Answer:
$1,444,000
Explanation:
Given the data as seen below,
Over applied manufacturing overhead = $16,000
Raw materials inventory= $80,000
Finished goods inventory = $120,000
Work in process inventory = $200,000
Cost of goods sold = $1,460,000
Therefore, the amount Howe will report as cost of goods sold after it disposes off its overhead applied will be;
= Cost of goods sold - over applied manufacturing overhead
= $1,460,000 - $16,000
= $1,444,000
The entity that collects economic data at a regional level is the:___________
Answer:
the World Bank
Explanation:
The World Bank is an international financial institution that monitors the financial activities of most countries. Regional economic data collection is done by means of a World Bank initiative called the International Comparison Program.
An example of this economic data collected is the gross domestic product (GDP) of the regions.
the following factors affect the labor market except
Government actions
social change
population shifts
teamwork
From the provided factors, the factor that doesn't affect the labor market is the teamwork.
Option D is correct.
What is a market?Market is referring to a place from where the consumers acquire the goods and services in order to fulfill his/her wants and needs. It is affected by demand and supply of products being offered to them.
A market is regarded as a labor market when it includes the individuals, employees, business entities and the households. It also affects by various factors such as, actions taken by the government authorities like increase in taxes, change in policies, etc.; the changes in society like variations in cultures, traditions, beliefs, etc. due to influence of foreign countries and the shift of population like increase in births, decrease in deaths and vice versa.
Therefore, the teamwork is not the factor affecting the labor market in any sense.
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Answer:
D. Teamwork took the test on edgenunity
Explanation:
Alexis Company was started in Year 1. At the end of Year 1 the Company had the following accounting equation.Assets = Liabilities + Stockholders' EquityCash + Land = Notes Payable + Common Stock + Retained Earnings600 + 2,200 = 1,000 + 1,400 + 400During Year 2, the company experienced the following accounting events.Paid off $500 of its note payableEarned $700 of cash revenue.Paid $400 of cash expenses.Paid a $100 cash dividend.Based on this information alone, what percent of the company's assets at the end of Year 2 were provided by earnings?
Answer:
Company's assets at the end of Year 2 were provided by creditors = 20%
Explanation:
Calculation of Cash at the end of Year 2
Cash balance at the end of Year 1 $600
Less: Paid off to notes payable ($500)
Add: Earned cash revenue $700
Less: Paid cash expenses ($400)
Less: Paid cash dividend ($100)
Cash balance at the end of Year 2 $300
Notes payable at the end of Year 2 = Beginning balance - Paid off
= $1,000 - $500
= $500
Calculation of Notes Payable at the end of Year 2
Notes Payable at the end of Year 1 $1000
Less: Paid off to notes payable ($500)
Notes Payable at the end of Year 2 $500
Total assets at the end of Year 2 = Cash + Land
= $300+2200
= $2500
Creditors at the end of the Year 2 (Notes payable) = $500
Company's assets at the end of Year 2 were provided by creditors = Creditors * 100 / Total assets
= $500 * 100 / $2500
= 20%
The percentage of the company's assets at the end of Year 2 that were provided by earnings is 20%
Computation of cash at the end of year 2
Cash balance at the end of Year 1 $600
Less:
Paid off to notes payable ($500)
Add:
Earned cash revenue $700
Less:
Paid cash expenses ($400)
Paid cash dividend ($100)
Cash balance at the end of Year 2 $300
Notes payable at the end of Year 2
= Beginning balance - Paid off
= $1,000 - $500
= $500
Calculation of Notes Payable at the end of Year 2
Notes Payable at the end of Year 1 $1000
Less: Paid off to notes payable ($500)
Notes Payable at the end of Year 2 $500
Total assets at the end of Year 2
= Cash + Land
= $300+2200
= $2500
Creditors at the end of the Year 2 (Notes payable)
= $500
Company's assets at the end of Year 2 were provided by creditors
= Creditors * 100 / Total assets
= $500 * 100 / $2500
= 20%
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bob katz and sally mander are a married couple with four children. total wages for 2018 equaled $102,400. stock which had been purchased nine months earlier was sold for a $5,200 gain and stock held for three years was sold for a $13,000 gain. interest income from savings was $100. itemized deductions totaled $29,500. bob and sally qualify for a $1,500 tax credit. what is bob's and sally's taxable income
Answer:
Bob Katz and Sally Mander
Taxable Income for 2018:
= $78,200
Explanation:
a) Data and Calculations:
Total wages = $102,400
Gain from sale of stock = 5,200
Interest income = 100
Total income = $107,700
less total deductions = (29,500)
Taxable Income = $78,200
b) Bob Katz and Sally Mander will have taxable income of $78,200 when the appropriate rate of tax is applied and the tax liability obtained, then the $1,500 tax credit will be deducted before arriving at the tax liability due.
c) The short-term capital gain of $5,200 is taxed as ordinary income. Since it is held for less than a year, it will be included in the taxable income for that year and it follows the same tax brackets as ordinary income. On the other hand, the long-term capital gain of $13,000 will attract a tax rate of 0 percent for a taxable income of $78,200. Otherwise, it will attract a tax rate of 15 percent or 20 percent, depending on income level. This means that long-term capital gains tax rates are much lower than the ordinary income tax rate.
What is true of demand for a good that has many available substitutes?
Answer:
Demand for the good is relatively elastic
Explanation:
Substitute goods are goods that can be used in place of one another.
For example, there are different brands of jeans. These different brands serve the same purpose and be used interchangeably.
Goods with many substitutes usually have a relatively elastic demand.
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
The more elastic a good is, the more demand is sensitive to price changes
If the price of a good increases and it has many substitutes, consumers can easily shift to consuming a cheaper substitute
When Honda, a Japanese auto maker, built a factory in Ohio,
A) it was engaged in foreign direct investment.
B) it was engaged in portfolio investment.
C) it was engaged in a cross-border acquisition.
D) none of the above.
Answer:
A) it was engaged in foreign direct investment.
Explanation:
Foreign Direct Investment is a term used in business-related operations that describes a kind of investment made by an investor in a country other than the actual or original country of the investor. It can be either business operations or business assets in a different firm in another country.
Hence, in this case, when a Japanese automaker, built a factory in Ohio, it was engaged in foreign direct investment. Therefore, the correct answer is option A.
Suppose that an economy consists of only two individuals. Trevor has $1070 available to spend on goods. He decides to purchase $450 worth of produce from Charlotte in the current year. No other economic activity takes place during the current year. Using this information, answer the questions. For the current year, what is the economy's income
Answer:
The question option are:
1. For the current quarter what is the economy's income?
2. For the current quarter, what is the economy's expenditure?
3. In an economy, how are income and expenditure related?
1. The economy's income for the current year is $450 because there is only one transaction that take place in the year worth of $450
2. The economy's expenditure of the current year is $450 because each transaction has two side. One is the Income, the other is Expenditure. The income is converted to expenditure.
3. In an economy, income and expenditure are related and they are equal. Each transaction has two side. One is the Income, the other is Expenditure. The income is converted to expenditure.
Price Per Unit Quantity Supplied Quantity Demanded $10 100 295 11 150 275 12 190 250 13 220 220 14 245 180 15 265 135 If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, the new equilibrium price would be
Answer:
$12
Explanation:
Equilibrium price is price at the point where quantity supplied equals the quantity demanded.
Please check the attached image for a table showing how equilibrium was found
You are designing a process for the assembly of a consumer electronics product with a labor content of nine minutes. You are trying to decide whether to use (1) a single machine-paced line with eight workers or (2) eight separate single-worker cells. Each of the eight single-operator cells would perform exactly the same collection of assembly tasks as the single line, using the same tools, technologies and equipment. On the assembly line, each worker would be assigned to a single assembly task. There are significant differences in task times among the eight tasks. Which approach would produce the greater output
Answer:
a. The single line
Explanation:
Since in the question it is mentioned that a process is designed of nine minutes in which the decision is taken for using a single machine with eight workers or eight separate individual worker cell should be used. Also the eight individual operator sells performs the same assembly task
Based on the above information,
The single line would generated the high output there is a high chance of variability that results in generating less output as compared with the single line
Ashley has a large and growing collection of animated movies. She wants to replace her old television with a new LCD model, so she has started saving for it. At the end of each year, she deposits $1,620 in her bank account, which pays her 10% interest annually. Ashley wants to keep saving for two years and then buy the newest LCD model that is available. Ashley’s savings are an example of an annuity. How much money will Ashley have to buy a new LCD TV at the end of two years?
Answer:
$3,402
Explanation:
We are to calculate the future value of the annuity
The formula for calculating future value = A x (B / r)
B = [(1 + r)^n] - 1
R = interest rate
N = number of years
(1.10)² - 1 = 0.21
$1,620 x( 0.21 / 0.1) = $3,402
Francis Real Estate Company has the following account balances at December 31, the end of its fiscal year. Debit Credit Commissions Earned....... $84,900 Wages Expense....... $36,000 Insurance Expense....... 1,900 Utilities Expense....... 8,200 Depreciation Expense....... 9,800 Retained Earnings....... 72,100 Assume that the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. After these entries are posted, what is the balance of the Retained Earnings account
Answer:
Dr Commissions earned 84,900
Cr Income summary 84,900
Dr Income summary 55,900
Cr Wages Expense 36,000
Cr Insurance Expense 1,900
Cr Utilities Expense 8,200
Cr Depreciation Expense 9,800
Dr Income summary 29,000
Cr Retained earnings 29,000
The balance of the retained earnings account is $101,100 after all temporary accounts have been closed.
The firm's findings are best described as the
Answer:
Internet divide
Industry experts believe blockchain is a technology that has the potential to affect the business of most IT professionals in the next five years. Pick an industry you feel will be most affected by blockchain and how blockchain may be used in that industry. As an IT manager, how would you embrace blockchain
Answer and Explanation:
I believe the banking industry will be the most affected by the blockchain technology. This is mostly because banks lie at the center of money and exchange transactions all over the world which is the purpose and crux of blockchain technology- easing payment and exchange globally. The blockchain technology can be harnessed to eliminate the pressure on banks in moving physical cash as cryptocurrencies are not physical money but are decentralized value exchanges represented using secure ledger systems over super cryptographic computer systems. Furthermore cryptocurriencies such as bitcoin amongst many others make transactions across borders easy and inexpensive. One could send and receive payment from his cryptocurrency in seconds without the need for a bank. As a result of the fear of going out of business and the huge potential of cryptocurriencies, banks are increasingly investing into cryptocurrencies now
As an IT manager, I would begin by weighing the potentials and future impact of blockchain technology. I would aim to understand fully how the blockchain technology affects my business and industry and how it will shape the tech industry in the near future, also what steps do I need to take to get a full grasp and harness all opportunities it offers
Your sister turned 35 today, and she is planning to save $7,000 per year for retirement, with the first deposit to be made one year from today. She will invest in a mutual fund that's expected to provide a return of 7.5% per year. She plans to retire 30 years from today, when she turns 65, and she expects to live for 25 years after retirement, to age 90. Under these assumptions, how much can she spend each year after she retires? Her first withdrawal will be made at the end of her first retirement year.
Answer:
$70,998.73
Explanation:
we must first determine the future value of her contributions using the future value of an annuity formula:
future value = contribution x annuity factor
contribution = $7,000
FV annuity factor, 7.5%, 30 periods = 103.3994
future value = $7,000 x 103.3994 = $723,795.80
in order to determine the distribution amount per year, we can use the present value of an annuity formula:
present value = distribution x annuity factor
present value = $723,795.80PV annuity factor, 7.5%, 20 periods = 10.19449$723,795.80 = distribution x 10.19449
distribution = $723,795.80 / 10.19449 = $70,998.73
Problem 9-01 Remmers Company manufactures desks. Most of the company’s desks are standard models and are sold on the basis of catalog prices. At December 31, 2020, the following finished desks (10 desks in each category) appear in the company’s inventory. Finished Desks A B C D 2020 catalog selling price $45 $48 $90 $105 FIFO cost per inventory list 12/31/20 47 45 83 96 Estimated cost to complete and sell 5 11 26 20 2021 catalog selling price 50 54 90 120 The 2020 catalog was in effect through November 2020, and the 2021 catalog is effective as of December 1; catalog prices are net of the usual discounts. At what amount should each of the four desks appear in the company’s December 31, 2020, inventory, assuming that the company has adopted a lower-of-FIFO-cost-or-net realizable value (LCNRV) approach for valuation of inventories on an individual-item basis? Item A $enter a dollar amount Item B $enter a dollar amount Item C $enter a dollar amount Item D $enter a dollar amount Click if you would like to Show Work for this question: Open Show Work
Answer:
Net Realizable Value
A $450
B $430
C $640
D $1,000
OR
Net Lower of Cost or NRVA
A $450
B $430
C $640
D $1,000
Explanation:
Calculation for the amount that each of the four desks should appear in the company’s December 31, 2020
Using this formula
Net Realizable Value = Catalog selling price in the year 2021 - Estimated costs to complete and sell.
Item Cost NET REALIZABLE VALUE
A =(47*10 desks) 470 450(50*10desks-5*10desks)
B =(45*10 desks)450 430(54*10desks-11*10desks)
C =(83*10 desks)830 640(90*10desks-26*10desks)
D =(96*10 desks)960 1,000(120*10desks-10*10desks)
OR
Item Cost NET LOWER OF COST or NRVA
A =(47*10 desks) 470 450(50*10desks-5*10desks)
B =(45*10 desks)450 430(54*10desks-11*10desks)
C =(83*10 desks)830 640(90*10desks-26*10desks)
D =(96*10 desks)960 1,000(120*10desks-10*10desks)
THEREFORE the amount that each of the four desks should appear in the company’s December 31, 2020 will be :
NET REALIZABLE VALUE
A $450
B $430
C $640
D $1,000
OR
NET LOWER OF COST or NRVA
A $450
B $430
C $640
D $1,000
Based on the Lower-of-FIFO-cost-or-net realizable value (LCNRV), the items will be stated in inventory at December 31, 2020 as follows:
Item A: $500
Item B: $540
Item C: $900
Item D: $1,160.
Data and Calculations:
A B C D
2020 catalog selling price $45 $48 $90 $105
FIFO cost per inventory list 12/31/20 47 45 83 96
Estimated cost to complete and sell 5 11 26 20
Total production costs 52 56 109 116 ($96 + $20)
2021 catalog selling price 50 54 90 120
Lower-of-FIFO-cost-or-net realizable
value (LCNRV) 50 54 90 116
Items in inventory 10 10 10 10
Total value of inventory $500 $540 $900 $1,160
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Which of the following statements is true of a deliberate strategy? a. It is implemented as a result of careful analysis of markets, customers, competitors, and a firm's resources and capabilities. b. It develops when leaders recognize and act on unexpected opportunities that occur through serendipity. c. It involves decisions on how to effectively implement the business unit strategy within functional areas. d. It focuses on decisions about how to motivate employees to perform their work efficiently.
Answer:
a. It is implemented as a result of careful analysis of markets, customers, competitors, and a firm's resources and capabilities.
Explanation:
Deliberate strategy refers to a formal palnning in which the vision is there that should be to used for creating a strategy in order to show the benefits that act deliberately.
Here the concept i.e. plan and think before you say or act should be applied
It does not mean that it is totally blind for anticipated developments and events that could occur in the future
Therefore in the given case, the option A is correct
"A customer is long 1,000 shares of ABCD stock. It is now September and the customer is worried that the price of ABCD may decline, but does not want to sell the stock until the end of this year. She is very cost-conscious and wants a strategy to protect the stock from a falling market at minimal cost. You should recommend that she:"
Answer:
She should Hedge her stock position by buying 10 ABC Dec puts and sell 10 ABC Dec calls
Explanation:
In order to protect her long position on the stock from a falling market at minimal cost i would recommend she should buy 10 ABC Dec puts and sell 10 ABC Dec calls i.e hedging her long position on the stock
This way she will protect her self against the falling market that she is worried about
During 20X1, X Company manufactured equipment for its own use at a total cost of $2,400,000. The project required the entire year to complete and all costs were incurred uniformly throughout the year. At the beginning of the period, X was able to borrow $1,500,000 at 6% specifically for the purchase of materials and the manufacture of the equipment. The entire debt, with interest was repaid on December 31, 20X1, replaced with a long-term loan. Throughout 20X1, X Company had additional debt of $1,000,000 with a weighted average interest rate of 7%. If X Company capitalizes to the equipment the maximum amount of interest allowable under GAAP, how much will X report as interest expense in 20X1
Answer:
$88,000
Explanation:
The company's total interest expense for the year = ($1,500,000 x 6%) + ($1,000,000 x 7%) = $90,000 + $70,000 = $160,000
The company can capitalize the weighted average expenses times the interest rate of the specific loan for this project. Since the costs were paid uniformly during the year, the weighted average costs = $2,400,000 / 2 = $1,200,000. It can capitalize interests for up to $1,200,000 x 6% = $72,000.
Total interests - capitalized interests = $160,000 - $72,000 = $88,000
In this particular example, the optimal two-part tariff is a per-unit price of $1 and a fixed fee of $29. But notice that with this pricing structure, the Low-type consumer will not purchase any units of the product! Why was it optimal for the firm to set a pricing structure that intentionally shut the low-type consumer out of the market
Answer:
The seller sets such high prices to increase his revenue. If he sets lower price, the revenue will also be less whereas high pricing will result in more revenue. Sellers sometimes set price as high as 800% above the cost. Though it discourages low type consumer but ensure high return by exploiting high paying capacity consumers. e.g. Apple (iPhone). Next it protects the seller from floating prices. Also by setting high price, sellers target high paying capacity consumers and increase their revenue manifold.
Which of the following statements about a company’s strategy is true? Multiple Choice Crafting an excellent strategy is more important than executing it well. A company’s strategy deals with whether the revenue-cost-profit economics of its business model demonstrate the viability of the business enterprise as a whole. Strategy at its essence is about competing differently—doing what rival firms do not do or cannot do. Masterful strategies come partly (maybe mostly) by doing things in much the same way as the industry leader but then being better than the leader in one particular area that counts heavily with buyers. Whether a company’s strategy is ethical or not does not matter much because most customers and most suppliers are relatively unconcerned with whether a company they do business with engages in sleazy practices or turns a blind eye to below-board behavior on the part of its employees.
Answer:
A company’s strategy deals with whether the revenue-cost-profit economics of its business model demonstrate the viability of the business enterprise as a whole.
Explanation:
A company strategy is a business term that describes the view and set out paths into the future arrangement of a company, which focuses on the company's overall purposes, mission, and vision while considering the commodities to be produced, customers to serve, and the market to explore at large.
Hence, in this case, the statement about the company’s strategy that is true is "A company’s strategy deals with whether the revenue-cost-profit economics of its business model demonstrate the viability of the business enterprise as a whole."
McCann Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 850 2 1,190 3 1,450 4 1,600 a. If the discount rate is 7 percent, what is the present value of these cash flows? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) b. What is the present value at 16 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) c. What is the present value at 30 percent? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Answer:
B
Explanation:
just answered it that one
Which of the following would represent the fastest annual growth?
a) An increase in real GDP per capita of 3%
b) An increase in real GDP of 6% and population growth of 4%
c) An increase in real GDP of 2% and population decline of 1%
d) An increase in real GDP of 5% and population growth of 1%
The option that represents the fastest annual growth is an increase in real GDP of 5% and population growth of 1%
Gross domestic product is the total quantity of final products that a country produces in a given period.
The equation that can be used to determine the value of gross domestic product using the expenditure approach : consumption spending + investment spending + government spending + net export
There are two types of gross domestic product:
Real GDP: it is the value of GDP adjusted for inflation. Nominal GDP: it is the value of GDP calculated using current year prices. It has not been adjusted for inflation.Real GDP per capita is calculated by dividing real GDP growth by population growth
Real GDP per capita = increase in real GDP / population growth
The option with the fastest annual growth is the option with the highest real GDP per capita
a. real GDP per capita = 3%
b. real GDP per capita = 6% / 4% = 1.5%
c. real GDP per capita = 2% / 1% = 2%
d. real GDP per capita = 5% / 1% = 5%
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The advantages of being an entrepreneur are _____. a. excitement, independence, and financial risk b. flexibility, independence, and salary potential c. short working hours, independence, and financial risk d. administration, short working hours, and excitement Please select the best answer from the choices provided A B C D
Answer:
the answer would be B
Explanation:
I took the test don't worry!
The correct option is B. The advantages of being an entrepreneur are flexibility, independence, and salary potential. Time flexibility is the ability to create your timetable and organize your days with some liberty and freedom. You'll work more and less some days than others, and having a business plan that supports this will make you a happy business owner.
What role does play entrepreneurship in economic development?
Economic Growth is Accelerated by Entrepreneurship They encourage new employment by developing new goods and services, which eventually accelerates economic growth. Therefore, public policy that promotes entrepreneurship should be seen as crucial for economic progress.
Successful businesspeople are aware of how quickly their industry and the world around them change. They must adjust their strategy and offers to take into account shifting market conditions while maintaining their emphasis on the long term. The primary traits of an independent entrepreneur are the desire to make a profit, the financial risks, the scope and generality of the commercial activity, notoriety, independence, and the possibility of losing the capital invested.
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Using the the cash flow statement shown below: Changes in operating assets and liabilities: Accounts and notes receivable 15.2 (0.7) 61.8Inventories 93.6 46.8 212.8Other current assets (8.7) 5.3 2.5 Accounts payable, accrued expenses, income taxes payable and other 165.0 31.3 193.0How did inventory change during the most recent year? a. Inventory increased by 505 b. Inventory increased by 395 (505-900) c. Cannot be determined from the information provided d. Inventory decreased by 505
Answer: Inventory decreased by 93.6
Explanation:
When working with the Cash-flow statement, only increases (decreases) in inventory are subtracted (added) are added to the Cash balance and not the entire inventory amount.
The logic is that, if inventories increased then it means that the company spent cash on increasing inventory which would reduce the cash balance. The reverse is true.
If in the cash flow statement therefore, inventory is added to the cash balance instead of subtracted, it means that inventory decreased by the amount it is being added by.
The cashflow statement here shows an inventory addition of $93.6 so Inventory decreased by $93.6.
Used office supplies of $4,940. The Office Supplies unadjusted balance on December 31 is $9,200. Adjustment Type: Supplies Expense Office Supplies A T is drawn. The vertical line divides the account into its left and right sides. The left side of the T-account is called the debit side and the right side is called the credit side. The account name is at the top, above the horizontal line.
Answer:
Deferrals / Prepaid
Supplies Expense
Date Debit Credit Date
31-Dec $4,940
Balance $4,940
Office Supplies
Date Debit Credit Date
31-Dec $9,200 $4,940 31-Dec
Balance $4,260
Go Fly A Kite is considering making and selling custom kites in two sizes. The small kites would be priced at $12.70 and the large kites would be $25.70. The variable cost per unit is $6.15 and $13.30, respectively. Jill, the owner, feels that she can sell 3,700 of the small kites and 2,030 of the large kites each year. The fixed costs would be $2,120 a year and the depreciation expense is $2,000. The tax rate is 35 percent. What is the annual operating cash flow
Answer:
the annual operating cash flow is $31,437.
Explanation:
The Annual Operating Cash flow is calculated as follows :
Revenues :
Small kites (3,700 × $12.70) $46,990
Large kite (2,030 × $25.70) $52,171
Total Revenue $99,161
Less Variable Expenses :
Small kites (3,700 × $6.15) ($22,755)
Large kite (2,030 × $13.30) ($26,999) ($49,754)
Less Fixed Expenses ($2,120)
Less depreciation expense ($2,000)
Operating Income before tax $45,287
Less Income tax expense ($45,287 × 35%) ($15,850)
Operating Income After tax $29,437
Add Back Depreciation Expense $2,000
Operating Cash flow $31,437
Read the scenario, and answer the question. You need to display the placement of three new function keys on a cell phone prototype. What should you use to illustrate the data?
a. An illustration
b. An organizational chart
c. Maps
Answer:
my answer would be a because c doesn't make any sense
All production costs have been steadily rising at Donner Company for several periods. In this environment, Donner Company’s cost of ending Work In Process inventory using the FIFO method would be: a. the same as that computed under the weighted average method. b. higher than that computed under the weighted average method. c. lower than that computed under the weighted average method.
Answer:
b. higher than that computed under the weighted average method.
Explanation:
FIFO uses inventory evaluation such that the ending inventory cosists of the most recent purchases. Therefore the ending inventory consists of only the highest priced units.
The weighted average method uses process in which all the units have been uniformly valued. Therefore the weighted average ending inventory consists of units priced lower than the FIFO ending inventory during constantly rising prices.
The weighted average inventory would consist of both low priced and high priced units that are averaged which automatically is lower than the most recent high priced units.
A consumer products company reported a 5.4 percent increase in sales from Year 1 to Year 2. Sales in Year 1 were $30,400. In Year 2, the company reported cost of goods sold in the amount of $10,407. What was the gross profit percentage in Year 2? (Do not round intermediate calculations. Enter your answer as a percentage rounded to 2 decimal places (i.e. 0.1234 should be entered as 12.34).)
Answer:
The gross profit percentage in Year 2 is:
67.52%
Explanation:
a) Data and Calculations:
Year 1 Year 2
Sales $30,400 $32,042
Cost of goods sold 10,407
Gross profit $21,635
b) Sales increased by 5.4% from year 1 to year 2 = $32,042 ($30,400 * 1.054)
c) Gross profit percentage for Year 2 = Gross profit/Sales * 100
= $21,635/$32,042 * 100
= 0.6752
= 67.52%
d) The gross profit percentage is also known as the gross margin percentage. It is expressed as the gross profit divided by sales, and then multiplied by 100. This ratio shows the percentage of sales value that is not consumed as part of the cost of goods sold. The gross profit is the first profit point. It is from this profit that period costs are deducted before arriving at the net income.
A 20% increase in sales causes EPS to rise from $4.00 to$6.50. Assuming the firm has no debt, what is its degree of operating leverage (DOL)?
A. 3.13 B. 2.25 C. 1.50 D. 1.57 E. 1.00
Answer:
A
Explanation:
DOL = Percentage change in EBIT / percentage change in sales
EPS = {(EBIT - Interest) × (1 - T) } / Shares
The firm has no debt, so interest would be zero
EPS = EBIT × (1 - T) / Shares.
Tax rate and number of outstanding shares remain unchanged.
Percentage Change in EPS = EBIT.
Percentage Change in EPS = (6.5 / 4) - 1 = 0.625 = 62.5%
EBIT = 62.5%
Percentage change in sales= 20%
DOL = 62.5% / 20% = 3.13
