Answer:
c. $51.12.
Explanation:
Total activity cost of supervision and maintenance activity for Product Z.
Total activity cost = Activity based cost per unit * Number of units on which activity is performed
= Activity based cost per direct labor hour * Direct labor hours of Product Z
= $20 per direct labor hour * 50,000 hours
= $1,000,000
Total activity cost of batch costs activity for Product Z
Total activity cost = Activity based cost per unit * Number of units on which activity is performed
= Activity based cost per batch * Number of batches of Product Z
= $85 per batch * 2,000 batches
= $170,000
Total activity cost of engineer changes activity for Product Z
Total activity cost = Activity based cost per unit * Number of units on which activity is performed
=Activity based cost per engineer hour * Engineer hours of Product Z
= $60 per engineer hour×1,800 batches
= $108,000
Total overheads = Activity cost of supervision and maintenance + Activity cost of batch cost + Activity cost of engineer changes
=$1,000,000 + $170,000 + $108,000
=$1,278,000
Overhead per unit=Total overheads / Annual production
= $1,278,000/25,000 units
= $51.12 per unit
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations. Its unadjusted trial balance as of December 31, 2015, follows. WTI initially records prepaid expenses and unearned revenues in balance sheet accounts. Descriptions of items a through h that require adjusting entries on December 31, 2015, follow.Additional Information Itemsa. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired.b. An inventory count shows that teaching supplies costing $3,349 are available at year-end 2015.c. Annual depreciation on the equipment is $15,458.d. Annual depreciation on the professional library is $7,729.e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016.f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,700 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.h. The balance in the Prepaid Rent account represents rent for December.WELLS TECHNICAL INSTITUTEUnadjusted Trial BalanceDecember 31, 2015Debit Credit Cash $26,189 Accounts receivable 0 Teaching supplies 10,071 Prepaid insurance 15,110 Prepaid rent 2,015 Professional library 30,217 Accumulated depreciation—Professional library $9,066 Equipment 70,500 Accumulated depreciation—Equipment 16,117 Accounts payable 32,840 Salaries payable 0 Unearned training fees 14,500 Common stock 12,812 Retained earnings 51,250 Dividends 40,291 Tuition fees earned 102,740 Training fees earned 38,275 Depreciation expense—Professional library 0 Depreciation expense—Equipment 0 Salaries expense 48,350 Insurance expense 0 Rent expense 22,165 Teaching supplies expense 0 Advertising expense 7,051 Utilities expense 5,641 Totals $277,600 $277,600 1. Prepare the necessary adjusting journal entries for items a through h. Assume that adjusting entries are made only at year-end.2. Prepare an adjusted trial balance
Answer:
1) a. An analysis of WTI's insurance policies shows that $3,864 of coverage has expired.
Dr Insurance expense 3,864
Cr Prepaid insurance 3,864
b. An inventory count shows that teaching supplies costing $3,349 are available at year-end 2015.
Dr Teaching supplies expense 6,722
Cr Teaching supplies 6,722
c. Annual depreciation on the equipment is $15,458.
Dr Depreciation expense 15,458
Cr Accumulated depreciation: equipment 15,458
d. Annual depreciation on the professional library is $7,729.
Dr Depreciation expense 7,729
Cr Accumulated depreciation: professional library 7,729
e. On November 1, WTI agreed to do a special six-month course (starting immediately) for a client. The contract calls for a monthly fee of $2,900, and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited. The fee for the sixth month will be recorded when it is collected in 2016.
Dr Unearned training fees 5,800
Cr Training fees earned 5,800
f. On October 15, WTI agreed to teach a four-month class (beginning immediately) for an individual for $4,700 tuition per month payable at the end of the class. The class started on October 15, but no payment has yet been received. (WTI's accruals are applied to the nearest half-month; for example, October recognizes one-half month accrual.)
Dr Accounts receivable 11,750
Cr Tuition fees earned 11,750
g. WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $100 per day for each employee.
Dr Salaries expense 400
Cr Salaries payable 400
h. The balance in the Prepaid Rent account represents rent for December.
Dr Rent expense 2,015
Cr Prepaid rent 2,015
2) Wells Technical Institute (WTI)
Adjusted Trial Balance
For the year ended December 31, 2015
Debit Credit
Cash $26,189
Accounts receivable $11,750
Prepaid rent $0
Teaching supplies $3,349
Prepaid insurance $11,246
Professional library $30,217
Accumulated depreciation: $16,795
Professional library
Equipment $70,500
Accumulated depreciation: $31,575
Equipment
Accounts payable $32,840
Salaries payable $400
Unearned training fees $8,700
Common stock $12,812
Retained earnings $51,250
Dividends $40,291
Tuition fees earned $114,490
Training fees earned $44,075
Depreciation expense: $7,729
Professional library
Depreciation expense: $15,458
Equipment
Salaries expense $48,750
Insurance expense $3,864
Rent expense $24,180
Teaching supplies expense $6,722
Advertising expense $7,051
Utilities expense $5,641
Totals $312,937 $312,937
Discuss and analyze a situation where you worked on a team/project team consisting of diverse or intercultural team members. Consider the following points in your response:
a. What were some good and/or poor examples of communication?
b. Discuss any examples or interpretation of cultural differences as described in Hofstede's Cultural Values chart on page 46 of your text (e.g., individualism, time orientation, formality, etc.).
c. Was there anything that could have been done to make the communication more effective?
Explanation:
a. It is common that there are challenges in multicultural companies, communication can be a problem in companies where there are language barriers for example, which can cause significant communication noises that can cause misunderstanding and difficulty integrating a member of a culture different when joining a work team.
b. There are several different cultural values that can directly influence the work environment, the issue of formality for example is a factor that differs from country to country, and the lack of formality of an employee for example can be seen as rude, invasive behavior or unprofessional, when in fact it may just be a cultural feature of countries where the work environment is less informal and more flexible.
c. To make communication more effective, it is necessary to prepare the organization, that is, the development of policies, organizational culture and programs aimed at inclusion and respect for the different cultural values present in the organization.
It is essential that the company prepare its managers and employees to receive workers from other countries, developing a favorable environment for the exchange of positive experiences, aimed at integration, collaboration and ethical behaviors.
Stine Corp.'s trial balance reflected the following account balances at December 31, 2024: Accounts receivable (net) $23,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 16,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 2,000 Land held for future business site 18,000. In Stine's December 31, 2024 balance sheet, the current assets total is
Answer: $77,000
Explanation:
Current Assets are those assets that will be expended within the period. In this case they will include;
= Accounts Receivable + Trading securities + Cash + Inventory + Prepaid expenses
= 23,000 + 6,000 + 16,000 + 30,000 + 2,000
= $77,000
_____________ is when your company makes an effort to actively control and shape your brand image with your target market.
A.Market penetration
B.Market segmenting
C.Data mining
D.Market positioning
Answer:
D
Explanation:
Market positioning is when the company makes an effort to actively control and shape your brand image with the target market. Thus, option D is correct.
What is Market positioning?Market positioning is the ability to influence consumer perception of a brand or product in comparison to competitors. The goal of market positioning is to establish a brand's or product's image or identity so that consumers perceive it in a specific way.
Market positioning is a critical component of marketing strategy because it influences what customers perceive to be offered to them. This includes the following steps: market segmentation (analysing the different parts of a market), and Targeting (deciding with market segments to enter) (deciding with market segments to enter)
Therefore, option D is correct, that Market positioning is when a company actively controls and shapes the brand's image with the target market.
Learn more about the Market positioning, refer to:
https://brainly.com/question/30077419
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On april 1, Windsor, Inc. began operations. The following transactions were completed during the month.
1. Issued common stock for $28,300 cash.
2. Obtained a bank loan for $8,300 by issuing a note payable.
3. Paid $13,000 cash to buy equipment.
4. Paid $1,400 cash for April office rent.
5. Paid $1,700 for supplies.
6. Purchased $710 of advertising in the Daily Herald, on account.
7. Performed services for $21,200: cash of $2,360 was received from customers, and the balance of $18,840 was billed to customers on account.
8. Paid $470 cash dividend to stockholders.
9. Paid the utility bill for the month, $2,360.
10. Paid Daily Herald the amount due in transaction (6).
11. Paid $50 of interest on the bank loan obtained in transaction (2).
12. Paid employees’ salaries, $7,550.
13. Received $14,160 cash from customers billed in transaction (7).
14. Paid income tax, $1,770.
Required:
Journalise the transactions.
Answer:
S/n General Journal Debit Credit
1. Cash $28,300
Common stock $28,300
(To record issuance of common stock)
2. Cash $8,300
Note payable $8,300
(To record issuance of note payable)
3. Equipment $13,000
Cash $13,000
(To record purchase of equipment)
4. Rent expense $1,400
Cash $1,400
(To record rent expense)
5. Supplies $1,700
Cash $1,700
(To record purchase supplies )
6. Advertising expense $710
Accounts payable $710
(To record advertising expense)
7. Cash $2,360
Accounts receivable $18,840
Service revenue $21,200
(To record service revenue)
8. Cash dividends $470
Cash $470
(To record cash paid for dividends )
9. Utilities expense $2,360
Cash $2,360
(To record utilities expense)
10. Accounts payable $710
Cash $710
(To record payment to creditors)
11. Interest expense $50
Cash $50
(To record interest expense)
12. Salaries and wages $7,550
expense
Cash $7,550
(To record salaries and wages expense)
13. Cash $14,160
Accounts receivable $14,160
(To record amount received from customers)
14. Tax Expenses $1,770
Account payable $1,770
(To record income tax expenses)
1.1.1 the name of the business and the title of the job advertisement
1.1.2 A clear job description that is relevant to the advertised vacancy
1.1.3A clear job specification that is to the advertised vacancy
Answer:
what are you even asking
Boyd Docker engaged in the following activities in establishing his photography studio, SnapShot!:
1. Opened a bank account in the name of SnapShot! and deposited $7,590 of his own money into this account in exchange for common stock.
2. Purchased photography supplies at a total cost of $920. The business paid $290 in cash, and the balance is on account.
3. Obtained estimates on the cost of photography equipment from three different manufacturers.
In what form (type of record) should Joel record these three activities? Prepare the entries to record the transactions.
Answer:
In what form (type of record) should Joel record these three activities? Joel should record these three activities in the General Journal format as it is standardized.
Journal Entries
S/N Account Titles and Explanation Debit Credit
1. Cash $7,590
Common stock $7,590
(To record the investment)
2. Supplies $920
Cash $290
Account payable $630
(To record the purchase of supplies)
3. No Entries - -
(This is because it is just an receiving of quotation)
Performed $20,000 of services on account.
Collected $17,400 cash on accounts receivable.
Paid $4,900 cash in advance for an insurance policy.
Paid $990 on accounts payable.
Recorded the adjusting entry to recognize $3,900 of insurance expense.
Received $7,700 cash for services to be performed at a later date.
Purchased land for $1,420 cash.
Purchased supplies for $1,200 c
Required
Record each of the above transactions in general journal form and then show the effect of the transaction in a horizontal statements model.
The first transaction is shown as an example.
Transaction Account Titles Debit Credit
Accounts receivable 8,200
Service revenue 8,200
Answer:
Journal of given entries
Explanation:
Debtor ac dr 20000to Sales ac 20000
Cash ac dr 17400to Account Receivables ac 17400
Prepaid Insurance ac dr 4900to Cash ac 4900
Accounts Payable ac dr 990to Cash ac 990
Insurance ac dr 3900to Prepaid Insurance ac 3900
Cash ac dr 7700to Advance ac 7700
Land ac dr 1420to Cash ac 1420
Purchase ac dr 1200to Cash ac 1200
Imagine that your friend is the CEO of a company, called Magna Clothes, that manufactures cool new clothing accessories for both men and women. Now that it has achieved a large following and a level of success in the United States, Magna Clothes wants to start conducting business abroad. Your friend knows you have taken a management class and has asked you to explain the history and significance of the World Trade Organization (WTO). Which of the following statements are true?
a. The WTO seeks to establish impartial procedures for resolving trade disputes among its members.
b. The WTO seeks to reduce remaining trade barriers through multilateral negotiations.
c. The WTO is headquartered in Belgium.
d. Existence of the WTO has allowed most member countries to replace their local currencies with a universal currency beginning in 2002.
Answer:
a) & b) are true. c) & d) are false.
Explanation:
WTO is an international (intergovernmental) organisation, supervising international trade between countries.
a) is true. It seeks to establish impartial procedures for resolving trade disputes among its members.
It seeks to reduce remaining trade barriers through multilateral negotiations, b) is true
c) is false. It is headquartered in Geneva, Switzerland (not Belgium)
d) is false. Existence of the WTO has allowed most member countries to replace their local currencies with a universal currency beginning in 2002. It is an international trade organisation, not monetary policy organisation.
Honda Motor Company has discovered a problem in the exhaust system of one of its automobile lines and has voluntarily agreed to make the necessary modifications to conform to government safety requirements. Standard procedure is for the firm to pay a flat fee to dealers for each modification completed. Honda is trying to establish a fair amount of compensation to pay dealers and has decided to choose a number of randomly selected mechanics and observe their performance and learning rate. Based on the results of this test, Honda decided to pay a $60 fee for each repair (3 hours × $20 per flat-rate hour).
Southwest Honda, Inc., is considering whether to participate in the program. If they can average three hours or less on each repair (what Honda is willing to pay them for), it will make sense for them to agree. They performed their own test repairs to help in their decision process. Six mechanics, working independently, have completed two modifications each. On average, the mechanics took 9 hours to do the first unit and 6.3 hours to do the second. The dealership expects to perform 300 such modifications, which works out to 50 modifications per mechanic, including the first two units already built. Use Exhibit 6.5.
On average, how many hours will it take Southwest Honda to perform each modification using all six mechanics as planned?
For this exercise it has to be taken the leaning curve with a leaning rate equals to L%
If the period necessary for 1st unit is equal to T,
the time necessary for the 2nd unid is equal to L/100 * T
as well as for the forth it will be L/100^2T
As explained,
The necessary time for the first unit will be 9 hours
and the second it will be 6.3 hours
applying the Leaning method we have
= (2nd necessary time/1st necessary time )* 100 = 6.3h/9h*100 = 70%
therefore the modifications performed by six mechanics is equal to 300/6 which is equal to 50 modifications
By using the leaning curve, it has to be found the total amount of time necessary for each mechanic to perform the 50 modifications.
50th modification time = 1.2 hour
therefore the total time necessary to perform the 50th modifications is equal to 110.76 h
So, the time for each modification is equal to:
110.76 h / 50 = 2.21 h
Balance Sheet Missing element problem.Plz help?
I tried but didn't make it correct.Can anyone plz help?
The following December 31, 2009, fiscal year-end account balance information is available for the Stonebridge Corporation:
Cash and cash equivalents $ 5,000
Accounts receivable (net) 20,000
Inventories 60,000
Property, plant, and equipment (net) 120,000
Accounts payable 44,000
Wages payable 15,000
Paid-in-capital 100,000
The only asset not listed is short-term investments. The only liabilities not listed are a $30,000 note payable due in two years and related accrued interest of $1,000 due in four months. The current ratio at year-end is 1.5:1.
Required:
Determine the following at December 31, 2009:
Total current assets ??
Short-term investments ??
Retained earnings ??
Answer:
1. Current ratio = Total current assets / Current liabilities
Total current assets = Current liabilities * Current ratio
Total current assets = ($44,000 + $15,000 + $1,000) + 1.5
Total current assets = $60,000 * 1.5
Total current assets = $90,000
2. Short Investments = Total current assets - (Cash + Accounts receivable + Inventories)
Short Investments = $90,000 - ($5,000 + $20,000 + $50,000)
Short Investments = $90,000 - $75,000
Short Investments = $15,000
3.Calculation of Retained earnings
Total assets = Long term assets + Current assets = $120,000 + $90,000 + $210,000
Retained earnings = Total assets - (Current liabilities + Long term liabilities + Paid in capital
Retained earnings = $210,000 - ($60,000 + $30,000 + $100,000)
Retained earnings = $210,000 - $190,000
Retained earnings = $20,000
Finance, or financial management, requires the knowledge and precise use of the language of the field. Match the terms relating to the basic terminology and concepts of the time value of money on the left with the descriptions of the terms on the right. Read each description carefully and type the letter of the description in the Answer column next to the correct term. These are not necessarily complete definitions, but there is only one possible answer for each term.
Discounting:A. Concept that maintains that the owner of a cash flow will value it differently, depending on when it occur.
Time value of money terms:B. The amount towhich an ndividual cash flow or series of cash payments or receipt ewill grow over a period of time when earning interest at a given rate of interest.
Amortized loan:C. A type of security that is frequently used in mortgages and requres that the loan payment contain both interest and loan principal.
Ordinary annulty:D. An interest rate that reflects the return required by a lender and paid by a borrower, expressed as a percentage of the principal borrowed.
Annual percentage rate:E. A series of equal cash flows that occur at the end of each of the equally rate spaced intervals (such as daily, monthly, quarterly, and so on)
Annuity due: F. A table that reports the results of the disaggregation of each payment on an amortized loan, such as a mortgage, into its interest and loan repayment components.
Perpetuity:G. A process that involves calc lating the current value of a future cash flow or series of cash flows based on a certain interest rate Future value:H. A rate that represents the return on an investor's best available alternative investment of equal risk.
Amortization schdule:I. A series of equal (constant) cash flows (receipts or payments) that are schedule expected to continue forever
Opportunity cost of funds:J. A series of equal cash flows that occur at the beginning of each of the equaly spaced intervas (such as daily, monthly, quarterly, and so on)
Time value of money calculations can be solved using a mathernatical equation, a financial calculator, or a spreadsheet. Which of the following equations can be used to solve for the present alue of an annuity due?
A. PMT x (1-(1/ (1 + r)/r) x (1 +r)
B. PMT x (1-(1/ (1 + r)n]}
C. PMT/r
D. PMT x{[(1+r)n-1]/r*(1+r)
Answer:
1. Time value of money.
2. Future value.
3. Amortized loan.
4. Annual percentage rate.
5. Annuity due.
6. Amortization schedule.
7. Discounting.
8. Opportunity cost of funds.
9. Perpetuity.
10. Ordinary annuity.
11. A
Explanation:
1. Time value of money: concept that maintains that the owner of a cash flow will value it differently, depending on when it occur.
2. Future value: the amount to which an individual cash flow or series of cash payments or receipt will grow over a period of time when earning interest at a given rate of interest.
3. Amortized loan: a type of security that is frequently used in mortgages and requires that the loan payment contain both interest and loan principal.
4. Annual percentage rate: an interest rate that reflects the return required by a lender and paid by a borrower, expressed as a percentage of the principal borrowed.
5. Annuity due: A series of equal cash flows that occur at the end of each of the equally rate spaced intervals (such as daily, monthly, quarterly, and so on)
6. Amortization schedule: a table that reports the results of the disaggregation of each payment on an amortized loan, such as a mortgage, into its interest and loan repayment components.
7. Discounting: a process that involves calculating the current value of a future cash flow or series of cash flows based on a certain interest rate.
8. Opportunity cost of funds: a rate that represents the return on an investor's best available alternative investment of equal risk.
9. Perpetuity: a series of equal (constant) cash flows (receipts or payments) that are schedule expected to continue forever.
10. Ordinary annuity: a series of equal cash flows that occur at the beginning of each of the equally spaced intervals (such as daily, monthly, quarterly, and so on).
11. PMT x (1-(1/ (1 + r)/r) x (1 +r): an equation that can be used to solve for the present value of an annuity due. It is known as Present Value of an Annuity.
Johnson Electronics is considering extending trade credit to some customers previously considered poor risks. Sales would increase by $115,000 if credit were extended to these new customers. Of the new accounts receivable generated, 9 percent will prove to be uncollectible. Additional collection costs will be 6 percent of sales, and production and selling costs will be 75 percent of sales. The firm is in the 30 percent tax bracket.
Required:
a. Compute the incremental income after taxes.
b. What will Johnson’s incremental return on sales be if these new credit customers are accepted?
c. If the accounts receivable turnover ratio is 3 to 1, and no other asset buildup is needed to serve the new customers, what will Johnson’s incremental return on new average investment be?
Answer:
See answers below
Explanation:
Incremental income after tax
Incremental sales. $115,000
Less:
Expected uncollectibles
(115,000 × 9%) $10,350
Additional collection cost
(115,000 × 6%) $6,900
Production and selling cost
(115,000 × 75%) $86,250
Total balance. ($103,500)
Increase in before- tax inc. $11,500
Less: tax 30%. ($3,450)
Increase in after tax income $8,050
a. Incremental income after taxes $8,050
b. Johnson's incremental return on sales
= Increase in after - tax income / incremental sales
= $8,050 / $115,000
= 7%
c. Incremental return on new average
Incremental sales. $115,000
Accounts receivable
turnover ratio. 3
Average investments.
in assets $38,333
*Note: Average investment in assets = Sales / Accounts receivable turnover ratio.
Incremental return on new average investment
= Increase in after tax income / Average investments in assets
= $8,050 / $38,333
= 21%
Problem 13-1 A company currently using an inspection process in its material receiving department is trying to install an overall cost reduction program. One possible reduction is the elimination of one inspection position. This position tests items for which the probability of a material defect averages 0.04. By inspecting all items, the inspector is able to remove all defects. The inspector can inspect 50 units per hour. The hourly rate including fringe benefits for this position is $9. If the inspection position is eliminated, defects will go into product assembly and will have to be replaced later at a cost of $10 each when they are detected in final product testing. Assume that the line will operate at the same rate (i.e., the inspection rate) if the inspection operation was eliminated.
Required:
a. If the inspector position is eliminated, what will the hourly cost of defects be?
b. Should this inspection position be eliminated based on costs alone?
c. What is the cost to inspect each unit?
Answer:
a. $20
b. No.
c. $0.18 per unit
Explanation:
a. Hourly cost = Material defects * Cost to replace
50 units are inspected per hour with a 0.04 chance of defects.
= 50 * 0.04 = 2 units
Hourly cost = 2 * 10
= $20
b. No. Based on costs alone, Paying the inspector $9 an hour would be more cost effective than paying $20 to replace the defect.
c. Cost of inspecting each unit = Instructor fee/ Units inspected in an hour
= 9 / 50
= $0.18 per unit
Kim is trying to decide whether she can afford a loan she needs in order to go to chiropractic school. Right now Kim is living at home and works in a shoe store, earning a gross income of $1,070 per month. Her employer deducts $210 for taxes from her monthly pay. Kim also pays $128 on several credit card debts each month. The loan she needs for chiropractic school will cost an additional $85 per month.
Required:
Calculate her debt payments-to-income ratio without college loan.
Answer:
Explanation:
Gross income = 1070
net income = gross income - tax = 1070 - 210 = 860
payment to credit card = 128
debt payment to income ratio without college loan
= 128 / 860
= .1488
Bunker makes two types of briefcase, fabric and leather. The company is currently using a traditional costing system with labor hours as the cost driver but is considering switching to an activity-based costing system. In preparation for the possible switch, Bunker has identified two activity cost pools: materials handling and setup. Pertinent data follow: Fabric Case Leather Case Number of labor hours 17,000 11,000 Number of material moves 560 1,040 Number of setups 35 135 Total estimated overhead costs are $249,800, of which $192,000 is assigned to the materials handling cost pool and $57,800 is assigned to the setup cost pool.Required :1. Calculate the overhead assigned to the fabric case using the traditional costing system based on direct labor hours. (Do not round intermediate calculations.)Overhead assigned:2. Calculate the overhead assigned to the fabric case using ABC.Overhead assigned:3. Was the fabric case over- or undercosted by the traditional cost system compared to ABC?Fabric case:
Answer:
(1.) $151,664
(2.) $79100
Explanation:
Given the data :
___________Fabric Case ____ Leather Case
labor hours__ 17,000__________ 11,000
material_____ 560 ____________1,040
setups_______ 35 _____________135
Material handling cost pool = $192,000
Setup cost pool = $57,800
1.) Calculate the overhead assigned to the fabric case using the traditional costing system based on direct labor hours.
Total Estimated overhead cost = $249,800
Cost driver = labor hour
Total labor hour = (17000 + 11000) = 28,000 labor hour
For traditional costing method :
Overhead assigned to Fabric case :
Total Estimated overhead / total direct labor hours
= (249,800 / 28,000) * 17000
= $151,664
For The activity-based costing :
[Total materials handling cost pool / Total number of material moves) × fabric case number of material moves)] + [( setup cost pool / Total number of setups) × Fabric case number of setups)]
((192000/1600)*560) + ((57800/170)*35)
= $79100
Larner Corporation is a diversified manufacturer of industrial goods. The company's activity-based costing system contains the following six activity cost pools and activity rates:
Activity Cost Pool Activity Rates
Labor-related $9.00 per direct labor-hour
Machine-related $7.00 per machine-hour
Machine setups $60.00 per setup
Production orders $200.00 per order
Shipments $100.00 per shipment
General factory $7.00 per direct labor-hour
Cost and activity data have been supplied for the following products:
J78 B52
Direct materials cost per unit $3.00 $36.00
Direct labor cost per unit $5.00 $7.00
Number of units produced per year 4,000 200
Total Expected Activity
J78 B52
Direct labor-hours 800 40
Machine-hours 3,300 20
Machine setups 3 3
Production orders 8 3
Shipments 12 3
Required:
Compute the unit product cost of each product listed above. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
Answer:
Larner Corporation
Unit cost of J78 B52
$17.72 $52.30
Explanation:
a) Data and Calculations:
Activity Cost Pool Activity Rates
Labor-related $9.00 per direct labor-hour
Machine-related $7.00 per machine-hour
Machine setups $60.00 per setup
Production orders $200.00 per order
Shipments $100.00 per shipment
General factory $7.00 per direct labor-hour
b) Cost and activity data have been supplied for the following products:
J78 B52
Unit Total Unit Total
Direct materials cost per unit $3.00 $12,000 $36.00 $7,200
Direct labor cost per unit $5.00 $20,000 $7.00 $1,400
Manufacturing overhead costs $38,880 $1,860
c) Total manufacturing costs $70,880 $10,460
Number of units produced per year 4,000 200
d) Unit cost $17.72 $52.30
e) Total Expected Activity and Costs:
J78 B52
Unit Total Unit Total
Direct labor-hours 800 $7,200 40 $360
Machine-hours 3,300 23,100 20 140
Machine setups 3 180 3 180
Production orders 8 1,600 3 600
Shipments 12 1,200 3 300
General factory 800 5,600 40 280
Total overhead $38,880 $1,860
Knight Inventory Systems, Inc., has announced a rights offer. The company has announced that it will take five rights to buy a new share in the offering at a subscription price of $33. At the close of business the day before the ex-rights day, the company’s stock sells for $54 per share. The next morning, you notice that the stock sells for $44 per share and the rights sell for $2 each. What is the value of the stock ex-rights? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)What is the value of a right?
Are the rights underpriced or overpriced?
What is the amount of immediate profit you can make on ex-rights day per share?
Immediate profit $
Answer:
1) What is the value of a right?
value of a right = (stock price - right subscription price) / number of rights needed to buy a share
value of a right = ($54 - $33) / 5 = $21 / 5 = $4.20
2) Are the rights underpriced or overpriced?
the rights are underpriced because they are sold at $2 each, and their fair price is $4.20
3) What is the amount of immediate profit you can make on ex-rights day per share?
you buy 5 rights and use them to buy one stock at $33, total cost = (5 x $2) + $33 = $43. Immediately sell the stock at $44, and you can earn $1 per stock.
Determine the utilization and efficiency for each of the following situations.
a. A loan processing operation that processes an average of 3 loans per day. The operation has a design capacity of 10 loans per day and an effective capacity of 7 loans per day.
b. A furnace repair team that services an average of 2 furnaces a day if the design capacity is 6 furnaces a day and the effective capacity is 5 furnaces a day.
c. Would you say that systems that have higher efficiency ratios than other systems will always have higher utilization ratios than those other systems
Answer:
a. Utilization= 30%
Efficiency= 42.85%
b. Utilization= 33.33%
Efficiency=40%
c. . Based on the calculations , the utilization will tend to relied on the design capacity and it may vary accordingly.
Explanation:
a. Calculation to Determine the utilization and efficiency for each
Calculation for utilization
Using this formula
Utilization = (Actual Output/Design Capacity)*100
Let plug in the formula
Utilization= (3/10)*100
Utilization= 30%
Using this formula to calculate for efficiency
Let plug in the formula
Efficiency = (Actual Output/Effective Capacity)*100
Efficiency= (3/7)*100
Efficiency= 42.85%
b. Calculation for utilization
Using this formula
Utilization = (Actual Output/Design Capacity)*100
Let plug in the formula
Utilization= (2/6)*100
Utilization= 33.33%
Using this formula to calculate for efficiency
Let plug in the formula
Efficiency = (Actual Output/Effective Capacity)*100
Efficiency= (2/5)*100
Efficiency=40%
c. In a situation where the design capacity is High this means that there is likelyhood that the utilization could be lesser despite the efficiency was high.
Therefore based on the above calculations , the utilization will tend to relied on the design capacity and it may vary accordingly.
Record year-end adjusting entries (LO3-3) Below are transactions for Wolverine Company during 2021. On December 1, 2021, Wolverine receives $4,000 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $13,200. The payment is debited to Prepaid Insurance for the entire amount. Employee salaries of $3,000 for the month of December will be paid in early January 2022. On November 1, 2021, the company borrows $15,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30, 2022. Office supplies at the beginning of 2021 total $1,000. On August 15, Wolverine purchases an additional $3,400 of office supplies, debiting the Supplies account. By the end of the year, $500 of office supplies remains.Required:
Record the necessary adjusting entries at December 31, 2021, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financial statements were prepared during the year and no adjusting entries were recorded. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)
Answer: See explanation
Explanation:
1. Dr Deferred revenue 2,000
Cr. Rent revenue 2,000
2 Dr. Insurance expense 6,600
Cr. Prepaid insurance 6,600
3 Dr Salaries expense 3,000
Cr Salaries payable 3,000
4 Dr Interest expense 250
Cr Interest payable 250
5 Dr Supplies expense 3,900
Cr Supplies. 3900
N. B:
Rent revenue for December was calculated as:
= $4,000 x 1/2
= $2,000
Insurance expense for the current year was calculated as:
= $13,200 x 6/12
= $6,600
Interest expense:
= $15,000 x 10% x 2/12
= $15000 × 0.1 × 2/12
= $250
Supplies expense:
= $1,000 + $3,400 - $500
= $3,900
Which kind of CRM fits into the category of web analytics?
"BLANK" fits into the category of web analytics.
Answer:
Clickstream analysis fits into the category of web analytics.
Explanation:
Clickstream analysis records browsing data and would be best for web analytics.
Clickstream analysis kind of CRM fits into the category of web analytics. Clickstream data are an in-depth record of how users move around a website while completing a task. The log typically contains the pages visited, the length of time spent on each page, how the user got there, and the next step.
Why clickstream analysis is important in web mining?Predicting where customers will click next based on their prior click-through patterns is very helpful in clickstream analysis. Based on actual user behavior, customer personas can be developed using this insight.
The tracking and analysis of website visits constitute clickstream analysis, a subset of Web analytics see separate entry. While there are other methods for gathering this information, clickstream analysis typically makes use of Web server log files to track and gauge website activity.
Learn more about Clickstream analysis here:
https://brainly.com/question/7910733
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Happy Selling's had the following accounts at year end: Cash-250,000, Accounts Payable-70,000,
Prepaid Expense-15,000. Compute for the company's current assets.
Answer:
265,000
Explanation:
I calculated the answer
The cost of direct materials would most likely be a(n): a. Variable cost. b. Fixed cost. c. Indirect cost. d. Differential cost.
Answer:
a. Variable cost
Explanation:
Direct Materials are traceable to cost object (product) and they usually vary with the quantities produced. Thus cost of direct materials would most likely be Variable cost.
This company reports only total factory overhead on the schedule of cost of goods manufactured and attaches a separate schedule listing individual overhead costs. For each of the following account balances for a manufacturing company, select yes in the appropriate column indicating that it appears on the balance sheet, the income statement, the schedule of cost of goods manufactured, and/or a detailed listing of factory overhead costs. Assume that the income statement shows the calculation of the cost of goods sold and the schedule of the cost of goods manufacturers shows only the total amount of factory overhead.
Account Balance Sheet Income Statement Schedule of COGM Overhead Report
Accounts receivable
Computer supplies used (office)
Beginning finished goods inventory
Beginning work in process inventory
Cash
Depreciation expense - Factory building
Depreciation expense - Office building
Direct Labor
Ending work in process inventory
Ending raw materials inventory
Factory maintenance wages
Income taxes
Insurance on factory building
Property taxes on factory building
Raw materials purchases
Sales
Answer:
balance sheet (permanent accounts):
Accounts receivable ⇒ BALANCE SHEET Cash ⇒ BALANCE SHEETincome statement (temporary accounts):
Computer supplies used (office) ⇒ INCOME STATEMENT Depreciation expense - Office building ⇒ INCOME STATEMENT Income taxes ⇒ INCOME STATEMENT Sales ⇒ INCOME STATEMENTcost of goods manufactured (temporary accounts):
Beginning finished goods inventory ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED Beginning work in process inventory ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED Direct Labor ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED Ending work in process inventory ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED Ending raw materials inventory ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED Raw materials purchases ⇒ SCHEDULE OF COST OF GOODS MANUFACTUREDoverhead report (temporary accounts):
Depreciation expense - Factory building ⇒ OVERHEAD REPORT Factory maintenance wages ⇒ OVERHEAD REPORT Insurance on factory building ⇒ OVERHEAD REPORT Property taxes on factory building ⇒ OVERHEAD REPORT
Ben: We need to select the team members for the Dragon Owls project. I have identified seven essential skills we need to make this project successful: leadership skills, creative skills, conceptual skills, collaborative skills, technical skills, interpersonal skills, and planning skills. Therefore, we should bring at least seven people on to the team.
Steve: Instead, we should identify all of the departments that have a stake in the success of the Dragon Owls project and ensure that a representative from each department is on the Dragon Owls team.
Curtis: I have a better idea. Since the Dragon Owls success is so important, it should contain the top performers in the entire organization.
Which of the following is assumed by Ben's argument?
a. No potential member of the Dragon Owls project has better leadership skills than conceptual skills.
b. Every potential member of the Dragon Owls project has outstanding skills in at least one respect.
c. Some potential members of the Dragon Owls project have creative skills and planning skills.
d. No potential member of the Dragon Owls team has both conceptual skills and interpersonal skills.
e. Every potential member of the Dragon Owls team with technical skills also has collaborative skills.
Answer:
b.
Explanation:
Based on Ben's idea he is stating that every potential member of the Dragon Owls project has outstanding skills in at least one respect. He seems to know that potential candidates can possess various skills that may be useful to the overall project. Since he has identified seven key skills that are detrimental to the success of the project, he basically wants at least one member of the project that has an exceptional skill level in at least one of the needed skills. That way by having seven members, each of which is exceptional at one of these skills then he would have experts in every skill to get the project done right.
A Georgia state law requires the use of contoured rear-fender mudguards on trucks and trailers operating within Georgia state lines. The statute further makes it illegal for trucks and trailers to use straight mudguards. In approximately thirty-five other states, straight mudguards are legal. Moreover, in Florida, straight mudguards are explicitly required by law. There is some evidence suggesting that contoured mudguards might be a little safer than straight mudguards.
a. Discuss whether this Georgia statute violates any constitutional provisions.
b. State the law, define it apply it and make your conclusion. Richard is an employee of the Dun Construction Corp. While delivering materials to a construction site, he carelessly backs Dun's truck into a passenger vehicle driven by Green. This is Richard's second accident in six months. When the company owner, Dun, learns of this latest accident, a heated discussion ensues, and Dun fires Richard. Dun is so angry that he immediately writes a letter to the union of which Richard is a member and to all other construction companies in the community, stating that Richard is the "worst driver in the city" and that "anyone who hires him is asking for legal liability". Richard files a suit against Dun, alleging libel on the basis of the statements made in the letters. Discuss the results.
Answer: Defamation.
Explanation:
The state has the power to make laws which protect, and maintain the order and general safety of its citizens. The state of Georgia has found that contoured mud glass are safer unlike straight mud glass. The state statue has the potential of affecting trade and commerce because this trucks are used in the haulage of goods and services from one state to another.
B. Defamation.
what Dun has done is a defamation of character on the part of Richard. This is because of the words used in Dun letters sent to the union Richard belonged to and other constirction company’s was intended to Harm the reputation and values Richard has worked hard to achieve.
Selected transactions for Grouper’s Dog Care are as follows during the month of March.
March 1 Paid monthly rent of $1,030.
3 Performed services for $120 on account.
5 Performed services for cash of $65.
8 Purchased equipment for $515. The company paid cash of $70 and the
balance was on account.
12 Received cash from customers billed on March 3.
14 Paid wages to employees of $450.
22 Paid utilities of $62.
24 Borrowed $1,290 from Grafton State Bank by signing a note.
27 Paid $190 to repair service for plumbing repairs.
28 Paid balance amount owed from equipment purchase on March 8.
30 Paid $1,550 for six months of insurance.
Journalize the transactions.
Answer and Explanation:
The Journal entries are shown below:-
1. Rent expense Dr, $1,030
To cash $1,030
(Being cash paid is recorded)
2. Account receivable $120
To service revenue $120
(Being service revenue is recorded)
3. Cash $120
To Service revenue $120
(Being cash received is recorded)
4. Equipment Dr, $515
Cash Dr, $70
To Accounts payable $445
(Being cash received is recorded)
5. Cash Dr $120
To account receivable $120
(Being cash received is recorded)
6. Wage expense $450
To cash $450
(Being cash paid is recorded)
7. Utility expense Dr, $62
To cash $62
(Being cash paid is recorded)
8. Cash Dr, $1,290
To notes payable $1,290
(Being cash received is recorded)
9. Repair & maintenance Dr, $190
To cash $190
(Being cash paid is recorded)
10. Accounts payable Dr, $445
To cash $445
(Being cash paid is recorded)
11. Prepaid Insurance Dr, $1,550
To cash $1,550
(Being cash paid is recorded)
Merchandise with a list price of $7,500 and a cost of $7,000 is sold on account, terms 1/10, n/30. Prior to payment, merchandise with a list price of $1,000 and a cost of $800 is returned. The correct amount is paid within the discount period. Record the following transactions, using the integrated financial statement framework that follows:_______. a. Sold the merchandise. If a financial statement doesn't require an entry, select "No Effect" and enter "0" in amount field. Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Merchandise Inventory Accounts Payable Capital Stock Retained Earnings 7,500 7,000 500 Statement of Cash Flows Income Statement No Effect $ Sales $ 7,500 Cost of Goods Sold 7,000 500 b. Received the returned merchandise. If a financial statements doesn't require an entry, select "No Effect" and enter "0" in amount field. Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Merchandise Inventory Accounts Payable Capital Stock Retained Earnings 1,000 800 200 Statement of Cash Flows Income Statement No Effect $ Sales Ret & Allow 1,000 Cost of Goods Sold 800 200 c. Received the amount owed. If all the financial statements doesn't require any entry. Select "No Effect" and enter "0" in amount field. Assets = Liabilities + Stockholders' Equity Cash Accounts Receivable Merchandise Inventory Accounts Payable Capital Stock Retained Earnings 7,000 7,000 Statement of Cash Flows Income Statement Operating $ Sales Discounts
Answer:
I used an excel spreadsheet since there is not enough room here.
Explanation:
Robert Wilkins has prepared the following list of statements about process cost accounting. Identify each statement as true or false.
1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.
A. True
B. False
2. A process cost system is used when each finished unit is indistinguishable from another.
A. True B. False
3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.
A. True B. False
4. In a process cost system, costs are tracked by individual jobs.select between True and False
5.Job order costing and process costing track different manufacturing cost elements.
A. True B. False
6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.
A. True B. False
7. Costs flow through the accounts in the same basic way for both job order costing and process costing.
A. True B. False
8. In a process cost system, only one work in process account is used.
A. True B. False
9. In a process cost system, costs are summarized in a job cost sheet.
A. True B. False
10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.
A. True B. False
Answer:
Identification of True or False Statements:
1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion.
A. True
2. A process cost system is used when each finished unit is indistinguishable from another.
A. True
3. Companies that produce soft drinks, movies, and computer chips would all use process cost accounting.
A. True
4. In a process cost system, costs are tracked by individual jobs.select between
False
5.Job order costing and process costing track different manufacturing cost elements.
B. False
6. Both job order costing and process costing account for direct materials, direct labor, and manufacturing overhead.
A. True
7. Costs flow through the accounts in the same basic way for both job order costing and process costing.
A. True
8. In a process cost system, only one work in process account is used.
A. True
9. In a process cost system, costs are summarized in a job cost sheet.
B. False
10. In a process cost system, the unit cost is total manufacturing costs for the period divided by the equivalent units produced during the period.
A. True
Explanation:
A process costing system is a method of collecting and assigning manufacturing costs to the units produced. It is used by companies that produce similar or identical units of product in batches employing a consistent process. The unit cost is arrived at by averaging units produced to the total cost of the process.
Grenoble Enterprises had sales of $50,000 in March and $60,000 in April. Forecast sales for May, June, and July are $70,000, $80,000, and $100,000, respectively. The firm has a cash balance of $5,000 on May 1 and wishes to maintain a minimum cash balance of $5,000. Given the following data, prepare and interpret a cash budget for the months of May, June, and July.
1. The firm makes 20% of sales for cash, 60% are collected in the next month, and the remaining 20% are collected in the second month following sale.
2. The firm receives other income of $2,000 per month.
3. The firm's actual or expected purchases, all made for cash, are $50,000, $70,000, and $80,000 for the months of May through July, respectively.
4. Rent is $3,000 per month.
5. Wages and salaries are 10% of the previous month's sales.
6. Cash dividends of $3,000 will be paid in June.
7. Payment of principal and interest of $4,000 is due in June.
8. A cash purchase of equipment costing $6,000 is scheduled in July.
9. Taxes of $6,000 are due in June.
Answer:
I used an excel spreadsheet since there is not enough room here.
The company might want to have a minimum cash balance of $5,000 at the end of each month, but only has a cash surplus during May. The company has cash deficits for both June and July, which means that they will probably need to take a loan to keep operating.