. I found the following question, hopefully it will be similar:

Month        Sales

April           $300,000

May            $320,000

June           $370,000

Schedule of expected collections

For the month of June, 202x

Cash sales during June = $370,000 x 40% = $148,000

Collection from June's credit sales = $222,000 x 20% = $44,400

Collection from May's credit sales = $192,000 x 50% = $96,000

Collection from April's credit sales = $180,000 x 26% = $46,800

Total cash collections during June = $335,200

The issue of _____ concerns how often a particular project will be repeated and what its lifespan will be.

Answers

Full question reads;

The issue of _____ concerns how often a particular project will be repeated and what its lifespan will be.

 a.     frequency

b.    consumption

c.     pressures

d.    rules

Answer:

a.     frequency

Explanation:

Indeed, no particular human project can last forever, so there is a need to ascertain the frequency of a project, detailing how often the project would be repeated so as to also determine what the project's lifespan will be.

For example, a road construction project may take into account how often the road would be used, which provides insight into the frequency of road repairs and the overall lifetime of the car.

The issue of _____ concerns how often a particular project will be repeated and what its lifespan will be.

Blossom Street Inc. makes unfinished bookcases that it sells for $57. Production costs are $37 variable and $10 fixed. Because it has unused capacity, Blossom Street is considering finishing the bookcases and selling them for $70. Variable finishing costs are expected to be $6 per unit with no increase in fixed costs. Prepare an analysis on a per unit basis showing whether Blossom Street should sell unfinished or finished bookcases. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Answers

Answer and Explanation:

The Preparation of an analysis on a per unit basis is shown below:-

Particulars          Sell unfinished   Sell finished   Increase/Decrease

                               bookcases      bookcases          in income

Sale price per

unit                         $57                      $70               $13

Less: variable cost

per unit                  $37                    $43                  $6

                                                     ($37 + $6)

Les: fixed cost per

unit                        $10                    $10                      $0

Total cost per

unit                       $47                    $53                     $6

Net income per

unit                      $10                      $17                      $7

Therefore, Unfinished bookcases are further processed, as net profit per unit increases further by processing by $7

Net present value method The following data are accumulated by Geddes Company in evaluating the purchase of $160,000 of equipment, having a four-year useful life: Net Income Net Cash Flow Year 1 $43,500 $83,500 Year 2 23,000 63,000 Year 3 13,500 53,500 Year 4 6,500 46,500 This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet Assuming that the desired rate of return is 12%, determine the net present value for the proposal. If required, round to the nearest dollar. Net present value $ 86,500 Would management be likely to look with favor on the proposal

Answers

Answer:

A.$32,396

B. Yes

Explanation

A. Calculation to determine the net present value for the proposal

Year Net Cash Flow Present value Discounting factor at 12% Discounted Cash Flow

1 $ 83,500.00 0.893 $          74,565.50

2 $63,000.00 0.797 $          50,211.00

3 $ 53,500.00 0.713 $          38,145.50

4 $ 46,500.00 0.636 $          29,574.00

Present value of net cash flows $        192,496.00

Amount to be invested $        160,000.00

Net Present Value $       32,496

Net Present Value $ 32,496/Amount to be invested $160,000.00 =0.2031*100

=20.31%

B.Yes the management would likely to look with favor on the proposal because the net present value of 20.31% is higher than the expected rate  of return of  12%.

It costs your company $240 to produce pens and pencils together. To produce the same amount of pens and pencils separately costs $100 for the pens and $120 for the pencils. The production of pens and pencils exhibits:_______
a. diseconomies of scope
b. economies of scope.
c. increasing returns to scale.
d. constant returns to scale.

Answers

Answer:

b

Explanation:

Which of the following is considered a source of general revenue in the Government-wide Statement of Activities?
A) Charges for Services
B) Operating Grants
C) Sales Tax

Answers

Answer:

C) Sales Tax

Explanation:

The Government-wide Statement of Activities shows the revenues and expenses of the government and the general revenues indicate all the taxes, aid received from other governments and earnings from investments. According to that, the answer is that the option that is considered a source of general revenue in the Government-wide Statement of Activities is sales tax.

Chester currently has $17,624 (000) in cash and management has decided to issue stocks and bonds worth an additional $8,000 (000). Assuming that cash from operations will be the same for each of the following activities, which activity exposes this company to the most risk of being issued an emergency loan?
a) purchasing $18,000 (000) worth of plant and equiptment
b) liquidate the new inventory
c) retiring the oldest bond
d) a $5 dividend

Answers

Answer: a) purchasing $18,000 (000) worth of plant and equipment

Explanation:

Of the 4 options listed, liquidating the new inventory would lead to a cash inflow and so is not going to lead to an emergency loan.

Retiring the oldest bond is something that would probably have been budgeted for so it will be less probable to cause Chester to seek emergency funding.

The activity that poses the greatest threat to Chester in terms of loan solicitation would be the purchase of plant and equipment. This would have less chance of being budgeted for and is a significant amount to leave the company which is even larger than the company's current cash amount. It has a higher chance of causing Chester to seek emergency loan funding.

You are planning to save for retirement over the next 30 years. To do this, you will invest $900 a month in a stock account and $600 a month in a bond account. The return of the stock account is expected to be 8 percent, and the bond account will pay 5 percent. When you retire, you will combine your money into an account with a return of 6 percent. How much can you withdraw each month from your account assuming a 15-year withdrawal period

Answers

Answer:

$15,533.69

Explanation:

the future value of your stock account = $900 x 1,490.48048 (FV annuity factor, 0.6667%, 360 periods) = $1,341,432.43

the future value of your bond account = $600 x 832.32019 (FV annuity factor, 0.4167%, 360 periods) = $499,392.11

after 30 years, the balance of your 2 accounts = $1,840,824.54

the monthly withdrawal = $1,840,824.54 / 118.50531 (PV annuity factor, 0.5%, 180 periods) = $15,533.69

The manager of a crew that installs carpeting has tracked the crew’s output over the past several weeks, obtaining these figures:


Week Crew Size Yards Installed
1 4 97
2 3 71
3 4 98
4 2 54
5 3 63
6 2 52


a. Compute the labor productivity for each of the weeks. (Round your answers to 2 decimal places.)


Week Crew size Labor productivity
(Yards/Person)
1 4
2 3
3 4
4 2
5 3
6 2



b. Which crew size works best?

Answers

Answer:

a. Labor productivity is calculated as: Labor productivity = Total Yards Installed / Total Crew Size

Hence, the labor productivity for each week is;

Week 1 = 97 / 4 = 24.25

Week 2 = 71 / 3 = 23.67

Week 3 = 98 / 4 = 24.5

Week 4 = 54 / 2 = 27

Week 5 = 63 / 3 = 21

Week 6 = 52 / 2 = 26

b. A crew of size 2 works the best as they generate the highest labor productivity of 27. The crew with highest number generate a labor productivity of 24.5

Cullumber Industries incurs unit costs of $7 ($5 variable and $2 fixed) in making an assembly part for its finished product. A supplier offers to make 14,700 of the assembly part at $6 per unit. If the offer is accepted, Cullumber will save all variable costs but no fixed costs. Prepare an analysis showing the total cost saving, if any, Cullumber will realize by buying the part. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Answers

Answer and Explanation:

The preparation of the analysis that depicts the total cost saving is presented below:

Particulars                               Make          Buy      Net Income or decrease

Variable

Manufacturing Cost             $73,500           -          $73,500

                                             (14,700 × $5)

Fixed

Manufacturing cost              $29,400      $29,400    -

                                             (14,700 × $2)

Purchase price

(14,700 × $6)                            -                  $88,200     ($88,200)

Total annual cost                 $102,900      $117,600    ($14,700)

Based on the total annual cost the company should make the product as it saves the cost by $14,700

If an investor's aversion to risk increased, would the risk premium on a high beta stock increase by more or less than that of a low-beta stock? Explain.

Answers

Answer:

risk premium increases by more of the low - beta stock

A risk averse investor is an investor that avoids risk. if risk aversion increases, it means that the investor is more wary of risky investment.

Beta measures the volatility of a portfolio. the higher the volatility, the more risky the portfolio is.

risk premium measures the rate of return in excess of the risk free rate.

According to CAPM :

risk free rate + (beta x stock risk premium)

Beta is a multiplier of stock risk premium, so the higher the beta, the more there would be an increase in the stock risk premium

If a risk averse investor invests in a high beta stock, he would want extra or higher compensation for holding such a volatile stock. this extra compensation would be in the form of a higher risk premium.

Explanation:

Broad network access, measured service, resource pooling, and rapid elasticity are essential characteristics of ___________.

Answers

Answer:

cloud computing

Explanation:

All of these characteristics alongside on-demand self-service are essential characteristics of cloud computing. Cloud computing refers to the different computer system resources that are always available to a client when needed from any remote location, usually in regards to data storage and computing power, without actual direct active involvement by the user themselves. Allowing the user to access information or computing power remotely.

Archie Co. purchased a framing machine for $60,000 on January 1, 2021. The machine is expected to have a four-year life, with a residual value of $5,000 at the end of four years. Using the sum-of-the years'-digits method, depreciation for 2022 and book value at December 31, 2022, would be: (Do not round intermediate calculations.)

Answers

Answer:

$16,500

Explanation:

Depreciation is a method used in expensing the cost of an asset.

sum-of-the years'-digits method = (useful life remaining / sum of years) x (cost of asset - residual value)

sum of the years  = 1 + 2 + 3 + 4 = 10

(3 / 10) x ($60,000 - $5,000) = $16,500

Leslie works as customer service representative for Lighthouse Point Lanterns. Her job is to fulfill customer orders and answer any questions that the customer may have. In order to ensure the best service possible, Lighthouse Point Lanterns makes test phone calls to their customer service representatives and rates their ability to correctly answer customer calls. If Leslie properly handles 80% of the test calls, she will receive a 20% bonus in her next pay check. This is an example of:_________.

Answers

Answer:

a performance reward.

Explanation:

A performance reward is a type of employee reward system. Companies generally reward employees in an attempt to motivate them to work more, harder or more efficiently. E.g. a company may reward salespeople that close 100 sales per week, regardless of the type of sales made. This type of reward is based on the gross amount of work carried out by the employee.

In Leslie's case, she is being rewarded for being an efficient employee. The parameter for measuring her efficiency is that 80% of the test calls that she makes are handed properly. She is not rewarded on the number of test calls, but instead on how she handled them.

This is an example of a performance reward if Leslie is going to be rewarded with a 20% bonus for handling 80% of the test calls.

A performance reward is a reward that a customer receives in an organization which is based on how well they have performed in the business.

The reward system here has stated that if Leslie is able to meet up with the target that the business has placed for her to reach she would be rewarded with a bonus of 20% when she receives her next salary.

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A 4 year project has an annual operating cash flow of $55,000. At the beginning of the project, $4,600 in net working capital was required, which will be recovered at the end of the project. The firm also spend $23,100 on equipment to start the project. This equipment will have a book value of $4,940 at the end of the project, but can be sold for $5,880. The tax rate is 35 percent. What is the Year 4 cash flow?

a. $65,809
b. $63,422
c. $21193
d. $55,951
e. $65,151

Answers

Answer:Year 4 Cash flow =$65,151.----E

Explanation:

Salvage value of the equipment =$5,880

Book value at end of project  before sale = $4,940

Gain on disposal = $940

tax gain non disposal = 35% of $940 =0.35 x 940= $329

Amount after tax salvage value = $5,880 - $329=$5,551

Year 4 Cash flow = Operating cash flow +Net working capital +Amount after tax salvage value = $55,000 + $4,600 +$5551= $65,151.

Additional short-term borrowings $ 20,000
Purchase of short-term investments 5,000
Cash dividends paid 16,000
Interest paid 8,000
Compute cash flows from financing activities using the above company information. (Amounts to be deducted should be indicated by a minus sign.)

Answers

Answer:

Cash flow from from financing activities = $(4,000)

Explanation:

The cash flow from financing activities includes that entails any or a combination of the following; issuance and redemption of stocks , issuance and redemption of debts and payment of interest and/or dividend, and receipt of dividend and or interest.

Kindly note that the purchase of short term investment is not a financing activity but rather an investing activity

Cash flow                              $

Short term borrowing          20,000

Cash dividend paid              (16,000)

Interest paid                          (8,000)

Total Cash flow                      (4000)

Cash flow from from financing activities = $(4,000)

Three grams of musk oil are required for each bottle of Mink Caress, a very popular perfume made by a small company in western Siberia. The cost of the musk oil is $2.20 per gram. Budgeted production of Mink Caress is given below by quarters for Year 2 and for the first quarter of Year 3:Budget Production, in bottlesYear 2:First 72,000Second 102,000Third 162,000Fourth: 112,000Year 3:First 82,000Musk oil has become so popular as a perfume ingredient that it has become necessary to carry large inventories as a precaution against stock-outs. For this reason, the inventory of musk oil at the end of a quarter must be equal to 20% of the following quarter’s production needs. Some 43,200 grams of musk oil will be on hand to start the first quarter of Year 2.Required:
Prepare a direct materials budget for musk oil, by quarter and in total, for Year 2. (Round "Unit cost of raw materials" answers to 2 decimal places.)

Answers

Answer:

Since there is not enough room here, I used an excel spreadsheet and attached it.  

Explanation:

                                                  Year 2                            Year 3

                                 First  Second   Third     Fourth       First  

Budgeted prod.  72,000 102,000 162,000 112,000     82,000

in bottles

​Company's budgeted prices for direct​ materials, direct manufacturing​ labor, and direct marketing​ (distribution) labor per​ attaché case are $39​, $7​, and $12​, respectively. The president is pleased with the following performance​ report:

Actual Costs Static Budget Variance
Direct materials 564,000 $400,000 $36,000 F
Direct manufacturing labor 78,000 80 2,000 F
Direct marketing (distribution) labor 110,000 120,000 10,000F


Actual output was 9,100 ​attaché cases. Assume all three​ direct-cost items above are variable costs.

Requirement:
a. Is the​ president's pleasure​ justified?
b. Prepare a revised performance report that uses a flexible budget and a static budget.

Answers

Answer:

a) The president's pleasure is not justified because the budget performance was unfavorable in all the variable costs.

b) Revised Flexible Performance Report

                                                             Flexible        Actual         Variance

                                                             Budget        Costs

Direct materials                                $354,900    $564,000    $209,100 U

Direct manufacturing labor                  63,700         78,000         14,300 U

Direct marketing (distribution) labor 109,200         110,000             800 U

                                                           Flexible        Static            Variance

                                                             Budget       Budget

Direct materials                                $354,900    $400,000       $45,100 U

Direct manufacturing labor                  63,700         80,000         16,300 U

Direct marketing (distribution) labor 109,200        120,000         10,800 U

Explanation:

a) Data and Calculations:

                                                        Actual Costs  Static Budget   Variance

Direct materials                                 564,000      $400,000      $36,000 F

Direct manufacturing labor                 78,000          80,000           2,000 F

Direct marketing (distribution) labor 110,000         120,000         10,000 F

b) Budgeted Prices:

Direct materials = $39

Direct labor = $7

Direct marketing labor = $12

Actual Output = 9,100

Flexible Budget:

Direct materials = $354,900 ($39 x 9,100)

Direct labor = $63,700 ($7 x 9,100)

Direct marketing labor = $109,200 ($12 x 9,100)

The flexible budget for direct materials, labor and marketing were flexed in line with actual output.

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