Pronghorn Company purchased equipment for $251,930 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $14,160. Estimated production is 40,300 units and estimated working hours are 20,100. During 2017, Pronghorn uses the equipment for 530 hours and the equipment produces 1,100 units. Compute depreciation expense under each of the following methods. Pronghorn is on a calendar-year basis ending December 31. (Round rate per hour and rate per unit to 2 decimal places, e.g. 5.35 and final answers to 0 decimal places, e.g. 45,892.)
Answers
Answer:
Pronghorn Company
Depreciation Expense under Production Hours & Production Units:
c) Production Unit:
Depreciation Rate =Depreciable amount/Production hours
= $5.90 per unit
for 1,100 units, Depreciation expense = 1,100 x $5,90 = $6,490
b) Production hours:
Depreciation Rate = Depreciable amount/Production hours
= $237,770/20,100 = $11.83 per hour
For 530 hours, depreciation expense = 530 x $11.83 = $6,270
Explanation:
1. Data:
Pronghorn Company:
October 1, 2017
Purchase of Equipment for $251,930
Salvage value 14,160
Depreciable amount $237,770
2. Depreciation Expenses based on production hours and hours are some of the methods to depreciate an equipment used for production. Using these methods, the depreciation rate is determined and then multiplied by usage (hours or units) to obtain the depreciation expense for the period. The methods are simple and logical for depreciating production equipment.
Related Questions
Which is NOT an example of an expense a) advertising b)insurance c)dividends d)depreciation
Answers
Answer:
c. dividends
Explanation:
not payable... so
Dividends are not an example of an expense.
What are dividends?
A dividend or dividends can be define as a distribution of profits by a corporation to its shareholders. When a corporation earns a profit or surplus, it is able to pay a portion of the profit as a dividend to shareholders. Any amount not distributed is taken to be re-invested in the business which is called retained earnings.
The current year profit as well as the retained earnings of previous years are available for distribution and a corporation is usually prohibited from paying a dividend out of its capital. Distribution to shareholders may be in cash which is usually a deposit into a bank account or, if the corporation has a dividend reinvestment plan, the amount can be paid by the issue of further shares or by share repurchase. In some cases, the distribution may be of assets.
The dividend received by a shareholder is income of the shareholder and may be subject to income tax. The tax treatment of this income varies considerably between jurisdictions.
The corporation does not receive a tax deduction for the dividends it pays.
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A potential legal claim which is probable and the amount can be reasonably estimated should be: multiple choice recorded in the financial statements as a contingent liability. disclosed in the notes while the lawsuit is outstanding. disclosed in the notes when the lawsuit is settled. is a potential liability that has arisen because of a past event or transaction.
Answers
A potential legal claim which is probable and the amount can be reasonably estimated should recorded in the financial statements as a contingent liability.
What is Legal claim?A legal claim are evidence or prove which someone says.
They are legal claims over an individual and the amount estimated will be paid.
Therefore, A potential legal claim which is probable and the amount can be reasonably estimated should recorded in the financial statements as a contingent liability.
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a study of long-distance phone calls made from general electric reveled the length of the calls, in minutes, follows the normal probability distribution. the mean length of time per call was 4.5 minutes and the standard deviation was 0.70 minutes. what is the probability that calls last between 4.0 and 6.0 minutes?
Answers
The probability that calls last between 4.0 and 6.0 minutes is approximately 0.7441, or 74.41%.
To find the probability that calls last between 4.0 and 6.0 minutes, we need to calculate the area under the normal curve between these two values.
First, we need to standardize the values using the Z-score formula: Z = (X - μ) / σ, where X is the value, μ is the mean, and σ is the standard deviation.
For 4.0 minutes:
Z1 = (4.0 - 4.5) / 0.70 = -0.71
For 6.0 minutes:
Z2 = (6.0 - 4.5) / 0.70 = 2.14
Next, we need to find the cumulative probabilities associated with these Z-scores using a standard normal distribution table or a statistical software.
The probability associated with Z1 is P(Z ≤ -0.71), and the probability associated with Z2 is P(Z ≤ 2.14).
Using a standard normal distribution table, we can find these probabilities:
P(Z ≤ -0.71) ≈ 0.2389
P(Z ≤ 2.14) ≈ 0.9830
To find the probability that calls last between 4.0 and 6.0 minutes, we subtract the lower probability from the higher probability:
P(4.0 ≤ X ≤ 6.0) = P(Z ≤ 2.14) - P(Z ≤ -0.71)
≈ 0.9830 - 0.2389
≈ 0.7441
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The lender will charge a one-and-a-half-point origination fee and two loan discount points.
What will be the total due for points on a $115,000 loan?
A) $1,725
B) $2,300
C) $4,025
D) $575
Answers
(c) $4025 is the correct option.
Banks charge origination points in exchange for reviewing, processing, and approving your home loan application. Origination points are not standardized and can be a flat fee, a percentage of your total loan amount, or none at all. Discount and origination points are two distinct charges Loan origination takes time. Banks must create all of the paperwork associated with a home loan, in addition to pulling your credit score, reviewing your bank statements, verifying your income and savings, and determining your creditworthiness. In exchange for all of this work, they'll charge you a fee. These fees are known as "origin points.".
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Using the appropriate tool from the Accountant Tools menu, which 4 of the following can be batch reclassified in QuickBooks Online Accountant?
Answers
Using the appropriate tool from the Accountant Tools menu, the 4 options that can be batch reclassified in QuickBooks Online Accountant are options A, B, C and F:
ClassesCustomersProducts and ServicesAccountWhat is QuickBooks Online Accountant?In the above question, too batch reclassify these items, you can use the "Batch Reclassify Transactions" tool, which can be found under the Accountant Tools menu.
This tool allows you to select multiple transactions and reclassify them to a different account, class, customer, or product/service.
Therefore, Locations, tax codes, and suppliers cannot be batch reclassified using this tool. However, you can edit individual transactions to change their location, tax code, or supplier if necessary.
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See full question below
Using the appropriate tool from the Accountant Tools menu, which 4 of the following can be batch reclassified in QuickBooks Online Accountant?
Classes
Customers
Products and Services
Locations
Tax Code
Account
Suppliers
Jim Busby calls his broker to inquire about purchasing a bond of Disk Storage Systems. The broker quotes a price of $1,180. Jim is concerned that the bond might be overpriced based on the facts involved. The $1,000 par value bond pays 14 percent interest, and it has 25 years remaining until maturity. The current yield to maturity on similar bonds is 12 percent. Compute the new price of the bond.
Answers
Answer:
Jim Busby and Bonds of Disk Storage Systems
The new price of the bond is:
= $21,059
Explanation:
a) Data and Calculations:
Quoted price of bond = $1,180
Face value of bond = $1,000
Coupon interest rate = 14%
Bond's maturity period = 25 years
Current yield to maturity = 12%
Therefore, new price of the bond is computed as follows:
Bond Price = C* (1-(1+r)-n/r ) + F/(1+r)n
where C = Periodic coupon payment = $140 ($1,000 * 14%)
• F = Face / Par value of bond = $1,000
• r = Yield to maturity (YTM) = 12% and
• n = No. of periods till maturity = 25 years
= $140 * (1 – (1+0.12)^-25)/0.12 +$1000/(1+0.12)^25
= $140 * (1 - -17.00)/0.12 + $1,000/17.00
= $140 * (18.00)/0.12 + $1,000/17.00
= $140 * 150 + $59
= $21,000 + $59
= $21,059
2. Why are some loans labeled predatory loans? Explain.
Answers
Answer: Predatory lending occurs when a mortgage broker or lender persuades a borrower to enter into a mortgage loan that has unreasonably high interest rates and fees and does not serve the borrower's best interest. These loans often lock borrowers into unfair loan terms and cause severe financial hardship or default.
Explanation:
U.S. consumers are increasingly viewing debit cards as a convenient substitute for cash and checks. The average amount spent annually on a debit card is $7,790. Assume that the average amount spent on a debit card is normally distributed with a standard deviation of $500.
Required:
A consumer advocate comments that the majority of consumers spend over $8,000 on a debit card. Find a flaw in this statement. (Round your final answer to 4 decimal places.)
Answers
About 33.72% of the consumers spend over $8,000 on a debit card.
What is z score?The z score is used to determine by how many standard deviations the raw score is above or below the mean. It is given by:
z = (raw score - mean) / standard deviation
Given that:
Mean = $7790, standard deviation = $500, for > $8000:
z = (8000 - 7790)/500 = 0.42
P(z > 0.42) = 1 - P(z < 0.42) = 1 - 0.6628 = 0.3372
About 33.72% of the consumers spend over $8,000 on a debit card.
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Mary and Hanna, who are Tennessee residents, were traveling through Mississippi when they were involved in an automobile accident with Franco, who is a resident of Mississippi. Franco sues Mary, who was driving the car, in federal court in Mississippi and asks for $100,000 to reimburse him for his medical bills and lost wages. In deciding the case, what law will the federal district judge apply
Answers
The federal district judge will apply the state law while deciding the case.
State law refers to the separate law that each state has to be used or followed by the particular state. This means that one state's laws can differ from another state's laws, which is why each state makes laws of its own.
In the United States, it is normal that each state has its own laws. Such laws may be found in the traffic rules, license requirements, or vehicle numbers. These laws may affect the everyday aspect of their lives. In the given case of Mary and Hanna's accident in the state of Mississippi, the federal district judge will apply the state law to decide the case. Though the duo is from Tennessee, their accident occurred in Mississippi. So, the judge will refer to the state law of Mississippi to deal with the car incident case.State laws give easier methods or processes to deal with accidents that may occur in a specific state. And in that regard, the state laws will be applicable for dealing with car accident cases, like in the case of Mary and Hanna.
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Which ratios measure the extent of a firm’s financing with debt relative to equity and its ability to cover interest and fixed charges?
Answers
Answer:
Debt to Equity ratio and Times Interest Earned (TIE) ratio
Explanation:
The Debt to Equity ratio measures the extent of a firm’s financing with debt relative to equity
Formulae :
Debt to Equity ratio = Total Debt ÷ Total Equity
The Times Interest Earned (TIE) ratio measures the ability of a firm ability to cover interest and fixed charges
Formulae :
Times Interest Earned (TIE) ratio = Earnings Before Interest and Tax ÷ Interest
Blumen Textiles Corporation began April with a budget for 22,000 hours of production in the Weaving Department. The department has a full capacity of 29,000 hours under normal business conditions. The budgeted overhead at the planned volumes at the beginning of April was as follows: Variable overhead $50,600 Fixed overhead 34,800 Total $85,400 The actual factory overhead was $86,400 for April. The actual fixed factory overhead was as budgeted. During April, the Weaving Department had standard hours at actual production volume of 23,000 hours. Determine the variable factory overhead controllable variance and the fixed factory overhead volume variance. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. Round your interim computations to the nearest cent, if required.
Answers
Answer:
A. 1300 Favorable
B. $7,200 UnFavorable
Explanation:
A. Calculation to determine the variable factory overhead controllable variance
First step is to calculate the Budgeted rate of variable overhead
Budgeted rate of variable overhead = $50,600/22,000
Budgeted rate of variable overhead= $2.3per hour
Second step is to calculate the Standard variable overhead for actual production
Standard variable overhead for actual production = 23,000 x $2.3
Standard variable overhead for actual production = $52,900
Now let calculate the Variable factory overhead controllable variance using this formula
Variable factory overhead controllable variance = Standard variable overhead - Actual variable overhead
Let plug in the formula
Variable factory overhead controllable variance= $52,900 - ($86,400 - 34,800)
Variable factory overhead controllable variance= 1300 Favorable
Therefore Variable factory overhead controllable variance is 1300 Favorable
B. Calculation to determine the fixed factory overhead volume variance.
First step is to calculate the Predetermined fixed overhead rate using this formula
Predetermined fixed overhead rate = 34,800/29,000
Predetermined fixed overhead rate = $1.20 per hour
Second step is to calculate the Fixed overhead applied
Using this formula
Fixed overhead applied = Standard hours x Standard rate
Let plug in the formula
Fixed overhead applied= 23,000 x $1.20
Fixed overhead applied= $27,600
Now let calculate the Fixed overhead volume variance using this formula
Fixed overhead volume variance = Fixed overhead applied - Budgeted fixed overhead
Let plug in the formula
Fixed overhead volume variance= $27,600 - 34,800
Fixed overhead volume variance= $7,200 UnFavorable
Therefore The Fixed overhead volume variance is $7,200 UnFavorable
You are a student with a demanding schedule of classes. You also work part time and your supervisor allows you to determine your schedule. In this situation, your scarce resource is time . In this situation, you will work: enough to earn some money but not too much to jeopardize your grades. very little so you can enjoy school. enough hours to get the money to pay for school. as much as your boss demands and hope your grades do not suffer.
Answers
Answer:
enough to earn some money but not too much to jeopardize your grades
Explanation:
Since your scarce resource is time you need to create a balance between all the tasks, so much so that you are able to benefit from all of the tasks but not substitute one for another. Therefore in this situation, you will work enough to earn some money but not too much to jeopardize your grades. That way you are able to make money to pay for most (if not all) of your expenses but at the same time, you are still making sure you are benefiting from school and not wasting your time in school by not being able to graduate.
Which options are available when exporting a table definition and data? Check all that apply
Answers
Answer: 1. appending data to an existing table
4. creating a new table and inserting data
Explanation:
Select all that apply
Preferred stock is advantageous in that it:
has priority over common stock when dividends are declared.
has priority over creditors at liquidation.
has priority over common stock at liquidation.
I receives dividends before creditors are to receive any interest payments.
Answers
Answer:
Preferred stock is advantageous in that it:
(1) has priority over common stock when dividends are declared.
(3) has priority over common stock at liquidation.
Explanation:
2 and 4 are not correct.
(2) in the case of liquidation, priority of payment is made according to seniority ranking. Creditors is ranked higher than preferred shareholders, so they will recieve payments first.
(4) a company is not obligated to pay dividends to shareholders as with interest payment to creditors. So, the creditors would recieve their interest payments first.
Joy is looking into many different career choices. She is leaning toward the Information Technology cluster. Why
would this be a better career choice than some of the other options she was looking into?
O IT jobs are projected to increase fourteen percent between 2010 and 2020.
O IT jobs are projected to increase twenty-two percent between 2010 and 2020.
O IT jobs are projected to increase thirty-five percent between 2010 and 2020.
O IT jobs are projected to increase forty-seven percent between 2010 and 2020.
Answers
Answer:
B
Explanation:
Because I took the unit test review on edge and got it right
Answer:
bbbbbbbbbbbbbbbbbbbbbbbbb
Explanation:
operations management course concept
Answers
The operations management course concept refers to the systematic design, direction, and control of the processes that transform inputs such as raw materials, energy, and labor into outputs such as goods and services that satisfy customer needs.
This management process includes inventory management, scheduling, supply chain management, quality control, and more. The goal of operations management is to create efficient processes that maximize productivity while minimizing costs.
Students taking an operations management course learn about these concepts and how to apply them to real-world situations in various industries. They also study topics like process design, project management, lean principles, and decision-making models.
The course is usually offered as a part of business administration, engineering, or industrial technology programs. Graduates of the course may go on to careers as operations managers, logistics managers, supply chain analysts, process improvement specialists, or manufacturing engineers, depending on their areas of focus and interests.
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Which of the following explains why products made under a command economy are more likely to be low quality?
O A) The workers who make them have little incentive to make them well.
O B) The workers who make them are not given quality-control guidelines.
O C) The workers who make them are left to manage production facilities on their own.
O D) The workers who make them are forced by tradition to use old-fashioned methods.
Answers
Answer:
O A) The workers who make them have little incentive to make them well.
Explanation:
In a command economy, the government does all the production through its agencies and institutions. The government employs all the workers. Public interest is the motive for engaging in commercial activities. Production is not profit-motivated; hence goods and services are availed to customers are low prices. The employees' pay is not high as organizations don't generate a lot of profits. Employee morale is low due to the low pay.
In command economies, there is no business competition. Government institutions are monopolies. Without competition, there is little innovation in the country. Employees are not challenged to develop new products as consumers have no other alternatives.
On October 31, 2016, the following data was accumulated to assist the accountant in preparing the adjusting entries for Dependable Realty.
a. Fees accrued but unbilled at October 31 are $9,670.
b. The supplies account balance on October 31 is $3,180. The supplies on hand at October 31 are $910.
c. Wages accrued but not paid at October 31 are $1,220.
d. The unearned rent account balance at October 31 is $9,480, representing the receipt of an advance payment on October 1 of three months' rent from tenants.
e. Depreciation of office equipment is $1,610.
Answers
Journal entries record all transactions for a business. Transactions made on October 31, 2016 are recorder in the journal.
What is journal entry?A journal entry is used to record a business transaction in the accounting records of a business.
The following journal entries are as follows-
A). Accounts Receivable Dr. $9,670
To Fees Earned Cr. $9,670
(Accrued fees earned)
B). Supplies Expenses Dr. $2270
To supplies Cr. $2270
(Supplies used $3,180- $910)
C). Wages expenses Dr. $1,220
To wages payable Cr. $1,220
(Accrued wages)
D). Unearned rent Dr. $3,160
To Rent revenue Cr. $3,160
(Rent earned 9,480/3 months)
E). Depreciation expenses Dr. $1,610
Accumulated Depreciation - Equipment $1,610
(Depreciation expenses)
Above mentioned are the journal entries to be made for Dependable Realty.
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The operating budget provides a roadmap for financial plans for a short-term, future period. What is a typical “future period” for an operating budget?
Answers
An operating budget is a financial statement that outlines the organization's expenditures and revenues for a specific period.
The operating budget is typically for a fiscal year, which is usually twelve months. The future period for an operating budget is usually a fiscal year or less than a year. The operating budget is critical because it establishes guidelines for financial activities and operations in an organization. It provides a roadmap for financial plans for a short-term, future period, which typically begins on January 1st and ends on December 31st.
An organization creates an operating budget to aid in the allocation of resources and expenditures to achieve its objectives for a given period. A typical operating budget is for a fiscal year. A fiscal year is the period when an organization prepares its financial statements. It is usually 12 months, but it may be shorter or longer depending on the organization. An operating budget typically covers one fiscal year; however, it may be longer or shorter based on the organization's preferences.
The future period for an operating budget is frequently updated to reflect the company's current situation and financial standing. It takes into account the actual results of the previous period and the estimated expenditures and revenues for the upcoming year to develop the operating budget for a future period.
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How do facilities contribute to profitability of the hospitality business?
Answers
Answer:
The facilities of a hospitality business are of utmost importance when it comes to profitability. They have the potential to attract guests, command higher room rates, generate repeat business, save costs, and provide a competitive advantage. Guests often base their decision to stay at a particular hotel on the quality of facilities such as rooms, amenities, and services. Moreover, well-maintained facilities can reduce utility and labor costs and can be a key factor in distinguishing a hotel from its competitors. In conclusion, facilities are essential to the financial success of a hospitality business and must be carefully managed and maintained.
Brews 4 U is a local chain of coffee shops. Managers are interested in the costs of the stores and believe that the costs can be explained in large part by the number of customers patronizing the stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis.
Average monthly customer-visits 1,462
Average monthly total costs $4,629
Regression results: Intercept $1,496
b coefficient $2.08
R2 0.86814
Required:
a. In a regression equation expressed as y= a + bx, how is the letter b best described?
b. How is the letter y in the regression equation best described?
c. How is the letter x in the regression equation best described?
d. Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month?
e. What is the percent of the total variance that can be explained by the regression equation?
Answers
Answer:
Explanation:
a. In a regression equation expressed as y= a + bx, how is the letter b best described?
Here, b is the slope and best described as the estimate of the cost when there's a visit of an additional customer.
b. How is the letter y in the regression equation best described?
The letter y is the observed store cost for that particular month.
c. How is the letter x in the regression equation best described?
The letter x is the observed customer visit for that particular month.
d. Based on the data derived from the regression analysis, what are the estimated costs for 370 customer-visits in a month?
The estimated cost for 370 customer visit will be:
Y = a + bx
where,
a =$1496
b = $2.08
x = 370 customer visit
Y = $1496 + ($2.08 × 370 customer visit)
= $1496 + $769.6
= $2265.6
e. What is the percent of the total variance that can be explained by the regression equation?
The percent of total variance which the regression equation explain will be:
R2 = 0.86814 or 86.814%
Example of a market for a good or service that is not rely on a physical store or location 
Answers
An example of a market for a good or service that does not rely on a physical store or location is the online marketplace. With the advent of the internet and e-commerce platforms, businesses and individuals can sell products and services entirely online without the need for a brick-and-mortar store.
Online marketplaces, such as Amazon, eBay, and Alibaba, provide a platform where buyers and sellers can connect and conduct transactions electronically. These platforms enable businesses to showcase their products, provide detailed descriptions, and facilitate secure online payments. Customers can browse through a wide range of products, compare prices, read reviews, and make purchases from the comfort of their own homes.
The online marketplace has revolutionized various industries, including retail, entertainment, travel, and professional services. It allows businesses to reach a global customer base, operate 24/7, and reduce overhead costs associated with physical stores. Additionally, it provides convenience for consumers, who can shop anytime, anywhere, and have products delivered to their doorstep.
Overall, the online marketplace has transformed the way goods and services are bought and sold, offering a virtual alternative to traditional physical stores and locations.
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Connect information which relates.
Inside-out perspective Choose..
competitive intelligence
the organisation's goals and values
the resources and capabilities to achieve competitive advantage
the industry environment
Answers
Competitive intelligence bridges the gap between the organization's goals and values, the industry environment, and the resources and capabilities necessary to gain a competitive edge. The correct option is a.
Competitive intelligence plays a crucial role in connecting the organization's goals and values with the industry environment and the resources and capabilities required to achieve competitive advantage. Competitive intelligence involves gathering and analyzing information about competitors, market trends, and customer preferences to gain insights and make informed business decisions.
By understanding the industry environment through competitive intelligence, organizations can identify opportunities and potential threats. This knowledge helps align the organization's goals and values with the external factors impacting its success. For example, if the industry is shifting towards sustainable practices, an organization that values environmental responsibility can leverage this trend to enhance its competitive position.
Furthermore, competitive intelligence helps identify the resources and capabilities needed to achieve competitive advantage. It provides insights into the strengths and weaknesses of competitors, allowing organizations to benchmark their own capabilities and identify areas for improvement. This knowledge can guide strategic planning and resource allocation, ensuring that the organization aligns its resources with its competitive goals. The correct option is a.
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Managers are increasingly viewing the world as "one big marketplace" due to globalization and the interconnectedness of national economies. Of the possible management orientations, which would be counterintuitive to this mentality and result in an inability to see opportunities in other countries?
Answers
Answer: Ethnocentric orientation
Explanation:
The options are;
A. Regiocentric orientation
B. Geocentric orientation
C. Polycentric orientation
D. Ethnocentric orientation
E. Multicentric orientation
Ethnocentric orientation is an orientation whereby one believes that their home country is superior and better than other countries and this orientation usually leads to lost opportunities that could have been used by a company to expand. Managers who see the world as a big marketplace typically have geocentric orientation.
Explain the theory of absolute advantage
Answers
Answer:
Explanation: Absolute advantage is when a producer can produce a good or service in greater quantity for the same cost, or the same quantity at a lower cost, than other producers.
Absolute advantage can be the basis for large gains from trade between producers of different goods with different absolute advantages.
By specialization, division of labor, and trade, producers with different absolute advantages can always gain more than producing in isolation.
Absolute advantage is related to comparative advantage, which can open up even more widespread opportunities for the division of labor and gains from trade.
Free Flight Corporation, located in Denver, Colorado, produces bicycle accessories, including bicycle helmets which requires a rigid, crushable foam. During the quarter ending June 30, the company manufactured 3,800 helmets, using 2,736 kilograms of foam. The foam cost the company $18,058. According to the standard cost card, each helmet should require 0.66 kilograms of foam, at a cost of $7.00 per kilogram.
Required:
1. What is the standard quantity of kilograms of foam (SQ) that is allowed to make 3,800 helmets?
2. What is the standard materials cost allowed (SQ * SP) to make 3,800 helmets?
3. What is the materials spending variance?
4. What is the materials price variance and the materials quantity variance?
(For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate calculations.)
1. Standard quantity of kilograms allowed
2. Standard cost allowed for actual output
3. Materials spending variance
4. Materials price variance
Materials quantity variance
Answers
Answer:
1. Standard quantity of kilograms allowed 2508kg
2. Standard cost allowed for actual output $17,556
3. Materials spending variance $502 Unfavorable
4. Materials price variance $1094Favorable
Materials quantity variance $1596 unfavorable
Explanation:
1. Calculation to determine the standard quantity of kilograms of foam
Standard quantity of kilograms allowed = 0.66*3800
Standard quantity of kilograms allowed =2508kg
2. Calculation to determine the standard materials cost allowed
Standard cost allowed for actual output = 2508kg *7
Standard cost allowed for actual output=$17,556
3. Calculation to determine the materials spending variance using this formula
Material spending variance = Standard cost - Actual cost
Let plug in the formula
Material spending variance= $17,556- $18,058
Material spending variance= $502 Unfavorable
4. Calculation to determine the materials price variance and the materials quantity variance
Material price variance = (7- $18,058/2,736)*2,736
Material price variance = $1094Favorable
Material quantity variance =(2508kg-2,736)*7
Material quantity variance= $1596 unfavorable
Therefore:
1. Standard quantity of kilograms allowed 2508kg
2. Standard cost allowed for actual output $17,556
3. Materials spending variance $502 Unfavorable
4. Materials price variance $1094Favorable
Materials quantity variance $1596 unfavorable
1. When talking about personal finances, always remember that you will either manage
your money or the lack of it will
Answers
It is correct to say that when talking about personal finance, always remember that you will manage your money or the lack of it, this being an essential topic for better control of your expenses and income.
How to increase control over your income and expenses?You can develop a personal budget, which is a simple and easy-to-do technique, where all your personal accounts for a period are exposed, whose objective is to increase understanding about your finances, your needs and allocation of resources for your goals.
Therefore, financial education is a topic that should be more instituted in schools and social institutions, to provide greater subsidies for individuals to understand how to balance their finances to increase their quality of life and avoid indebtedness.
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In _____, products are made according to customer specifications.
Answers
True or false: Explain why the following statements are true or false: (LO1, L04)
a. The economic maxim "There's no cash on the table" means that there are
never any unexploited economic oppo unities.
b. Firms in competitive environments make no accounting profit when the
market is in long-run equilibrium.
c. Firms that can introduce cost-saving innovations can make an economic
profit in the short run.
Answers
a) It is False. The correct maxim is that there are no unexploited economic opportunities when the market is in long-run equilibrium.
b) It is FALSE. Firms in long-run equilibrium have to make an accounting profit in order to cover the opportunity cost of resources supplied by their owners.
c) This is TRUE. Firms that can develop cost-cutting technologies can generate short-term economic profit. These companies can make money until other companies implement their inventions. The industry supply curve will move downward as the innovations proliferate, causing the market price of the item to decline and undermining the short-term economic profit.
What is opportunity cost?The opportunity cost of a certain activity in microeconomic theory is the value or gain given up by engaging in that activity in comparison to engaging in an alternative activity.
Simply put, if you choose one activity, you forfeit the potential to choose another.
Learn more about opportunity cost:
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A manufacturer of banana chips would like to know whether its bag filling machine works correctly at the 420 gram setting. Is there sufficient evidence at the 0.01 level that the bags are underfilled or overfilled? Assume the population is normally distributed.
State the null and alternative hypotheses for the above scenario.
Answers
Answer: See explanation
Explanation:
The null hypotheses for the above scenario will be the statement of no effect and it'll be the mean weight of the bag that filled will be 420 grams.
H0: μ = 420
The alternative hypotheses for the above scenario will be that the bag isn't filled with 420 grams. They are either underfilled below 420 grams or overfilled above 420 grams.
Ha: μ ≠ 420