The just-in-time (JIT) inventory system is a trend where inventory levels can be minimal and raw materials are not ordered or received until needed.
What is the inventory system?Just-in-Time (JIT) is a lean manufacturing and inventory management strategy that minimizes the amount of inventory held by a company by ensuring that raw materials and components are only ordered and received as they are needed for production.
The goal of JIT is to minimize waste and increase efficiency by reducing the amount of money tied up in inventory, as well as reducing the risks associated with holding large amounts of inventory, such as obsolescence, spoilage, and theft.
Therefore, In a JIT system, suppliers and manufacturers work closely together to ensure that the right materials are delivered to the production line at the right time.
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explain how society's economizing problem (described by a ppc) is different from an individual's economizing problem (described by a budget line).
Making Decisions in the Economizing Problem. Given that society's material needs for goods and services are unending but that the resources available to meet these needs are constrained, choices must be made.
There are many other items must be sacrificed or given up in order to generate one unit of a product. A budget line (or budget limitation) graphically depicts the difficulty of personal economising. Certain the pricing of the two products, the line displays several pairings of two things that a consumer could buy with a given amount of money.
Choices must be made because economic desires exceed available resources. The distribution of income between consumption and savings, as well as the allocation of consumption, are a few instances of the economising issues.
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anytime coffee has 160,000 shares of stock outstanding, sales of $1.94 million, net income of $126,400, a price-earnings ratio of 21.3, and a book value per share of $7.92. what is the market-to-book ratio?
The market-to-book ratio of Anytime Coffee is 2.12.
The market-to-book ratio can be calculated by dividing the market value per share by the book value per share.
First, we can calculate the market value per share by multiplying the price-earnings ratio by the earnings per share (EPS):
Price-earnings ratio = 21.3
EPS = Net income / Number of shares = 126,400 / 160,000 = 0.79
Market value per share = Price-earnings ratio * EPS = 21.3 * 0.79 = 16.79
Next, we can calculate the market-to-book ratio:
Book value per share = Total equity / Number of shares = 7.92
Market-to-book ratio = Market value per share / Book value per share = 16.79 / 7.92 = 2.12
So, the market-to-book ratio of Anytime Coffee is 2.12.
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Hanson Company reports a $341,980 increase in inventory and a $10,000 increase in accounts payable during the year. Cost of Goods Sold for the year was $1,250,000. Assume that all inventory was bought on account. The cash payments made to suppliers were:a. $1,250,000b. $898,020c. $1,581,980d. $918,020
Based on the given information, the cash payments made to suppliers were $1,250,000. Thus the correct option is A.
What is cash made to suppliers?The payment which is made to suppliers in exchange for raw material or any product in the form of cash is called Cash made to suppliers.
The calculation for cash payments made to suppliers
Cash Paid to Suppliers = (Cost of Goods Sold + Increase in Inventory) - Increase in Accounts Payable
= (1,250,000+$10,000)- $10,000
= $1,250,000
Therefore, Cash made to suppliers is $1,250,000. The appropriate option is A.
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suggesting a company align itself with a certain concert series is called ?
Sponsorship is the idea of a corporate joining forces with a certain musical series.
What is the definition of sponsorship?Sponsoring is the act of financially supporting a cause, endeavor, individual, or group through the provision of goods or services (or someone). The support provider, often known as the sponsor or benefactor, is the person or organization that provides the assistance.
What is the purpose of corporate sponsorship?Corporate sponsorship is primarily used by companies to differentiate themselves from competitors and broaden the visibility of their brand or operation. In order to reach a certain target market to which your nonprofit has access, such as your contributors, they may even include corporate sponsorship in their plan.
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o if a positive externality is present, then what is the difference between the social marginal benefit and the private marginal benefit?
When there is a positive externality, the societal marginal benefit of an item or service exceeds the private marginal gain. The social marginal benefit considers the advantages.
that accrue to society as a whole in addition to the benefits gained by the individual consuming the commodity or service. The private marginal benefit, on the other hand, exclusively examines the individual's benefits. As a result, the value of the positive externality that is not represented in the market price of the commodity or service is the difference between the societal marginal benefit and the private marginal benefit. This disparity causes a market failure since the market price does not reflect the whole societal value of the item or service. In such cases, To repair the market failure and match the market price with the societal marginal benefit, the government may opt to engage in the market, for example, by giving subsidies or enforcing rules.
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how can the business incorporate the marketing concept
The benefit of marketing for your company is that it engages customers and has an impact on whether they choose to purchase your goods or services.
Why is the marketing concept important for a company to understand?Marketing for your business has the advantage of informing customers about your products and services, engaging them, and influencing their purchasing decisions. A marketing strategy, which need to be included in your business plan, can help with relevancy, reputation management, and competitiveness as well as with the generation and maintenance of demand.
What marketing principles may the business apply?The marketing concept is developed on the "right" foundation. In order to develop marketing strategies that not only satisfy customer wants but also aid the company in achieving its goals, the marketing idea calls for employing marketing data to focus on client needs and preferences.
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Bakit mahalaga ang presyo sa implamasyon?
Why is 'price' important in inflation?
Answer:
Explanation:
Price is an important factor in inflation because it is a measure of the cost of goods and services. As the cost of goods and services increase, the overall price level increases, causing inflation. Therefore, changes in prices are closely monitored by economists to measure and predict the rate of inflation.
y3k, incorporated, has sales of $4,600, total assets of $3,395, and a debt-equity ratio of 1.30. if its return on equity is 11 percent, what its net income?
Y3K, Inc. has $4,600 in sales, $3,395 in total assets, and a debt-to-equity ratio of 1.30. Its net income is $162.369565217 if its return on equity is 11%.
What is a good equity to debt ratio?A company's degree of debt in relation to its assets is shown by the debt-to-equity ratio (D/E ratio). To determine a company's total debt, divide its total shareholder equity by that figure. The corporation would likely struggle to pay its debts if the D/E ratio was higher.
While it varies depending on the industry, a debt-to-equity ratio of around 2 or 2.5 is often seen as good. This ratio shows that debt makes up around 66 cents of every dollar invested in the organization, leaving equity to make up the remaining 33 cents.
Starting from the Debt-to-Equity ratio and, the return on equity we can determine the net income:
Debt / Equity = 1.30
So, Equity = 1 and Debt = 1.30
Asset = Debt + Equity = 1 + 1.3 = 2.30
We can detemine the value of Equity as a percentage of asset:
1/2.30 = 0.4347826
We are given the monetary value of Assets, so we can solve for equity in dollars:
Assets = $3,395
Equity = $3,395 x 0.4347826 = $1476.08695652
Return on equity = 11%
Net income: $1476.08695652 x 11% = $162.369565217
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a chart with arrows going from need recognition to best solution to comparison shopping to when and where to buy to post-purchase evaluation. which step in this process involves looking at alternative brands? need recognition best solution comparison shopping when and where to buy
The step in the process that involves looking at alternative brands is "Comparison Shopping."
Consumers often begin the buying process by identifying a need for a good or service, then move on to seeking the ideal solution to fill that need. The next step in the process is comparison shopping, where customers research several companies and assess how well they meet their demands by contrasting features, costs, and other elements. After making a choice, they choose where and when to make the purchase, and after doing so, they evaluate the item. In order for customers to weigh their options and make educated decisions based on their requirements and preferences, comparison shopping is essential to the decision-making process.
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many companies develop a formal statement of primary values and ethical standards for employees and managers to follow. this is called a
A code of ethics is a written declaration of an agency's core values and indeed the ethical guidelines that its employees are expected to follow. This is an example of an ethical code.
Where what ethical file is a formal statement or a code of conduct regarding an institution's beliefs and principles?
It functions similarly to the "Company's Constitution" in that it contains general guidelines that will direct employees' performance. The document lays out a set of guiding principles for judgement call.
Which understanding of the term BEST captures the essence of ethics?
Ethics are indeed the items and behavior where a person considers to just be good or bad.
Family system or values are traditional or cultural values that pertain to the configuration, operate, roles, religious views, perceptions, as well as ideals of both the relatives. Hence family system becomes a source of ethics.
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What is opportunity cost?
A. Giving up one thing in return for another.
B. Choices sacrificed.
C. The cost of what is lost.
D. The cost of what was gained.
Answer:
A. Giving up one thing in return for another
Answer:
A. giving up one thing in return for another
Explanation:
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the decision by ge to do business, through subsidiaries, with iran would have been made at what organizational level? group of answer choices administrative management first-line management front-line supervisor middle-level marketing management top management
The decision by GE to do business with Iran through subsidiaries would likely have been made at the top management level.
This level of management, also known as executive management or senior management, is responsible for making high-level, strategic decisions that will guide the direction of the organization. They are responsible for setting the overall goals and objectives of the company, determining the resources needed to achieve these goals, and making decisions that will have a significant impact on the future of the organization. Top management includes the CEO, president, vice presidents, and other key executives. They have the authority to make decisions about major investments, entering new markets, and entering into partnerships and collaborations with other companies. They also have the responsibility for ensuring that the organization is in compliance with all applicable laws and regulations, including those related to international trade and commerce. In the case of GE, the decision to do business with Iran through subsidiaries would have likely involved careful consideration of the potential risks and benefits. Top management would have taken into account factors such as market conditions, economic sanctions, and the political climate in Iran, as well as the company's overall strategic goals and objectives. They would also have consulted with legal and financial advisors to ensure that the company was in compliance with all relevant laws and regulations.
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the racketeer influenced and corrupt organizations act (rico) encourages plaintiffs to sue business for corrupt practices , such as priced fixing, insurance and securities fraud, by:
The Racketeer Influenced and Corrupt Organizations act (RICO) encourages plaintiffs to sue business for corrupt practices , such as priced fixing, insurance and securities fraud, by the awarding of the plaintiffs triple the dollar amount of the damages they suffered and the awarding of the plaintiffs attorney fees and court costs.
As The Racketeer Influenced and Corrupt Organizations act which do the priced fixing, it refers to is the non negotiable amount of charged for the product or goods, services and the piece of the work. The types of fixed price is firm fixed-price contracts, fixed- price incentive contracts and the firm fixed-price level of effort contracts.
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true or false: abc is designed to provide managers with detailed information about the cost of activities and is therefore not useful in providing sustainability-related information.
False: ABC is not good for delivering information on sustainability because it is intended to give managers in-depth information on the amount of activities.
You can use the activity-based costing (ABC) method to determine production costs. It divides overhead expenses among tasks involved in manufacturing. Each production-related action, such as having employees examine a product, is given a cost by the ABC system. Activity-based costing offers a more precise way to calculate the costs of goods and services, which results in more precise price decisions. By making expensive and non-value-adding operations more visible, it gives better understanding of overhead expenses and cost drivers and enables managers to decrease or eliminate them. It is a method of accounting used specifically to allocate overhead costs by allocating them to activities. It is a manner, to put it simply.
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the branch of accounting that deals with proposed events and is designed to provide information to various management levels for the purpose of enhancing controls is called: .
The branch of accounting that deals with proposed events and is designed to provide information to various management levels for the purpose of enhancing controls is called Management Accounting.
Management accounting provides information and analysis to decision-makers within an organization to support their decision-making process. This type of accounting is future-oriented and focuses on planning, analysis, and control. It provides information on an organization's operational and financial performance, as well as its future plans, in order to help management make informed decisions. This information can be used for cost control, budgeting, and performance evaluation, among other things. In contrast to financial accounting, which is mainly focused on historical data and reporting to external stakeholders, management accounting provides internal information to support the management of the organization.
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deborah wants to have $1,000,000, 35 years from now. she invested $55,000 that she got from an inheritance. what rate of return does her investment need to earn in order for her to have the $1,000,000, 35 years in the future?
The answer is 17.18%, it is the rate of return if Deborah wants to have $1,000,000, 35 years from now and she invested $55,000.
An easy way to define investingA purchase made for the purpose of earning money or appreciating in value is known as an investment. When an asset's value rises over time, this is referred to as appreciation. When someone buys something as an investment, they don't intend to utilize it right now to make money; instead, they plan to use it later to do so.
What are investment and its various forms?Two broad categories—Equity and Debt—can be used to categorize investments. Investing in equity basically entails purchasing various types of company shares. When you invest in debt, you buy securities that trade on the money market.
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true or false: all countries that are part of the eurozone are subject to the monetary policy imposed by the european central bank (ecb), and so each
True. All countries that are part of the eurozone are subject to the monetary policy imposed by the European Central Bank (ECB).
The ECB is the central bank for the eurozone, which is a monetary union of 19 European Union (EU) countries that have adopted the euro as their common currency. The ECB is responsible for implementing monetary policy for the eurozone, which means that it sets interest rates and controls the money supply for the entire eurozone. As a result, all countries that are part of the eurozone are subject to the monetary policy imposed by the ECB.
The European Central Bank (ECB) is the central bank for the eurozone, which is a monetary union of 19 European Union (EU) countries that have adopted the euro as their common currency. The ECB is responsible for implementing monetary policy for the eurozone, which means that it sets interest rates and controls the money supply for the entire eurozone.
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True or False: all countries that are part of the eurozone are subject to the monetary policy imposed by the European central bank (ECB), and so each?
the relevant range for maxco industries is 10,000 to 16,000 units of product. the variable costs per unit are $6 when a company produces 12,000 units of product. what are the variable costs per unit when 14,000 units are produced?
Option d is Correct. When a business produces 12,000 units of a product, the variable expenses per unit are $6. When 14,000 units are produced, variable costs per unit remain the same. Variable costs remain constant.
The term "relevant range" describes the range of activity in which total variable cost remains constant in per unit but not in total, whereas total fixed cost remains constant in total but not in per unit. Relevant range remained constant despite changes in the company's operations.
Variable costs do not change over time, however fixed costs per unit do. Within the appropriate range, total fixed expenses remain stable. If the number of units changes, the total fixed cost is distributed among the modified units (increases or decreases).
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Correct Question:
The relevant range for Maxco Industries is 10,000 to 16,000 units of product. The variable costs per unit are $6 when a company produces 12,000 units of product. What are the variable costs per unit when 14,000 units are produced?
a. $4.50.
b. $5.00.
c. $5.50.
d. $6.00.
e. None of the answers is correct.
Traditional savings account typical add to balance regularly.a. Trueb. False
Flase that means you don't use it for your daily cappuccino or occasional shopping.
With regular contributions, the money in this account will grow over time, depending on your interest rate. The traditional savings account adds to the balance regularly. These types of savings accounts generally allow you to earn interest on your money, although they generally pay lower rates than other savings products. With a regular savings account, you agree to pay a certain amount each month. In return, the bank or building society gives you a higher interest rate than you would get with your regular checking or savings account Savings account.A savings account allows you to earn interest on the funds you have saved for future needs. Interest rates can be compounded on a daily,weekly, monthly or yearly basis. Savings accounts vary based on monthly service fees, interest rates, and account features.
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under what circumstances may an agency use current-year funds to purchase supplies that are not a bona fide need of the current fiscal year
An agency may use current-year funds to purchase supplies that are not a bona fide need of the current fiscal year under certain circumstances such as emergencies, unanticipated events, or time-sensitive opportunities. For instance, if an agency faces a sudden increase in demand for essential supplies, it may use current-year funds to purchase additional supplies.
Demand refers to the quantity of a product or service that consumers are willing and able to purchase at a given price over a specified period of time. It is a crucial concept in economics, as it drives market forces that determine the price, production, and distribution of goods and services. The demand for a product is influenced by various factors such as income, tastes, preferences, and prices of substitute goods. When demand increases, it typically leads to an increase in price and an increase in production. Conversely, a decrease in demand may lead to a decrease in price and a decrease in production. The relationship between demand, price, and quantity is represented by the demand curve, which is a graphical representation of the inverse relationship between the price of a good and the quantity of the good that consumers are willing to purchase.
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consider three companies: walmart (a multinational retail chain), staples (an office supplies chain) and intel ( a chip manufacture). which one will have the highest amount of accounts receivable relative to its sales?
Walmart has built a supply chain with clusters of stores around its global manufacturing and distribution network, making it a top priority. Accounts receivable job descriptions include reviewing and posting receipts and resolving discrepancies to secure revenue.
An employee who works as an accounts receivable clerk plays an important role in ensuring that the company receives payments for goods and services and records those transactions accordingly.
This role requires candidates to be organized and have a keen eye for detail to uncover problems that may arise.
Accounts receivable (AR) is the amount owed to a business for goods or services supplied or used by a customer but not yet paid for. Accounts receivable are reported as current assets on the balance sheet. The amount a customer owes for purchases made on credit is the AR.
Accounts Receivable (AR) is an asset account on the balance sheet that represents money owed to a company in the short term.
Receivables occur when a company allows a buyer to purchase its goods or services on credit.
Liabilities are like receivables, but they are money owed rather than money to be received.
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if the absolute value of slope of the demand curve is 2.5, price is $6 per unit, and the quantity demanded is 8 units, then the price elasticity of demand is
Demand's price elasticity is equal to 0.3 if the price per unit is $6, the quantity required is 8, and the slope of the demand curve is 2.5 in absolute terms.
When rice costs $6 per pound, what is the price elasticity of demand?(P/Q) (1/slope) is the equation for the price elasticity of demand at a specific location. Here, (6/2) × (2/3) = 2.
How is the price elasticity of demand calculated in absolute terms?The amount demanded is responsive to price changes in terms of price elasticity of demand, which is computed by dividing the percentage change in quantity demanded by the percentage change in price.
What does a reading of 0.6 for the absolute price elasticity of demand mean?Therefore, if the price elasticity of demand for a product is equal to 0.6, the demand is inelastic (since the elasticity is less than 1). A 1% price rise would result in a 0.6�cline in demand.
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i am a basket maker in india. the people in my village make beautiful baskets. my grandmother and my mother made baskets. what type of economic system am i describing?
i am a basket maker in India. the people in my village make beautiful baskets. my grandmother and my mother made baskets . I am describing Traditional Economy .
Since the modern economy is historically derived from the traditional one, experience shows that the traditional economy has only three future scenarios: market, command or mixed economy. If there is competition in the traditional economy, it is competition for scarce natural resources. The traditional economy threatens the environment less than any other market system. People in the economy have traditional occupations such as farming, fishing, hunting or grazing .
Traditional economy is a system based on custom, history and ancient beliefs. Tradition drives economic decisions such as production and distribution. Traditional economic societies depend on agriculture, fishing, hunting, gathering, or a combination of these.
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Indicate what impact the following transactions would have on the accounting equation, Assets = Liabilities + Equity. Transaction impact table Impact 1 Impact 2 Paid monthly note payment to bank Sold inventory on account Bought supplies, to be paid for next month Received cash from sales this month Paid for inventory purchased on account last month
Answer:
The impact of the transactions on the accounting equation, Assets = Liabilities + Equity, is as follows:
Paid monthly note payment to bank:
Impact 1: Assets (Cash) decreases
Impact 2: Liabilities (Bank Loan) decreases
Sold inventory on account:
Impact 1: Assets (Accounts Receivable) increases
Impact 2: Equity (Revenue) increases
Bought supplies, to be paid for next month:
Impact 1: Assets (Supplies) increases
Impact 2: Liabilities (Accounts Payable) increases
Received cash from sales this month:
Impact 1: Assets (Cash) increases
Impact 2: Equity (Revenue) increases
Paid for inventory purchased on account last month:
Impact 1: Assets (Cash) decreases
Impact 2: Liabilities (Accounts Payable) decreases
It is important to note that for each transaction, one side of the equation must increase and the other side must decrease in order to keep the equation in balance.
Explanation:
funds that merely track a broad index and make no attempt to identify undervalued or exceptional growth stocks are known as a) hedge funds. b) passively managed funds. c) actively managed funds. d) equity funds.
Undervalued or exceptional growth stocks are known as passively managed funds
Index funds and exchange-traded funds that replicate well-known indices, such the S&P 500, are referred to as passive management. The opposite of active management, which involves a manager choosing which stocks and other securities to include in a portfolio, is passive management. Investor costs for passively managed funds are usually cheaper than those for actively managed funds. According to the Efficient Market Hypothesis (EMH), active managers are unable to consistently outperform the market since their performance is completely based on chance. The returns from passive management are higher over the long term.
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a customer's personal service philosophy is an influence on his/her adequate service expectations. group startstrue or falsetrue, unselectedfalse, unselectedgroup ends
The statement '' The customer's personal service philosophy affects his adequate expectations for the service ''is True because
the customer's personal service philosophy affects his adequate expectations for the service.
The source of desired expectations is the customer's experienced service capabilities. Hurricanes and tornadoes that affect many people are examples of personal situational factors. A personal philosophy is a set of guiding principles by which we live. It affects everything from the words you say to the actions you take to the products you buy and don't buy at the store.
The customer service philosophy is the shared mission of your support team, a set of guiding principles that ensure you follow your core values in every customer interaction. In general, a customer service philosophy consists of two parts: vision and values.
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The correct question is :
A customer's personal service philosophy is an influence on his/her adequate service expectations (T/F) .
after many ideas have been generated, marketing starts a focus group with all ideas. select one: true false
A focus group with all the ideas is started by marketing once several ideas have been developed. This statement is false.
A focus group is typically conducted after the ideation phase, but not necessarily after all ideas have been generated. In the marketing process, ideation typically involves generating a large number of ideas from various sources, including market research, customer feedback, and internal brainstorming sessions.
This stage is usually followed by the evaluation and selection of ideas, where the most promising concepts are selected for further development.
A focus group is a qualitative research method that is used to gather feedback from a representative sample of consumers about a particular product, service, or concept. Focus groups are typically conducted after the evaluation and selection of ideas when the marketing team has identified a few promising concepts that they want to test with consumers.
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Information consists of raw facts, such as an employee number, number of hours worked in a week, inventory part numbers, or sales orders is called: ________
Raw data includes facts like employee numbers, weekly hours worked, inventory part numbers, or sales orders. This type of information is referred to as data.
Data is a term used to describe a group of facts gathered through measurements, research, observations, or analysis. Facts, figures, names, and even descriptions of things are all acceptable. Data is organised into graphs, charts, or tables. Data scientists mine data and utilise it to analyse the world around them. Although data can be understood by robots, most of its relevance is lost to people when it is saved in a file or table. We rely on other people, documentation, data design, and data flows to completely comprehend a piece of data as it relates to the real world.
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* of the $55,000 of total fixed costs, $30,000 is rent. each product is allocated $15,000. the rent will continue even if the product is dropped. the rest of the fixed costs are related to each product and would be saved if the product was dropped. should product xyz be dropped? why or why not?
The operating profit would decrease by $10,000 if Product XYZ were to be dropped, hence the answer is no, it shouldn't be dropped.
If XYZ is eliminated, the company would save $10,000 in fixed costs ($25,000 - $15,000) and lose $20,000 in contribution margin, resulting in a $10,000 fall in profits. All variable costs are different if the corporation purchases the units. If the units are purchased, neither the fixed overhead nor the common costs will be reduced. The facilities that are no longer in use will be put to other uses if the units are purchased, which will result in a $2,500 difference in contribution.
Given the information below, a business should purchase the component if it is offered a buy price for 2,000 units at $5 each since they will save money $1,000:
Direct materials ($1.25 per unit) = $2,500
Labor ($2 per unit) = $4,000
Variable overhead ($1 per unit) = $2,000
Fixed overhead = $1,000
Common costs = $500
Variable costs = Direct materials + Labor + Variable overhead
Variable costs = ( $2,500 + $4,000 + $2,000 ) = $8,500
Opportunity Cost = Variable Costs + Direct Materials
Opportunity Cost = 8500 + 2500 = $11,000
opportunity cost = $11,000 vs . $10,000 to buy (2,000 units * $5)
Given the information below, the business should produce the component since they will save $2,000 if they are given a buy price for 5,000 units at $8 each:
Direct materials ($3 per unit) = $15,000
Labor ($2.40 per unit) = $12,000
Variable overhead = ($1.20 per unit) = $6,000
Fixed overhead = $10,000
Common costs = $4,000
All variable costs as well as $1 in fixed overhead per unit are reduced if the corporation purchases the units. If the units are bought, none of the usual expenses will be skipped.
Variable costs = Direct materials + Labor + Variable overhead
Variable costs = ( $15,000 + $12,000 + $6,000 ) = $33,000
Fixed Costs = 33,000 + 5,000 = $38,000
Fixed expenses equal a $38,000 difference in price against a $40,000 purchase price or a $2,000 cost savings to keep making the goods.
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COMPLETE QUESTION:
A company currently has two product lines and is considering dropping Product XYZ. No, because the operating profit would be $10,000 less if Product XYZ was dropped. Product ABC Product XYZ Total Sales revenue $90,000 $60,000 $150,000 Cost of goods sold (all variable) $35,000 $40,000 $75,000 Contribution margin $55,000 $20,000 $75,000 Fixed costs * $30,000 $25,000 $55,000 Operating Profit (Loss) $25,000 ($5,000) $20,000 * Of the $55,000 of total fixed costs, $30,000 is rent. Each product is allocated $15,000. The rent will continue even if the product is dropped. The rest of the fixed costs are related to each product and would be saved if the product was dropped. Should Product XYZ be dropped? Why or why not?
the division of labor increases the output of society by part 2 a. allowing resources to specialize in the tasks for which they have a comparative advantage. b. allowing specialization based on the concept of absolute advantage. c. eliminating decreasing returns. d. eliminating scarcity.
The division of labor increases the output of society by allowing resources to specialize in the tasks for which they have a comparative advantage. Hence, the correct option is (A).
What Is The Division Of Labor?The division of labor is the activity of separating a workflow into several more specific tasks. The existence of this segregation of work makes each task require workers with special abilities and skills. Therefore, the division of labor can open up more jobs and also provide opportunities for workers who have a comparative advantage to compete in getting these jobs.
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By D. allowing resources to specialize in the tasks for which they have a comparative advantage, the division of labor increases the output of society. So that, the task will be managaeable.
In the term of business and economic, Division of labor generally can be defined as an important economic concept that refers to the separation of tasks in a production process in the business section. In the other side, the Division of work can also be referred to as specialization. In the diversion of work, the workers are assigned smaller and has and has a function to manageable tasks that contribute to the larger main activity. Diversion of labor has several advantage, such as increased output, less wastage, and lower unit costs.
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