Answer: A) notify the MLS of the status change
Explanation:
The Multiple Listing Service (MLS) is a platform that serves to connect Real Estate professionals and the properties they are trying to sell that way they can each market the other's properties and increase the reach of the listing.
As the listing agent of a property, the agent was the one who posted the listing on the MLS and so when the property is sold, the agent should contact the MLS and let it know that the property has been sold so that they may take appropriate action.
Which of the following is a true statement about an auditor’s responsibility regarding consideration of fraud in a financial statement audit?
A. The auditor should consider the client’s internal control and plan and perform the audit to provide absolute assurance of detecting all material mis-statements.
B.The auditor should assess the risk that errors may cause the financial statements to contain any mis-statements and determine whether the necessary controls are prescribed and are being followed satisfactorily.
C.The auditor should consider the types of mis-statements that could occur and perform tests on 100% of the information subject to misstatement.
D.The auditor should assess the risks of material mis-statement due to fraud.
Answer:
D. The auditor should assess the risks of material mis-statement due to fraud.
Explanation:
At the time of auditor visit in a company the financial statement represent that the company has done the fraud in this scenario, the auditor should analyze the material misstatement risk that is done for fraud
Therefore in the given case, the option D is correct as the auditor responsibility is that he or she should analyze the risk with respect to the false statements presented in the financial statement
A registered investment company whose share price fluctuates independently of its net asset value is most likely
Answer:
Closed-End Fund
Explanation:
Close-End Funds raise money through an IPO and then its stocks are traded on secondary markets. There are no new issuance of stocks, nor there are repurchases of stocks, therefore, the price of their stocks is determined by the market. That is why their stock price will be based on its net asset value, but it fluctuates and is not dependent on it.
What is the risk-free rate if beta is 1.1, the expected return 8.4% and the expected return for the market portfolio is 8%
Answer:
4%
Explanation:
Given the following :
Beta (B) = 1.1
Expected return (Re) = 8.4%
Expected return for market portfolio (Rm) = 8%
Using the relation :
Re = [ Rf + ((Rm - Rf) * B)]
We are to calculate Rf(risk-free rate)
Inputting our values :
8.4% = [Rf + ((8% - Rf) * 1.1]
8.4% = Rf + 8.8% - 1.1Rf
8.4% - 8.8% = Rf - 1.1Rf
- 0.4% = - 0.1Rf
- 0.004 = - 0.1Rf
Rf = 0.004 / 0.1
Rf = 0.04
0.04 * 100%
= 4%
Vaughn Manufacturing borrowed $399000 on April 1. The note requires interest at 12% and principal to be paid in one year. How much interest is recognized for the period from April 1 to December 31?
Answer:
Interest recognized is $35,910
Explanation:
The computation of interest recognized is shown below:
= Principal × rate of interest × number of months ÷ (total number of months in a year)
= $399,000 × 12% × (9 months ÷ 12 months)
= $35,910
The 3 months is calculated from April 1 to December 31
Hence, the interest i.e. to be recognized is $35,910
Fellingham Corporation purchased equipment on January 1, 2019, for $400,000. The company estimated the equipment would have a useful life of 10 years with a $40,000 residual value. Fellingham uses the straight-line depreciation method. Early in 2021, Fellingham reassessed the equipment's condition and determined that it has a remaining useful life of four years and that it would have no salvage value. Which of the following values is the closest to what Fellingham reports as depreciation on this equipment for 2021?
a. $50,240.
b. $36,960.
c. $52,440.
d. $55,440.
Answer:
Answer not in the given option, please recheck for error.
depreciation in 2021 would be= $82,000
Explanation:
Depreciation incurrred in 2019:
Using straight line depreciation = original cost - salvage value / useful life
=(400,000-40,000)/10
=$36,000
The depreciation from January 1, 2019 to December 31st 2020 = 2 years
therefore depreciation for the two years = $36,000 x 2 = $72,000
Book value recorded early 2021= Original cost - the A ccumulated Deprecaition
= 400,000- 72,000= $328,000
But Remaining useful life =4 years with no salvge value
Therefore depreciation in 2021 would be = Cost - salvage value / useful life
($328,000 - 0)/4
= $82,000
The next four questions refer to a fictional fast food company:
The following cost information pertains to the meals made by the company:
Food $2.50/meal
Franchisor Royalties $0.70/meal
Advertising & Promotion $300,000
Rent $100,000
Price of each meal $10.00
What is the gross marketing contribution per unit?
If the company sold 100,000 meals and decided that they wanted to increase the advertising expense by $25,000 to generate more sales, how many more meals would they have to sell to maintain their current contribution to the organization
Assume I want to become more competitive from a price perspective , and I consider lowering my prices by 15%, and I want to accompany this change with a major advertising campaign, which will cost $15,000. How must my sales change for me to preserve my contribution to the organization?
What percentage of current sales does this represent?
Answer:
A Fictional Fast Food Company
a. Gross marketing contribution per unit:
= $6.80
b. If the company sold 100,000 meals and decided that they wanted to increase the advertising expense by $25,000 to generate more sales, how many more meals would they have to sell to maintain their current contribution to the organization:
= 3,677 (103,677 - 100,000) meals
c. Assume I want to become more competitive from a price perspective , and I consider lowering my prices by 15%, and I want to accompany this change with a major advertising campaign, which will cost $15,000. How must my sales change for me to preserve my contribution to the organization?
My sales must increase by 2,206 meals.
d. This represents about 2.21% increase of the current sales.
Explanation:
1) Data and Calculations:
Cost information for meals:
Food $2.50/meal
Franchisor Royalties $0.70/meal
Variable cost $3.20/meal
Price of each meal $10.00
Contribution $6.80/meal
2) Fixed costs:
Advertising & Promotion $300,000
Rent $100,000
Total fixed costs $400,000
3) Income Statement
Sales Revenue $1,000,000
Variable cost 320,000
Contribution $ 680,000
Total fixed costs 400,000
Net Income $280,000
4) Scenario 1:
= (Fixed costs + $25,000 + $280,000)/Contribution per unit
= $705,000/$6.80
= 103,677 meals
5) Scenario 2:
Reduced selling price = $8.50 ($10 x 0.85)
($400,000 + $15,000 + $280,000)/$6.80
= $695,000/$6.80
= 102,206
6) Percentage change:
= 102,206 -100,000 = 2,206
= 2,206/100,000 * 100
= 2.21%
The Canadian government decides to offer tax concessions to foreign companies that agree to build a manufacturing facility in Canada. This tax concession is a way to
a. encourage inward FDI.
b. discourage inward FDI.
c. encourage outward FDI.
d. discourage outward MNE.
e. discourage inward MNE.
Suppose a corporation issued a 20-year annual, 7 percent bond, 10 years ago. The bond is currently selling for 92 percent of its face value, or $920. What is the corporation’s cost of debt?
Answer:
Cost of debt = 8.13 %
Explanation:
The cost of the debt would be equal to the yield on the bond.
The Yield to maturity is the discount rate that equates then price of the bonds to the present of cash inflows expected from the bond
The yield on the bond can be determined as follows using the formula below:
YTM = C + F-P/n) ÷ 1/2 (F+P)
YTM-Yield to maturity-
C- annual coupon
F- Face Value
P- Current Price
n- years to maturity
YTM-?, C- 7%× 1000 =70, Face Value - 1,000, P-920, n- 10
YTM = (70 + (1000-920)/10) ÷ ( 1/2× (1000 + 920) )
YTM = 0.08125 × 100 = 8.13 %
Yield to Maturity =8.13 %
Cost of debt = 8.13 %
Each of the following situations contains an assumption about price elasticity of demand. What is the assumption? For each situation state whether the assumption is accurate and explain your reasoning.
a. Sky King, world traveler, says if the airlines want to increase total revenue, they should lower fares for business travelers as well as for vacationers.
b. Both groups should respond equally to a price decrease
c. Bill Smith, a candidate for the state legislature, is proposing a large increase in the tax on cigarettes and liquor. He says "I'm not proposing these taxes to raise revenue but to discourage reckless drinking and the filthy smoking habit. If the price of cigarettes and liquor go up, the majority of people will quit using them. After all no one needs to smoke or drink?"
Answer:
a. Sky King, world traveler, says if the airlines want to increase total revenue, they should lower fares for business travelers as well as for vacationers.
Sky King is assuming that the demand for airline tickets is price elastic, This means that a small decrease in the price of airline tickets will result in a proportionally larger increase of the quantity demanded. This will ultimately result in an increase of total revenue, e.g. price decreases by 5%, but quantity demanded in creases by 15%.
b. Both groups should respond equally to a price decrease
I guess that this question is related to the first question. If both groups of consumers respond equally to a price decrease, it means that both groups have exactly the same price elasticity of demand. This is usually not very common, theoretically it is possible, but generally business travelers have a more inelastic demand while vacationers tend to have a more elastic demand.
c. Bill Smith, a candidate for the state legislature, is proposing a large increase in the tax on cigarettes and liquor. He says "I'm not proposing these taxes to raise revenue but to discourage reckless drinking and the filthy smoking habit. If the price of cigarettes and liquor go up, the majority of people will quit using them. After all no one needs to smoke or drink?"
Bill believes that both cigarettes and liquor have an elastic demand since he believes that an increase in the price of cigarettes and liquor will result in consumers quitting. It applies the same logic as the first scenario, but on an inverse situation. You want to lower consumption, and increasing the price should do it. empirical evidence suggests that Bill is wrong, since people who like to drink or smoke will continue to do it regardless of the price. They might change for cheaper brands or ultimately, they will stop consuming other goods in order to be able to afford consuming cigarettes and liquor. Alcohol is by far the most dangerous and lethal drug in the world and the main problem with it is that people will do anything to get it. I'm not so sure about cigarettes, but since it also develops an addiction, the bad effects should be the same.
A _______ is a document with predefined settings that can be used as a pattern to create a new file.
Answer: a template
Explanation:
Boeing is planning a new aircraft. Customers want more fuel efficiency without sacrificing any features of the current models. To make improvements, Boeing will need several years to develop new methods and tools. Their plans are
Answer:
Long term
Explanation:
A business needs to plan in order to meet it business objectives and also to adequately satisfy the customer.
Short term plans are those that meet immediate business and customer needs. The require less preparation and cost to implement.
Long term plans require more planning and are meant to meet long term objective of the business. Cost is also higher than for short term plans.
In this scenario Boeing needs several years to develop an aircraft that has more fuel efficiency. So their plans are long term and aimed to satisfy customer needs.
If the slope for an equation using customer satisfaction to predict profits is 2.4, this means that ________.
Answer: a.Increasing customer satisfaction by one unit will increase profits by 2.4
Explanation:
Slopes measure the change in the dependent variable as a result of a change in the independent variable.
In the above scenario, if customer satisfaction was being used to predict profits that would mean that customer satisfaction is the independent variable and profits are the dependent variable. With a slope of 2.4 therefore, the meaning is that if customer satisfaction increases by 1 then the profits for the company will increase by 2.4.
For instance if customer satisfaction in a hotel was increased by 1 unit for 1,000 customers, the company can expect an increase in profits of $2,400.
The ________ approach to developing a positioning strategy involves positioning apart from competitors through the creation or use of some recognized icon.
Answer:
Cultural symbol
Explanation:
A cultural symbol is a physical demonstration that signifies the ideology of a particular culture or that merely has meaning within a culture. Culture is an aggregation of the beliefs, traditions, language and values of a particular group/set of people.
A symbol has meaning within a culture, because of the shared understanding of what the symbol signifies. Stories, traditions, history, and cultural norms contribute to the meaning of a symbol. Most time at the basic level, symbols are important because they help people craft meaning in their interactions with one another.
To complete the first setup on a new machine took an employee 280 minutes. Using an 75% cumulative average−time learning curve indicates that the second setup on the new machine is expected to take ________.
Answer: 140 minutes
Explanation:
From the question, we are informed that to complete the first setup on a new machine took an employee 280 minutes. Using an 75% cumulative average−time learning curve indicates that the second setup on the new machine is expected to take:
We first multiply the 75% cumulative average−time by the 280 minutes used. This will be:
= 280 × 75%
= 280 × 0.75
= 210
(280 + y)/2 = 210
280 + y = 210 × 2
280 + y = 420
y = 420 - 280
y = 140 minutes
A pattern in which the aggregate time per unit is lessened by a consistent rate each time the combined volume of parts produced is multiplied is called the cumulative average−time learning curve model.
The second setup on the new machine is expected to take 140 minutes.
This can be estimated by:
Time required by the employee for setting the first step = 280 minutesAccording to the 75% cumulative average−time learning curve:
[tex]=280 \times 75\%[/tex]
[tex]= 280 \times 0.75[/tex]
= 210
Let y = time required for the second setup then,
[tex]\dfrac{(280 + \text{y})}{2} = 210[/tex]
[tex]280 + \text{y} = 210 \times 2[/tex]
[tex]280 + \text{y} = 420[/tex]
[tex]\text{y} = 420 - 280[/tex]
[tex]\text{y} = 140\; \text{minutes}[/tex]
Therefore it will take 140 minutes for the second setup.
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During the first month of operations, Wortham Services, Inc., completed the following transactions:
Jan 2 Wortham Services received $65,000 cash and issued common stock to the stockholders.
3 Purchased supplies, $1,000, and equipment, $12,000, on account.
4 Performed services for a customer and received cash, $5,500.
7 Paid cash to acquire land, $39,000.
11 Performed services for a customer and billed the customer, $4,100. Wortham expects to collect within one month
16 Paid for the equipment purchased January 3 on account.
17 Paid for newspaper advertising, $600.
18 Received partial payment from customer on account, $2,000.
22 Paid the water and electricity bills, $430.
29 Received $2,600 cash for servicing the heating unit of a customer.
31 Paid employee salary, $2,900.
31 Declared and paid dividends of $1,800.
Requirements
1. Record each transaction in the journal. Key each transaction by date. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal, as shown in the chapter.
3. Prepare the trial balance of Wortham Services, Inc., at January 31 of the current year.
4. Mark Wortham, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether January was proîtable (and by how much).
Answer and Explanation:
Please find attachment:
4. Solution-
To get total resources we add up the assets of the firm = Cash + Accounts receivable + Supplies +Equipment + Land
= $18,370 + $2,100 +$1,000 +$12,000 +$39,000
= $72,740
How much does the business owe = Salary expense + Utilities expense - Accounts payable
= $2,900 + $1,030 - $1,000
= $2,930
Twelve years after Starfire's appearance, a similar coffee-shop chain, Reindeer Brews, entered the marketplace. Reindeer charges $3 for a mug of hot cocoa and a similar community experience. How would you characterize this scenario
Answer:
Price competition in a monopolistically competitive market
Explanation:
The Monopolistic rivalry is an industry state with several firms that are closely linked to each other but offer distinct goods. Therefore, this sector has unlimited entry and exit
Here the company offers the same service but there are totally different in terms of design, service, quality, etc
Hence, the correct option is c
Suppose that papers for a newspaper stand cost $0.40 and sell for $0.80. They currently have no salvage value. If the stand owner is able to find an outlet that would provide a salvage value of $0.10, what would be the increase in service level
Answer:
.07
Explanation:
Calculation for the increase in service level
Based on the information given we were told that the newspaper stand cost the amount of $0.40 and sell for the amount of $0.80 which means that in a situation where the stand owner find an outlet that provide a salvage value amount of $0.10 the increase in service level will be .07 calculated as ($0.80-$0.10)
Therefore what would be the increase in service level will be .07
Why is the program predictability measure the primary Metric used during the quantitative measurement part of the Inspect and Adapt event? g
Answer:
In simple words, It is difficult to keep control of the general consistency of ART centered on the consolidated success of the different teams reflected in the Company Value (BV) goals. The system repetition Measurement indicators demonstrates a comparative study of the real BV accomplished by the organised BV.
The Inspection and Adaptation (I&A) is a major process that takes place at the conclusion of each Process parameter (PI) in which the existing state of the System is illustrated and assessed by train. Members of the team then reinforce and define backlog enhancement items through an organised, problem-solving session.
Blue Spruce Corp. issued 1,100 6%, 5-year, $1,000 bonds dated January 1, 2022, at face value. Interest is paid each January 1.
(a) Prepare the journal entry to record the sale of these bonds on January 1, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(b) Prepare the adjusting journal entry on December 31, 2022, to record interest expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
(c) Prepare the journal entry on January 1, 2023, to record interest paid. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Answer:
a.
January 1, 2022
Cash $1100000 Dr
Bonds Payable $1100000 Cr
b.
December 31, 2022
Interest expense $66000 Dr
Interest Payable $66000 Cr
c.
January 1, 2023
Interest Payable $66000 Dr
Cash $66000 Cr
Explanation:
a.
The bonds are issued at face value. The face value of each bond is $1000 and there are 1100 bonds issued in total. Thus, the cash received from issuance of bonds is,
Cash = 1100 * 1000 = $1100000
So, we debit the cash by this amount and credit the bonds payable account.
b.
The interest expense for the year on these bonds is,
1100000 * 0.06 = $66000
The adjusting entry made on December 31 2022 will include a debit to the interest expense and a credit to the interest payable. The interest expense will be debited because under the accrual principle, we match the expenses to the period to which they relate.
c.
The entry to record payment of interest will result in a debit to interest payable as liability is being closed through this payment and a credit to cash
Based on the information given the appropriate journal entries to record the transactions are:
Blue Spruce Corp. Journal entries
a. January 1, 2022
Debit Cash $1,100,000
(1,100 x $1000)
Credit Bonds payable $1,100,000
(To record sale of bonds)
b. December 31,2022
Debit Interest expense $66,000
Credit Interest payable $66,000
($1,100,000×6%)
(To record interest expense)
c. January 1, 2022
Debit Interest payable $66,000
Credit Cash $66,000
($1,100,000×6%)
(To record interest paid)
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Which of the following measures the percentage change in earnings before interest and tax(or operating cash flow) associated with a given percentage change in sales? A) Degree of financial leverage B) Degree of operating leverage C) Degree of total leverage D) Degree of weighted average
What does P/E Ratio of a 10 indicate?
a. It would take 10 years for an investor to recover his or her initial investment
b. The firm will pay a dividend of $10 per share.
c. The value of the stock will be 10 times the initial investment at the time of maturity.
d. An investor would receive 10 percent of the total earnings of the firm, at the time of liquidation
Answer:
1. Measure of the percentage change in earnings before interest and tax or operating cash flow:
B) Degree of operating leverage
2. P/E Ratio of 10 indicates that:
c. The value of the stock will be 10 times the initial investment at the time of maturity.
Explanation:
Company B's degree of operating leverage is the financial measure that shows the degree of change of the operating income of the company in relation to a change in her sales revenue. With this measure, investors and analysts of Company B are able to evaluate how sales impacts the company's operating income. There are many ways to measure a company's degree of operating leverage. One of the methods subtracts the variable costs of sales and divides that number by sales minus variable costs and fixed costs.
Company A's P/E ratio or price/earnings ratio is the measure of the relationship between the current market price and its earnings per share. It is used to evaluate the value of the company's stock. It points out whether the company's stock is undervalued, overvalued, or correctly valued.
Tremonti, Inc., is obligated to pay its creditors $7,900 during the year. a. What is the value of the shareholders’ equity if assets equal $9,100? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) b. What is the value of the shareholders’ equity if assets equal $6,900? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)
Answer:
A.$1,200
B. $0
Explanation:
A. Calculation for the value of the shareholders’ equity if assets equal $9,100
Using this formula
Shareholders’ equity=Maximum[(Assets - Liabilities),0]
Let plug in the formula
Shareholders’ equity=Maximum[($9,100-$7,900),0]
Shareholders’ equity=$1,200
B. Calculation for the value of the shareholders’ equity if assets equal $6,900
Using this formula
Shareholders’ equity=Maximum[(Assets - Liabilities),0]
Let plug in the formula
Shareholders’ equity=Maximum[($6,900 -$7,900),0]
Shareholders’ equity=$0
Therefore the value of the shareholders’ equity if assets equal $9,100 will be $1,200 because the assets is higher than the liabilities while the value of the shareholders’ equity if assets equal $6,900 will be $0 because the Liabilities is higher than the assets.
Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C.
Company A Company B Company C
Net income $335 $175
Sales 895 530
Gross profit 400 325
Operating expenses 50
Cost of goods sold 570 350
Answer:
Condensed income statements
Company A B C
Sales $970 $895 $530
Cost of goods sold $570 $350 $205
Gross profit $400 $565 $325
Operating expenses $65 $50 $150
Net income $335 $515 $175
Explanation:
Company A B C
Net income $335 ? $175
Sales ? $895 $530
Gross profit $400 ? $325
Operating expenses ? $50 ?
Cost of goods sold $570 $350 ?
Condensed income statements
Company A B C
Sales $970 $895 $530
Less: Cost of goods sold $570 $350 $205
Gross profit $400 $565 $325
Less: Operating expenses $65 $50 $150
Net income $335 $515 $175
you own $750000 worth of stock, and you are worried the price may fall by year-end in 6 months. you are considering
Answer: D. I, II, and III
Explanation:
If expecting a price deduction, you can buy Put options. These give you the right to sell an underlying stock at a certain price regardless of what the price in the market is. If you purchased this, you can sell your stock above market value if it does go down.
You can sell write call options for a fee where you give the buyer the right to buy your shares at a certain price in future. This is only valuable if prices rise so as you are expecting prices to fall, you could make a premium on the call option contract fees if prices fall without having to sell off your shares.
Hedging with puts is better than short calls if you are expecting a major stock price decline as the opportunity for profit is higher.
Romona Company expects its November sales to be % higher than its October sales of . All sales are on credit and are collected as follows: % in the month of the sale and % in the following month. Purchases were in October and are expected to be in November. Purchases are paid % in the month of purchase and % in the following month. The cash balance on November 1 is . The cash balance on November 30 will be
Answer:
$95,050
Explanation:
Calculation to determine the cash balance on November 30
First step is to find the November sale using this formula
November sale = October sale × (1 + rate of increase)
Let plug in the formula
November sale = 210,000 × (1 + 0.15)
November sale = 210,000 × 1.15 November sale = 241,500
Second is to calculate for the Collection for sale using this formula
Collection for sale = November sale × 30% + October sale × 65%
Let plug in the formula
Collection for sale = 241,500 × 30% + 210,000 × 65%
Collection for sale = 72,450 + 136,500
Collection for sale= 208,950
The third step is to calculate for Payment for purchases
Using this formula
Payment for purchases = November purchases × 30% + October purchases × 70%
Let plug in the formula
Payment for purchases= 190,000 × 30% + 100,000 × 70%
Payment for purchases = 57,000 + 70,000
Payment for purchases =127,000
The last step is to calculate for the cash balance on November 30
Cash balance on November 30 = November 1 Beginning Cash + Collection for sale -Payment for purchases
Let plug in the formula
Cash balance on November 30 = 13,100 + 208,950 - 127,000
Cash balance on November 30 =$95,050
Therefore the cash balance on November 30 will be $95,050
We have said that strategic management is an evolution and a destination. What does this mean? Discuss in detail
Explanation:
Strategic management is an evolution and a destination due to the fact that the organizational strategy is developed in pursuit of objectives and goals. This means that action plans for achieving goals can be changed according to internal or external interference.
A company's strategy is not inert, so strategic management will be carried out according to the market situation, the internal environment and other variables, so that there is monitoring, organization and strategic coordination of the company according to its environment.
. Which one of the following is an example of an economic good? (a) visit to a dentist (b) pair of sneakers (c) lesson taught by your teacher (d) ride on a bus.
Answer:
b
Explanation:
b :because an enconomic good is something you pay for
An example of an economic good is pair of sneakers. Thus the correct option is B.
What is Economic good?A product or service with a social benefit is referred to as an economic good. It is a good or service that benefits people but it also costs money. It is used to fulfill human needs, which involve an exchange of something.
The economy of any country is determined by the ratio of production and consumption that takes place within a year and evaluates the flow of funds in the market by analyzing the purchasing parity of an individual.
A pair of sneakers is considered an economic good as it reflects an exchange where the seller receives the cash or any form of money whereas the buyer receives the shoes as a product.
Therefore, option B is appropriate.
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E11-22A (similar to) Question Help The Garver Restaurant Group manufactures the bags of frozen French fries used at its franchised restaurants. Last week, Garver's purchased and used 103,000 pounds of potatoes at a price of $0.85 per pound. During the week, 1,700 direct labor hours were incurred in the plant at a rate of $12.35 per hour. The standard price per pound of potatoes is $1.00, and the standard direct labor rate is $12.05 per hour. Standards indicate that for the number of bags of frozen fries produced, the factory should have used 101,000 pounds of potatoes and 1,400 hours of direct labor. Read the requirementsLOADING.... Requirement 1. Determine the direct material price and quantity variances. Be sure to label each variance as favorable or unfavorable. (Enter the variances as positive numbers. Enter currency amounts to the nearest cent and your answers to the nearest whole dollar. Label the variances as favorable (F) or unfavorable (U). Abbreviations used: DM = Direct materials.) Begin by determining the formula for the price variance, then compute the price variance for direct materials.
Answer:
Please see answer below
Explanation:
This is an incomplete question. However, other parts of the question have been added as extracted .
1. Determine the direct material price and quantity variances
Direct material price variance
= (Actual price - Standard price) × Purchase quantity
= ($0.85 - $1) × 103,000
= $15,450 Favorable
Direct material quantity variance
= (Actual quantity - Standard quantity) × Standard price
= (103,000 - 101,000) × $1
= $2,000 Unfavorable
2. Think of a plausible explanation for the variances found in requirement 1.
°For direct material price variance, the possible reasons for the variance are shortage of raw materials, discount application etc. However, variance was favorable because the direct material was purchased for lesser amount compared to the standard price.
°For direct material quantity variance, possible causes of variance are low quality of raw materials, incorrect specification of raw materials, damage during production processes. However, the variance was unfavorable because
the actual quantity used is more than the standard quantity that ought to have been used.
3. Determine the direct labor rate and efficiency variance
Direct labour rate variance
= (Actual rate - Standard rate) × Actual hours worked
= ($12.35 - $12.05) × 1,700
= $510 Unfavorable
Direct labor efficiency variance
= (Actual hours worked - Standard hours worked) × Standard rate
= (1,700 - 1,400) × $12.05
= $3,615 Unfavorable
4. Could the explanation for the labor variances be tied to material variances.
No. The total labor variance could be as a result of money paid to laborers which be could be lower or higher than the standard rate and using either less or more direct labor hours than expected.
Morgan Company issues 8%, 20-year bonds with a par value of $740,000 that pay interest semi-annually. The current market rate is 7%. The amount of interest owed to the bondholders for each semiannual interest payment is:_________.
Answer:
The interest amount is $29600.
Explanation:
Below are the following given values:
The par value of bonds that Morgan company issues = $740000
Interest paid = semi annually
Current interest rate = 7%
Now we have to find the total amount of interest at 8% that is compounded semiannually.
Below is the calculation of the interest amount.
Amount of interest for each semi-annual period: = face value × Coupon rate × 0.5
Here we multiply with 0.5 because interest is semi-annually.
Total interest = $740,000 × 8% × 0.5
Total interest = $29,600
Three teams in the Agile Release Train are working on the same Feature. Team A is a component team, and Teams B and C are feature teams. During PI Planning, Teams B and C committed to delivering their part of the Feature by the end of Iteration five and plan to integrate with each other along with Team A’s piece in the first week of the IP Iteration. Why is this an anti-pattern?
Answer:
Correct Answer:
This is an anti-pattern because of the following:
1. The time it would take to plan work for the IP iteration during PI planning
2. The time it would take to wait for the IP iteration to fix defects
3. Too much time that is going to be spent analyzing each features
Explanation:
Airlines have first-class or business-class seating, for which customers pay a higher price to receive more room, extra amenities, and more attentive service. Would this illustrate price discrimination
Answer:
YES
Explanation:
Price discrimination is when the same product is sold at different prices to customers in different markets
types of price discrimination
1. first degree price discrimination : here sellers charge each consumer at their willingness to pay in order to eliminate consumer surplus.
2. second degree price discrimination : here firms offer different prices depending on the quantity purchased. e.g. giving discounts for bulk purchases.
3, third degree price discrimination : firms charge different prices to different groups of customers. e.g. having a certain price for senior citizens, students
Airlines charging different prices based on seating arrangement is an example of first degree price discrimination. the airlines aim to eliminate consumer surplus by charging each consumer at their willingness to pay.