As a general rule, Alejandro Consulting will debit prepaid insurance by $2500 and credit cash by $2500 to reflect the cash payment.
What is referred to as "prepaid insurance"?Prepaid insurance is a term used to describe payments made up front to insurers for insurance coverage. Prepaid insurance is reported as current assets on insurance companies' balance sheets because it isn't utilised. When the insurance begins to pay out, it switches from being an asset to being an expense.
A journal entry is made to credit the prepaid insurance account and debit the insurance expense account whenever an asset is credited to an expense. As a result, the only amount charged to expenditure for a given period is the amount ratably assigned to that period as an expense.
How should financial transactions be recorded?Any cash payments must to be noted in your normal cash receipts log as a debit. Then, take the credit purchase out of the customer's accounts receivable account. The complete credit item needs to be recorded in your sales journal.
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Assume that a customer shops at a local grocery store spending ak average if $200 a week, resulting in the retailer earning a $25 profit each week from this customer. Assuming the shopper visits the store all 52 weeks of the year, calculate the customer lifetime value if this shopper remains loyal over a 10-year life-span. Assume an 6% annual interest rate and no initial cost to acquire the customer.
The customer lifetime value based on the information would be $13,000.
How to calculate the lifetime value?The retailer is said to make a weekly profit of $25 from one customer. If a customer visits the store every week of the year (52), there will be 520 weeks in ten years (10 x 52).
We are aware that a prediction of the net profit attributable to the entire future relationship with a customer is represented by the customer lifetime value.
The profit made each week multiplied by the number of weeks the customer will shop would be the customer lifetime value.
The value will be:
= $25 × 52 × 10
= $13000
Therefore, the customer lifetime value would be $13,000.
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Assume that a customer shops at a local grocery store spending ak average if $200 a week, resulting in the retailer earning a $25 profit each week from this customer. Assuming the shopper visits the store all 52 weeks of the year, calculate the customer lifetime value if this shopper remains logal over a 10-year life-span.
the flow work is not an inexact differential, because it is defined for a particular process (constant pressure change in volume). the energy crossing the system boundary with dm,dein , can then be considered to be the energy carried in within the element of mass ein,mass (eq. (2.22)) plus the flow work done to push the mass across the boundary against the system pressure, p , eq. (2.23).
The flow work is defined as the work done by a system to move a certain mass from one place to another.
Flow work is different from an inexact differential due to its dependence on the particular process. The energy crossing the system boundary is determined by the element of mass, ein,mass, as described in equation 2.22.
However, along with the flow work done to push the mass across the boundary against the system pressure, p, as described in equation 2.23. Flow work can be further broken down into three components. Thus, the energy exchanged at the boundary is the energy arising from the change in internal energy.
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which of the following assumptions do the market structures of monopolistic competition and perfect competition share? O a. many buyers and sellers O b. homogeneous products c. difficult entry into the market O d. difficult exit from the market here to search
Monopolistic competition develops when numerous companies offer price-competitive, inferior replacements for one another's goods or services.
Is being competitive a good thing?
As long as competing with someone else doesn't affect your emotions, it's acceptable. If you compete with your friends, students, or teammates, you might run farther, pick up your motivation, study more, and work harder to achieve your goals. Competition in a healthy way is conceivable. Our hypothesis states that individuals who are motivated by competition are motivated for at least three reasons: competition satisfies their desire to succeed, it provides them with a reason or an opportunity to improve their performance, and it motivates them to put forth more effort that may result in success.
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financial independence retire earlythis is a place for to become financial which means not money related to?
Financial Independence, Retire Early (FIRE) is a financial movement defined by frugality and extreme savings and investment.
The entire meaning of "fire" is "financial independence" Retire Early is a way of living that enables one to retire sooner and achieve financial independence by saving for or investing in things that will increase one's wealth after retirement. This implies that the person in question will need to cut back on their spending and look for more effective ways to boost their revenue.
Steps to adopting a fire lifestyle include:
• Saving and investing
• Avoiding debt
• Saving for your children's education
Reduce your spending, avoid spending whatever retirement funds you have saved, and be sure to contribute to your individual retirement account, among other things.In conclusion, in order to live a fire lifestyle, a person must save money and make investments.
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bedrock company reported a december 31 ending inventory balance of $414,500. the following additional information is also available: the ending inventory balance of $414,500 included $73,700 of consigned inventory for which bedrock was the consignor. the ending inventory balance of $414,500 incorrectly included $25,400 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. based on this information, the correct balance for ending inventory on december 31 is: multiple choice $414,500 $340,100 $314,700 $303,000 $389,100
$389100 is the correct balance for ending inventory on december 31 .
What does "finishing inventory" mean?
Ending inventory, often referred to as closing inventory, is the cost of the items that a business has in stock and is ready to sell at the conclusion of a specific accounting period.
Businesses in almost every industry need to know how to calculate ending inventory.
the goods worth $73,700 should be include in ending inventory because
bedrock was the consignor for them.
so for the transaction , no adjustment require for ending inventory .
the supplies of worth $25400 should be reduced from the value of ending inventory .
= $414,500 - $25,400
= $389100
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In calculating the weighted average cost of capital (WACC), which of the following statements is least accurate? A. The cost of debt is equal to one minus the marginal tax rate multiplied by the coupon rate on outstanding debt B. Different methods for estimating the cost of common equity might produce different results C. The cost of preferred equity capital is the preferred dividend divided by the price of preferred shares D. The weights used in calculating WACC are based on the market values of each capital components E. None of the above
The cost of debt is equal to one minus the marginal tax rate multiplied by the coupon rate on outstanding debt is the least accurate method for calculating the weighted average cost of capital (WACC).
Option A is correct.
How does weighted average work?A weighted average or mean multiplies each item by a value determined by its relative importance rather than treating them all equally. Including that many comparable items of the same value in the average is represented by the weights or weightings.
The fact that some data points contribute more to the final average than others, as opposed to all data points contributing equally, is the difference between the weighted arithmetic mean and the regular arithmetic mean.
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Which of the following statements is true? a. The term cost tracing is used to describe the assignment of both indirect and direct costs to a particular cost object
b. The term cost tracing is used to describe the assignment of direct costs to a particular cost object
c. The term cost assignment is a general term that encompasses both (1) tracing indirect costs to a cost object and (2) allocating direct costs to a cost object
d. The term cost is used to describe the assignment of both indirect and direct costs to a particular cost object
The term cost tracing is used to describe the assignment of direct costs to a particular cost object.
In order to assign direct expenses to a specific cost item, a process known as cost tracing is used.
To what does it refer when a cost is traced to a cost object?Any cost that can be linked directly to a process, product, customer, location, or other cost object is referred to as a traceable cost. The traceable cost linked to it should also vanish if the cost object does.
What cost can be directly linked to an object cost Mcq?A service, a product, or a department can all be the cost object for a direct cost. The two most common forms of costs or expenses that businesses might incur are direct and indirect costs.
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highest sales in furniture you have a datasheet called product details that contains the product id and product names. in the main datasheet, you have product id for each order. using these two datasheets, find the product name which has the highest sales in the furniture category.
Farm items is the brand name with the biggest sales in the furniture sector.
Farm items made up the majority of the Middle colonies' exports.
Farmers in the Middle Colonies of America produced a variety of items that sold well and were exported. The Middle colonies' farmers were in fact referred to as the "Breadbasket" at the time because they produced a plenty of grain for both domestic and international trade. These farmers raised corn, oats, rye, barley, and wheat.
Regulation in the furniture sector raising the cost of manufacturing would decrease the supply of furniture (supply and cost of production are inversely related). Producers will want labour as a component of production less as a result of this drop in supply.
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Fraud risk ______.(Select all that apply)must be considered on each audit engagementis the risk of material error by management when issuing financial statementsis not specifically mentioned in the audit risk model
Fraud risk must be considered in each audit engagement and is the risk of material error by management when issuing financial statements. Thus options A and B are the correct answers.
Fraud risk must be considered on each audit engagement: This is because fraud can occur in any organization and it is the responsibility of the auditor to design and perform audit procedures that are responsive to the risks of material misstatement due to fraud. This includes assessing the risk of fraud and taking appropriate action to respond to that risk.Is the risk of material error by management when issuing financial statements: Fraud can be committed by management or employees of an organization, and when it occurs, it can result in material errors in the financial statements. As a result, it is important for auditors to assess the risk of fraud when performing an audit, including considering the risk of material errors caused by management fraud.To learn more about fraud prevention:
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Identify the missing words in the following sentence. Utility is the [?] offered by a product or service to meet a particular need.answer choicesassurancepromisefunctionalityoutcome
Utility is the functionality offered by a product or service to meet a particular need.
Option C is correct.
In economics, what is utility theory?Utility theory is a theory in economics that tries to explain how individual consumers behave in an economy. According to utility theory, a list of options can be ranked precisely by preference by each individual. The choices that each person makes are predetermined and do not change over time.
What Is a Function of Utility?In economics, utility is the pleasure or satisfaction that consumers get from using a product or service. Consumer preferences for a set of goods and services are measured by utility function.
In economics, why is utility important?In economics, utility is the degree to which a person is satisfied after purchasing and using a good or service. The term "utility" is used to describe how consumers evaluate a product's perceived usefulness before making a purchase.
Question is incomplete:
Identify the missing word(s) in the following sentence. Utility is the [?] offered by a product or service to meet a particular need.
a) Assurance
b) Promise
c) Functionality
d) Outcome
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brock company makes candy. during the most recent accounting period brock paid $5,000 for raw materials, $6,000 for labor, and $6,000 for overhead costs that were incurred to make candy. brock started and completed 17,347 units of candy of which 12,000 were sold. based on this information brock would recognize which of the following amounts of expense on its income statement? (Do not round Intermediate calculations.) Multiple Choice $6.000 $17.000 S160
$ 6.000 is the amounts of expense on its income statement.
What statement among the ones below is also referred to as an income statement?An income statement charts a company's sales, costs, and profitability through time.
The entire manufacturing expenses for the time are as follows:
Raw materials $ 5,000
Labor $ 6.000
Overhead costs $ 6,000
Total cost of goods manufactured $ 17,000
Units started and completed 12,000
Cost per unit $ 17,000/ 12,000 units $ 1,.41 per unit
Units inventory at end of period 5,347
Inventory value at period end $ 1.41* 5,347 = $ 6000.
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(figure: 59-6: short run costs)at the given price the most profitable level of output occurs at quantity
Profit maximizing output occurs for a firm when at that level the marginal cost equals marginal revenue.
What is the profit maximizing output and price in the short run?Short‐run profit maximization.
Profits are therefore maximized when the firm chooses the level of output where its marginal revenue equals its marginal cost. To illustrate the concept of profit maximization, consider again the example of the firm that produces a single good using only two inputs, labor and capital.
How do you find the short run quantity?Procedure
find the short run supply function of each firm, which involves. ...
add together the short run supply functions to get the aggregate short run supply (if there are n identical firms, then we multiply each firm's supply by n)
add together the consumers' demand functions to get the aggregate demand.
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Materials and work products submitted by Government, industry, and DoD civilians, contractors, and military members are subject to review by the Defense Office of Prepublication and Security Review (DOPSR) for public and controlled release. T/F
True : Materials and work products submitted by Government, industry, and DoD civilians, contractors, and military members are subject to review by the Defense Office of Prepublication and Security Review (DOPSR) for public and controlled release.
What is the purpose of DOPSR?The prepublication security and policy review's goal is to prevent unintentional disclosure of material that might harm national security.
The first operational division of the newly created Office of the Secretary of Defense (OSD) was founded in 1949 as the Defense Office of Prepublication and Security Review (DOPSR).
The Department of Defense Security Review program is overseen by the Defense Office of Prepublication and Security Review, which evaluates written documents for both controlled and public distribution. This covers the required pre-release examination of official work products from the government and the military sector as well as materials (such books and articles) provided by cleared or formerly cleared people in accordance with the terms of their voluntary non-disclosure agreements. To make sure that the material being provided is correct and accurately reflects the Department's official stance, DOPSR also organizes official work products with Defense business stakeholders.
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swarthmore offers optional interviews. please note that applicants who do not interview are not at a disadvantage.
There is no demand for interviews. The lack of an interview does not put applicants at a disadvantage, and this interview does not use "demonstrated interest" in its application assessment procedure.
Why is it so hard to get into interview?Many students apply to S, which is why it is so selective, for its rigorous academics, plenty of extracurricular activities, and several additional programmes.
Only 4% of schools—many of which are prestigious colleges and universities—view them as being of great importance. Even a tiny edge could help your application advance in the accept pile. An admission interview might not make or break your application.
Swarthmore College doesn't take "demonstrated interest" into account, therefore your actions—such as visiting the campus or getting in touch with an admissions officer—will not be taken into account. The Common Application or Coalition Application are two options for applications. As part of the application process, several colleges require candidates to interview.
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Criticisms of the objectives-oriented approach for accounting standards are (Select all that apply.)professional judgment may result in different treatments of similar transactionsa lack of disclosure notes explaining accounting policiesthe rules can be easily applied uniformlyan absence of rules may lead to intentional misuse of a standard
The answers about goal orientation are option 1) professional judgment may result in different treatments of similar transactions and option 3) an absence of rules may lead to intentional misuse of a standard.
An individual's "disposition towards growing or recognizing one's skill in achievement contexts" is known as goal orientation, also known as achievement orientation. According to whether one's objective is to grow one's ability or to demonstrate one's skill, respectively, one can say that a person is either mastery-oriented or performance-oriented. A learning orientation is another name for a mastery orientation. The concept of goal orientation describes how someone interprets and responds to tasks, leading to various patterns of cognition, affect, and behavior. The orientation goal theory, which was developed within a social-cognitive framework, contends that it is possible to comprehend students' motivation and achievement-related actions by taking into account the motivations or purposes they adopt when working on academic tasks.
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review the financial statements: use the information from the example balance sheet for jamie's bread jewelry to answer the questions below
The net asset value, sometimes referred to as net tangible assets, is the balance sheet's book value of tangible assets, less intangible assets and liabilities, or the amount of money that would remain after the company was liquidated.
In regard to open-end mutual funds, hedge funds, and venture capital funds, net asset value (NAV) is the value of an entity's assets less the value of its liabilities. Commonly, the net asset value is used to purchase and redeem shares of these funds that are registered with the U.S. Securities and Exchange Commission. When determining the worth of the underlying investments made by investors in hedge funds and venture capital funds, it is also an important number to consider. This could potentially be the same as the equity value or book value of a company. The value of the entire equity may be represented by the net asset value, or the value of the equity per share may be calculated by dividing the net asset value by the number of outstanding shares held by investors.
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Use the information from the example balance sheet for Jamie’s Bead Jewelry to answer the questions below. What is the value of the company’s assets?
the outside sales rep for a major building supply company read a report stating that building permits were down dramatically in her sales territory. she had noticed that things were slowing down, but now she has data confirming her impression. based on this information, the sales rep will help her company become more value driven if she
the sales rep will help her company become more value driven if she advises the production and purchasing departments to produce or order smaller quantities of products.
In marketing, a product is anything that may be supplied to a market to satiate a customer's need or want. It could be an object, system, or service that is made accessible for consumer usage based on consumer demand. An item or service that you offer to fulfil a customer's need or desire is referred to as a product. Both real and virtual ones are possible. Nondurable and durable physical things are both included. The other three components of the marketing mix cannot be used without a product. As they fulfil both needs and wants, wonderful products are also simple to sell. A complete listing of every product on the website, broken down by catalogue or category All purchases are arranged by buyer in the purchase history.
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Fedor, Inc. has prepared the following direct materials purchases budget Budgeted DM Month June July August September October Purchases $67,000 74,000 76,900 75,700 73,600 All purchases are paid for as follows: 10% in the month of purchase, 40% in the following month, and 50% two months after purchase. Calculate total budgeted cash payments made in October for purchases OA. $37,640 OB. $45,810 O C. $76,090 O D. $68,730 Click to select your answer.
The correct response is C. $76,090. Total budgeted cash payments made in October for purchases is $76,090.
When someone pays for goods or services in cash, they give the provider cash in the form of bills or coins. It can also refer to reimbursing employees within a company for modest expenses that are too tiny to be processed through the accounts payable system, such as paying them for hours worked or compensating them for labour costs. Take the situation where someone enters a store and buys an apple with a debit card. The apple's purchase is promptly deducted from the buyer's bank account when using the debit card, making it operate just like cash. Cash will be exchanged in this deal. The only type of money that a person can maintain on their person without the assistance of a third party is coins and banknotes.
October: 73,600 x 10%= 7,360
September: 75,700 x 40%= 30,280
August: 76,900 x 50%= 38,450
Oct.+Sep.+ Aug.:
7,360+30,280+38,450= 77,490
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because the gillette company had the first-mover advantage in successfully producing the products listed in the case study, which of the following is true?
The Gillette Company has a strong competitive advantage over other companies in the industry due to its first-mover advantage.
This advantage has allowed the company to establish a strong brand and gain a foothold in the market. Additionally, Gillette has been able to develop a loyal customer base and benefit from economies of scale that other companies may not be able to match.
The Gillette Company has a strong competitive advantage due to its first-mover advantage, which has allowed it to establish a strong brand, gain a foothold in the market, develop a loyal customer base, and benefit from economies of scale.
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Economic profits are calculated as economic costs minus accounting costs revenue plus expenses revenue minus expenses accounting profit minus opportunity costs
Economic profit is the monetary amount that remains after deducting both explicit and opportunity costs from revenue.
Economic profit = revenues - explicit costs - opportunity costs
Economic Profit:
Economic profit is a form of profit derived from the production of goods and services, taking into account alternative uses of a firm's resources. Subtract explicit costs from revenue and include opportunity costs incurred during the period. Also part of this equation is an implied cost, which is typically the cost of a company's resources. We can use the following formula to calculate economic profit if you know the total amount of revenue generated and the total associated costs. An implied cost can be the market price at which a company can sell compared to using natural resources. A paper company owns a dense forest. They cut down trees to make paper products. Their implied cost is wood that can be sold at market price.
There is another way of thinking. A company can choose Project A over Project B. The profit from Project A after deducting costs and expenses is the accounting profit. Economic benefit includes the opportunity cost of choosing project A over project B. In other words; economic profit takes into account how much more or less profit would be made (using company resources) if management chose Project B.
The best companies calculate economic benefits to make informed business decisions and allocate resources efficiently. However, economic gains or losses are not generally disclosed, so this metric is less useful in stock buying decisions. Instead, investors should evaluate the company's management and its track record of entering new markets to drive overall growth.
The same concept of the Financial Profit Management Team is helpful at the individual level. For example, We can use the concept of financial profit to decide whether to start a business.
A new company expects to bring in $100,000 in its first year, but only costs $80,000 to start. Our book profit will be $20,000. But to start the company, he would have to quit his full-time job and downgrade to part-time, making him $50,000 in his first year.
The economic loss for the first year is minus $30,000 ($100,000 in sales - $80,000 in initial costs - $50,000 in lost revenue). However, after the first year, you can choose this plan if you have no further upfront costs, significantly reduced ongoing costs, and increased income. Early financial losses can turn into long-term financial gains.
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Suppose that the quantity of umbrellas demanded at a price of $5 is 2000 units. The company's total revenue is $______________.
If the quantity of umbrellas demanded at a price of $5 is 2000 units, then company's total revenue is $10,000.
The company's total revenue is $10,000, since the quantity of umbrellas demanded is 2000 units and each unit is priced at $5. Therefore, the total revenue is 2000 x $5 = $10,000. Revenue is the quantum of money a company receives in exchange for its goods and services or again, what a client pays a company for its goods or services. The profit entered by a company is generally listed on the first line of the income statement as profit, deals, net deals, or net profit. Away from the bottom-line( net income), companies pay further attention to this single line item than any other. It's the topmost factor that determines how their business is doing. It tells a company easily how important plutocrat it's bringing in from the trade of its product. Changes in profit can be anatomized to determine if marketing strategies are working, how price changes affect the demand for the product, and a multitude of other perceptivity.
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When ______ conditions prevail, many sellers and buyers are present in the market. Said sellers, or marketers, price at higher, lower, and in-between levels. The ability of any single organization to raise prices usually depends on how much actual or perceived differentiation that specific marketer's brand has achieved.
Answer: When __MONOPOLISTIC____ conditions prevail, many sellers and buyers are present in the market. Said sellers, or marketers, price at higher, lower, and in-between levels. The ability of any single organization to raise prices usually depends on how much actual or perceived differentiation that specific marketer's brand has achieved.
Question:
Quick Catering Co. paid for a refrigeration system to be added to their delivery van to keep the food cooled during deliveries. To record this expense, Quick would debit the _____ account.
Capital and Revenue expenditures:
Capital expenditures are costs that would possible increase or extend the value or life of the asset. While, revenue expenditures are costs that are recurring and would be recorded as expenses during the period.
Quick Catering Co. paid for a refrigeration system to be added to their delivery van to keep the food cooled during deliveries. To record this expense, Quick would debit the equipment account. It comes under revenue/capital expenditures.
An additional cost for a plant asset that does not significantly extend its life or capabilities is referred to as a revenue expenditure. In the field of economics, a revenue expenditure is a cost incurred in the present period, usually within a year. They are essentially the same as operating expenses because they include the costs associated with maintaining a business' operations.The revenue expenditures also cover routine maintenance and repairs required to keep an asset in good functioning order without materially enhancing or extending the asset's useful life.
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which one of the following phases of the targeting cycle includes understanding the military end state and the commander's intent, and objectives and then analyzing the objectives to make sure they are observable, achievable, and reasonable?
End state and the commander's goals Understanding the military end state and the commander's objective are steps of the targeting cycle.
Particularly in the military, the person in control is a commander. If you're in the Navy, you must obey the instructions given to you by your commander. A commander does precisely what she says she will do: she issues orders or commands and anticipates compliance. someone who is in charge. a person in a position of authority; a captain or head of staff. a military unit's commanding commander who is a commissioned officer. a person in a position of authority; a captain or head of staff. 3. A military unit's commanding commander who is a commissioned officer. 4. The US Navy. Because the cornerstone of an accountable armed force is a commander's obligation to manage and oversee his troops.
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jake, a customer, buys a new car from trumotors inc., with features that will be added by a third-party vendor. sean, the salesperson, coordinates the efforts of the vendor with trumotors inc. in this scenario, sean, as a salesperson, is playing the role of a(n) .
In this scenario, Sean, the salesperson, is playing the role of a facilitator.
A facilitator is a person who helps a group of people to work together effectively by making communication and decision-making easier.
In this case, Sean is coordinating the efforts of the third-party vendor with Trumotors Inc. to ensure that the customer, Jake, receives the car with the added features that he requested.
In conclusion, the role of a facilitator is important in any business transaction as it ensures that the customer's needs are met and that all parties involved are working together effectively to achieve a common goal.
A good facilitator can help to smooth out any potential issues that may arise during the process, making the transaction more efficient and less stressful for all parties involved.
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which of the following provides an answer to these questions: what is our business? who are our customers? what do our customers value? what should our business be?
Option b: A mission statement provides answers about what is business, who are our customers, What do our customers value, and What should our business be.
"What is our business?" What the customer sees, thinks, believes, and wants at any given time must be accepted as objective fact by management and taken as seriously as a salesman's report, an engineer's test, or an accountant's numbers.
A customer is a person or business that purchases goods or services from another company or business. Customers are important because they drive sales. Without them, companies cannot survive.
Customer value is the satisfaction and contentment that a customer experiences when interacting with a company and experiencing its customer service.
Another way to think about customer value is the potential for a product to generate sales based on how often customers purchase the product and provide positive feedback on the user experience.
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Complete question:
Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
A) objectives and goals
B) a mission statement
C) a business portfolio
D) marketing and functional strategies
E) operational strategies
Suppose you deposit $2,000 in a savings account, and a year later you have $2,100. Meanwhile, the CPI rises from 200 to 204. In this case, the nominal interest rate is _____ percent and the real interest rate is _____ percent.
a. 1, 5
b. 3, 5
c. 5, 1
d. 5, 3
At the year's end CPI = CPI at the start of the year * (1 + difference between nominal and real interest rates)
Nominal rate of interest, Real interest rate of 7%. 198.30 at the start of the year and 4% at the year's end? Nominal rate minus real interest rate equals 7% minus 4%, or 3%. At the year's end The beginning of the year's CPI, which increased by the percentage difference between the nominal rate and real interest rate, is what led to the current CPI. At the year's end CPI = CPI at the start of the year * (1 + difference between nominal and real interest rates). 198.30 = CPI at the start of the year * (1+0.03). CPI at the beginning of the year = 198.30 / 1.03. CPI at the start of the year is 192.52. At the start of the year, the consumer price index (CPI) is 192.52.
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Which of the following statements is true?a. Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.b. Certain very talented people have a comparative advantage in everything they do.c. If a certain trade is good for one person, it is always good for the other one.d. If the trade is good for a country, it must be good for everyone in the country.
The true statement is a.Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods
Even if one of the two countries has a definite edge in the manufacturing of all items, the two countries can benefit through trade. Each nation only has to have a comparative advantage in one particular good. Therefore, two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods. The other two statements are false as -
b. Nobody can consistently outperform everyone else. The opportunity cost of one good or activity in comparison to another is reflected by comparative advantage. If one has a comparative advantage in one area, one must also have one in another.
c. It is untrue that if a trade benefits one party, it cannot also benefit the other. When based on comparative advantage, trades can and often do benefit both parties. Trades would not happen if neither party benefited.
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True orFFalse: Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them.
"Strategic objectives are the means of achieving the mission and vision, and should provide focus on decisions regarding which projects to select and how to prioritize them." This is true.
Strategic objectives are statements of purpose that aid in developing a broad vision, setting goals, and outlining actionable measures for a company to take in order to reach the intended result. A strategic goal is most effective when it can be measured by statistics or other visible data.
Businesses establish strategic objectives to advance their vision, harmonize their goals, and influence decisions that affect daily production at all organizational levels down to the lowest-paid workers.
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hazelnut corporation manufactures lawn ornaments. it currently has two product lines, the basic and the luxury. hazelnut has a total of $189,502 in overhead. the company has identified the following information about its overhead activity pools and the two product lines:
1. The overhead allocated to each product line:
Basic = $103,500 (6,000 * $17,25)
Luxury is equal to $62,100 (3,600 * $17.25).
2. Activity Rate Using the ABC System:
Overhead Charges:
Material movement $3,666 / 78 moves equals $47 each move.
Quality $37,125 / 300 inspections equals= $123.75 each inspection
$124,800/9,600 m.hours = $13 per machine hour for machine maintenance
3. If Hazelnut use an ABC method, the amount of overhead assigned to the basic line is:
= $103,596
4. The amount of overhead that Hazelnut will allocate to the luxury line if an ABC approach is used is:
= $61,995
Explanation:
a) Information and calculations:
The total overhead is $165,591.
Activity Cost Cost Driver Cost Assigned Quantity/ Quantity
Pools to Pool Amount /Amount
Consumed Consumed
by Basic by Luxury
handling Number of moves $3,666 18 moves 60 moves
Quality Number of
inspections $37,125 200 100 inspections
Machine
maintenance No. of machine
hours $124,800 6,000 3,600 m.hours
Total overhead costs $165,591
Basic Luxury Total
Traditional pricing method based on machine hours as the cost driver:
Each product line's overhead is as follows:
Machine hours 6,000 3,600 9,600
Overhead rate = $165,591/9,600 = $17.25
Overhead assigned $103,500 $62,100
Overate rate:
Materials handling $3,666 78 moves = $47 per move
Quality $37,125 300 inspections = $123.75 per inspection
Machine maintenance $124,800 9,600 m.hours = $13 per machine hour
Assignment of costs:
Basic Luxury
Materials handling $47 * 18 = $846 $47 * 60 = $2,820
Quality $123.75 * 200 = 24,750 $123.75 * 100 = 12,375
Machine maintenance $13 * 6,000 = 78,000 $13 * 3,600 = 46,800
Total overhead assigned $103,596 $61,995
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Correct question:
Hazelnut Corp. manufactures lawn ornaments. It currently has two product lines, the basic and the luxury. Hazelnut has a total of $165,591 in overhead. The company has identified the following information about its overhead activity cost pools and the two product lines:
Activity Cost Cost Driver Cost Assigned Quantity/ Quantity
Pools to Pool Amount /Amount
Consumed Consumed
by Basic by Luxury
Materials
handling Number of moves $3,666 18 moves 60 moves
Quality Number of
inspections $37,125 200 100
inspections inspections
Machine
maintenance Number of
machine hours $124,800 6,000 3,600
machine hours machine hours
Required:
1. Suppose Hazelnut used a traditional costing system with machine hours as the cost driver. Determine the amount of overhead assigned to each product line.
2. Calculate the activity rates for each cost pool in Hazelnut’s ABC system.
3. Calculate the amount of overhead that Hazelnut will assign to the basic line if it uses an ABC system.
4. Determine the amount of overhead Hazelnut will assign to the luxury line if it uses an ABC system.
