According to the given statement the manufacturer's standard cost for direct materials for its car seat covers product is $52.44 per unit.
Brier Company is a manufacturer of car seat covers and it has provided the standard costs for its products. The standard cost, standard quantity and standard cost per unit are the three standards that are used for standard costing. In this case, the manufacturer has provided the standard quantity for direct materials, which is 7.1 pounds.The standard cost of the inputs per unit for direct materials is $7.40. This implies that for each car seat cover manufactured, the manufacturer will use 7.1 pounds of direct materials that will cost $7.40.The total cost of direct materials for the product can be calculated by multiplying the standard quantity of direct materials with the standard cost of inputs per unit. The calculation will be:Total cost of direct materials = Standard quantity of direct materials x Standard cost of inputs per unitTotal cost of direct materials = 7.1 pounds x $7.40Total cost of direct materials = $52.44Therefore, the manufacturer's standard cost for direct materials for its car seat covers product is $52.44 per unit.
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A consumer can file a complaint with Consumer Dispute Redressal Commission regarding which of the following activities- a) Unfair or restrictive trade practices b) Defective goods or services c) Incurring loss due to unfair contract d) O All of the above Question
A consumer can file a complaint with the Consumer Dispute Redressal Commission for all of the activities mentioned, which include unfair or restrictive trade practices, defective goods or services, and incurring losses due to unfair contracts.
The Consumer Dispute Redressal Commission provides a platform for consumers to seek resolution and compensation for various issues they encounter in their interactions with businesses. Unfair or restrictive trade practices, such as misleading advertisements, deceptive pricing, or unfair terms and conditions, can be reported to the commission.
Additionally, if a consumer receives defective goods or services that do not meet the expected quality or standard, they can file a complaint. Furthermore, if a consumer incurs financial losses or suffers harm due to unfair contracts, they can seek redress through the commission.
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When using the indirect method to prepare the operating section of a statement of cash flows, a loss on the sale of a copyright and interest earned on a note receivable would both be added back as an adjustment to net income. (True/False)
False. When using the indirect method to prepare the operating section of a statement of cash flows, a loss on the sale of a copyright would be added back as an adjustment to net income.
This is because the loss is a non-cash expense that is deducted in determining net income but does not affect the actual cash flow.
However, interest earned on a note receivable would not be added back as an adjustment to net income in the operating section. Interest earned is already included in the net income as a component of operating activities, and therefore, it does not need to be adjusted or added back.
So, to summarize:
Loss on the sale of a copyright: Added back as an adjustment to net income.
Interest earned on a note receivable: No adjustment is needed, as it is already included in the net income.
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When the total output rises at a decreasing rate, it exhibits the following except
a. the falling in the marginal product.
b. the property of diminishing marginal returns.
c. the portion of marginal product curve that is rising.
d. the portion of marginal product curve that is falling.
The correct answer is: c. the portion of marginal product curve that is rising.
When the total output rises at a decreasing rate, it indicates diminishing marginal returns, which means that the additional output gained from each additional unit of input decreases. This is associated with a falling marginal product, as stated in option a.
The marginal product curve represents the relationship between the input (e.g., labor) and the output produced. In the case of diminishing marginal returns, the marginal product curve exhibits a portion that is rising initially, indicating increasing marginal product as more units of input are added. However, as the input continues to increase, the marginal product eventually starts to decrease, indicating diminishing marginal returns. This is in line with option d.
Therefore, the correct statement is that "the portion of marginal product curve that is rising" does not apply when the total output rises at a decreasing rate.
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Write competitors of Pakistan gourmet bakers and their substitute names ? Explain customer need and wants from bakery food industry in Pakistan ?
The competitors of Pakistan Gourmet Bakers are Delizia and Bread & Beyond, offering alternative bakery options.
Which other bakery brands compete with Pakistan Gourmet Bakers?Pakistan Gourmet Bakers faces competition from Delizia and Bread & Beyond, two prominent bakery brands in Pakistan. These competitors offer a range of bakery products and strive to cater to the diverse needs and wants of customers in the bakery food industry.
Delizia, known for its delectable cakes and pastries, appeals to customers with its innovative flavors and elegant designs. Their focus on quality ingredients and attention to detail has earned them a loyal customer base. On the other hand, Bread & Beyond emphasizes freshly baked bread, including artisanal loaves and specialty rolls. They aim to satisfy customers who appreciate the aroma, taste, and texture of high-quality bread products.
In the bakery food industry in Pakistan, customers have various needs and wants. They seek bakery items that are not only delicious but also visually appealing. Customers desire a wide range of options, including cakes, pastries, cookies, bread, and other baked goods. Freshness, taste, and quality are essential factors that influence their choices. Additionally, customers appreciate prompt and efficient customer service, as well as competitive pricing.
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(Related to Checkpoint 5.6) (Solving for i) At what annual interest rate, compounded annually, would $500 have to be invested for it to grow to $2,003.82 in 12 years? The annual interest rate, compoun
To determine the annual interest rate, compounded annually, at which $500 would grow to $2,003.82 in 12 years, we can use the formula for compound interest.
By rearranging the formula A = P(1 + r/n)^(n*t), where A is the future amount, P is the principal amount, r is the interest rate, n is the number of compounding periods per year, and t is the number of years, we can solve for the interest rate (r). In this case, $500 is the principal, $2,003.82 is the future amount, 12 is the number of years, and since the compounding is annual, n is 1. By substituting these values into the formula, we can calculate the interest rate.
To find the annual interest rate, we use the formula: r = (A/P)^(1/(nt)) - 1. Plugging in the values, we have r = ($2,003.82/$500)^(1/(112)) - 1. Simplifying this expression, we find r = 0.0737, or 7.37% (rounded to two decimal places). Therefore, the annual interest rate, compounded annually, at which $500 would grow to $2,003.82 in 12 years is approximately 7.37%. This means that if $500 is invested at an annual interest rate of 7.37%, compounded annually, it will accumulate to $2,003.82 after 12 years.
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On December 31, 2020, Marigold Co. estimated that 2% of its net accounts receivable of $443,800 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment at December 31, 2020. On May 11, 2021, Marigold Co. determined that the Jeff Shoemaker account was uncollectible and wrote off $2,219. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) (To reverse write-off) (To record collection of write-off)
On December 31, 2020, Marigold Co. estimated 2% of its net accounts receivable ($443,800) would become uncollectible, totaling $8,876. The journal entry on this date is:December 31, 2020:
Bad Debt Expense 8,876
Allowance for Doubtful Accounts 8,876
On May 11, 2021, Marigold Co. wrote off Jeff Shoemaker's uncollectible account of $2,219. The journal entry is:
May 11, 2021:
Allowance for Doubtful Accounts 2,219
Accounts Receivable - J. Shoemaker 2,219
On June 12, 2021, Shoemaker paid the previously written-off amount. First, reverse the write-off with the following journal entry:
June 12, 2021 (Reverse write-off):
Accounts Receivable - J. Shoemaker 2,219
Allowance for Doubtful Accounts 2,219
Next, record the collection of the written-off amount with this journal entry:
une 12, 2021 (Record collection of write-off):
Cash 2,219
Accounts Receivable - J. Shoemaker 2,219
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Explain why gas prices are "competitive" at convenience stores
while the snacks inside the gas station’s store are so expensive.
Why can't it be vice versa?
Answer: Gas prices are often considered "competitive" at convenience stores due to the nature of the gasoline market. Gasoline is a commodity product, meaning it is relatively standardized and available from multiple suppliers. As a result, convenience stores typically face competition from nearby gas stations and need to price their gasoline competitively to attract customers. This competition helps keep gas prices relatively low and comparable among different gas stations.
Explanation:
On the other hand, the snacks inside the gas station's store are often priced higher compared to other retail outlets. There are a few reasons for this:
Convenience: Gas station convenience stores offer the convenience of purchasing snacks and drinks on the go. Since customers may prioritize convenience over price when they are in a hurry, gas stations can set higher prices for the snacks and still attract customers.
Limited options: Gas station convenience stores often have a limited selection of snacks and beverages compared to larger grocery stores or supermarkets. Due to the limited choices, customers may be willing to pay a premium for the convenience of getting their desired snacks immediately.
Higher costs: Gas station convenience stores have higher operating costs compared to regular retail stores. They need to cover expenses such as rent, utilities, and maintaining 24-hour operations. These costs are often factored into the pricing of the snacks to ensure profitability.
It is less common to have low-priced snacks and expensive gas prices at convenience stores because the gas market is highly competitive and price-sensitive. Gasoline is a product for which consumers have more options and can easily compare prices among different stations. In contrast, the convenience and limited options of snacks at gas station stores create a different pricing dynamic where higher prices are more commonly seen.
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Based on Lean Operation principles and concepts, propose
TWO (2) action plans which will make Healthcare
operation more efficient and
productive.
In conclusion, Lean Operation principles and concepts can be applied to healthcare facilities to make operations more efficient and productive. These two action plans will improve the flow of patients and streamline supply chain management, which will reduce costs, improve efficiency, and ultimately enhance patient satisfaction.
Lean Operation principles and concepts refer to streamlining operations by eliminating wasteful processes and focusing on value-added activities. The healthcare industry can benefit from Lean Operation principles by reducing operational costs, improving efficiency and productivity, and ultimately, enhancing patient satisfaction. Two action plans that can be proposed to make healthcare operation more efficient and productive based on Lean Operation principles are as follows:
1. Improving the Flow of Patients:
Hospitals and healthcare facilities can become inefficient if there is a backlog of patients waiting to be seen or discharged. One way to improve the flow of patients is by implementing a pull system. This system ensures that only patients that need attention are being attended to at any given time. It also helps reduce the workload of staff by ensuring that they are only attending to the patients that need attention at the time. The use of technology to track patients and reduce the number of physical documents that staff handles will also improve the flow of patients.
2. Streamlining Supply Chain Management:
Another significant aspect of healthcare operations is supply chain management. Healthcare facilities require large quantities of medical supplies, ranging from surgical tools to medicines, and must be well-managed to ensure that there are no shortages or wastage of supplies. The use of technology such as bar coding and RFID to manage supplies will reduce the human error that often occurs with the manual system. Inventory management should be streamlined to ensure that the right quantity of medical supplies is available at all times, but not so much that there is a surplus, and wastage occurs.
In conclusion, Lean Operation principles and concepts can be applied to healthcare facilities to make operations more efficient and productive. These two action plans will improve the flow of patients and streamline supply chain management, which will reduce costs, improve efficiency, and ultimately enhance patient satisfaction.
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1. what is the History of banking
2. Fundamentals of banking
meaning of bank
distinction of banks and moneylenders
roles of bank in the economy
different types of bank
Banking is crucial for economies, with banks playing key roles in facilitating transactions, providing credit, and fostering economic growth.
1. The history of banking dates back thousands of years, with evidence of banking practices found in ancient civilizations such as Mesopotamia, Egypt, and Greece. Over time, banking evolved from simple money lending to more sophisticated financial services, including currency exchange, deposit-taking, and lending activities.
2. The fundamentals of banking encompass key principles and activities that banks engage in. These include accepting deposits from customers, providing loans and credit, facilitating payments and transfers, managing risks, and offering various financial products and services to individuals, businesses, and governments.
3. A bank can be defined as a financial institution that is authorized to receive deposits, provide loans, and offer a range of financial services to its customers. Banks play a crucial role in facilitating the flow of funds in an economy, acting as intermediaries between savers and borrowers, and contributing to economic growth and development.
4. Banks and moneylenders differ in terms of their scale of operations, regulatory oversight, and range of services. Banks are highly regulated institutions that accept deposits from the public and provide a wide range of financial services. Moneylenders, on the other hand, typically operate on a smaller scale and provide loans on a more localized basis, often without the regulatory scrutiny and customer protections associated with banks.
5. Banks play vital roles in the economy, including mobilizing savings, providing credit to individuals and businesses, facilitating efficient payment systems, managing risks, and promoting financial stability. They contribute to economic growth by allocating capital to productive activities, supporting entrepreneurship, and facilitating trade and commerce.
6. There are various types of banks, including commercial banks, investment banks, central banks, cooperative banks, and development banks. Commercial banks offer a wide range of financial services to individuals and businesses, while investment banks specialize in capital markets activities. Central banks are responsible for monetary policy and financial stability, while cooperative banks are owned and operated by their members. Development banks focus on financing projects that promote economic development and social welfare. Each type of bank has its specific functions and roles within the financial system.
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I need meaningful background of the consolidated financial statement for project and
I need a magnificent conclusion and formal report for consolidation financial statements for a project
And make it tall the conclusion please
Consolidated financial statements are an overview of a parent company and its subsidiaries combined financial performance and position.
A consolidated financial statement provides investors with a comprehensive view of the parent company's business, including how its subsidiaries contribute to its success. Consolidation is a financial accounting method for combining a parent company and its subsidiaries into a single financial statement. The consolidated financial statement eliminates intercompany transactions and provides a clearer picture of the group's performance. In conclusion, Consolidated financial statements are an essential part of a project. It helps the investors and shareholders understand the overall financial performance of the company.
Consolidated financial statements provide the stakeholders with a summary of the parent company and its subsidiaries financial information. As a result, companies use consolidated financial statements to help decision-makers in assessing the company's financial stability, profitability, and cash flow. A well-organized formal report and presentation of consolidated financial statements can help the company win over investors and analysts and make informed decisions.
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Job 3 was recently completed. The following mata have been recorded on a job cost sheet Direct materials Direct labor hours 24 Labor hours Direct labor wage rate $16 per labor-hour Machine hours 117 m
Direct materials: Recorded on job cost sheet. Direct labor hours: 24 labor hours. Direct labor wage rate: $16 per labor-hour. Machine hours: 117 m.
The job cost sheet records the details of Job 3, including the direct materials used, which have been recorded. The job also required 24 labor hours, with a wage rate of $16 per hour, indicating the cost of direct labor. Additionally, machine hours played a role in the completion of the job, with a total of 117 machine hours recorded. These metrics provide valuable information for calculating the total cost of Job 3, taking into account both direct materials and labor, as well as the machine usage, which contributes to the overall cost of the job.
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Which of the following will NOT lead to increased capital investment within a country? increased certainty about being able to reap the gains from investing increased uncertainty about private property rights the decreased possibility of nationalization of private property increased certainty about private property rights
Increased uncertainty about private property rights and the decreased possibility of nationalization of private property will not lead to increased capital investment within a country.
Uncertainty about private property rights creates a risk for investors, as it raises concerns about the protection of their investments and the potential for expropriation or confiscation. This uncertainty can deter capital investment as investors may be reluctant to commit their resources in an environment with unclear property rights.
Similarly, the possibility of nationalization of private property reduces investor confidence and poses a significant risk to capital investment. When there is a higher likelihood of nationalization, investors may hesitate to invest in long-term projects or industries that are more vulnerable to government interference.
Conversely, increased certainty about being able to reap the gains from investing and increased certainty about private property rights provide a favorable environment for capital investment. When investors have confidence in the security of their investments and believe they will be able to enjoy the returns on their capital, they are more likely to allocate resources towards productive investments and contribute to increased capital investment within a country.
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Sarasota Corp. was organized on January 1, 2022. It is authorized to issue 20,800 shares of 5%, $52 par value preferred stock and 464,000 shares of no-par common stock with a stated value of $3 per share. The following stock transactions were completed during the first year.
Jan. 10 Issued 72,000 shares of common stock for cash at $4 per share.
Mar. 1 Issued 1,240 shares of preferred stock for cash at $55 per share.
May 1 Issued 117,000 shares of common stock for cash at $8 per share.
Sept. 1 Issued 5,400 shares of common stock for cash at $9 per share.
Nov. 1 Issued 3,400 shares of preferred stock for cash at $56 per share.
Sarasota Corp. issued 72,000 shares of common stock for $4 per share, 1,240 shares of preferred stock for $55 per share, and 117,000 shares of common stock for $8 per share during the first year.
How many shares of stock issued by Sarasota Corp. in the first year?To record the stock transactions of Sarasota Corp., we need to track the issuance of preferred and common stock and calculate the amounts received from each issuance. Let's go through each transaction step by step:
1. Jan. 10: Issued 72,000 shares of common stock for cash at $4 per share.
The common stock has no-par value, so we will record it at the stated value of $3 per share.
Calculation:
Number of shares issued: 72,000
Price per share: $4
Stated value of common stock: $3 per share
Journal entry:
Date: Jan. 10
Account Debit Credit
Cash $288,000 (72,000 shares x $4 per share)
Common Stock $216,000 (72,000 shares x $3 per share)
Additional Paid-in Capital - Common Stock $72,000 [($4 - $3) x 72,000 shares]
2. Mar. 1: Issued 1,240 shares of preferred stock for cash at $55 per share.
Calculation:
Number of shares issued: 1,240
Price per share: $55
Par value of preferred stock: $52 per share
Journal entry:
Date: Mar. 1
Account Debit Credit
Cash $68,200 (1,240 shares x $55 per share)
Preferred Stock $64,480 (1,240 shares x $52 per share)
Additional Paid-in Capital - Preferred Stock $3,720 [($55 - $52) x 1,240 shares]
3. May 1: Issued 117,000 shares of common stock for cash at $8 per share.
Calculation:
Number of shares issued: 117,000
Price per share: $8
Stated value of common stock: $3 per share
Journal entry:
Date: May 1
Account Debit Credit
Cash $936,000 (117,000 shares x $8 per share)
Common Stock $351,000 (117,000 shares x $3 per share)
Additional Paid-in Capital - Common Stock $585,000 [($8 - $3) x 117,000 shares]
4. Sept. 1: Issued 5,400 shares of common stock for cash at $9 per share.
Calculation:
Number of shares issued: 5,400
Price per share: $9
Stated value of common stock: $3 per share
Journal entry:
Date: Sept. 1
Account Debit Credit
Cash $48,600 (5,400 shares x $9 per share)
Common Stock $16,200 (5,400 shares x $3 per share)
Additional Paid-in Capital - Common Stock $32,400 [($9 - $3) x 5,400 shares]
5. Nov. 1: Issued 3,400 shares of preferred stock for cash at $56 per share.
Calculation:
Number of shares issued: 3,400
Price per share: $56
Par value of preferred stock: $52 per share
Journal entry:
Date: Nov. 1
Account Debit Credit
Cash $190,400 (3,400 shares x $56 per share)
Preferred Stock $176,800 (3,400 shares x $52 per share)
Additional Paid-in Capital - Preferred Stock $13,600 [($56 - $52) x 3,400 shares]
At the end of these transactions, you can sum up the total amounts received from each type
of stock issuance:
Total cash received from common stock issuances: $288,000 + $936,000 + $48,600 = $1,272,600
Total cash received from preferred stock issuances: $68,200 + $190,400 = $258,600
Please note that this information is provided for illustrative purposes only, and it's always recommended to consult with a professional accountant or financial advisor for specific accounting needs.
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The shareholders in Strong Automatic & Shore Pty Ltd are concerned when the board announces that they
are going to sell some land of historical importance to the company. They hold a meeting of shareholders to
pass a motion telling the board not to sell the land. The board ignore the motion and say that they have the
power to make these decisions and therefore the sale will go ahead.
Discuss the legal situation for both parties with reference to any relevant statutory provisions and cases ( Please use Corporation Act 2001 and ILAC format. Thank you)
The board of Strong Automatic & Shore Pty Ltd has the legal authority to make decisions, including the sale of land, despite opposition from shareholders.
Under the Corporation Act 2001, the board of directors has the power and authority to make decisions on behalf of the company, including the sale of assets such as land. The Act grants directors the fiduciary duty to act in the best interests of the company as a whole. However, shareholders also have certain rights and powers to participate in decision-making processes.
In this case, the shareholders held a meeting and passed a motion expressing their opposition to the sale of the land. While the shareholders' motion is a form of expression of their concerns, it does not have the force of law to bind the board's decision. The board, as the governing body, has the final authority to make decisions, including disregarding the shareholders' motion.
To challenge the board's decision, the shareholders may explore other avenues, such as requisitioning a general meeting or taking legal action if they believe the board's decision breaches their rights or the fiduciary duties of the directors. In conclusion, the board's decision to proceed with the sale of the land of historical importance is within their authority under the Corporation Act 2001. While shareholders have the right to express their opposition through a motion, it does not legally prevent the board from proceeding.
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If apparent authority is present, the principal is liable for
even the unauthorized acts of the agent.
True
False
True. When apparent authority is present, the principal can be held liable for even the unauthorized acts of the agent. Apparent authority occurs when a principal, through their actions or conduct, leads a third party to reasonably believe that the agent has the authority to act on the principal's behalf. This can happen even if the agent does not actually possess the authority to perform the act in question.
In such cases, the principal is bound by the agent's actions and is responsible for the consequences that result from them. This is because the principal's actions have led the third party to believe that the agent is acting within the scope of their authority. The principal is therefore liable for the agent's unauthorized acts to protect the interests of the third party, who may have entered into a contract or transaction based on the belief that the agent had the necessary authority.
However, it is important to note that the principal is only liable for unauthorized acts of the agent if the third party has reasonably relied on the agent's apparent authority. If the third party knew or should have known that the agent was acting outside the scope of their authority, the principal may not be held liable for the agent's actions.
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Your company would like to start exporting its product overseas to a new market in Europe. Based on prior projects and some of the secondary data you have available it's estimated that the new expansion could result in 5 million dollars in new sales. Based on historical data the failure rate for overseas expansions without conducting research is 30%, however you estimate that by conducting a thorough research product you can reduce the odds of failure down to 10%. Based on this knowledge what is the maximum amount of financial budget you would assign to the research project.
The maximum amount of financial budget to assign to the research project is $1 million.
What is the highest budget allocation for the research project?In order to determine the maximum financial budget for the research project, we need to consider the potential benefits and risks associated with the overseas expansion. Conducting thorough research can significantly reduce the failure rate from 30% to 10%, thereby increasing the chances of success. Based on prior projects and available secondary data, the estimated new sales from the expansion are $5 million.
This information suggests that investing up to $1 million in research would be a prudent decision, as it allows for a reasonable allocation of resources to mitigate risks and enhance the likelihood of success. By investing in research, the company can gain valuable insights into the new market, including customer preferences, regulatory requirements, and competitive landscape. This knowledge will enable informed decision-making and strategic planning, positioning the company for a successful entry into the European market.
When making budgetary decisions for a research project, it's crucial to consider factors such as the size of the potential market, the projected sales figures, and the level of risk involved. Investing in thorough research allows businesses to identify and understand the challenges and opportunities in the new market, helping to minimize risks and maximize the chances of success. By conducting research, companies can gain insights into market demand, consumer behavior, competitive forces, and regulatory requirements, among other factors.
This knowledge enables informed decision-making and strategic planning, allowing companies to tailor their products and marketing strategies to meet the specific needs and preferences of the target market. A well-executed research project not only reduces the odds of failure but also provides a solid foundation for long-term growth and profitabilit.
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The leading brewery on the west coast (labeled A) has hired an OR analysist to analyze its market position. It is particularly concerned about its major competitor (labeled B). The analyst believes that brand switching can be modeled as a Markov chain using three states, with states A and B representing customers drinking beer produced from the aforementioned breweries and state C representing all other brands. Data are taken monthly, and the analyst has constructed the following (one-step) transition matrix from past data. What are the steady state market shares for the two major breweries?
The market position of the leading brewery on the west coast (labeled A) is analyzed by an OR analyst. The brewery is mainly concerned about its major competitor (labeled B) and wants to examine the brand switching using a Markov chain consisting of three states, where states A and B represent customers drinking beer produced from the aforementioned breweries, and state C represents all other brands. The given transition matrix has one step and data is taken monthly.
The steady-state market shares for the two major breweries are: For steady-state probabilities, we require Q and I matrices, where Q is the transition matrix without the diagonal elements, and I is an identity matrix. Hence, Q = 0.6 0.2 0.20.3 0.5 0.20.4 0.3 0.3andI = 1 0 00 1 00 0 1To find steady-state probabilities, we need to solve the following equation:πQ = πWhere π is the vector of steady-state probabilities. The steady-state probabilities will be normalized such that πA + πB + πC = 1.The three equations are:πA = 0.6πA + 0.3πB + 0.4πCπB = 0.2πA + 0.5πB + 0.3πCπC = 0.2πA + 0.2πB + 0.3πC After substituting πC = 1 − πA − πB into the above three equations and simplifying them, we get,0.4πA − 0.3πB = 0.40.3πA − 0.2πB = 0.2Solving these two equations, we getπA = 8/13πB = 5/13πC = 0Therefore, the steady-state market shares for the two major breweries are πA = 8/13 and πB = 5/13, respectively.
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Exercise 3-9 Applying Overhead; T-accounts; Journal Entries [LO3-1, LO3-2, LO3-4] Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. The company's predetermined overhead rate of $2.80 per machine-hour was based on a cost formula that estimates $282,800 of total manufacturing overhead for an estimated activity level of 101,000 machine-hours Required: 1. Assume that during the year the company works only 96,000 machine-hours and incurs the following costs in the Manufacturing Overhead and Work in Process accounts: Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. 2A. Compute the amount of underapplied or overapplied overhead for the year and show the balance in your Manufacturing Overhead T-account. 2B. Prepare a journal entry to close the company's underapplied or overapplied overhead to Cost of Goods Sold Complete this question by entering your answers in the tabs below Req 1 Req 2A Req 2B Compute the amount of overhead cost that would be applied to Work in Process for the year and make the entry in your T-accounts. Manufacturing Overhead 42,000 10,100 90,000 48,000 9,100 72,000 Work in Process 920,000 111,000 (Maintenance) (Indirect materials) (Indirect labor) (Utilities) (Insurance) (Depreciation) Balance (Direct materials) Direct labor) Overhead) (a) Req 1 Req 2A >
Cost of Goods Sold would be debited for $2,400 and Manufacturing Overhead would be credited for $2,400.
The Harwood Company is using a job-order costing system that uses a predetermined overhead rate of $2.80 per machine-hour to apply overhead cost to jobs. This rate is based on a cost formula that estimates total manufacturing overhead at $282,800 for an estimated activity level of 101,000 machine-hours. During the year, the Harwood Company worked only 96,000 machine-hours and incurred the following costs in the Manufacturing Overhead and Work in Process accounts:Direct materials, $920,000Direct labor, $111,000Manufacturing overhead costs incurred:$48,000 for maintenance$9,100 for indirect materials$72,000 for indirect labor$42,000 for utilities$10,100 for insurance$90,000 for depreciationReq 1The amount of overhead cost that would be applied to Work in Process for the year would be:Actual total manufacturing overhead costs = $48,000 + $9,100 + $72,000 + $42,000 + $10,100 + $90,000 = $271,200Predetermined overhead rate = $2.80 per machine-hourOverhead cost applied to Work in Process = Predetermined overhead rate x Actual machine-hours workedOverhead cost applied to Work in Process = $2.80 x 96,000 machine-hoursOverhead cost applied to Work in Process = $268,800The journal entry for the Manufacturing Overhead account and the Work in Process account is:Req 2AThe amount of underapplied or overapplied overhead for the year and the balance in the Manufacturing Overhead T-account would be:Overhead applied to Work in Process = $268,800Actual total manufacturing overhead costs = $271,200Underapplied overhead = Actual total manufacturing overhead costs - Overhead applied to Work in ProcessUnderapplied overhead = $271,200 - $268,800Underapplied overhead = $2,400The balance in the Manufacturing Overhead T-account would be a debit of $2,400, as underapplied overhead is debited to the Manufacturing Overhead account.Req 2BThe journal entry to close the company's underapplied overhead to Cost of Goods Sold is:Underapplied overhead = $2,400Cost of Goods Sold = $2,400The journal entry to close the company's underapplied overhead to Cost of Goods Sold is:Therefore, Cost of Goods Sold would be debited for $2,400 and Manufacturing Overhead would be credited for $2,400.
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Riverbirch Corporation budgeted 4,000 pounds of direct materials to make 2,100 units of product. The company actually used 4,600 pounds of direct materials to make the 2,100 units. The direct materials quantity variance is $1,600 unfavorable. What is the Standard Price (SP) per pound of direct materials?
To determine the standard price (SP) per pound of direct materials, we can use the direct materials quantity variance formula:
Direct Materials Quantity Variance = (Actual Quantity - Standard Quantity) x Standard Price
Given that the direct materials quantity variance is $1,600 unfavorable, and the company used 4,600 pounds of direct materials instead of the budgeted 4,000 pounds, we can plug these values into the formula:
$1,600 = (4,600 - 4,000) x Standard Price
Simplifying the equation:
$1,600 = 600 x Standard Price
To find the standard price, we divide both sides of the equation by 600:
Standard Price = $1,600 / 600
Calculating this:
Standard Price = $2.67 per pound
Therefore, the standard price (SP) per pound of direct materials is $2.67.
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Eredin Held Town or has provided the following data for its utility cost 3 Machine houes Utility cost Prior Year 8,000 $26,600 Current Year 10,000 $31,000 Unity cost is a mixed cost with variable and fixed components. The fixed and variable components of utility cost are closest to (Round your intermediate calculations to 2 decimal places) Multiple Choice 59,000 per years $3.10 per machine hour
The closest answer option is "$3.10 per machine hour" for the variable cost and "59,000 per year" for the total utility cost.
To determine the fixed and variable components of the utility cost, we can use the high-low method. Let's calculate the variable and fixed costs based on the provided data:
High point:
Machine hours: 10,000
Utility cost: $31,000
Low point:
Machine hours: 8,000
Utility cost: $26,600 To calculate the variable cost per machine hour, we can find the difference in utility costs and machine hours between the high and low points: Variable cost per machine hour = (High utility cost - Low utility cost) / (High machine hours - Low machine hours)
= ($31,000 - $26,600) / (10,000 - 8,000)
= $4,400 / 2,000
= $2.20 per machine hour
the total machine hours:Annual variable cost = Variable cost per machine hour × Total machine hours
= $2.20 × 10,000
= $22,000The total annual utility cost, including the fixed and variable components, is the sum of the fixed cost and the annual variable cost:
Total annual utility cost = Fixed cost + Annual variable cost
= $9,000 + $22,000
= $31,000
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What organizational practices (recruittment practices) (i.e.,
detailed actions organisations take) are being used to address the
stereotype within Indigenous Australians in organisations in
Australia?
By adopting these practices, organizations are taking concrete steps to address the stereotypes and under-representation of Indigenous Australians in the workforce and create more inclusive workplaces.
Organizations in Australia are using a variety of recruitment practices to address stereotypes within Indigenous Australians. One of the key practices is increasing Indigenous representation in the workforce by setting targets for Indigenous employment and creating specific recruitment programs. Organizations are also focusing on building relationships with Indigenous communities to better understand cultural differences and provide support for Indigenous employees. Cultural awareness training for all employees is another common practice, helping to break down stereotypes and create a more inclusive workplace. Additionally, organizations are working to create supportive policies and practices that accommodate Indigenous employees' needs, such as flexible working arrangements and leave options for cultural events.
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- D. The... .....model of leadership is focused on Identifying personal characteristics that cause effective leadership. Mgt230 Final Exam preparation 2021 2022 A. Contingency B. Trait C. Transactiona
These qualities can include both innate and acquired characteristics that are commonly identified with effective leaders. Hence, option B, trait, is the correct answer.
The model of leadership that is focused on identifying personal characteristics that cause effective leadership is the Trait model of leadership. A leadership model is the theoretical way of approaching a leadership role. It offers a framework for better comprehension of the leadership process. It lays out the principles and structures for leaders to follow when leading a team. There are numerous leadership models in the field of management, and these models are classified into several categories. The Trait Model, the Contingency Model, the Transactional Model, and the Transformational Model are some of the most often used models. The Trait model of leadership concentrates on identifying personal characteristics that create effective leadership.
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Given a consumer's utility function: U(x, y) = ln(x) + 2ln (y – 2) And their budget constraint: 4x + 2y = 100 How much of good x should this consumer purchase? (Round to two decimal places only if necessary) Given f (x,y)=x} + y3 – 12xy +15, S={(x,y); 0
To find out how much of good x the consumer should purchase, we need to maximize the consumer's utility function subject to the budget constraint.
The consumer's utility function is U(x, y) = ln(x) + 2ln(y - 2).
The budget constraint is 4x + 2y = 100.
To solve this optimization problem, we can use the method of Lagrange multipliers. The Lagrangian function is:
L(x, y, λ) = ln(x) + 2ln(y - 2) + λ(4x + 2y - 100).
Taking the partial derivatives of L with respect to x, y, and λ, we get:
∂L/∂x = 1 + 4λ,
∂L/∂y = 2/(y - 2) + 2λ,
∂L/∂λ = 4x + 2y - 100.
Setting these derivatives equal to zero, we can solve for x, y, and λ. However, since the utility function and budget constraint do not provide any specific values or ranges for x and y, we cannot determine the exact quantities of good x to be purchased without additional information or assumptions.
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Nigel Corp. had six different operating segments reporting the following operating profit and loss figures:
Segment Profit or
(Loss)
A $ 115,000
B (196,500 )
C 1,317,000
D (618,000 )
E (127,000 )
F (141,000 )
Which one of the following statements is true?
rev: 07_21_2020_QC_CS-220730
Multiple Choice
Segment A is a reportable segment based on this test.
Segment B is not a reportable segment based on this test.
Segment E is a reportable segment based on this test.
Segment C is not a reportable segment based on this test.
Segment D is a reportable segment based on this test.
Segment C does not qualify as a reportable segment based on this test. Segment C is not a reportable segment based on this test.
Answer:Segment C is not a reportable segment based on this test. Explanation:According to the Accounting Standards Codification (ASC), a reportable segment should meet one of the following quantitative criteria: its revenue from external customers should be at least 10% of the combined revenue of all operating segments; the absolute amount of its profit or loss should be at least 10% of the greater, in absolute amount, of the combined profit of all operating segments or the combined loss of all operating segments that incurred a loss; its assets should be at least 10% of the combined assets of all operating segments.Operating segments A and E do not qualify because their respective profits or losses are not at least 10% of the greater of all combined profit or combined loss of all operating segments. Therefore, Segment A and Segment E do not meet the 10% test and are not reportable.Operating Segment B has a loss that is more than any of the profits of the other segments combined, and hence Segment B is reportable. Operating Segment F, although having a large loss, cannot qualify as a reportable segment because it is less than 10% of the greater of all combined profit or combined loss of all operating segments.Segment C has revenue greater than the 10% threshold. However, it does not meet the profitability criterion, as its profit is not at least 10% of the greater of all combined profit or combined loss of all operating segments, since the operating profit of Segment C is less than 10% of the total operating profit of the company. Therefore, Segment C does not qualify as a reportable segment based on this test.Operating Segment D has a loss that is greater than 10% of the greatest of the combined profit of all operating segments or the combined loss of all operating segments that incurred a loss, hence Segment D is reportable.So, the correct answer is: Segment C is not a reportable segment based on this test.
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Better Fitness, Inc. (BFI), manufactures exercise equipment at its plant in Freeport, Long Island. It recently designed two universal weight machines for the home exercise market. Both machines use BFI-patented technology that provides the user with an extremely wide range of motion capability for each type of exercise performed. Until now, such capabilities have been available only on expensive weight machines used primarily by physical therapists. At a recent trade show, demonstrations of the machines resulted in significant dealer interest. In fact, the number of orders that BFI received at the trade show far exceeded its manufacturing capabilities for the current production period. As a result, management decided to begin production of the two machines. The two machines, which BFI named the BodyPlus 100 and the BodyPlus 200, require different amounts of resources to produce.
The BodyPlus 100 consists of a frame unit, a press station, and a pec-dec station. Each frame produced uses 4 hours of machining and welding time and 2 hours of painting and finishing time. Each press station requires 2 hours of machining and welding time and 1 hour of painting and finishing time, and each pec-dec station uses 2 hours of machining and welding time and 2 hours of painting and finishing time. In addition, 2 hours are spent assembling, testing, and packaging each BodyPlus 100.
The BodyPlus 200 consists of a frame unit, a press station, a pec-dec station, and a leg- press station. Each frame produced uses 5 hours of machining and welding time and 4 hours of painting and finishing time. Each press station requires 3 hours of machining and welding time and 2 hours of painting and finishing time, each pec-dec station uses 2 hours of machining and welding time and 2 hours of painting and finishing time, and each leg-press station requires 2 hours of machining and welding time and 2 hours of painting and finishing time. In addition, 2 hours are spent assembling, testing, and packaging each BodyPlus 200.
For the next production period, management estimates that 500 hours of machining and welding time; 350 hours of painting and finishing time; and 120 hours of assembly, testing, and packaging time will be available.
The net retail price of the BodyPlus 100 and the BodyPlus 200 are $350 and $445, respectively. Although some flexibility may be available to BFI because of the unique capabilities of the new machines. Authorized BFI dealers can purchase machines for 70% of the suggested retail price. BFI’s president believes that the unique capabilities of the BodyPlus 200 can help position BFI as one of the leaders in high-end exercise equipment. Consequently, she states that the number of units of the BodyPlus 200 produced must be at least 35% of the total production of BodyPlus 100.
Analyze the production problem at Better Fitness, Inc., and prepare a report for BFI’s president presenting your findings and recommendations. The report should include the following items:
The recommended number of BodyPlus 100 and BodyPlus 200 machines (In other words, find the optimal level of production for BodyPlus 100 and BodyPlus 200 using linear programming model).The effect on profits of the requirement that the number of units of the BodyPlus 200 produced must be at least 25% of the total production of BodyPlus 100. where efforts should be expended in order to increase contribution to profits
Objective function: Total profit
BodyPlus 200 requirement constraint
Non-negativity constraint
Time Constraint:
Machining & Welding
Painting & Finishing
Assembly, Test, and Packaging
Include a copy of your linear programming model
Based on the given production constraints and objectives, a linear programming model can be used to determine the recommended number of BodyPlus 100 and BodyPlus 200 machines for Better Fitness, Inc.
The effect of the requirement that the number of BodyPlus 200 units produced must be at least 35% of the total BodyPlus 100 production should also be considered. Additionally, efforts should be focused on increasing the contribution to profits by optimizing the production levels and resource allocation.
To find the optimal level of production for BodyPlus 100 and BodyPlus 200, a linear programming model can be formulated. The objective is to maximize the total profit, which is influenced by the production quantities of each machine. The decision variables would represent the number of BodyPlus 100 and BodyPlus 200 machines produced.
Constraints are applied based on the available resources, such as machining and welding time, painting and finishing time, and assembly, testing, and packaging time. These constraints ensure that the total production hours do not exceed the available hours.
In addition, a constraint is included to meet the requirement that the number of BodyPlus 200 units produced must be at least 35% of the total BodyPlus 100 production.
To increase the contribution to profits, efforts should be focused on optimizing the production quantities of BodyPlus 100 and BodyPlus 200 within the given constraints. By finding the solution to the linear programming model, the recommended number of machines can be determined, maximizing the total profit for Better Fitness, Inc.
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Which of these is the clearest example of "derived demand"?
A. An increase in alcohol ads on TV leads to an increase in per
capita beer consumption.
B. A drop in the housing market leads to a decrease
Answer: The clearest example of "derived demand" among the options given is B. A drop in the housing market leads to a decrease in demand for construction materials.
Explanation:
Derived demand refers to the demand for a good or service that arises as a result of the demand for another good or service. In this case, when the housing market experiences a decline, there is a decrease in the demand for new construction projects and housing developments. As a result, the demand for construction materials, such as lumber, cement, and steel, also decreases. The demand for construction materials is derived from the demand for housing and construction projects.
The demand for labor is called a derived demand because it is derived from the demand for goods and services produced by that labor.
In other words, businesses do not demand labor for its own sake; they demand labor in order to produce goods or services that consumers want to buy.
The concept of derived demand is closely linked to the idea of production functions, which describe the relationship between inputs (such as labor) and outputs (such as goods or services).
In order to maximize profits, businesses will hire labor up to the point where the cost of the last worker equals the value of the additional output that worker produces. This is known as the marginal product of labor.
Because the demand for labor is derived from the demand for the goods or services that labor produces, changes in consumer demand can lead to changes in the demand for labor.
For example, if consumer demand for a particular product decreases, the business producing that product will likely decrease its demand for labor. Similarly, if consumer demand for a product increases, the business producing that product may increase its demand for labor.
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Crunchy Chip is a new, low-fat snack cracker created by the Good Health Company. To create interest for the Crunchy Chip, the company sent a free package of the snack crackers to selected homes along with a coupon. Good Health's activities represent Multiple Choice trade advertising. consumer publicity. sales promotion. public relations.
The activities undertaken by the Good Health Company to create interest for Crunchy Chip, including sending free packages of the snack crackers along with a coupon, represent sales promotion.
Sales promotion refers to the activities that stimulate customer demand and encourage the purchase of a product or service. It includes various techniques such as discounts, coupons, free samples, contests, and giveaways, aimed at attracting customers and increasing sales.
In this case, the Good Health Company sent free packages of Crunchy Chip snack crackers to selected homes along with a coupon. This promotional strategy is designed to provide potential customers with a sample of the product, allowing them to try it for free and potentially become regular customers. The inclusion of a coupon further incentivizes customers to make a purchase by offering a discount or special offer.
While trade advertising, consumer publicity, and public relations can also be part of a comprehensive marketing campaign, the specific activity described in the scenario aligns with sales promotion.
The activities undertaken by the Good Health Company, such as sending free packages of Crunchy Chip snack crackers along with a coupon, fall under the category of sales promotion. These activities are aimed at stimulating customer interest, encouraging trial, and ultimately boosting sales of the product.
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Broker Company's relevant range of production is 8.000-11.000 units last month the company produced 10.000 unitate total nutting cool por unit produced was $66. At level advey the company's variable manufacturing costs are 40% of its total manufacturing costs. Given this information, at this level, the feed manufacturing cost per unit will equal $42 True False
The statement "at this level, the fixed manufacturing cost per unit will equal $42" is false. The correct cost per unit at this level of production is $66.
We can start by calculating the total manufacturing cost at the given level of production:
Variable manufacturing costs = 40% of total manufacturing costs
Total manufacturing costs = Total cost per unit x Number of units produced
At a level of 10,000 units, the variable manufacturing costs will be:
Variable manufacturing costs = 40% x Total manufacturing costs
Total manufacturing costs = Total cost per unit x Number of units produced
Total cost per unit = Total manufacturing costs / Number of units produced = $66 per unit
Variable manufacturing costs = 0.4 x ($66 x 10,000) = $264,000
Total manufacturing costs = Fixed manufacturing costs + Variable manufacturing costs
Total manufacturing costs = Total cost per unit x Number of units produced
Fixed manufacturing costs = Total manufacturing costs - Variable manufacturing costs
Fixed manufacturing costs = (Total cost per unit x Number of units produced) - Variable manufacturing costs
Fixed manufacturing costs = ($66 x 10,000) - $264,000
Fixed manufacturing costs = $396,000
Total manufacturing costs = $396,000 + $264,000
Total manufacturing costs = $660,000
The total manufacturing cost for 10,000 units is $660,000. To calculate the cost per unit, we divide the total manufacturing cost by the number of units produced:
Cost per unit = Total manufacturing costs / Number of units produced
Cost per unit = $660,000 / 10,000
Cost per unit = $66
Therefore, the statement "at this level, the fixed manufacturing cost per unit will equal $42" is false. The correct cost per unit at this level of production is $66.
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Which of the following is the most important reason to classify costs into a four-level hierarchy? A. The company produces one product but the process is very complex B. The company has several cost pools and each relates to a different cost allocation bano
C. The company's manufacturing process is very labor intensive D. The company has four departments and the overhead of each department in allocated using a different cost driver.
The most important reason to classify costs into a four-level hierarchy is:
B. The company has several cost pools, and each relates to a different cost allocation base.
Classifying costs into a four-level hierarchy helps to allocate costs accurately and effectively. Let's analyze the options:
A. The company produces one product but the process is very complex: While a complex production process may require detailed cost analysis, it does not necessarily warrant a four-level cost hierarchy. The complexity of the process alone does not justify the need for a specific four-level classification.
B. The company has several cost pools, and each relates to a different cost allocation base: This option highlights the importance of classifying costs into a four-level hierarchy. When a company has multiple cost pools that relate to different cost allocation bases (such as labor hours, machine hours, square footage, etc.), a four-level hierarchy is beneficial. It allows for accurate cost allocation based on the specific cost drivers associated with each cost pool.
C. The company's manufacturing process is very labor intensive: While a labor-intensive manufacturing process may require detailed analysis of labor costs, it does not necessarily require a four-level cost hierarchy. The intensity of labor alone does not justify the need for a specific four-level classification.
D. The company has four departments, and the overhead of each department is allocated using a different cost driver: This option also highlights the importance of a four-level cost hierarchy. When different cost drivers are used to allocate overhead costs across departments, a four-level hierarchy helps in accurately assigning costs to the respective cost drivers and departments.
In conclusion, the most important reason to classify costs into a four-level hierarchy is when a company has several cost pools, and each relates to a different cost allocation base. This allows for accurate cost allocation based on specific cost drivers and facilitates effective cost management.
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If a bank becomes insolvent and the FDIC reorganizes the bank by finding a willing merger partner, the FDIC resolved this insolvency problem through the for the taxpayer if the FDIC resolves an insolvent institution by the "payoff method It is about the same cost typically more costly usually cheaper If a bank becomes insolvent and the FDIC reorganizes the bank by finding a willing merger partner, the FDIC resolved this insolvency problem through the f the FDIC resolves an insolvent institution by the "payoff method" purchase and assumption method payoff method safety net method CAMELS method
If a bank becomes insolvent and the FDIC (Federal Deposit Insurance Corporation) reorganizes the bank by finding a willing merger partner, the FDIC resolves this insolvency problem through the "purchase and assumption method."
The purchase and assumption method involves the FDIC facilitating the sale of the insolvent bank's assets and liabilities to a healthier financial institution. This method allows for the continuation of banking operations while transferring the failed bank's deposits, loans, and other obligations to the acquiring institution.
In the given options, the correct method used by the FDIC to resolve the insolvency problem in this scenario is the "purchase and assumption method." The other options mentioned (payoff method, safety net method, and CAMELS method) are not directly relevant to the FDIC's resolution process for insolvent banks through mergers.
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