Lyla is a little more efficient at making potato soup than Jose. She is a lot more efficient than Jose at making bread. Lyla decides to make only bread and trade bread for soup. This is an example of: Market Failure.
What is Market Failure?Market failure is the failing in the market, when there is a competitive advantage available but the advantage is not used and so the advantage is lost this is known as the market failure.
The given example is about how Lyla is more efficient at making potato soup than Jose but she is also efficient at making bread but Lyla only makes bread and trades bread for soup from Jose. If she made potato soup this would have given her the competitive advantage and the profits would have been better. Therefore the situation in the scenario is a market failure.
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Use the midpoint method to calculate the price elasticity of demand for potato chips that increased in price from $2.00 to $3.00. The quantity demanded decreased from 100 bags a week to 50 bags a week at the local grocery store. Round to one decimal place.
The price elasticity of demand for potato chips is - 1.67.
How elastic is demand in relation to prices?The relationship between the percentage change in a product's quantity demanded and the percentage change in price is known as price elasticity of demand. It helps economists comprehend how supply and demand shift in response to changes in a product's price.
The following is a formula for price elasticity of demand using the midpoint method:
Price elasticity of demand = [tex]\frac{{(Q_{2} - Q_{1}) / (Q_{2} + Q_{1} ) / 2}}{ {(P_{2} - P_{1} ) / ( P_{2} + P_{1}) /2 }}[/tex]
Where,
The quantities before and after price increases are [tex]Q_{1}[/tex] and [tex]Q_{2}[/tex], respectively;
Initial price is [tex]P_{1}[/tex], and new price is [tex]P_{2}[/tex].
When you add up all the numbers, you get:
Price elasticity of demand = [tex]\frac{{(50 - 100) / (50 + 100 ) / 2}}{ {(3 - 2 ) / ( 3 + 2) /2 }}[/tex] = - 1.67
Negative signs suggest that volume will decline as prices rise.
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Required: a. State the proxy for the risk-free asset in any market. (1)
The current market interest rate on a savings account with government insurance serves as a good substitute for the risk-free rate.
So how do investors assess new companies? In this situation, thinking of valuation as a stand-in for risk is the best approach to comprehend it. In other words, your valuation will be lower and vice versa depending on how risky an investor perceives your investment to be current market . An extensive depiction of a larger market, like the stock market, is called a "market proxy." A market proxy can be used as the foundation for statistical research or index funds. The most well-known current market market proxy for the American stock market is the S&P 500 index. A risk-free asset is one with a guaranteed future return and almost little chance of loss. Debt Bonds, notes, and particularly Treasury bills issued by the U.S. Department of the Treasury are regarded as risk-free investments because they are backed by the "full faith and credit" of the American government.
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15). The path-goal approach suggests that a leader's job is to use a style that best fits _____.
A) followers’ needs
B). followers' needs and the type of job they are doing
C). their own and the followers' work style
D). followers' characteristics
Which is correct!
The path-goal approach suggests that a leader's job is to use a style that best fits followers' needs and the type of job they are doing.
The path-goal concept states that a leader's behaviour is contingent on the delight, motivation, and performance of their employees. The manager's activity is regarded as guiding employees to choose the first-rate paths to attain both their desires as well as the agency's dreams.
An example of this fashion might be while an income leader units a high aim for the range of sales a group must make at some point. The chief builds up the team's self-assurance all through the sales event, encourages, and supports every worker to do their great to attain the high sales aim they set.
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28) LMX theory is primarily concerned with how well leaders and followers ____.
A) maintain high commitment levels
B) achieve work-related goals
C) work together
D) create peer relationships
Which is correct help me!
LMX theory is primarily concerned with how well leaders and followers work together.
What is the Leader-member exchange theory?The theory takes still conceptualizes leadership as a process that is centered on the interactions between leaders and followers and makes the dyadic relationship between leaders and followers the focal point of the leadership process.
The theory does not focus on the specific characteristics of an effective organizational leader, it focuses on the nature and quality of the relationships between a leader and his or her individual subordinates. So, as the LMX theory is primarily concerned with how well leaders and followers work together. Therefore, the Option C is correct.
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James was on a budget and debt-free when Tom, his best friend, was partially paralyzed in a car accident. Tom’s school took up a collection for a special wheelchair, but James had no savings, and he couldn’t fit giving into his budget. James felt horrible about not being able to help out. How can he do things differently in the future so he can help people in need like Tom?
The way that James would be able to do things differently so that he is able to help his friend would be by:
Having to rearrange his priority to include giving in his budget.He would have to learn how to save money so that he can take care of unforeseen circumstances such as this.What is saving?This is the term that has to do with all of the activities that would involve the keeping of money aside so as to be able to take care of certain needs that may arise at a time that one may not be expecting. Such needs are classified under unforeseen events.
The needs of his friend can be seen as an unforeseen event because he was not expected to have been in an accident. James would have been able to help out if he had money saved somewhere,
We can conclude by saying that The way that James would be able to do things differently so that he is able to help his friend would be by:
Having to rearrange his priority to include giving in his budget.He would have to learn how to save money so that he can take care of unforeseen circumstances such as this.Read more on savings here:
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Which of the following situations best describes an increase in producer surplus?
1. When the price of pizza increases, producers are enticed to increase the quantity supplied.
2. When the price of pizza increases, the revenue and profit of pizza producers increase.
3. A firm in the pizza market is willing to produce and sell pizzas when the price is $15, but the prevailing market price at which a pizza can be sold is currently $20.
4. If the productivity of the workers that make pizza increases, producers can hire less workers to make the same amount of pizzas as before.
question 18
The description that would best give us the producer surplus is that : When the price of pizza increases, the revenue and profit of pizza producers increase.
What is referred to a producer surplus?This is the term that is used to refer to the revenue that the producer is going to get because they sold the quantity of goods at a particular price in a given market.
The producer surplus would have to show us that the as the price that Pizza is being sold goes up, it would also cause the profit that the producers of the good would make to rise also.
Hence When the price of pizza increases, the revenue and profit of pizza producers increase.
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Lisa needs to determine the price for her new product. She wants to list it at a price point her
customers will approve of while keeping it high enough that she earns a decent profit to benef
shareholders. Lisa is trying to please multiple
a. businesses
b. Stakeholders
c. priorities
d. Sharehholders
e. clients
Answer:
c
Explanation:
the answer is not a because it simply isn't stated in the question that she has multiple businesses and it is not e because she is also looking for profit herself it is c becuz not only does she want to please the stakeholders but her clients as well giving her multiple priorities
In a situation where Lisa wants to list product at a price point her customers will approve of while keeping it high enough that she earns a decent profit to benefit of the shareholders, she is trying to please multiple priorities. Therefore, the option C holds true.
What is the significance of a pricing method?A pricing method can be referred to or considered as a method in which a seller or producer determines the point of price at which maximum quantity of their products will be demanded in the market, and also earn a substantial share of profits for the seller.
When a pricing method to ensure demand as well as profits is chosen by the seller, then in such case, the seller is known to please the customers as well as the shareholders, i.e., multiple priorities.
Therefore, the option C holds true and states regarding the significance of a pricing method.
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Corrine has been reading restaurant reviews from local restaurants to find out what is popular. She has also been talking with food and beverage suppliers about local trends and preferences. What is Corrine MOST LIKELY working on developing for her soon-to-open restaurant?
Preliminary Research Corrine most likely working on developing for her soon-to-open restaurant.
What is Preliminary Research?Research on a topic that helps you gain a better understanding of the sources available and the viewpoints being expressed is known as preliminary study. This form of research strengthens a topic by enlarging or constricting it.
Using the knowledge you have obtained, you can select more effective search phrases. The Research Question, Background, Rationale, Hypothesis, and Objectives make up the first stage of a research project.
Thus, it is Preliminary Research.
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What is product positioning?
Answer:
Product positioning is a form of marketing that presents the benefits of your product to a particular target audience.
Explanation:
45) Tomas goes to work, gets his job done, and then goes home. This is an example of which type of membership?
A) in-group
B) out-group
C) task
D) supportive
Which is correct?
Tomas goes to work, gets his job done, and then goes home. This is an example of which type of membership is A) in-group.
Membership packages are a means of incentivizing giving and involvement within nonprofit groups and institutions. The agency extends additional engagement opportunities to individuals in trade for donations in the form of membership prices.
A club card is a physical or digital card that proves a member's club is together with your organization. It is able to be used when admitting individuals into occasions and to provide them access to different member blessings.
Membership status means the designation of a member as either full Member, Alert Member, or Probationary Member.
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QUESTION 12
If Chobani used which type of “Promotion” strategy vehicle for generating market awareness, it probably would have failed to reach a sustainable growth momentum?
direct mailing
Explanation:
Chobani would have only been able to reach a small percentage of customers and its sustainable growth wouldnt had shown any signs of heightened sales
You and 11 coworkers just won $16 million ($ 1,333,333,33 each) from the state lottery. what is the present value of your prize before taxes if you request the 'up-front cash' option?
The present value of your prize before taxes if you request the 'up-front cash' option is $.
Based on the amount that you won and the return earned by the state lottery, the present value of the "up-front cash" is $715,450.96
What is the present value?Over 17 years, the amount per year is:
= 1,333,333.33 / 7
= $78,431.37
This amount is the same every year so the present value will be that of an annuity.
The present value is:
= Annuity amount x present value interest factor of annuity, 17 years, 8%
= 78,431.37 x 9.122
= $715,451.96
Missing part of question:
Assuming you cach receive your share over 17 years and that the state lottery earns a 8 percent retum on its funds,
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Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:
Showing the effects of the transactions on the financial statements is as follows:
Balance Sheet Income Statement
Assets = Liabilities + Equity Revenue - Expenses
Cash Supplies Accounts Unearned Retained
Payable Revenue Revenue
1. $36,000 $36,000
2. 54,000 $54,000
3. $2,800 $2,800
4. ($2,400) ($2,400)
5. ($5,000) ($5,000)
6. ($31,000) ($31,000)
7. ($2,600) ($2,600)
8. ($27,000) $27,000
$51,600 $200 $400 $9,000 ($5,000) $81,000 - ($33,600)
Net income = $47,400 ($81,000 - $33,600)
Transaction Analysis:1. Cash $36,000 Unearned Revenue $36,000
2. Cash $54,000 Service Revenue $54,000
3. Office Supplies $2,800 Accounts Payable $2,800
4. Accounts Payable $2,400 Cash $2,400
5. Dividend $5,000 Cash $5,000
6. Operating expenses $31,000 Cash $31,000
7. Supplies Expenses $2,600 Office Supplies $2,600
$200 of office supplies remained on hand.
8. Unearned Revenue $27,000 Service Revenue $27,000
Thus, the transactions of Hart produced a net income of $47,400 for Year 1, using the accounting equation.
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Question Completion:1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Pald $2,400 of the amount due on accounts payable. 5. Pald a cash dividend to the stockholders of $5,000. 6. Pald cash for operating expenses of $31,000. 7. Determined that at the end of the accounting period $200 of office supplies remained on hand. 8. On December 31, Year 1, recognized the revenue that had been earned for services performed in accordance with Transaction 1. Required Show the effects of the events on the financial statements.
Outlines give you a chance to organize your thinking before determining word choice and sentence structure. Which of the following will help you create a more effective outline?
Check all that apply.
Strive for three to five major components
Move single subpoint to larger groups
Have one main topic that does not relate to the title
Combine subpoints whenever possible
Allow subpoints to overlap
Put the main idea in the title
Some actions that will help you create a more effective outline includes:
Avoid single items under major componentsDivide the main topic into major componentsMake each sub-point exclusiveWhat is the purpose of outline?Basically, its give one the chance to organize their thinking before determining word choice and sentence structure.
When making an outline, we should define the main topic in the title, divide the main topic into major components or classifications, break the components into sub-points. Also, If there is a single item under a sub-point, combine it with the main time above or below it, we can make each component exclusive and use details, illustrations, and evidence to support each sub-point.
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Meira is interested in getting money to buy a house. Which workplace would give her the best chance of obtaining that money?
A bank would give her the best chance of obtaining that money. Thus, option A is correct.
What is the workplace?The workplace can be defined as the place where people come in to have a job or to work. It can be a building and an office in this without there can be many numbers of employees that are being employed over there.
If Meira is interested in getting home then the loan is the best option one can and the best chance in getting that would be from a bank as the rate would be already decided, and they might have an account over there which would have a fixed rate of interest for her.
Therefore, option A is the correct option.
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The question is incomplete, the complete question will be:
a bank
an insurance company
the stock market
a tax preparation office
Which of these is a method for gaining feedbackin agile?
provide input after being requested.
First, ask questions.
Relay only information that is in the receiver's control.
When giving instances, be succinct and precise.
What are some of the processes that an agile project might use to get feedback?We'll give you an example and go into further detail about the result.
Putting Feedback Loops into Practice on a Kanban Board.
1) Everyday Meeting (Standup Meeting)
2) A meeting to replenish and commit.
Meeting to plan the delivery.
Review of the Service Delivery
Which methodologies are available in Agile?Scrum, Kanban, Extreme Programming (XP), Lean Development, and Crystal are the five primary Agile techniques.
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your manager ask you to get details on a computer crash
what windows application could you use
The window you can use is Event Viewer.
Event Viewer is part of Microsoft's home windows NT running device that shall we administrators and users view the occasion logs on a neighborhood or faraway gadget.
Microsoft home windows Server Event Viewer is a monitoring device that suggests a log of events that can be used to troubleshoot troubles on a windows-primarily based system. The event Viewer presentations data about software, security-associated, gadget ,and set up events.
The windows event viewer indicates a log of software and gadget messages, together with mistakes, records messages, and warnings. It's a beneficial device for troubleshooting all forms of special windows problems.
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An item costs $3 to make. If fixed costs are $1500 and profits are $32500 when 1000 items are made and sold, find the revenue
equation. (Let x be the number of items.)
The Revenue function = 26.5x
Revenue is how plenty of the gross sales is left over after deducting prices and losses, and it is used to pay for enterprise operations or the cost of manufacturing. To calculate your net revenue, subtract any sales reductions, allowances, returns, and commissions from your gross revenue.
Revenue is all of the cash it has earned. income/profit usually incorporates other facets of an enterprise. as an instance, internet income or incorporate costs including a fee of goods bought, running charges, taxes, and hobby charges.
Variable cost = $ 3
Fixed cost = $ 32500
Cost function C(x) = 32500 + 3x
Let selling price per unit = $ s
Revenue function = sx
Profit function = sx - 32500 - 3x
When x=200, profit = $1400
1500 = s × 200 - 3200 - 3 × 200
200s = 1500+3200+600
s = 5300/200
s = 26.5
Revenue function = 26.5x
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What are the 3 primary ways to migrate client data to QuickBooks Online?
Enter data manually into the QuickBooks Online forms and check registers
Use the Import data tool
Use the Export Data tool
Convert data from existing QuickBooks Desktop file
Create Recurring transactions
The 3 primary ways to migrate client data to QuickBooks Online are:-
QuickBooks Online forms and check registers.Convert data from existing QuickBooks Desktop file.Use the Import data toolQuickBooks is a comprehensive business and financial management suite that includes accounting, inventory, payroll, tax filing, invoicing, bank account tracking and reconciliation, cost management, budgeting, payment data processing.
QuickBooks is a comprehensive business and financial management suite that includes accounting, inventory, payroll, tax filing, invoicing, bank account tracking and reconciliation, cost management, budgeting, payment processing, and accounts receivable and data payable management capabilities. QuickBooks Online Certification trainings and examinations are accessible in QuickBooks Online Accountant for free to accounting professionals.
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Which of the following accounts would likely be included in a deferral adjusting entry
The accounts that would likely be included in a deferral adjusting entry is option d) Unearned Revenue.
What are Unearned Revenue?Unearned Revenue accounts are known to be the amount that is said to have been obtained or received in course of the current period but it it is one that need to be recognized as income in regards to the coming period.
Note that when a service is given in part during then, it is one that often needs the adjusting entry as placed on balance sheet date.
Therefore, Interest Revenue, Accounts Receivable, and Salaries Payable is seen as an income or as a form of expense in full in course of the current period and so, The accounts that would likely be included in a deferral adjusting entry is option d) Unearned Revenue.
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which one of the following accounts below would likely be included in a deferral adjusting entry?
a) Interest Revenue
b) Accounts Receivable
c) Salaries Payable
d) Unearned Revenue
Tylers client expressed concerns and questioned some of the details of the sales proposal once he completed his sales presentation. An effective salesperson would
An effective salesperson would ask if there are any types of doubts or concerns that the person has with respect to the sales pitch.
Who is a salesperson?A sales representative is a person who represents a business and sells its own goods or services. The sales representatives typically market their goods by calling customers, interacting with them in person, placing advertisements, filing out tenders, etc.
The salesperson wants them to express if they have any is out of query or want doubts or concerns regarding the sales space that was given to them, they create a sense of information in the best possible manner that they can provide.
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If financial information is relevant this means that
If financial information is relevant it means the inform is relevant and important in making important financial decisions.
What are financial information?Financial information contains details about an organisation financial transaction or finance.
This includes all financial expenses and profits that the organization incurred.
Financial information should have a predictive value to make it more detailed and useful for important decision.
Therefore,
If financial information is relevant it means the inform is relevant and important in making important financial decisions.
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Three types of goods are “substitutes”, “complements”, and “inferior”. Each type of good has the power to do what the demand curve?
A. Tilt it
B. Shift it
C. Bend it
The demand curve will Shift it. As Three types of goods are “substitutes”, “complements”, and “inferior”. Each type of good has the power. Hence, option B is correct.
What is demand curve?The demand curve is a graphical representation of the relationship between the price of an item or service and the quantity demanded over a given period of time. The price is frequently depicted on the left vertical axis and the quantity requested on the horizontal axis.
In economics theory, there are various different kinds of curves. There are four types of demand curves: elastic, inelastic, individual, and market curves.
Thus, option B is correct.
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Carson expects to invest $50,000 at the end of Year 1, $28,000 at the end of Year 2, and $12,000 at the end of Year 3. If he can earn an average annual return of 10.5 percent, how much will he have saved in this account by the end of Year 25?
By the conclusion of Year 25, he had $1,033,544.53 in his savings account.
Future Value: What is it?The worth of a current asset at some point in the future based on an estimated rate of growth is known as future value (FV). For investors and financial planners, the future value is crucial because they use it to predict how much an investment made now will be worth in the future.
At the end of the first year, the initial deposit will be made. 25 years after the first deposit translates to 26 years when the year is subtracted from 25+1.
years deposit FV factor at the end of 5 year future value
1.105 × 26
1 50000 12.13547977 606773.9884
2 28000 1 0.98233463 307505.3697
3 12000 9.938764372 119265.1725
FV 1,033,544.53
Consequently, the future value is $1,033,544.53
The average annual return (AAR) is what?
A mutual fund's historical average return is represented by the average annual return (AAR), which is typically expressed over three, five, and ten years. Investors usually examine a mutual fund's average annual return before investing in it as a means to gauge the success of the fund over the long run.
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you are the manager of a firm that reveive revenue of Rs.30,000 per year from product X and Rs. 70,000 per year from product Y. The own price elasticity of demand for product X is -2.5 and the cross price elasticity of demand between product Y and X is 1.1 . how much will you firm's total revenue ( revenue from both products) change if you increase the price of good X by 1 present?
If you are the manager of a firm that receive revenue of Rs.30,000 per year from product X and Rs. 70,000 per year from product Y. The amount that your firm's total revenue ( revenue from both products) change if you increase the price of good X by 1 present is:$320.
Change in total revenueUsing this formula
Change in total revenue =[Revenue X (1+Price elasticity)+ Revenue Y (cross price elasticity))×Percentage change in price
Where:
Revenue X=30,000 per year
Price elasticity=-2.5
Revenue Y=70,000 per year
Cross price elasticity=1.1
Percentage change in price=0.01
Let plug in the formula
Change in total revenue=[30,000(1+(-2.5))+70,000(1.1)](0.01)
Change in total revenue=(-45,000+77,000)(0.01)
Change in total revenue=32,000×0.01
Change in total revenue=$320
Therefore If you are the manager of a firm that receive revenue of Rs.30,000 per year from product X and Rs. 70,000 per year from product Y. The amount that your firm's total revenue ( revenue from both products) change if you increase the price of good X by 1 present is:$320.
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what is partnership in business?
A partnership is a relationship between 2 or a lot of folks to try and do trade or business. every person contributes money, property, labor, or skill, and shares the profits and losses of the business. Publication 541, Partnerships, has data on how to: kind a partnership. create partnership distributions.
A partnership business, by definition, consists of two or more those that mix their resources to make a business and conform to share risks, profits and losses. Common partnership business examples embrace law corporations, medical practitioner groups, realty investment firms, and accounting groups.
A partnership may be a kind of business where 2 or more folks share ownership, further because of the responsibility for managing the corporate and also the financial gain or losses the business generates.
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Determine which events rely on the knowledge of a front desk clerk and which rely on the skill of the front desk clerk.
A guest is at the hotel for a business conference;
he inquires about the availability of Wi-Fi.
Due to a change of plans, a guest decides to go to
a movie, but she doesn’t know the location of the
nearest movie theater.
A guest calls to make a reservation and would like to
know the types of accommodation available at the hotel.
Lara manages the front desk effectively because
she has the ability to think on her feet.
A couple that had reservations for the honeymoon
suite was assigned to a deluxe room instead and is
disputing the incorrect reservation.
Mathew handles check-ins and check-outs so smoothly
that the manager wants him to train the team.
A visitor who is staying at the hotel for a business conference asks if there is Wi-Fi.
A visitor changes her plans and decides to see a movie, but she doesn't sure where the closest theatre is.
What expertise or experience is most crucial for a front desk clerk?
Every day, you may interact with higher management staff, coworkers, customers, or business clients as a front desk professional. You must modify your speech to speak with them effectively due to this crucial component of the job. They are in responsible of taking all incoming calls, directing calls as needed, setting up meetings, and organising office activities. They must also welcome and greet guests.Healthy communication inside the workplace develops respect and a feeling of teamwork between employees and visitors as well as between employees and the management body.Innkeepers in hotels, motels, and resorts check guests in and out. This could entail checking visitors' registration details, handling payments, giving out room keys, and showing visitors to their rooms. No credit card is necessary; totally free trial.To know more about Front desk clerk Knowledge and skills visit:
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Pappa's Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the year, and the inventory count at December 31 are summarized as follows:
Model Inventory,
January 1
Purchases
Invoices 1st
Purchases
Invoices 2nd
Purchases
Invoices 3rd Inventory Count,
December 31
C55 3 at $ 1,040 3 at $ 1,054 3 at $ 1,060 3 at $ 1,070 4
D11 9 at 639 7 at 645 6 at 666 6 at 675 11
F32 5 at 240 3 at 260 1 at 260 1 at 280 2
H29 6 at 305 3 at 310 3 at 316 4 at 317 4
K47 6 at 520 8 at 531 4 at 549 6 at 542 8
S33 — 4 at 222 4 at 232 — 2
X74 4 at 35 6 at 36 8 at 37 7 at 39 7
Required:
1. Determine the cost of the inventory on December 31 by the first-in, first-out method and weight average method.
If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first
1. The cost of the inventory on December 31 by the First-in, First-out (FIFO) method is $18,545.
2. The cost of the inventory on December 31 by the Weighted Average Cost method is $18,150.50.
What is the FIFO method?The FIFO method is the inventory costing method that computes the cost of goods sold based on the cost flow assumption that goods bought or produced first are the first to be sold
The ending inventory cost becomes the difference between the cost of goods available for sale and the cost of goods sold.
What is the weighted average cost method?Under this method, the weighted average cost (total cost divided by quantity) is computed for each inventory model.
Both the cost of goods sold and the cost of ending inventory are based on the weighted average.
Data and Calculations:
Purchases Invoices
Model Inventory, Inventory Count
January 1 1st 2nd 3rd December 31
C55 3 at $ 1,040 3 at $ 1,054 3 at $ 1,060 3 at $ 1,070 4
D11 9 at 639 7 at 645 6 at 666 6 at 675 11
F32 5 at 240 3 at 260 1 at 260 1 at 280 2
H29 6 at 305 3 at 310 3 at 316 4 at 317 4
K47 6 at 520 8 at 531 4 at 549 6 at 542 8
S33 — 4 at 222 4 at 232 — 2
X74 4 at 35 6 at 36 8 at 37 7 at 39 7
FIFO: Ending Inventory:Purchases Invoices
Model Inventory, Inventory Count
January 1 1st 2nd 3rd December 31
C55 — — 1 at $ 1,060 3 at $ 1,070 4
D11 — — 5 at 666 6 at 675 11
F32 — — 1 at 260 1 at 280 2
H29 — — — 4 at 317 4
K47 — — 2 at 549 6 at 542 8
S33 — — 2 at 232 — 2
X74 — — — 7 at 39 7
C55:
1 at $ 1,060 $1,060
3 at $ 1,070 3,210 $4,270
4
D11:
5 at 666 $3,330
6 at 675 $4,050 $7,380
11
F32:
1 at 260 $260
1 at 280 $280 $540
2
H29:
4 at 317 $1,268 $1,268
4
K47:
2 at 549 $1,098
6 at 542 $3,252 $4,350
8
S33:
2 at 232 $464 $464
2
X74:
7 at 39 $273 $273
7
38 Total Ending Inventory = $18,545
Weighted Average Cost:Model Total Costs Items Average Cost Count Ending Cost
C55 $12,672 12 $1,056 4 = $4,224
D11 $18,312 28 $654 11 = 7,194
F32 $2,520 10 $252 2 = 504
H29 $4,974 16 $310.875 4 = 1,243.50
K47 $12,816 24 $534 8 = 4,272
S33 $1,816 8 $227 2 = 454
X74 $925 25 $37 7 = 259
Total ending inventory 38 $18,150.50
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Georgia Pacific, a manufacturer, incurs the following costs. (1) Classify each cost as either a product or a period cost. If a product cost, identify it as direct materials, direct labor, or factory overhead, and then as a prime and/or conversion cost. (2) Classify each product cost as either a direct cost or an indirect cost using the product as the cost object.
1. Office supplies used.
2. Bad debts expense.
3. Small tools used.
4. Factory utilities.
5. Advertising.
6. Amortization of parents on factory machine.
7. Payroll taxes for production supervisor.
8. Accident insurance on factory workers.
9. Depreciation - Factory building.
10. State and federal income taxes.
11. Wages to assembly workers.
12. Direct materials used.
Product cost: This is the total cost incurred to manufacture a product. Product costs include direct materials costs, direct labor costs, and manufacturing overhead. This cost is included in the cost of the inventory.
Direct materials cost: Direct materials cost is the cost of prime raw materials which are directly related or identified with the goods produced. For example, the cost of plastic components is identified as a direct materials cost in the production of plastic bottles.
1. Office supplies used. - direct cost
2. Bad debt expense. - indirect cost
3. Small tools used. - direct cost
4. Factory utilities. - direct cost
5. Advertising. - direct cost
6. Amortization of parents on a factory machine. - indirect cost
7 . Payroll taxes for production supervisor. - indirect cost
8. Accident insurance for factory workers. - indirect cost
9. Depreciation - Factory building. - indirect cost
10. State and federal income taxes. - indirect cost
11. Wages to assembly workers. - direct cost
12. Direct materials used. - direct cost
Factory or manufacturing overhead costs The costs, which do not relate directly to the manufacturing of products, are referred to as factory or manufacturing overhead costs.
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Ques: In considering the trade-offs for systems development processes, what could cause diseconomies of scale? a. unexpected events
Considering the trade-offs for systems development processes could cause diseconomies of scale and unexpected events adding more people.
Economies of scale consult with these decreased expenses in line with units springing up due to a boom within the total output. Diseconomies of scale, alternatively, occur when the output increases to this sort of a superb extent that the fee according to unit starts increasing.
Economies of scale exist whilst long-run average general cost decreases as output will increase, diseconomies of scale arise while long-run common total value increases as output will increase, and constant returns to scale occur while prices do now not trade as output increases.
Economies of scale are when the value according to a unit of production (common cost) decreases because the output (sales) increases. Diseconomies of scale are when the price per unit of production (common cost) increases due to the fact the output (income) will increase. the increase brings each benefit and drawback to an enterprise.
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