The cost per equivalent unit for materials ($74.43), for labor ($41.98), and for overhead ($107.20). the total cost per equivalent whole unit is $223.61
1. Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your answers to 2 decimal places.)
Materials:
Cost per equivalent unit = (Work in process, May 1 + Cost added during May) / Equivalent units of production
= ($27,100 + $164,605) / 2,300 = $74.43
Labor:
Cost per equivalent unit = (Work in process, May 1 + Cost added during May) / Equivalent units of production
= ($44,154 + $29,436) / 2,200 = $41.98
Overhead:
Cost per equivalent unit = (Work in process, May 1 + Cost added during May) / Equivalent units of production
= ($215,019 + $143,346) / 2,100 = $107.20
2. Compute the total cost per equivalent whole unit. (Round your intermediate calculations to 2 decimal places. Round your final answer to 2 decimal places.)
Total Cost per equivalent unit = Cost per equivalent unit for Materials + Cost per equivalent unit for Labor + Cost per equivalent unit for Overhead
= $74.43 + $41.98 + $107.20 = $223.61
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Consider the following simultaneous-move game:ColumnL RRow. U 5,4. 4,5D. 3,2. 2, 3A. What is the equilibrium if neither player can use any strategic moves?B. Can one player improve his payoff by using a strategic move: commitment, threat, promise,or a combination of such moves? If so, which player makes what strategic move? Whatare the new payoffs?
The equilibrium in this simultaneous-move game is (U,D), where both players choose U and D respectively.
Neither player can improve their payoff by using strategic moves such as commitment, threats, or promises. This is because in the game each player already has the best outcome available, given the strategies of the other player. No matter which strategy the other player uses, the player cannot increase their payoff by changing their own strategy.
If one player does make a strategic move, then the equilibrium would change. For example, if player 1 commits to always choose U, then player 2 can choose D for the highest payoff. In this scenario, the payoff for player 1 would remain 5, while the payoff for player 2 would increase to 4. Similarly, if player 2 promises to choose D, then player 1 can choose U to maximize their payoff. In this case, the payoff for player 1 would increase to 6 while the payoff for player 2 would remain at 3.
Overall, it is not possible to improve the payoff by using any strategic moves in this simultaneous-move game.
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EcoFabrics has budgeted overhead costs of $945,000. It has allocated overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 450,000 for the current year. The company has decided to experiment with activity-based costing and has created two activity cost pools and related activity cost drivers. These two cost pools are cutting (cost driver is machine hours) and design (cost driver is number of setups). Overhead allocated to the cutting cost pool is $360,000 and $585,000 is allocated to the design cost pool. Additional information related to these pools is as follows.WoolCottonTotalMachine hours 100,000 100,000 200,000Number of setups 1,000 500 1,500 Calculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12.25.)Overhead rates for activity-based costing Cutting $per machine hourDesign $per setupLINK TO TEXTLINK TO TEXT Determine the amount of overhead allocated to the wool product line and the cotton product line using activity-based costing.Wool product lineCotton product lineOverhead Allocated $$LINK TO TEXTLINK TO TEXT Calculate the overhead rate using traditional approach. (Round answer to 2 decimal places, e.g. 12.25.)Overhead rates using the traditional approach $per direct labor hourLINK TO TEXTLINK TO TEXT What amount of overhead would be allocated to the wool and cotton product lines using the traditional approach, assuming direct labor hours were incurred evenly between the wool and cotton?Wool product lineCotton product lineOverhead Allocated $$
For the first question, the overhead rates using activity-based costing are $0.18 per machine hour for the cutting cost pool and $0.39 per setup for the design cost pool. For the second question, the overhead allocated to the wool product line would be $180,000 and the overhead allocated to the cotton product line would be $385,000. For the third question, the overhead rate using the traditional approach is $2.11 per direct labor hour. For the fourth question, the amount of overhead allocated to the wool product line would be $225,500 and the overhead allocated to the cotton product line would be $719,500.
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in order to be successful, bpm requires all of the following except . a. buy-in from a broad cross section of the business b. software to map processes that are performed manual c. the right technology d. highly effective change management processes
The right technology. Business Process Management (BPM) requires buy-in from a broad cross section of the business, software to map processes that are performed manually, and highly effective change management processes in order to be successful. The correct answer is C.
The first part of successful BPM is buy-in from a broad cross section of the business. Buy-in ensures that all stakeholders are on board with the changes BPM will bring and understand their role in the process. It also ensures that the changes will be accepted and supported.
Software to map processes that are performed manually is necessary to gain a thorough understanding of existing processes. This helps identify and measure key performance indicators, highlight process bottlenecks and areas for improvement, and develop and streamline processes.
Change management processes are essential for successful implementation of BPM. It is important to have a well-defined process for change management, including training, communication, and monitoring. The right technology is not essential for successful BPM, although it can help to automate and streamline processes.
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Which of the following is true about Maven?
- Maven is a project management and comprehension tool.
- Maven provides developers a complete build lifecycle framework.
- Both of the above.
- None of the above.
Maven is a project management and comprehension tool that provides developers a complete build lifecycle framework. Therefore, the correct option is "Both of the above.
"Maven: Maven is a project management and comprehension tool. Maven is built with Java, and it was created by Apache Software Foundation. Maven's key feature is the POM (Project Object Model). It's a metadata file for projects that specifies how they are constructed, their dependencies, and how they are to be constructed. Maven's central function is to construct projects by compiling source code, generating binary archives, and running unit tests, among other things.Maven provides developers a complete build lifecycle framework that includes project development, document creation, testing, and deployment. This framework includes a set of plug-ins that provide preconfigured scripts for different phases of the development lifecycle. The POM (Project Object Model) specifies the plug-ins to be used at each phase of the lifecycle.The correct option is "Both of the above." Maven is a project management and comprehension tool that provides developers with a complete build lifecycle framework.
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determine the ror for a project that has an initial cost of $82,000 and would provide positive cash flows of $12,000 the first year, $14,000 the second year, $16,000 the third year, $18,000 the fourth year, $20,000 the fifth year, and $22,000 the sixth year.
The IRR of the project is 17.6% for the rate of return (ROR) of a project that has an initial cost of $82,000 and would provide positive cash flows of $12,000 the first year, $14,000 the second year, $16,000 the third year, $18,000 the fourth year, $20,000 the fifth year, and $22,000 the sixth year.
By using the formula for calculating Internal Rate of Return (IRR).
IRR is the discount rate that makes the net present value (NPV) of all cash flows from a particular project equal to zero.
The formula for calculating IRR is:
[tex]IRR = R + [(FV / PV) * (1 + R) ^ n - 1] / [(1 + R) ^ n - 1][/tex]
Where:
In this case, we have an initial cost of $82,000, which is the present value (PV).
The future value (FV) is the sum of all the cash flows,
which is $82,000 + $12,000 + $14,000 + $16,000 + $18,000 + $20,000 + $22,000 = $144,000.
And the number of periods (n) is 6.
[tex]IRR = R + [(144,000 / 82,000) * (1 + R) ^ 6 - 1] / [(1 + R) ^ 6 - 1][/tex]
IRR=17.6
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which aspect of preparing an accounting worksheet typically requires the greatest involvement by the accountant?
Adjustments is an aspect of preparing an accounting worksheet typically requires the greatest involvement by the accountant. It is one of the most crucial task of an accountant.
Adjustments are accounting entries made at the end of the accounting period to adjust accounts for the effects of internal and external events that have not been recorded. They are necessary to ensure that the financial statements are accurate and complete.
Adjustments are classified into two types, namely accruals and deferrals. Accruals are revenues or expenses that have been earned or incurred but not yet recorded, while deferrals are revenues or expenses that have been recorded but not yet earned or incurred.
However, it is important to take the time to ensure that the financial statements are accurate, as errors or omissions can lead to serious consequences for the organization, such as legal problems or financial problems.
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is the degree to which decision-making authority is retained at higher managerial levels select one: a. centralization b. specialization c. unification d. formalization
Answer: The degree to which decision-making authority is retained at higher managerial levels is known as centralization. Centralization is the practice of retaining decision-making authority at higher managerial levels, as opposed to decentralization which is the practice of distributing decision-making authority across lower levels of an organization. The other terms in your question (specialization, unification, and formalization) are not related to this concept.
Explanation: The degree to which decision-making authority is retained at higher managerial levels is referred to as Centralization.
This process refers to the extent to which the decision-making power is vested with the top management, and the lower-level employees are not given much control over the decision-making process.
The centralization can be of various forms, and it depends on the size, structure, and the culture of an organization. The degree of centralization varies from organization to organization, and it depends on the nature of the decision being made.
Some of the factors that determine the extent of centralization in an organization are as follows:
Organization's culture and natureSize and nature of the decision-making processSize and nature of the organizationLevel of expertise of the employees involved in the decision-making processThe decision-making process should be designed in such a way that it involves both the top management and the lower-level employees. This process can lead to the success of the organization because it brings different perspectives to the decision-making process.
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Constant returns to scale
suggest that a firm's marginal product is declining.
suggest that the firm's marginal cost curve lies above its average cost curve.
accounts for the downward sloping portion of the long run average total cost curve.
account for the upward sloping portion of the long run average total cost curve.
occur when an increase in resources result in a proportional increase in output.
Constant returns to scale occur when an increase in resources results in a proportional increase in output.
What are Constant returns to scale?
Constant returns to scale are a feature of a production system in which an increase in all factors of production leads to a proportionate increase in output. This means that, as all inputs in production are increased by the same factor, output also rises by the same factor. The marginal product remains the same throughout the production process, despite the increase in output. This may be interpreted as the amount of additional output produced by a unit of labor or capital added to the production process.
The long-run average total cost curve slopes downward for constant returns to scale. This suggests that as the size of the production process increases, the per-unit cost of output remains constant. Therefore, we can conclude that constant returns to scale occur when an increase in resources results in a proportional increase in output.
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Suppose that Ms. Spencer is currently exhausting her money income by purchasing 10 units of A and 8 units of B at prices of $2 and $4 respectively. The marginal utility of the last units of A and B are 16 and 24 respectively. These data suggest that Ms. Spencer:
a. has preferences that are at odds with the principle of diminishing marginal utility.
b. considers A and B to be complementary goods.
c. should buy less A and more B.
d. should buy less B and more
Ms. Spencer should buy less B and more B (Option c). This is because the marginal utility of A is higher (16) than that of B (24), suggesting that the additional benefit she receives from consuming the next unit of A is greater than the benefit she receives from consuming the next unit of B.
Marginal Utility is the extra utility you receive by consuming one additional unit of any commodity. Marginal utility, according to the principle of diminishing marginal utility, decreases as a person consumes more and more units of a good over time.
Income is defined as the amount of money that a person or household earns in exchange for their labor and services, as well as investments, profits, and other sources. Income is generally used to purchase products that are used to meet people's needs and want.
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in today's competitive job market, the emphasis of the job search is on what the applicant wants and needs. true or false
False. The focus of the job search is as to what the candidate wants and needs in today's competitive work market.
Which is the one form of resume that every job seeker in the current market has to have?chronologic resume The majority of hiring managers favor this format, which is the most prevalent. Your job history, that should list your present and past employment in reverse chronological order, comes first on a chronological resume.
What qualities do candidates seek in a position?Major factors for professionals when selecting a career in a company include a higher pay, a safe working environment, flexibility, internal mobility, added insurance health coverage, paid leave, and benefits like a membership to a fitness center.
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a company uses the allowance method to estimate its bad debt expense. at the end of the year, the controller uses the aging-of-receivables method and estimates that $10,000 of accounts receivable will be uncollectible. with a debit balance of $2,000 in the allowance for bad debts account, what would be the correct entry to recognize bed debt expense?
The correct entry to recognize bed debt expense would be:
Bad Debt Expense $8,000 Allowance for Bad Debts$8,000Given, the following details of a company that uses the allowance method to estimate its bad debt expense: At the end of the year, the controller uses the aging-of-receivables method and estimates that $10,000 of accounts receivable will be uncollectible, and With a debit balance of $2,000 in the allowance for bad debts account. We are to find out the correct entry to recognize bed debt expense.
The aging method is a method used to estimate uncollectible accounts receivable by analyzing the receivables according to the age of each account. Thus, the Aging of Receivables Method estimates the portion of the current accounts receivable that will not be collected. The accounting entry to recognize bad debt expense is to debit Bad Debt Expense and credit Allowance for Doubtful Accounts.
The allowance method requires that an estimate of the expected losses from uncollectible accounts be made at the end of each accounting period. The estimated amount of losses is then charged to Bad Debt Expense and credited to Allowance for Doubtful Accounts. The following table shows the calculation of the required entry to recognize bed debt expense:
Accounts receivable that are 30 days past due$20,000×3%=$600
Accounts receivable that are 60 days past due$15,000×7%=$1,050
Accounts receivable that are 90 days past due$10,000×15%=$1,500
Accounts receivable that are 120 days past due$5,000×20%=$1,000
Total estimate of uncollectible accounts receivable$4,150
Less: Existing credit balance in Allowance for Bad Debts$(2,000)
Bad Debt Expense$2,150.
In other words, the amount of Bad Debt Expense should be $2,150, which is calculated as the total estimate of uncollectible accounts receivable ($4,150) less the existing credit balance in Allowance for Bad Debts ($2,000).Since the problem states that the controller estimates $10,000 of accounts receivable to be uncollectible, then the amount of the entry to recognize bad debt expense should be $10,000 − $2,000 = $8,000.
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strong property rights are important for modern economic growth because group of answer choices business cycle fluctuations will be smaller and less likely to disrupt investment patterns. they ensure an equitable distribution of income. people are more likely to invest if they don't fear that others can take their returns on investment without compensation they allow governments to extract the gains from private citizens' investments
Strong property rights are important for modern economic growth because people are more likely to invest if they don't fear that others can take their returns on investment without compensation.
What are property rights?Property rights refer to the ownership and control of an economic resource. Ownership provides the right to use the resource as you see fit, while control refers to the right to receive income from the resource. Property rights, in essence, allow for the creation of wealth and incentivize individuals and businesses to use and develop their resources fully.
What is economic growth?Economic growth refers to the increase in the amount of goods and services produced by a country or region over a given period. It is measured by the increase in real GDP, employment, and investment in physical and human capital.The importance of strong property rights for modern economic Growth
Strong property rights are critical to modern economic growth for several reasons.
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Which of these is (are) most likely to increase productivity? A) higher corporate tax rates. B) increase in pop. C) investments in research and development.
What is productivity?
Productivity is the amount of production that can be generated from a certain amount of inputs. It is an assessment of efficiency in which a company transforms inputs into outputs.
What are Investments in research and development?
The money put into research and development (R&D) to enhance the goods and services a company provides is referred to as investments in research and development. R&D initiatives may lead to the creation of new goods or procedures that can make a company more profitable by allowing it to gain a larger market share, for example.
Investments in research and development can help a company improve its production process by increasing efficiency, reducing costs, and enhancing product quality. As a result, it can assist to increase productivity.
Option C, investments in research and development, is most likely to increase productivity.
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Chang, the founder of a multinational corporation, believes that his business should mainly focus on the benefit of those people who own its stock. In this scenario, he most likely follows _______, a model of business management.
a. Stakeholders model
b. Shareholders primacy
c. Customer value
Option B). The model of business management that Chang is most likely following if he believes that his business should mainly focus on the benefit of those people who own its stock is "Shareholder primacy."
What is Shareholder Primacy?b The shareholder primacy model of business management is a management model that emphasizes the interests of shareholders over the interests of other stakeholders, such as employees, customers, and the general public, who are seen as secondary. The goal of a company following this model is to maximize shareholder wealth, which is accomplished by maximizing profits, increasing share prices, and paying dividends to shareholders. Why Shareholder Primacy is important? Shareholder primacy can be beneficial in some circumstances, such as when shareholders are actively involved in the business and have a long-term perspective. However, it can be detrimental in other circumstances, such as when shareholders prioritize short-term profits over long-term growth or when they engage in unethical or illegal activities to boost share prices. Therefore, the shareholder primacy model of business management has been the subject of debate in recent years, with some arguing that it needs to be revised to better balance the interests of all stakeholders.
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Chang's belief that his business should mainly focus on the benefit of those people who own its stock suggests he follows the Shareholders Primacy model of business management.
This model assumes that the primary purpose of a business is to increase shareholder wealth, and all decisions should be based on this goal. This model encourages businesses to maximize profits, often by cutting costs and increasing efficiency, while maintaining a focus on long-term growth and sustainability.
It also encourages businesses to have a more disciplined approach to capital allocation, using resources in a way that will generate the greatest return for shareholders.
This model seeks to ensure that the interests of shareholders are maintained and that their investments are managed in their best interests. As such, it typically involves strategies and tactics that focus on profit maximization, cost cutting, and increasing shareholder value.
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To decrease the costs of operating a lock in a large river, a new system of operation is proposed. The system will cost $830,000 to design and build. It is estimated that it will have to be reworked every 10 years at a cost of $120,000. In addition, an expenditure of $80,000 will have to be made at the end of the fifth year for a new type of gear that will not be available until then. Annual operating costs are expected to be $70,000 for the first 15 years and $100,000 a year thereafter. Compute the capitalized cost of perpetual service at i=7%.
The capitalized cost of perpetual service is $4,201,394.23 at i=7%.
To compute the capitalized cost of perpetual service, we need to find the present value of all future costs associated with the system.
Step 1: Calculate the present value of the initial cost of designing and building the system:
PV of initial cost = $830,000
Step 2: Calculate the present value of the recurring maintenance costs:
PV of recurring maintenance costs = $120,000 / 0.07 = $1,714,285.71
Step 3: Calculate the present value of the gear replacement cost at the end of the fifth year:
PV of gear replacement cost = $80,000 / 1.07^5 = $58,099.47
Step 4: Calculate the present value of the annual operating costs for the first 15 years:
PV of annual operating costs for first 15 years = $70,000 x [(1 - (1 / 1.07^15)) / 0.07] = $579,963.94
Step 5: Calculate the present value of the annual operating costs after the first 15 years:
PV of annual operating costs after 15 years = $100,000 / (0.07 - 0.03) / 1.07^15 = $1,019,045.11
Step 6: Add up all the present values to find the capitalized cost of perpetual service:
Capitalized cost of perpetual service = PV of initial cost + PV of recurring maintenance costs + PV of gear replacement cost + PV of annual operating costs for first 15 years + PV of annual operating costs after 15 years
= $830,000 + $1,714,285.71 + $58,099.47 + $579,963.94 + $1,019,045.11
= $4,201,394.23
Therefore, the capitalized cost of perpetual service is $4,201,394.23 at i=7%.
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january 41,000 february 38,000 march 50,000 april 51,000 patrick's policy is to have 25% of next month's sales in ending inventory. on january 1, it is expected that there will be 6,700 drums of solvent on hand. required: prepare a production budget for the first quarter of the year. show the number of drums that should be produced each month as well as for the quarter in total. patrick inc. production budget for the coming quarter january february march 1st
The number of drums that should be produced each month would be January: 40,380, February - 39,920, march - 50,160, and the total drums for the quarter 135,050.
A production Budget is a financial plan that summarizes a company's goals for the production of goods or services. The production budget is intended to assist businesses in determining the number of goods to be produced to fulfill consumer demand.
In this problem, the Production Budget for the first quarter of the year is required. January sales are 41,000 units, February sales are 38,000 units, and March sales are 50,000 units, totaling 129,000 units.
According to Patrick's policy, 25% of next month's sales will be held in inventory. So, the ending inventory for January is expected to be 10,250 units (25% of February's sales of 38,000), for February it will be 9,500 units (25% of March's sales of 50,000), and for March it will be 12,500 units (25% of April's sales of 51,000).
Thus, the total units needed to satisfy consumer demand and maintain the expected ending inventory level are 43,800 units for January, 41,000 units for February, 50,250 units for March, and 135,050 units for the quarter as a whole.
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why is top management support needed when abc is implemented? multiple choice question. leadership is instrumental in motivating employees to embrace abc. management must deliver data needed to support abc. management needs to create and design the abc system
Top management support is essential when implementing ABC because it demonstrates to employees that the organization is committed to the change. Leadership is instrumental in motivating employees to embrace ABC, as they are seen as setting an example and demonstrating the importance of the change.
Management must also deliver the data needed to support ABC, such as determining the desired outcomes and assessing progress. Furthermore, management needs to create and design the ABC system, ensuring that it is implemented correctly.
It is important that top management communicates the importance of the ABC system, as this will encourage employee engagement and buy-in. Leaders must show a strong commitment to the change and explain the benefits of ABC. Management should also ensure that employees are trained properly in the new system, and provide resources for them to use.
Top management must also have an understanding of the objectives of the ABC system, so that they can monitor its implementation and success. They must have an active role in the system, regularly assessing its progress and encouraging employees to use it. Finally, top management must reward employees who embrace the ABC system, motivating them to maintain their support.
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The amount a person would have to deposit today to be able to take out $600 a year for 7 years from an account earning 6 percent. (Round time value factor to 3 decimal places and final answer to 2 decimal places.)
The amount that needs to be deposited today to be able to withdraw $600 a year for 7 years at an annual interest rate of 6% is $3,349.43.
We can use the present value formula to calculate the amount that needs to be deposited today to be able to withdraw $600 a year for 7 years at an annual interest rate of 6%:
PV = PMT x (1 - (1 + r)⁻ⁿ) / r
where PV is the present value, PMT is the annual payment, r is the annual interest rate, and n is the number of years.
Substituting the given values, we get:
PV = $600 x (1 - (1 + 0.06)⁻⁷) / 0.06
PV = $3,349.43
Hence, the person needs to deposit $3,349.43
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which of the following is a defense under strict products liability? question 37 options: rescission comparative responsibility contributory negligence comparative fault assumption of the risk
The defense under strict product liability is the assumption of the risk.
What is strict product liability?Strict product liability is a legal doctrine that holds manufacturers, distributors, and sellers liable for any injuries or damages caused by their defective products without requiring the plaintiff to prove negligence or fault on their part. It is an essential consumer protection tool that incentivizes manufacturers to make safe products by holding them accountable for any defects or hazards that they produce.
Strict product liability holds the seller of a product strictly liable for any damages or injuries caused by the product, regardless of the seller’s level of fault or negligence. The assumption of the risk defense states that the plaintiff was aware of the risks and chose to use the product anyways, thus releasing the seller from liability.
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Branson Corp. purchased a new machine for its business. The following list shows the various expenditures for the machine during its first year: - Base purchase price,
$50,000
- Sales tax incurred at the time of purchase,
$3,000
- Installation charges for the machine,
$2,000
- Insurance costs incurred while the machine was being shipped,
$200
- Insurance costs for the first year of the machine's service life,
$500
- Ordinary repairs and maintenance costs during the first year of the machine's service life,
$1,200
Question: What should be the capitalized cost of the machine? Do not use symbols or cents in the numerical response. Answer:
$
The capitalized cost of the machine should be 56,900.
Capitalized cost is also called the historical cost of the asset. It is the actual cost of acquiring the asset along with all the necessary expenditures incurred to get the asset ready for use in the production process.
The different expenditures for the machine during its first year include:
The base purchase price, $50,000
Sales tax incurred at the time of purchase, $3,000
Installation charges for the machine, $2,000
Insurance costs incurred while the machine was being shipped, $200
Insurance costs for the first year of the machine's service life, $500
Ordinary repairs and maintenance costs during the first year of the machine's service life, $1,200
The capitalized cost of the machine will be the sum of all the expenditures,
$50,000 + $3,000 + $2,000 + $200 + $500 + $1,200 = $56,900
Thus, the capitalized cost of the machine is $56,900.
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Creating a new product to increase margin is an example of using product implementations to achieve competitive advantage.True or false
By creating a new product, companies can increase their margins by offering a product that is differentiated from competitors. This allows them to charge a premium price and increase their margins. Thus, this statement is True.
A competitive advantage is a feature that enables a company to outperform its competitors. Competitive advantage enables a business to achieve superior performance or generate greater profits than its rivals, allowing it to develop more customers and gain a larger market share than its competitors.
When a business has a competitive advantage, it is in a more robust position to capture a larger market share than its competitors.
In this case, creating a new product to increase margin is an example of using product implementations to achieve a competitive advantage. One of the ways companies can gain a competitive advantage is by introducing new products into the market.
As a result, companies can use this method to introduce new products that will help them gain a competitive advantage over their rivals.
The introduction of a new product will assist the company in increasing its margin, which will enable it to outperform its rivals.
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When considering factors that shift demand curves, which of the following will decrease the market demand for a product? Select the two correct answers below. O a drop in the population likely to buy the good in question O a rise in the price of complements O a rise in the population likely to buy the good in question O a drop in the price of complements
The two factors that will decrease the market demand for a product are:
A drop in the population likely to buy the good in question:A decrease in the number of consumers who are interested in buying the product will lead to a decrease in the overall demand for the product.
A rise in the price of complements:Complementary goods are those that are often used together with the product in question. If the price of the complementary goods increases, then the demand for the product will decrease as the overall cost of using the product along with its complements will increase.
A rise in the population likely to buy the good in question will increase the market demand for a product. This is because an increase in the number of consumers who are interested in buying the product will lead to an increase in the overall demand for the product. Similarly, a drop in the price of complements will also increase the market demand for a product as it will become cheaper for consumers to buy both the product and its complementary goods.
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which of the options below defines a non-excludable good? question 2 options: consumption by one person does not diminish the quantity of consumption by others. consumption by one person diminishes the quantity of consumption by others. it is difficult (or very costly) to prevent consumption by those who do not pay for the good. it is easy (or relatively costless) to prevent consumption by those who do not pay for the good.
In the following question, among the conditions given, A non-excludable goods is defined as a good that 'is difficult (or very costly) to prevent consumption by those who do not pay for the good."
What is a non-excludable good? A non-excludable good is defined as a good that is difficult (or very costly) to prevent consumption by those who do not pay for the good. This makes it difficult for suppliers to sell and market these kinds of products, which results in the government having to provide or subsidize them. Because it is difficult to stop people from using them, these goods often result in market failure. Types of Non-Excludable goodsThere are two types of non-excludable goods: Pure Non-Excludable Goods: These goods are the ones that everybody has access to, even if they do not pay for them. National parks and oceans are examples of such goods. Partly Non-Excludable Goods: These goods are ones that are non-excludable, but only to a certain degree. Cable TV and private clubs, for example, fall into this category. Even if you do not pay for them, you will be excluded to a certain extent, such as not having access to particular features.
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An entrepreneur decided to leave a job that pays $50,000 a year to start a business. These lost wages would be considered ______________ .Select the correct answer below:A. economic profitB. an explicit costC. an implicit costD. accounting profit
An entrepreneur decided to leave a job that pays $50,000 a year to start a business. These lost wages would be considered an implicit cost. The correct answer is option c.
Implicit costs are expenses that are not directly paid out of pocket. They are non-monetary expenses, such as lost time, missed opportunities, or foregone earnings, that are frequently ignored in accounting records or financial statements.
Lost wages are an example of an implicit cost. When entrepreneurs begin a business, they must devote time and effort to it, which means they must give up the opportunity to earn money elsewhere. When an entrepreneur invests in their own company, their wages are used to finance the company's operations rather than to pay themselves. Implicit costs, also known as opportunity costs, can be difficult to quantify since they are subjective and vary depending on the individual's perspective.
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true or false the operating plan focuses on how a business plans to meet the goals and objectives contained in the strategic plan.
True, the operating plan focuses on how the business plans to meet the goals and objectives contained in the strategic plan.
What is an operating plan? An operating plan is a business plan that specifies how to implement the strategies, initiatives, and activities described in the strategic plan. It is a tactical plan that outlines the specific actions, timelines, and resources required to accomplish the strategic goals and objectives. It serves as a guide for operational management by outlining how the company will meet its objectives through day-to-day operations.
As a result, it includes the specifics of the company's operations, such as hiring plans, production schedules, sales forecasts, and financial targets. The operating plan and the strategic plan are linked. The operating plan focuses on how a company will put the strategies outlined in the strategic plan into practice. It lays out the specific steps that will be taken to achieve the strategic plan's goals and objectives. They're both important in business planning because the strategic plan outlines what the company wants to accomplish, and the operating plan outlines how it will get there.
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true or false when a provider has market dominance, and hence can set its own prices (within reason), it is called a price taker.
The statement "when a provider has market dominance, and hence can set its own prices (within reason), it is called a price taker" is false because that is called a price setter, not a price taker.
What is a price setter?A price setter is a business or industry that has control over the market price of goods or services. This is achieved through the use of monopolistic competition, oligopoly, or a monopoly. In an oligopoly, for example, the top four firms account for 80% of the market. These businesses have considerable power over the market since their pricing and output strategies influence market conditions. The company can set its prices above those of its competitors due to its monopoly position. This will be to maximize profits by charging the highest price that consumers are willing to pay.
What is a price taker?A price taker, on the other hand, is a firm or industry that accepts the market price determined by supply and demand forces. Small businesses and startups are more likely to be price takers since they lack market power to set prices. The market price is the going rate for a product or service. Businesses that do not have a monopoly or oligopoly position are price takers, and they must accept the market price. They have no influence over the market price since their output is minor, and they must accept the market price to be competitive.
What is market dominance?Market dominance is when a company or group of firms controls a significant portion of the market. A company that holds a significant portion of the market may have an unfair advantage over its competitors, which can lead to a monopolistic or oligopolistic market. When a company has market power, it can charge higher prices or reduce product quality without fear of losing customers. Governments frequently take measures to promote competition and prevent businesses from dominating the market, to protect consumers from paying excessive prices.
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Aftercalculating both the brand development index (BDI) and the category developmentindex (CDI), a media planner obtains the following results: High BDI and LowCDI. What do these results imply?
The implication of obtaining a high brand development index (BDI) and low category development index (CDI) is that "high market share and monitor for salesdecline".
This means that the brand has a strong presence in its specific market but the overall market growth is not significant. Therefore, the media planner should monitor the sales performance of the brand to ensure that its market share does not decline due to potential competitors or changing consumer trends.
It is important to maintain the brand's competitive edge through effective marketing and advertising strategies. By keeping an eye on sales trends, the media planner can make informed decisions about adjusting their marketing efforts and budgets to maintain the brand's market position.
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the ledger of mai company includes the following accounts with normal balances as of december 31: retained earnings $10,700; dividends $1,650; services revenue $30,000; wages expense $16,900; and rent expense $5,000.
Prepare the necessary closing entries from the available information at December 31.
The necessary closing entries are as follows: Particulars Debit, Credit Income summary account $30,000 Services revenue $30,000 Wages expense $16,900 Rent expense $5,000 Income summary account $21,900 Income summary account $8,100 Retained earnings account $8,100 Dividends account $1,650 Retained earnings account $1,650
In order to prepare the necessary closing entries from the available information at December 31, we must follow certain steps which are as follows:
Step 1: Firstly, we need to transfer the balances of revenue accounts into the income summary account by making a debit entry in the income summary account equal to the total amount of revenue accounts and crediting the total amount of revenue accounts with individual accounts. Here, the revenue account is Services revenue.Particulars Debit Credit Income summary account $30,000 Services revenue $30,000
Step 2: Then, we need to transfer the balances of expense accounts into the income summary account by making a credit entry in the income summary account equal to the total amount of expense accounts and debiting the total amount of expense accounts with individual accounts. Here, the expense accounts are Wages expense and Rent expense.Particulars Debit Credit Wages expense $16,900 Rent expense $5,000 Income summary account $21,900
Step 3: Now, we need to transfer the net income/loss to the retained earnings account by making a credit entry in the income summary account and debiting the retained earnings account. Here, the income summary account has a credit balance of $8,100, which means that the company has net income of $8,100.Particulars Debit Credit Retained earnings account $8,100 Income summary account $8,100
Step 4: Then, we need to transfer the dividends account balance to the retained earnings account by making a debit entry in the retained earnings account and crediting the dividends account.Particulars Debit Credit Dividends account $1,650 Retained earnings account $1,650
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tough mudder offers a good compensation package. which item in the package is a tangible indirect reward?
Tough Mudder offers a good compensation package which includes tangible indirect rewards. These rewards can include items such as: health and wellness package.
A tangible indirect reward is a non-monetary award given to an employee or worker. This award can take the form of prizes, such as vacations, tickets to a show, or a health and wellness package. It is not a monetary award, but rather something that has intrinsic value.
What is a health and wellness package?A health and wellness package is a set of benefits offered to employees by their employer. These benefits can include Unlimited vacation pay, gym memberships, access to a nutritionist, or an on-site wellness center. Health and wellness packages are designed to help employees maintain good physical and mental health.
They are a tangible indirect reward that can help increase employee retention and improve morale.
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Complete question:
Tough Mudder offers a good compensation package. Which item in the package is a tangible indirect reward?
15-a. What is the total cost to be accounted for? 15-b. What is the total cost accounted for? a. $ Total cost to be accounted for Total cost accounted for 357,915 357,915 b. $ Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June): June 1 balance ? Materials Direct labor Overhead June 30 balance Work in Process-Mixing Department 28,000 Completed and transferred to Finished Goods 151,215 96,500 114,000 ? The June 1 work in process inventory consisted of 4,300 units with $15,240 in materials cost and $12,760 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,800 units were started into production. The June 30 work in process inventory consisted of 9,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion.
The total cost to be accounted for is $357,915 and the total cost accounted for is also $357,915.
The June 1 work-in-process inventory consists of 4,300 units with $15,240 in materials cost and $12,760 in conversion cost, making the total cost of the June 1 inventory $28,000 ($15,240 + $12,760).
During June, 36,800 units were started into production, costing a total of $151,215 ($114,000 for overhead + $37,215 for materials + $0 for direct labor).
The June 30 work-in-process inventory consists of 9,000 units with $18,000 in materials cost and $9,000 in conversion cost, making the total cost of the June 30 inventory $27,000 ($18,000 + $9,000).
Adding together the June 1 and June 30 Work in Process inventory totals gives us the total cost to be accounted for, which is
$357,915 ($28,000 + $151,215 + $27,000 = $357,915).
Since the Completed and Transferred to Finished Goods was the same as the total cost to be accounted for, the total cost accounted for is also $357,915.
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