Answer:
the demand curve for blue shirts would shift
the blue shirt's demand curve
lower
lower
Explanation
Blue shirts and green shirts are substitute goods.
Substitute goods are goods that can be used in place of another good.
If the price of green shirts falls, green shirts become cheaper and the quantity demanded of green shirts increase.
As a result of the increase in demand for green shirts, the demand for blue shirts would fall. the would lead to a leftward shift of the demand curve. As a result equilibrium price and quantity would fall.
Your uncle has $90,000 that he wishes to invest now to use the accumulation for purchasing a retirement annuity in five years. After consulting with his financial adviser, he has been offered four types of fixed income investments, labeled as investments A, B, C, and D. Investments A and B are available at the beginning of each of the next five years (call them years 1 to 5). Each dollar invested in A at the beginning of a year returns $1.20 (a profit of $0.20) two years later, in time for immediate reinvestment. Each dollar invested in B at the beginning of a year returns $1.36 three years later. Investments C and D will each be available at one time in the future. Each dollar invested in C at the beginning of year 2 returns $1.66 at the end of year 5. Each dollar invested in D at the beginning of year 5 returns $1.12 at the end of
Answer:
The question is incomplete, it is missing the last part:
Each dollar invested in D at the beginning of year 5 returns $1.12 at the end of year 5.
Your uncle is obligated to make a balloon payment on an existing loan, in the amount of $24,000, at the end of year 3. He wants to cover that payment out of these funds as well.
First of all, you must invest enough money in B in order to pay your debt.
present value = future value / expected return
present value = $24,000 / $1.36 = $17,647.06
you have $90,000 - $17,647.06 = $72,352.94 to invest in A.
at the end of year 2, you will have:
future value = present value x expected return = $72,352.94 x $1.20 = $86,823.53
then you should invest that money ($86,823.53) in invested D and at the end of year 4 you will have:
future value = $86,823.53 x $1.66 = $144,127.06
finally, you should invest $144,127.06 in investment E and at the end of ear 5 you will have:
future value = $144,127.06 x $1.12 = $161,422.31
Home produces two goods: computers and wheat. Capital is specific to computers, land is specific to wheat, and labor is mobile between the two industries. Home has 100 workers and 100 units of capital but only 10 units of land. Foreign also produces computers and wheat. Capital is specific to computers; land is specific to wheat; and labor is mobile between the two sectors. Foreign also has 100 workers, but instead has 100 units of land and only 10 units of capital. It has the same production functions as Home. If trade is opened, the relative price of wheat will _____ in Home and _____ in Foreign.
Answer:
The appropriate answer is "capital intensive, land intensive".
Explanation:
Throughout Home than anything in Abroad, the whole no-trade income of farmers would be significantly greater, even though Home has fewer land assets than International. Throughout Home, then it does in International, the whole no-trade rate of electronics would be smaller, as Home does have more capital resources than International. If the market is established, the comparative commodity price throughout the home will be decreased through trade as well as rise throughout foreign trade. If an exchange is expanded, the capital demand would rise at home as well as the rent overland throughout foreign countries will rise.This will take effect even though the international availability of land will increase but instead international demand for resources will keep increasing.
Consider two neighboring island countries called Euphoria and Bellissima. They each have 4 million labor hours available per month that they can use to produce rye, jeans, or a combination of both. The following table shows the amount of rye or jeans that can be produced using 1 hour of labor.
Rye Jeans
Country (Bushels per hour of labor) (Pairs per hour of labor)
Euphoria 4 16
Bellissima 6 12
Initially, suppose Bellissima uses 1 million hours of labor per month to produce jeans and 3 million hours per month to produce rye, while Euphoria uses 3 million hours of labor per month to produce jeans and 1 million hours per month to produce rye. Consequently, Euphoria produces 15 million pairs of jeans and 20 million bushels of rye, and Bellissima produces 8 million pairs of jeans and 48 million bushels of rye. Assume there are no other countries willing to trade goods, so, in the absence of trade between these two countries, each country consumes the amount of jeans and rye it produces.
Bellissima's opportunity cost of producing 1 pair of jeans is_________ of rye, and Euphoria's opportunity cost of producing 1 pair of jeans is _____________ of rye. Therefore, ___________ has a comparative advantage in the production of jeans, and __________ has a comparative advantage in the production of rye.
Suppose that each country completely specializes in the production of the good in which is has a comparative advantage, producing only that good. In this case, the country that produces jeans will produce _________ million pairs per month, and the country that produces rye will produce _________-- million bushels per month.
Answer:
Bellisima's opportunity cost:
Production of rye per million hours of labor = 12 / 6 = 2 pairs of jeans Production of jeans per million hours of labor = 6 / 12 = 0.5 bushels of ryeEuphoria's opportunity cost:
Production of rye per million hours of labor = 16 / 4 = 4 pairs of jeans Production of jeans per million hours of labor = 4 / 16 = 0.25 bushels of ryeEuphoria has a comparative advantage in the production of jeans while Bellisima has a comparative advantage in the production of rye.
If both countries specialize:
Euphoria will produce 64 million pairs of jeans. Bellisima will produce 24 million bushels of rye.Total production of rye has increased by 6 million bushels.
Total production of jeans has increased by 12 million pairs.
Cereal entrepreneurs focus only on agricultural investments.
O True
O False
Answer:
O False
Explanation:
A cereal entrepreneur is an experienced businessperson who generates a business idea, initiates the business, but hand over its management to a different person. A cereal entrepreneur starts and runs businesses at once. Before they succeed or fail, the entrepreneur sells them or hands them over and moves on to create other ventures.
A cereal entrepreneur will have created many businesses in their careers. They contrast ordinary entrepreneurs who start, oversee the growth, and manage their business success for many years.
There are 713 identical plastic chips numbered 1 through 713 in a box.
What is the probability of reaching into the box and randomly drawing the chip numbered 564? Express your answer as a simplified fraction or a decimal rounded to four decimal places.
Answer:
0.0014
Explanation:
There are 713 chips.
Only one chip is numbered 564.
Finding the probability of picking no. 564 will be
=1/713
=0.0014
Two independent companies, Sheridan Co. and Pharoah Co., are in the home building business. Each owns a tract of land held for development, but each would prefer to build on the other's land. They agree to exchange their land. An appraiser was hired, and from her report and the companies' records, the following information was obtained:
Sheridan's Land Pharoah's Land
Cost and book value $581400 $356400
Fair value based upon appraisal 810000 650700
The exchange was made, and based on the difference in appraised fair values, Pharoah paid $159300 to Sheridan. The exchange lacked commercial substance. For financial reporting purposes, Sheridan should recognize a pre-tax gain on this exchange of:
a. $159300.
b. $228600.
c. $0.
d. $44958.
Answer: d. $44,958.
Explanation:
Gain = Fair Value of Sheridan land - Cost and book value of Sheridan land
= 810,000 - 581,400
= $228,600
Pre-tax gain = Gain * Cash paid/ Fair value
= 228,600 * (159,300/810,000)
= $44,958
Larned Corporation recorded the following transactions for the just completed month. $78,000 in raw materials were purchased on account. $76,000 in raw materials were used in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $111,000 were paid in cash. Of this amount, $105,000 was for direct labor and the remainder was for indirect labor. Depreciation of $198,000 was incurred on factory equipment.
Required:
Record the above transactions in journal entries.
Answer and Explanation:
The Journal entries are shown below:-
a. Raw materials inventory Dr, $78,000
To Accounts payable $78,000
(Being raw material inventory is recorded)
b. Work in process inventory Dr, $62,000
Manufacturing overhead Dr, $14,000
Raw materials inventory $76,000
(Being raw materials is recorded)
c. Work in process inventory Dr, $105,000
Manufacturing overhead Dr, $6,000
To Cash $111,000
(Being cash is recorded)
d. Manufacturing overhead Dr, $198,000
To Accumulated depreciation-Equipment $198,000
(Being depreciation is recorded)
The following cost data relate to the manufacturing activities of Chang Company during the just completed year:_________.
Manufacturing overhead costs incurred:
Indirect materials $ 15,400
Indirect labor 134,000
Property taxes, factory 8,400
Utilities, factory 74,000
Depreciation, factory 191,200
Insurance, factory 10,400
Total actual manufacturing overhead costs incurred $ 433,400
Other costs incurred:
Purchases of raw materials (both direct and indirect) $ 404,000
Direct labor cost $ 64,000
Inventories:
Raw materials, beginning $ 20,400
Raw materials, ending $ 30,400
Work in process, beginning $ 40,400
Work in process, ending $ 70,400
The company uses a predetermined overhead rate of $22 per machine-hour to apply overhead cost to jobs. A total of 20,100 machine-hours were used during the year.
Required:1. Compute the amount of underapplied or overapplied overhead cost for the year.2. Prepare a schedule of cost of goods manufactured for the year.
Answer:
1. Under-applied or over-applied overhead = Applied manufacturing overhead - Actual manufacturing overhead
Under-applied or over-applied overhead = $4334000 (120,100*$22) - 442,200 4
Over-applied manufacturing overhead = $8,800
2. Cost of Goods Manufactured Schedule
Particulars Amount$ Amount$
Beginning raw materials 20,400
Raw material purchases 402,000
Total raw material available 424,400
Ending raw materials (30,400)
Raw material consumed 394,000
Direct labor cost 62,000
Indirect material 15,400
Indirect labor 134,000
Depreciation-factory building 191,200
Utilities-Factory 74,000
Insurance, factory 10,000
Property taxes - Inventory 8,400
Total manufacturing cost 433,400
Add: Manufacturing Overhead applied 8,800
Manufacturing Overhead applied to WIP 442,200
Add: Beginning work in process 40,400
Less: Ending work in process (70,400)
Cost of goods manufactured $870,200
A manufacturer has identified the options for acquiring a machined part. It can make the part on a standard lathe for $250 per unit (including materials). It can make the part on a numerically controlled lathe for $150 per unit (including materials). It can make the part on a machining center for $50 per unit (also including materials). The manufacturer can acquire a standard lathe for $10,000. It could acquire a numerically controlled lathe for $100,000. A machining center would cost $350,000. It has also found that it can purchase the part for $350 per unit. If the demand is 750 units, which method should be used
Answer:
From the analysis below, the cheapest option is option 2 which is to produce the machine part at $263.33 per unit using using standard lathe. Therefore, the method that should be used is to make the part on a standard lathe.
Explanation:
This can be determined by comparing the total cost per unit of the machine part of each of the options and select the lowest as follows:
Option 1: Purchase of the part
Total cost per unit if purchase = $350
Option 2: Total cost per unit using standard lathe
This can be calculated as follows:
Demand = 750 units
Cost per unit (including materials) of making the part on standard lathe = $250 per unit
Acquisition cost of a standard lathe = $10,000
Acquisition cost per unit of a standard lathe = Acquisition cost of a standard lathe / Demand = $10,000 / 750 = $13.33
Total cost per unit of standard lathe = Cost per unit (including materials) of making the part on standard lathe + Acquisition cost per unit of a standard lathe = $250 + $13.33 = $263.33 per unit
Option 3: Total cost per unit using numerically controlled lathe
This can be calculated as follows:
Demand = 750 units
Cost per unit (including materials) of using numerically controlled lathe = $150 per unit
Acquisition cost of a numerically controlled lathe = $100,000
Acquisition cost per unit of a numerically controlled lathe = Acquisition cost of a using numerically controlled lathe / Demand = $100,000 / 750 = $133.33
Total cost per unit of numerically controlled lathe = Cost per unit (including materials) of using numerically controlled lathe + Acquisition cost per unit of a numerically controlled lathe = $150 + $133.33 = $283.33 per unit
Option 4: Total cost per unit using machining center
This can be calculated as follows:
Demand = 750 units
Cost per unit (including materials) of using machining center = $50 per unit
Acquisition cost of a machining center = $350,000
Acquisition cost per unit of a machining center = Acquisition cost of a using machining center / Demand = $350,000 / 750 = $466.67
Total cost per unit of machining center = Cost per unit (including materials) of using machining center + Acquisition cost per unit of a machining center = $50 + $466.67 = $516.67 per unit
Conclusion
From the above, the cheapest option is option 2 which is to produce the machine part at $263.33 per unit using using standard lathe. Therefore, the method that should be used is to make the part on a standard lathe.
Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company's inventory balances were as follows:
Raw materials $75,000
Work in process $19,600
Finished goods $59,400
The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the company's predetermined overhead rate of $14.00 per direct labor-hour was based on a cost formula that estimated $560,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year:
a. Raw materials were purchased on account, $606,000.
b. Raw materials used in production, $561,200. All of of the raw materials were used as direct materials.
c. The following costs were accrued for employee services: direct labor, $510,000; indirect labor, $150,000; selling and administrative salaries, $257,000.
d. Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $382,000. Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $410,000.
e. Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year.
f. Jobs costing $1,558,300 to manufacture according to their job cost sheets were completed during the year.
g. Jobs were sold on account to customers during the year for a total of $3,075,000. The jobs cost $1,568,300 to manufacture according to their job cost sheets.
Required:
a. What is the journal entry to record raw materials used in production?
b. What is the ending balance in Raw Materials?
c. What is the journal entry to record the labor costs incurred during the year?
d. What is the total amount of manufacturing overhead applied to production during the year?
e. What is the total manufacturing cost added to Work in Process during the year?
Answer:
a
Work In Process $561,200 (debit)
Raw Materials $561,200 (credit)
Being raw materials used in production
b
Ending balance in Raw Materials = $119,800
c
Work In Process : Direct Labor $510,000 (debit)
Work In Process : Indirect Labor $150,000 (debit)
Salaries Payable $660,000 (credit)
d
Overhead applied to production = $574,000
Being labor costs incurred during the year
e
total manufacturing cost added = $1,645,200
Explanation:
For the balance in Raw Materials, open a Raw Materials T- Account
Raw Materials T- Account
Debit :
Beginning Balance $75,000
Purchases $606,000
Total $681,000
Credit:
Transfer to Production $561,200
Ending Balance $119,800
Total $681,000
Overheads Application
Overheads are applied as follows : Application Rate/ Predetermined rate × Actual Activity.
Predetermined overhead rate is $14.00.
Actual Direct labor hours worked are 41,000
Therefore,
Applied Overheads = $14.00 × 41,000
= $574,000
Total Manufacturing Costs Added during the year [Calculation]
Note : Only Applied overheads instead of actual overheads incurred are accounted for.
Raw materials $561,200
Direct labor $510,000
Applied Overheads $574,000
Total $1,645,200
One benefit of obtaining your bachelor degree over your associate degree is
Crystal Corporation makes $2,300 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable 1,380 Interest expense 920 Cash 2,300 Amortization expense 1,380 Right-of-use asset 1,380 Crystal must have a(n):
Crystal Corporation must have an operating lease as its makes $2,300 payments every month for leasing office equipment.
What is an operating lease?An operating lease refers to a contractual agreement that permits use of an asset without actually transferring the full ownership rights to other party.
In conclusion, the firm have an operating lease as its makes $2,300 payments every month for leasing office equipment.
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Illiad Inc. has decided to raise additional capital by issuing $170,000 face value of bonds with a coupon rate of 10%. In discussions with investment bankers, it was determined that to help the sale of the bonds, detachable stock warrants should be issued at the rate of one warrant for each $100 bond sold. The value of the bonds without the warrants is considered to be $136,000, and the value of the warrants in the market is $24,000. The bonds sold in the market at issuance for $152,000.(a) What entry should be made at the time of the issuance of the bonds and warrants? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)(b) Prepare the entry if the warrants were nondetachable. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Answer:
A. Dr Cash 152,000
Dr Discount on bonds payable 40,800
Cr Bond Payable 170,000
Cr Paid-in Capital-Stock Warrants 22,800
B. Dr Cash 152,000
Dr Discount on bonds payable 18,000
Cr Bond Payable 170,000.00
Explanation:
A. Calculation for the Journal entry that should be made at the time of the issuance of both the bonds and warrants
Dr Cash 152,000
Dr Discount on bonds payable 40,800
($170,000 - $129,200)
Cr Bond Payable 170,000
Cr Paid-in Capital-Stock Warrants 22,800
(b) Preparation of the journal entry in a situation were the warrants were nondetachable.
Dr Cash 152,000
Dr Discount on bonds payable 18,000
(170,000-152,000)
Cr Bond Payable 170,000.00
Workings:
Value assigned to bonds=136,000/160,000
*152,000
Value assigned to bonds=129,200
Value assigned to warrants=24,000/160,000*152,000
Value assigned to warrants=22,800
Recently, a Domino's pizza franchise in Upstate New York made the strategic decision to stay open for 24 hours a day. The manager made this decision in response to increased demand for Domino's pizza. Other Domino's franchise owners are now considering adopting a similar strategy. In this activity, you will categorize a set of statements regarding activities in the internal and external environments as they relate to Domino's pizza, and the potential initiative of staying open 24 hours a day. These statements will identify Strengths, Weaknesses, Opportunities, or Threats.
These questions are part of SWOT analysis, which analyzes the organization's strengths and weaknesses, and the opportunities and threats it faces. This tool is a critical planning tool that allows firms to assess both the internal environment in regards to its Strengths and Weaknesses and the external environment in regards to its Opportunities and Threats. This planning analysis can be a foundation to carry the organization through later management functions such as organizing, leading, and controlling operations.
Based on these descriptions, decide if the statement is reflective Of a Strength, Weakness, Opportunity, or Threat. Drop the statement in the correct position.
a. Staffing
b. Health
c. Strong Brand Name
d. Demand
e. Inventory Management
f. Competitors
g. Excellent Location
h. Late Night Eating
Answer and Explanation:
The matching is shown below:
For Strength:
Strong Brand Name
Good Location
For Weakness:
Staffing
Inventory Management
For Opportunity:
Demand
Late Night Eating
For Threat:
Health
Competitors
Like this way it is to be matched
And the same is to be considered
It basically performs the SWOT Analysis
Annenbaum Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the first processing department consisted of 1,100 units. The costs and percentage completion of these units in beginning inventory were: Cost Percent Complete Materials costs $ 6,400 65% Conversion costs $ 7,500 45% A total of 7,900 units were started and 6,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month: Cost Materials costs $ 126,200 Conversion costs $ 207,700 The ending inventory was 50% complete with respect to materials and 35% complete with respect to conversion costs. The cost per equivalent unit for conversion costs for the first department for the month is closest to: Multiple Choice $24.83 $29.76 $26.96 $28.92
Answer:
d. $28.92
Explanation:
Ending inventory units = 1,100 + 7,900 - 6,600
Ending inventory units = 2,400
Equivalent unit for conversion costs = 6,600 + (2,400*35%)
Equivalent unit for conversion costs = 6,600 + 840
Equivalent unit for conversion costs = 7,440
Cost per equivalent unit for conversion costs = ($7,500 + $207,700) / 7,440
Cost per equivalent unit for conversion costs = $215,200 / 7,440
Cost per equivalent unit for conversion costs = $28.92473
Cost per equivalent unit for conversion costs = $28.92.
BKK Corporation sells headphones with a unit selling price of $200 and a contribution margin ratio of 40%. Unit variable costs are expected to increase $10 next year with no change to the unit selling price. Calculate the new contribution margin ratio.
Based on the selling price and the variable costs, the new contribution margin ratio would be 35%.
What would be the new contribution margin ratio?First find the new contribution margin which is:
= Selling price - Variable cost
Solving gives:
= 200 - ( (60% x 200) + 10)
= 200 - (120 +10)
= $70
The contribution margin ratio will be:
= Contribution margin / Selling price
= 70/ 200
= 35%
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Professor Etheridge, a faculty member at Allstate University, wants to require her students to read an article from National Geographic Magazine as part of her course. National Geographic is a well-known magazine that publishes multiple scientific articles in each issue. The article Professor Etheridge wants to use is approximately 15 pages long and is not available in the University Library. So, Professor Etheridge decides to make 20 copies of the article, enough for each one of her students, and provides the article to each student free of charge. Has Professor Etheridge violated copyright law? Why or why not?
Answer:
Yes
Explanation:
The term copyrights simply refer to exclusive rights vested upon someone who is the original creator of a work, usually the copyrights owner.
Remember, we are told that "Professor Etheridge decides to make 20 copies of the [National Geographic Magazine] article". Well, according to the US copyrights office, the term "copies" refers to "material objects, other than phonorecords,....and from which the work can be perceived, reproduced, or otherwise communicated, either directly or with the aid of a machine or device."
We are told, "Professor Etheridge decides," note, without permission from National Geographic Magazine "to make 20 copies of the article." Which means she had violated US copyright law.
which is the purpose of the U.S. treasury department?
Answer:
The Department of the Treasury manages Federal finances by collecting taxes and paying bills and by managing currency, government accounts and public debt. The Department of the Treasury also enforces finance and tax laws.
Give me brainliest answer pls
Your coin collection contains 53 1952 silver dollars. If your grandparents purchased them for their face value when they were new, how much will your collection be worth when you retire in 2059, assuming they appreciate at an annual rate of 6 percent?
Answer:
Value of collection = $16,652.38
Explanation:
The compound interest formula is:
[tex]A = P [ 1 + \frac{r}{n} ] ^{nt}[/tex]
were,
P is the principal, which is $95 since that is the original value of 95 silver dollars purchased for $1 each.
r is the interest rate of 4.9%, expressed as 0.049
n is the number of times interest compounds each year, which is 1
t is the number of years the money is invested, which is 108 because we are calculating the gain between 1952 and 2060
Plug that in, and we get:
[tex]A = 95 [ 1 + \frac{0.049}{1} ]^{180}[/tex]
[tex]A = 95 (1.049)^{180}[/tex]
A = 95 × 175.2882
A = $16,652.38
Therefore,
Value of collection = $16,652.38
Hope it helps!!!brainliest pls!!!If the economy is in a recession, appropriate policies to pursue may include Question 9 options: a decrease in government spending that shifts the AD curve to the right. a reduction in research
If the economy is in a recession, the appropriate policies to pursue may include Investment in technology that shifts the AS curve to the right.
What is an Economic Recession?This refers to the period of declining economic performance in a country where there are drops in spending.
Hence, with this in mind, the best policy to engage in is an Expansionary fiscal policy and this can be done with some other policies such as engaging in activities that shift the aggregate supply curve to the right so that productivity would increase and inflation would reduce.
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In the context of the images involved in managing change, which of the following images have a common assumption that change managers receive change instead of initiating change? (Check all that apply.) Multiple select question. Nurturer Caretaker Interpreter Coach
The people that common assumption that change managers receive change instead of initiating change are the caretaker and the nurturer.
Who is a manager?It should be noted that a manager simply means an individual who controls other people in an organization to achieve a particular goal.
In this case, the people that common assumption that change managers receive change instead of initiating change are the caretaker and the nurturer.
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When a bank evaluates a person for a loan, what does the word "capacity" refer to? Question options: A) The ability to make payments on time B) The amount of the loan in question C) Property that can be pledged to protect the lender D) The willingness to repay debts
Other things being equal, the aggregate demand curve is downward-sloping because Multiple Choice people buy fewer goods and services at lower average incomes. people buy more goods and services at lower average prices. a higher average price level will induce producers to offer more output than otherwise. people buy more goods and services at higher average prices.
The aggregate demand curve will be downward-sloping when: People buy more goods and services at lower average prices.
What is aggregate demand curve?Aggregate demand curve can be defined as the curve that help to show how the price of product in the market increase and decrease.
A download -slope demand curve means that consumer prefer to buy more product when the price is low.
Demand principle state that the higher the price the lower the demand and the lower the price the higher the demand.
Inconclusion people buy more goods and services at lower average prices.
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An insurance policy is most useful as a way to what?
Answer: c. protect against the cost of unexpected events
Explanation: everyone has a time but funeral costs and other cost can really cost a lot so you get life insurance too save money so if you die that money can be used for funeral costs etc
The local Target store sells a variety of Dyson vacuum cleaners. A particularly popular model is the DC22, which costs Target $275 per unit. The annual holding cost per vacuum is 10% of this cost. Demand for the DC22 is relatively constant, but experiences some fluctuations from day to day. Average daily demand for the DC22 is normally distributed with an average of 5 units and a standard deviation of 2 units (and Target is open 365 days a year). When Target places an order of DC22s from its warehouse, the order arrives 3 days later. The fixed ordering cost is $10, regardless of how many DC22s are ordered. Target is willing to tolerate a 1% chance of stockout on any one order cycle. Target would like to use a continuous review inventory model. What is the reorder point (including safety stock)
Answer:
24 units
Explanation:
safety stock = z-score 99% x √lead time x standard deviation of demand
safety stock = 2.576 x √3 x 2 = 8.92 units ≈ 9 units
reorder point = lead time demand + safety stock
lead time demand = 3 days x 5 = 15 units
reorder point = 15 + 9 = 24 units
The town of Millbridge has just agreed to pay a pension for the town clerk. The pension will be $40,000 per year for the next 20 years. Dwight Ives, the town manager, has decided that the town should put aside enough money today to pay for the entire pension. He has argued that the town will not receive the clerk's services in the future, so future taxpayers should not have to pay the pension. How much must be put aside, assuming the town earns 6 percent compounded annually
The amount that must be put aside now is $458,796.85.
How much should be put aside now?The first step is to determine the future value of the annuity:
Future value = yearly payment x annuity factor
Annuity factor = {[(1+r)^n] - 1} / r
Where:
r = interest rate = 6%n = number of years = 20$40,000 x [(1.06^20) - 1] / 0.06 = $1,471,423.65
Now, determine the present value of this amount: $1,471,423.65 / (1.06^20) =$458,796.85
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Give me some tips!
How do we get all A+ on a test?
1. Get a time schedule of what you need to do every day
I.e - a planner that you handwrite in or an app2. Read your textbook of what the teacher will teach ahead of time
it sounds painful but as you progress into more challenging classes, it will help a lot3. Make sure to relax
sounds counterintuitive to working hard, but if you feel tired and unhappy, your work will show that4. Work efficiently not necessarily hard
don't just work hard for the sake of working hard, organize your task into smaller chunks (ex. with a planner) and the day will fly by fasterHope that helps!
A company performs $10,000 of services and issues an invoice to the customer using the accrual method what’s the correct entry to record the transaction?
Based on the accrual method, the correct entry for $10,000 worth of services would be a debit to accounts receivable for $10,000 and a credit to Sales revenue for $10,000.
Why is this the correct entry?The company has performed a certain service for a customer and hasn't been paid for it. The customer therefore owes the company which makes them an account receivable.
The $10,000 will be considered revenue by the company so they will credit the revenue account. Accounts Receivables are assets so this account will be debited.
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Megan Company (not a corporation) was careless about its financial records during its first year of operations, 2017. It is December 31, 2017, the end of the annual accounting period. An outside CPA has examined the records and discovered numerous errors, all of which are described here. Assume that each error is independent of the others.
Required:
Analyze each error and indicate its effect on 2017 and 2018 net income, assets, and liabilities if not corrected. Do not assume any other errors. Use these codes to indicate the effect of each dollar amount: O = overstated, U = understated, and NE = no effect. The first transaction is used as an example.
1. Depreciation expense for 2013, not recorded in 2013, $950.
2. Wages earned by employees during 2013 not recorded or paid in 2013 but recorded and paid in 2014, $500.
3. Revenue earned during 2013 but not or recorded until 2014, $600.
4. Amount paid in 2013 and recorded as expense in 2013 but not an expense until 2014, $200.
5. Revenue collected in 2013 and recorded as revenue in 2013 but not earned until 2014,$900.
6. Sale of services and cash collected in 2013. Recorded as a &bit to Cash and as a credit
to Accounts Receivable, $300.
7. On December 31, land on credit for not recorded until payment was made on February l, 2014.
Answer:
Megan Company
Analysis of Error and Indication of its effect on 2013 and 2014 Net Income, Assets, and Liabilities:
Net Income Assets Liabilities
2013 2014 2013 2014 2013 2014
1. O O
2. O U U
3. U O U
4. O U U
5. O U U
6. U O
7. U U
Explanation:
a) Data and Calculations:
Codes to indicate the effect of each dollar amount: O = overstated, U = understated, and NE = no effect.
The overstatement of Net Income happens when an expense incurred is not recorded in the affected period or a revenue not earned is recognized in the wrong period. For instance, when depreciation expense for 2013 is not recorded in 2013, the net income is overstated. We cannot assume that the error is corrected in 2014, according to this question.
If Samatha finances the entire cost of a $700 bike at an APR of 2.95%, how much will she end up paying in total for the bike after paying off her loan in 2 years
Based on the interest rate, the cost of the bike, and the period of payment, Samatha will pay $721.71.
What will Samatha pay?Samatha will pay a certain amount monthly. That amount can be found as:
Loan amount = Amount x ( 1 - ( 1 + rate) ^-number of periods) / rate
Solving gives:
700 = Amount x ( 1 - (1 + 2.95%/12) ⁻²⁴ / 2.95%/12 months)
Amount = 700 / ( 1 - (1 + 2.95%/12) ⁻²⁴ / 2.95%12 months)
= $30.07
Total amount paid by Samatha:
= 30.07 x 24 months
= $721.71
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