The owner of an automobile repair shop studied the waiting times for customers who arrive at the shop for an oil change. The following data with waiting times in minutes were collected over a 1-month period.
2 5 10 12 4 4 5 17 11 8 9 8 12 21 6 8 7 13 18 3
Using classes of 0–4, 5–9, and so on, show:
a. The frequency distribution.
b. The relative frequency distribution.
c. The cumulative frequency distribution.
d. The cumulative relative frequency distribution.
e. The proportion of customers needing an oil change who wait 9 minutes or less.
Answers
a) A frequency distribution using classes of 0-4, 5-9, 10-14, 15-19, and 20-24, is present in above figure ( first table ).
b) A relative frequency distribution using the classes in part (a), is present in above figure ( second table).
c) A cumulative frequency distribution using the classes in part (a), is present in above figure (third table).
d)A cumulative relative frequency distribution using the classes in part(a), is present in above figure (fourth table).
e) The 0.50 or 5% proportion of customers needing an oil change wait 9 minutes or less.
We have a data collected by owner of an automobile repair shop studied the waiting times for customers who arrive at the shop for an oil change. The following data with waiting times in minutes were collected over a 1-month period.
Wating time ( in minutes) : 2 5 10 12 4 4 5 17 11 8 9 8 12 21 6 87 13 18 3.
a) We have to calculate the frquency for classes of 0–4, 5–9, to 19-24. For the first interval, we have the data 2, and 3, therefore the frequency is 2, and for second interval, data values between 4-9 in counts equal to 8 so frequency is 8, and so on. The frequency distribution table is present above figure.
b) Relative frequency: It is calculated by dividing each frequency by the total data, i.e., for the first class, we have rf₁ = f₁/n
=> rf₁ = 2/20 = 0.1
similarly, we can calculate the relative frequencies for other values. The realtive frequencies table present above figure.
c) The cumulative frequency of an interval is calculated by adding each frequency from the frequency distribution table to the sum of its predecessors. The last value will always be equal to the sum for all observations because all frequencies have already been added to the previous sum. The cumulative frequencies for first and second class are 2 and 2+ 8 = 10 . The cumulative frequencies table also present above.
d) The cumulative relative frequency of an interval is calculated by adding to the relative frequency of that interval, as relative frequency taken from part(b). The above figure also contains the relative cumulative frequencies table.
e) The upper real limit of the second class is 9.5 minutes, therefore the client proportion is 0.50, given by the cumulative relative frequency for this class. Hence, we calculate all required frequencies.
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Complete question :
The owner of an automobile repair shop studied the waiting times for customers who arrive at the shop for an oil change. The following data with waiting times in minutes were collected over a one-month period.2 5 10 124 4 5 1711 8 9 812 21 6 87 13 18 3
(a) Develop a frequency distribution using classes of 0-4, 5-9, 10-14, 15-19, and 20-24.Class Frequency0-4 5-9 10-14 15-19 20-24 Total
(b) Develop a relative frequency distribution using the classes in part (a). If required, round your answers to two decimal places.Class Relative Frequency0-4 5-9 10-14 15-19 20-24 Total
(c) Develop a cumulative frequency distribution using the classes in part (a). Develop a cumulative frequency distribution using the classesClass Cumulative Frequency0-4 5-9 10-14 15-19 20-24
(d) Develop a cumulative relative frequency distribution using the classes in part(a). If required, round your answers to two decimal places.Class Cumulative Relative Frequency0-4 5-9 10-14 15-19 20-24
(e) What proportion of customers needing an oil change wait 9 minutes or less?
Related Questions
Which of the following predictions about the impact of e-commerce on traditional businesses is the most accurate? Multiple Choice O E-commerce will have little impact on most traditional businesses, because only a few types of products can be sold effectively online O Traditional brick-and-mortar firms will enter the e-commerce market by creating the own websites O E-commerce will prove to be very successful in competing against traditional firms in B2C markets, but will have much less success in B2B markets.
Answers
Traditional brick-and-mortar firms will enter the e-commerce market by creating the own websites.
What effect does modern-day e-commerce have?Markets on a national and international scale are opened up by electronic commerce. It lowers the price of producing, processing, disseminating, and retrieving paper-based information. Due to the fact that it lowers transaction costs, e-commerce is extremely important. An empowered consumer is the result of lower transaction costs.
What effect does modern-day e-commerce have?This article outlines the three components of ecommerce: digital marketing, back-end integration, and consumer experience. With these three factors working together, you can be confident that your online store will attract and retain potential clients.
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compute gross profit. (do not consider any underapplied or overapplied overhead.) 2. compute overapplied or underapplied overhead. 3. if overhead is underapplied, a journal entry is required to do which of the following: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute gross profit. (Do not consider any underapplied or overapplied overhead.) ($ 200,000 Sales Cost of goods sold Gross profit $ 200,000 Required Required 2 > 1. Compute gross profit. (Do not consider any underapplied or overapplied overhead.) 2. Compute overapplied or underapplied overhead. 3. If overhead is underapplied, an adjusting journal entry is required to do which of the following: Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute overapplied or underapplied overhead. Underapplied overhead < Required 1 Required 3 >
Answers
$50000 in manufacturing overhead multiplied by 70% equals $35,000. Direct Labor = $57,700 – 7,700 = $500,000 1. Sales $ 2,00,000.00 Gross profit was $89,500 while the cost of goods sold was $11,500.
How is manufacturing overhead applied calculated?The overhead allocation rate multiplied by the quantity of labor or equipment used can be used to compute applied production overhead. Therefore, if your employee spends three hours working on the product and your allocation rate is $25, your applied manufacturing overhead for this product would be $75.
Applying manufacturing overhead when is appropriate?All ancillary expenses incurred throughout the production process are referred to as manufacturing overhead. Units created within a reporting period are subject to this overhead.
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which of the following is not one of the five important steps to preparing a statement of cash flows?
Answers
Compute the net Income is not one of the five important steps to preparing a statement of cash flows.
How does a cash flow work?The net flow of cash and cash equivalents into and out of an organization is referred to as cash flow. Outflows are represented by the money spent, while inflows are represented by the money received.
Describe a cash flow example.Spending that occurs naturally during business operations is included in cash flow from operations. Payroll, the price of items sold, rent, and utility bills are a few examples of these cash outflows. When corporate operations are heavily seasonal, cash outflows might differ significantly.
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Question:
Sewell Bank has the simplified balance sheet below.
Assets Liabilities
Required reserves $2,000 Demand deposts $10,000
Excess reserves $0 Owner's equity $10,000
Customers $8,000 Government security (bonds) $7,000 Building and fixtures $3,000 Based on Sewell Bank's balance sheet:
a. Calculate the required reserve ratio.
b. Suppose that the Federal Reserve purchases $5,000 worth of bonds from Sewell Bank. What will be the change in the dollar value of each of the following immediately after the purchase?
i. Excess reserve
ii. Demand deposit.
Required Reserve Ratio and Excess Reserves:
The required reserve ratio applies to demand deposits only. It is the percentage of demand deposits that commercial banks shall keep in reserves as mandated by the Federal Reserve. Excess reserves are computed as the difference between a bank's actual reserves and required reserves.
Answers
The required reserve ratio is calculated by dividing the required reserves of a bank by its total demand deposits.
The required reserve ratioa. Calculate the required reserve ratio: The required reserve ratio = Required reserves / Demand deposits = $2,000 / $10,000 = 0.2 or 20% b. Suppose that the Federal Reserve purchases $5,000 worth of bonds from Sewell Bank. What will be the change in the dollar value of each of the following immediately after the purchase? i. Excess reserve The excess reserve will increase by $5,000 to $5,000. ii. Demand deposit The demand deposit will decrease by $5,000 to $5,000.In the case of Sewell Bank, the required reserves are $2,000 and its demand deposits are $10,000, so the required reserve ratio is 20%.Excess reserves are the amount of reserves that a bank has over and above its required reserves. For Sewell Bank, its excess reserves are $0 since its required reserves of $2,000 equal its actual reserves. Now, suppose that the Federal Reserve purchases $5,000 worth of bonds from Sewell Bank. This will cause an immediate change in the dollar value of each of the following:i. Excess reserve: Since the Federal Reserve’s purchase of bonds will add $5,000 to Sewell Bank’s reserves, the excess reserves of the bank will increase from $0 to $5,000.ii. Demand deposit: Since the Federal Reserve’s purchase of bonds will reduce the amount of deposits that Sewell Bank has on hand, the demand deposits of the bank will decrease from $10,000 to $5,000.To learn more about The required reserve ratio refer to:
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which one of the following forms of compensation is most apt to align the interests of managers and shareholders? group of answer choices a fixed salary a salary that is linked to company profits a salary that is paid partly in the form of the company's shares a salary that is linked to the compnany's market share
Answers
A salary that is paid partly in the form of the company's shares is most likely to align the interests of managers and shareholders.
This form of compensation, known as equity-based compensation, gives managers a direct stake in the performance of the company. If the company performs well and its stock price increases, the value of the shares held by the managers also increases, aligning their interests with those of the shareholders.
Whereas a fixed salary or a salary that is linked to company profits or market share does not give the managers a direct stake in the company's performance, which may not align their interests with those of the shareholders.
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regarding risks of harm and benefits of participation in research at the end-of-life, which of the following is true?
Answers
Control is becoming increasingly crucial near the end of life, and randomization and protocol-driven doses may need to be considered a risk of participation.
Although qualitative research has the potential to add significant new knowledge to end-of-life care, it is frequently hampered by concerns about how to best protect dying patients and their family members who act as study subjects.
Members of Institutional Review Boards (IRBs) are frequently unable to evaluate the advantages and potential harms of studies due to a lack of expertise with ethnographic or observational research approaches, as well as worries about the fragility of the dying.
Furthermore, rules generated from interventional medical research or clinical trials may be used incorrectly. We provide extensive recommendations targeted at enhancing the translation of human subjects guidelines into meaningful subject protections in qualitative investigations, including IRB education.
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public goods are underproduced in a competitive market because the free-rider problem causes which of the following?
Answers
reduced market demand public goods are underproduced in a competitive market because the free-rider problem causes.
In a market where there is competition, why are public goods underproduced?Because the extra value that the items provide for others is not reflected in the price that the producers of the goods receive, goods with positive externalities are underproduced.
Why is there a lack of public goods?Because individual actors are driven to free-ride, conventional economic theory claims that public goods are typically underprovided. They can be content to wait for others to step up and supply the good, believing that once it is available, they will also benefit from it—for free
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Question 11 1 pts Aggregate supply (AS) denotes, while holding the price of inputs fixed, the that firms choose to produce and total inputs: what types of goods price level for output; GDP type of goods: the input price of raw materials C Question 12 1 pts 120 102 100 102 80 B3 Price Level 60 57 57 40 20 10 10 0 0 2 6 8 10 12 Real GDP -AD Considering the figure above, at what point does the equilibrium occur? The equilibrium point occurs at a price level of 57 and an output level of 5. The equilibrium point occurs at a price level of 83 and an output level of 7. The equilibrium point occurs at a price level of 102 and an output level of 10. Question 13 1 pts What is the correct formula for calculating Aggregate Demand (AD)? C+I+G+ (X-M) O C+X+G+ (1-M) O C+I+G+(M-X) Question 14 1 pts Typically, if consumer and business confidence is low then and if consumer and business confidence is high then AD shifts to the left; AD shifts to the right AD does not shift; AD shifts to the right AD shifts to the right; AD shifts to the left Question 16 1 pts The Aggregate Supply curve shows the downward sloping relationship between price level and output for suppliers. the total quantity of output that firms will produce at a given price level. the potential output of an economy at a given price level. Question 15 1 pts In the chart below concerning the shifts in aggregate supply, arrow B represents an economy that is moving in response to S1 S2 A Aggregate Price Level Q Shifts in Aggregate Supply an decrease in input prices a decrease in consumer confidence O a decrease in productivity Question 17 1 pts Typically, if consumer and business confidence is high then, and if consumer and business confidence is low then AD does not shift; AD shifts to the right AD shifts to the left; AD shifts to the right AD shifts to the right; AD shifts to the left Question 18 1 pts Aggregate supply (AS) denotes, while holding the price of inputs fixed, the that firms choose to produce and price level for output; GDP total inputs: what types of goods type of goods: the input price of raw materials Question 19 1 pts In the long run, real GDP will be close to or on the vertical part of the AS curve. be close to or on the horizontal part of the AS curve. be close to or the consumer price index. Question 20 1 pts In the AS-AD model, when actual GDP falls below potential real GDP in the equilibrium of the AD and short-run AS curves, then aggregate supply increases. the economy is not at a short run equilibrium in the AS-AD model. cyclical unemployment occurs.
Answers
The answer of Q.11. is Price of inputs fixed; GDP. Q.12. The equilibrium point occurs at a price level of 83 and an output level of 7.
Q.13. C + I + G + (X-M).
Q.14. AD shifts to the left; AD shifts to the right.
Q.15. a decrease in productivity
Q.16. the potential output of an economy at a given price level.
Q.17. AD shifts to the right AD shifts to the left.
Q.18. price level for output; GDP
Q.19. be close to or on the vertical part of the AS curve
Q.20. cyclical unemployment occurs.
The aggregate supply of a good or service can be defined as the total number of units that can be produced by a particular company or organization. It is the total number of units that can be produced by a particular type of production process.
The aggregate supply of a good or service can also be determined by how many units are available at any given time.
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During a festival sale, the cost of an object is ₹ 870 on which 20% is off. The same object is available at other shops for ₹ 975 with a discount of 623%. Which is a better deal and by how much?
Answers
Accordingly, the first store's offer is 214.65 rupees better.
How to find the calculation?To calculate the present value of a future payment or stream of payments, a procedure known as discounting is used.
In the first store, finding the discount's value
Discount is 870*20/100.
Discount = 174 rupees
Price to sell: 870 minus 174
Selling cost = 696 rupees
In the second store, finding the discount's value
Reduction = 6 2/3%
Reduction = 20/3%
Savings = 6.6%
Discount is 975*6.6/100.
Discount = 64.35 rupees
Price to sell: 975 minus 64.35
Selling price = 910.65 Rupees
The pricing difference between the two stores is 910.65 minus 696.
Difference: 214.65 rupees
Therefore, the first shop's offer is superior by Rs. 214.65.
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consumers who have _____ are particularly good targets for marketing communications that use fantasy appeals.
a. a small gap between their real and ideal selves b. a large gap between their real and ideal selves c. looking-glass selves self-fulfilling prophecies
Answers
Consumers who have a large gap between their real and ideal selves are particularly good targets for marketing communications that use fantasy appeals.
A consumer is a person or group who wants to order or utilises acquired items, products, or services primarily for personal, social, family, or home purposes and is not actively involved in entrepreneurial or company operations. A person who buys products and services for personal consumption is most usually referred to by the word.
A consumer in an economy purchases products or services for personal consumption rather than resale or business objectives. Without customer demand, one of the primary motives for producers to produce would be to sell to consumers.
Hence the correct option is D
The above question is incomplete the complete question is-
Consumers who have ________ are particularly good targets for marketing communications that use fantasy appeals.
A) self-fulfilling prophecies
B) looking-glass selves
C) a small gap between their real and ideal selves
D) a large gap between their real and ideal selves
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1. quest manufacturing incurs the following costs per unit: labor $100/unit, materials $50/unit, and rent $100,000/month. if the quest produces 500,000 units a month, calculate the following:
Answers
Total variable costs - $90,000,000
Total fixed costs - $100,000/month.
Total costs - $90,100,000
a. Total variable costs can be calculated by adding together the costs of labor and materials per unit. In this case, the total variable costs are:
$100/unit (labor) + $50/unit (materials) = $150/unit
If the Quest produces 600,000 units per month, the total variable costs for that month would be:
$150/unit * 600,000 units = $90,000,000
b. Total fixed costs are costs that do not change with the level of production. In this case, rent is the only fixed cost given, which is $100,000/month.
c. To find the total costs, you need to add the total variable costs and total fixed costs. So in this case, the total costs would be:
$90,000,000 (total variable costs) + $100,000 (total fixed costs) = $90,100,000
It's important to note that this is a snapshot of the costs for one month, and the costs might change over time depending on the production level, changes in the costs of labor, materials and rent.
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Complete Question -
Quest manufacturing incurs the following costs per unit: labor $100/unit, materials $50/unit, and rent $100,000/month. If the Quest produces 600,000 units a month, calculate the following:
a. Total variable costs
b. Total fixed costs
c. Total costs
for a restaurant, all the following are examples of variable costs, except labor costs cost of raw materials rents on dining space none- all of them are variable costs
Answers
Variable costs include groceries, hourly wages, and utilities. These costs are harder to predict when opening a restaurant because they vary from production to production.
What are examples of variable costs other than labor costs? Labor, raw material rentals?
Variable costs are costs that change as the size changes. Examples of variable costs are raw materials, piecework, production materials, commissions, shipping costs, packaging materials, and credit card fees. In some accounting reports, variable costs of production are referred to as "Cost of Goods Sold." Health, disability, or life insurance premiums. Property taxes. Child care costs. Student loan or car loan repayment. Employee salaries are considered a fixed cost, while sales commissions are variable. Although fixed costs change over time, this change is unrelated to production. The first cost, fuel cost, is a variable cost.
The total cost at the end of the year varies based on activity level and flight hours over the same period.
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The information provided by the customer who brings a product in for warranty work can be used for ________ controlA) feedforwardB) concurrentC) preventiveD) feedback
Answers
The information provided by a client who returns a product for warranty service may be utilized for (D) feedback Control. Is the right option .
Which of the following types of control is perhaps most desirable for achieving this goal?
These three control modes are formally known as feedforward, concurrent, and feedback. Feedforward control is among the most desirable since this avoids potential problems. As a direct consequence, it's proactive.
One of the discussion that follows refers to the total amount of produced goods or services multiplied by the number of input and output required to generate that amount?
Productivity is frequently referred to as the ratio of output volume to input volume. In plenty of other words, it assesses how effectively production input variables such as labor and money are used in a financial system to produce a certain amount of output.
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Which of the following questions is NOT needed before deciding how and when to make a major purchase?
A) Do I have the cash I need for the down payment?
B) Does the purchase fit my budget?
C) Could I postpone the purchase?
D) Could I use the credit I need for this purchase in some better way?
E) All of these questions should be considered
Answers
Option (E) is the correct answer, i.e., all of these questions should be considered: banks and analogous business realities. Similar to the economy or credit unions, they offer the most generally honored.
And constantly used fiscal services, checking and savings accounts, home mortgages, and other types of loans for retail and marketable guests. In particular, finance is about managing your budget and how stylish to put your plutocrat to work to realize your fiscal independence and pretensions. You can admit free clones of your credit reports every 12 months from business realities.
This is the only authorized online source under civil law that provides free credit reports from the three major public credit reporting companies — Equifax, Experian, and TransUnion.
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Which of the following would be considered a source document in an accounting system? (Check all that apply.)
Answers
The following would be considered source documents in an accounting system credit memos, deposit slips, expense reports, invoices, and material requisition forms.
What is a document?A document is a written, drawn, presented, or documented expression of ideas, which is frequently the manifestation of both non-fictional and fictitious content. The term comes from the Latin Documentum, which means “teaching” or “lesson”: the verb done means "to teach.”
As by the accounting system, The source document is the piece of paper that provides both evidence that a transaction has occurred and the details of the transaction itself.
Therefore, By the source document in an accounting system, expense reports, and invoices are there in it.
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Musicians are much ____
likely to supply recordings to the market if property rights are enforced.
More or Less
Answers
Answer:
Musicians are much more likely to supply recordings to the market if property rights are enforced.
Explanation:
Musicians are much more likely to supply recordings to the market if property rights are enforced.
What is the market?The entire number of buyers and sellers in the area or region under consideration is referred to as the market. Earth, as well as several nations, regions, states, and cities, may be the subject. The worth, expense, and cost of the goods traded depend on the forces of supply and demand in the market.
Musicians are much more likely to supply recordings to the market if property rights are not enforced. A single gas station has exclusive rights to operate along a private toll road. As a result, the company can set the price of gasoline market power.
Therefore, By property rights are not enforced. A single gas station has exclusive rights.
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Question 9 (1 point)
Which of the following statements about the power of the human voice is correct?
a) The voice sends only verbal messages to receivers.
b) Individuals can learn to change their voice to make it more effective and powerful
c) No correlation exists between the voice and perceived authority and trust.
d) Flat monotone voices are considered to be polished and professional
Answers
Answer:
B.
The other ones don't sound the most accurate compared to B.
Explanation:
real estate investment trusts are: i traded on stock exchanges ii traded in the over-the-counter market iii securities which are redeemable with the sponsor
Answers
(II) the over-the-counter market is where real estate investment trusts are exchanged. (III) Securities redeemed with the sponsor include real estate investment trusts.
What are real estate investment trusts?A business that owns and, most of the time, manages income-producing real estate is known as a real estate investment trust (REIT).
In addition to office and residential buildings, warehouses, hospitals, shopping malls, hotels, and commercial forests are among the diverse types of commercial real estate that REITs own.
Real estate financing is what some REITs do.
A real estate business is entitled to lower corporation tax and capital gains tax payments under the REIT rules of the majority of nations.
REITs have come under fire for allowing housing speculation and lowering housing affordability without raising funding for construction.
Therefore, (II) The over-the-counter market is where real estate investment trusts are exchanged. (III) Securities redeemed with the sponsor include real estate investment trusts.
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The following selected events occurred for Orwell Company during the first quarter of 2016:
Jan. 11 A motor breaks on a machine and is replaced for $2,400. This replacement was expected when the machine was purchased.
Feb. 15 A machine breaks down unexpectedly and requires repairs of $700.
Mar. 10 An accident damages some equipment. Repairs cost $2,000.
Mar. 19 A motor breaks on a machine and is replaced for $900. The new motor is an improved designthat increases the capacity of the machine.
Mar. 27 Office layout is rearranged at a cost of $700. At the same time, the walls are repainted for $500.
1. Prepare journal entries for the transactions.
2. Would any of your answers change if the company used IFRS? If so, how?
Answers
In IFRS, the major overhaul can be capitalized under two conditions, In case the original equipment which is now replaced is separately identified in the books of accounts and it is impaired and The overhauling will cause an improvement in useful life of the asset.
International Financial Reporting Standards (IFRS) are accounting standards established by the International Accounting Standards Board and the IFRS Foundation (IASB). They are a standardised manner of representing a company's financial performance and condition, allowing its financial statements to be understood and comparable across international borders.
They are especially important for firms whose shares or securities are traded on a public stock market. IFRS have superseded many various national accounting standards across the world, but not the distinct accounting standards in the United States where US GAAP is used.
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T/F a speculative presentation allows an advertiser to see what the agency can do for it before signing any contractual agreement.
Answers
This statement is True: a speculative presentation allows an advertiser to see what the agency can do for it before signing any contractual agreement.
Well, it did occur once more. Our agency invested three digits in labor hours and four digits in expenses to develop a speculative presentation as a former principal of an advertising agency and finalist in a competitive evaluation. Likewise, a dozen additional agencies, including the incumbent, did so. However, the client told the business press that the incumbent had a little chance of keeping the company. As a result, resources including time and money were used to present the presentations. After all was over, we were not given the account. None of the other non-incumbent organizations did either. The account remained in the same location as before. What was gained, then? The incumbent agency may have given the client newfound motivation and focus, as well as some fresh suggestions. However, the participating organizations suffered losses in morale, funds, and—more importantly—time that could have been used to better serve their current customers. All they got out of it was practice for the next time. But the basic line to all this is that there shouldn’t be a next time. Because speculative presentations should be completely, and forever, “trash-canned."
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The following chart shows how costs flow through a business as a product is manufactured. Some boxes in the flowchart show cost amounts. Compute the cost amounts for the input boxes. Materials Activity Raw materials purchases $566,000 Beginning raw materials inventory $154,000 Raw materials available for use in production $ Ending raw materials inventory $192,000 Direct materials used in production Production Activity Direct labor used in production $384.000 Factory overhead used in production $784,000 Beginning work in process Inventory Total work in process Ending work in process inventory $93,000 $1 $ Finished goods manufactured $1,602,000 Sales Activity Beginning finished goods inventory Finished goods available for sale Ending finished goods inventory $ $1,744,500 $140,800 Finished goods sold $
Answers
Finished goods available for sale = $1,744,500 , Beginning Inventory of Finished Goods is $0 .
What is the Cost Flow Assumption?The Cost Flow Assumption Theory is the theory used in this question. According to this theory, costs are recorded on a company's financial statements based on when they are incurred and move through a business as a product is manufactured.
The cost amounts for the flowchart input boxes can be calculated using the following steps:
1. Determine how much the raw materials activity will cost:
Raw Materials Purchases: $566,000
Initial Stock of Raw Materials: $154,000
Raw Materials Available for Use in Production:
$154,000 + $566,000
= $720,000
Ending Raw Materials Inventory: $192,000
2. Calculate the costs of the Production Activity:
Direct Labor Used in Production: $384,000
Factory Overhead Used in Production: $784,000
Beginning Work in Progress Inventory: $0
Total Work in Progress:
$384,000 + $784,000
= $1,168,000
Ending Work in Progress Inventory:
= $93,000
3. Calculate the costs of the Sales Activity:
Beginning Finished Goods Inventory: $0
Finished Goods Available for Sale: $1,744,500
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which of the following statements about the a-b-c approach is/are true? multiple select question. c items are the most closely managed, while a items are least important. approximately 10% to 20% of items account for about 60% to 70% of annual dollar value. it is intended to help firms allocate control efforts based on the relative importance of items in inventory. its purpose is to identify inventory items that are the most important to the business.
Answers
The statements that are true about the A-B-C approach are: option B), C) and D).
The ABC method of inventory control uses a system that manages inventory and is applied to materials and distribution operations. Selective inventory control, or SIC, is another name for it. Inventory is split into three categories, A, B, and C, in descending value as part of the ABC analysis approach.
The highest valued items are those in category A, followed by items in category B and category C, which are both less valuable than category A. A business needs effective inventory management and control. They aid in containing their expenses. The ABC analysis aids in inventory control by allowing management to concentrate on the highest value items (the A-items) rather than the numerous low-value items (the C-items).
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Describe the dynamic through which a tight labor market might give rise to a wage-price spiral. Tight labor market's force workers to ask for the raises to protect themselves from inflation which then causes a drop in production which then kicks off the wage price spiral noted above.v
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The wage-price spiral postulates that higher wages increase disposable income, which increases demand for commodities and pushes up prices.
An economic concept known as the wage-price spiral describes the phenomena of price rises brought on by rising salaries. When wages are increased, more goods and services are demanded, which increases demand and, consequently, prices. As a result of the salary increase, general business expenses go up, which is ultimately passed on to the consumer as higher pricing. Essentially, it is a never-ending cycle of steadily rising prices.Since the wage-price spiral illustrates the causes and effects of inflation, Keynesian economic theory is known for it. The cost-push origin of inflation is another name for it. Demand-pull inflation is another reason for inflation, and according to monetary theorists, it is a result of the money supply.
POINTS TO NOTE
1. In a never-ending loop known as the wage-price spiral, rising prices lead to increased wages and vice versa.
2. To stop the wage-price spiral, central banks deploy open market operations, reserve requirements, interest rates, and monetary policy.
3. A type of monetary policy called inflation targeting seeks to reach and maintain a predetermined interest rate over time.
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Which of the following media headlines anticipate a recession and which anticipate an expansion?
a. U.S. jobless claims increase. - recession
b. Wall Street forecasts rising production. - expansion
c. Housing starts to rise. - expansion
d. Firms recall workers. - expansion
e. Automakers worried as car sales plummet. - recession
Is this correct? Let me know
Answers
Answer:
Answers Question 4) a) U. S Just claims increase- a recession b) Wall Street forecasts rising production- an expansion Explanation:- a) a recession can be defined as a period of economic contraction in the economy full stop during this stage compani
Which of the following is (are) characteristic of cooperative games?They require little equipment or money.They emphasize participation by all players.Players learn from mistakes rather than hide from them.
Answers
They require little equipment or money is characteristic of cooperative games.
What distinguishes cooperative games from other types?
Cooperative games are ones in which players cooperate with one another to accomplish a shared goal. A cooperative game aims to place more of a focus on social aspects of working in groups and teams rather than competition.
What role may cooperative games play in integrating people with learning disabilities?
Coordination and teamwork can be incorporated into the activities played in class. As a result, everyone might feel like they are a part of the game by being forced to cooperate with one another in order to accomplish the main objective.
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on september 1 of the current year, scots company experienced a flood that destroyed the company's entire inventory. because the company had not completed its month end reporting for august, it must estimate the amount of inventory lost using the gross profit method. at the beginning of august, the company reported beginning inventory of $215,750. inventory purchased during august was $192,650. net sales for the month of august were $543,100. assuming the company's typical gross profit ratio is 40%, estimate the amount of inventory destroyed in the flood. multiple choice $82,540 $191,160 $81,540 $134,700 $87,540
Answers
The correct answer is Option (1). The amount of inventory destroyed in flood can be estimated using the gross profit method as follows:
Gross profit = Net sales - Cost of goods sold
Cost of goods sold = Net sales - Gross profit
Gross profit ratio = Gross profit / Net sales.
Given the typical gross profit ratio of 40%, we can calculate the gross profit:
Gross profit = Net sales * Gross profit ratio
Gross profit = $543,100 * 40%
Gross profit = $217,240
Cost of goods sold = Net sales - Gross profit
Cost of goods sold = $543,100 - $217,240
Cost of goods sold = $325,860
The cost of the goods sold includes the cost of the beginning inventory and the cost of the inventory purchased during August:
Cost of goods sold = Beginning inventory + Inventory purchased
$325,860 = $215,750 + $192,650 - Inventory destroyed
Solving for the inventory destroyed:
Inventory destroyed = $215,750 + $192,650 - $325,860
Inventory destroyed = $82,540
Therefore, the estimated amount of inventory destroyed in flood is $82,540.
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Y=C+I+G C=120+0.8×(Y−T) I=500−50×r G=150 T=125
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The value of the Income based on the consumption and investment given will be 4350 - 250r.
How to calculate the national income?Based on the information given, it should be noted that the income of a country is represented as:
Y = C + I + G
In this situation, the meaning of the terms include:
Y = Income
C = Consumption
I = Investment
G = Government Expenditure
C=120+0.8×(Y−T)
I=500−50×r
G=150
T=125
Y = C + I + G
Y = 120 + 0.8Y - 0.8T + 500 - 50r + 150
Y = 120 + 0.8Y - 0.8(125) + 500 - 50r + 150
Y - 0.8Y = 120 + 100 + 500 - 50r + 150
0.2Y = 870 - 50r
Y = 4350 - 250r
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Complete question
Given Y=C+I+G C=120+0.8×(Y−T) I=500−50×r G=150 T=125. Find the value of y
on june 1, 2022, blossom company was started with an initial investment in the company of $20,000 cash. here are the assets, liabilities, and common stock of the company at june 30, 2022, and the revenues and expenses for the month of june, its first month of operations:
Answers
Company blossom
Revenue Statement
For the calendar month of June, 2022
Seven thousand six hundred dollars in revenue
Less:
operational costs
One thousand dollars was spent on supplies.
alterations and upkeep 610
400 dollars were spent on advertising.
290 dollars were spent on utilities.
1,500 dollars in salaries and wages
$3,800 is the total operating expense.
$3,800 NET OPERATIONAL INCOME
When creating an income statement, we start with the revenue and subtract all costs to arrive at the net operating income. Because all real accounts are shown on the balance sheet, the things we must include in the income statement are all nominal accounts.
Real accounts include cash, notes payable, accounts receivable, accounts payable, supplies, equipment, and common stock. As a result, none of them will appear on the income statement because they are all balance sheet accounts.
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The complete question as follows
On June 1, 2022, Blossom Company was started with an initial investment in the company of $20,000 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2022, and the revenues and expenses for the month of June, its first month of operations:
Cash - $ 4,700
Notes payable - $12,200
Accounts receivable - 4,100
Accounts payable - 600
Service revenue - 7,600
Supplies expense - 1,000
Supplies - 2,460
Maintenance and repairs expense - 610
Advertising expense - 400
Utilities expense - 290
Equipment - 24,200
Salaries and wages expense - 1,500
Common stock - 20,000
Turn this into a monthly income statement.
which of the following could cause an increase in the supply of peanut butter? instructions: in order to receive full credit, you must make a selection for each option. for correct answer(s), click the option once to place a check mark. for incorrect answer(s), click the option twice to empty the box. check all that apply 1 an increase in the number of firms in the market a decrease in the expected future price of peanut butter an improvement in technology an increase in the price of jelly a decrease in the price of peanut butter which of the following could cause a decrease in the supply of jelly? instructions: in order to receive full credit, you must make a selection for each option. for correct answer(s), click the option once to place a check mark. for incorrect answer(s), click the option twice to empty the box. check all that apply 2 an increase in the price of peanut butterunanswered an increase in the price of jellyunanswered a decrease in the expected future price of jellyunanswered a decrease in income, if jelly is an inferior goodunanswered an increase in the price of sugar, an input to jelly production
Answers
Jelly demand will move to the left of the supply curve (decrease). You would purchase less peanut butter if the price rose.
Manufacturers of peanut butter won't be able to produce as much at different price points as they once could as a result. Since the supply curve will shift to the left as a result, the equilibrium price and quantity will increase. Demand for jelly will also be affected. Remember that peanut butter and jelly pair well. We consume less jelly because we consume less peanut butter, even if jelly is still the same price. The popularity of Jelly is ebbing (jelly demand curve shifts inward). As consumer income rises, demand for a product increases, especially when the products are commonplace. The demand for "normal" goods increases along with consumer income.
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A. Action steps include:
Research the opportunity in the segment in the Courier
Select appropriate product attributes - Performance, Size, MTBF
Display the R&D worksheet.
Enter the product attributes
Note the R&D completion date
Display the Production worksheet
Order capacity and automation (optionally, wait a year)
Display the Finance worksheet
Fund the plant with stock and bond issues
Reposition a product
a- Marketing a product
b- Scheduling production
c- Modifying plant and equipment
d- Raising money and paying debt
6. - Inventing a new product
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Research the opportunity in the segment in the Courier Inventing a new product. So answer is Inventing a new product.
How do you define a product?The object being sold is referred to as a product. A service or an object both qualify as products. It could take on a physical, virtual, or cyber form. Every product has a cost associated with it, and each one has a price. The market, the quality, the marketing, and the group that is being targeted all affect the price that can be charged. Consumer goods, industrial goods, and services are the main types. There are many helpful categories that may be used to group products.
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