Performance Gloves, Inc. produces three sizes of sports gloves: small, medium and large.
A glove pattern is first stenciled onto leather in the Pattern Department.
The stenciled patterns are then sent to the Cut and Sew Department, where the glove is cut and sewed together.
Performance Gloves uses tha multiple production department factory overhead rate method of allocating factory overhead costs.
Its factory overhead costs were budgeted as follows:
Pattern Department overhead $165,200
Cut and Sew Department overhead $273,000
Total $438,200
The direct labor estimated for each production department was as follows:
Pattern Department 2,900 direct labor hours
Cut and Sew Department 3,500
Total 6,300 direct labor hours
Direct labor hours are used to allocate the production department overhead to the products.
The direct labor hours per unit for each product for each production department were obtained from the engineering records as follows:
Production Departments Small Glove Medium Glove Large Glove
Pattern Department 0.04 0.05 0.06
Cut and Sew Department 0.08 0.10 0.12
Direct labor hours per unit 0.12 0.15 0.18
If required, round all per unit answers to the nearest cent.
Required:
a. Determine the two production department factory overhead rates.
b. Use the above production department factory overhead rates to determine the factory overhead per unit for each product.

Answer:

Dr Cost of Goods Sold    $93,400

Cr Inventory                         $93,400

Explanation:

The closing inventory in perpetual inventory is $875,300 which is recorded in excess of its inventory in hand $781,900 which means that additional $93,400 must be adjusted in Cost of Goods Sold.

The journal entry on October 31, 2020, is given as under:

Dr Cost of Goods Sold    $93,400

Cr Inventory                         $93,400

Answer:

Jan. 10

Cash $507,00 (debit)

Common Stock $507,00 (credit)

Mar 1

Cash $566,500 (debit)

Preferred Sock $515,000  (credit)

Share Premium : Preferred Stock $51,500 (credit)

April 1

Land $91,000 (debit)

Common Stock $91,000 (credit)

May 1

Cash $420,000 (debit)

Common Stock $420,000 (credit)

Aug 1

Legal Expenses : Attorneys bill $39,500 (debit)

Common Stock $39,500 (credit)

Sept 1

Cash $80,500 (debit)

Common Stock $80,500 (credit)

Nov 1

Cash $222,000 (debit)

Preferred Sock $200,000  (credit)

Share Premium : Preferred Stock $22,000 (credit)

Explanation:

Common Stocks are at no par value:

This means that ,

1.When Common Stocks are Issued, the value is the issue price there is no share premium reserve on it.

2. For consideration paid in Common Stocks, value of stocks would be the same as the cost at initial recognition. For example the Purchase of Land on April 1. Initial recognition is at Asking Price of $91,000. Hence common stocks are issued at $91,000.

Preference Stocks are at $100 par

This means that,

1.Any issue of Preference Stock made in excess of par value is accounted in the Preference Share Premium Reserve.

Answer:

Cost of equity capital is 0.122 or 12.2%

Explanation:

The WACC or weighted average cost of capital is the cost of a company's capital structure. The capital structure may contain one, two or all of the following components namely debt, preferred stock and common equity. The WACC is calculated by taking the weighted average of the each components cost.

WACC = wD * rD * (1 - tax rate)  +  wP * rP  +  wE * rE

Where,

To calculate the cost of equity capital, we first need to find out the weight of each component in the capital structure.

debt to equity = 1.5

So, debt = 1

equity = 1.5

Total assets = 1 + 1.5   = 2.5

wD = 1/2.5  = 0.4

wE = 1.5/2.5  =0.6

Using the WACC formula,

0.096 = 0.4 * 0.057  +  0.6 * rE

0.096 = 0.0228 + 0.6 * rE

0.096 - 0.0228 = 0.6 * rE

0.0732 / 0.6 = rE

rE = 0.122 or 12.2%

Answer:

But if they both work together in a way that Alpha produces only apples Beta produces only oranges then they would benefit from trade.

Explanation:

Then alpha should produce only 9 apples an hour, while Beta can produce either 16 oranges or 4 apples an hour.

If Alpha produces oranges there will be a loss because he produces less oranges. But Beta 's choice will not affect the trade.

There are no incentives for Beta to specialize and trade with Alpha.

But if they both work together in a way that Alpha produces only apples Beta produces only oranges then they would benefit from trade.

Answer:

April 29,

DR Accumulated Depreciation - Delivery Van $1,760  

CR Cash  $1,760

(To record repair of van)

April 29,

DR Delivery Van $52  

CR Cash  $52

(To record installation of GPS system in Van)

Explanation:

The transmission being faulty in the Van is part of the depreciation of the van and so when it is fixed, it reduces the depreciation of the van. The amount needs to be debited to the Accumulated Depreciation Account to signal that it is a reduction.

Installing a new GPS in a Van is an additional benefit to the van that will last for a period of more than a year hence it should be capitalised and added to the cost of the Delivery Van.

Answer:

Non-piracy.

Explanation:

If a pharmaceutical research firm prohibits the employees who leave the firm from soliciting business from former customers or clients for a period of two years. This best exemplifies the non-piracy clause.

A non-piracy clause is a legal framework which provides protection for companies from an ex employee who has left. This clause states that ex employees are prohibited from soliciting business from former customers or clients either directly or indirectly for a period of two years.

For instance, if Joyce works for XYZ pharmaceutical company that uses a non-piracy clause and later dropped a resignation letter or was laid off for a disciplinary action, she's prohibited from taking contracts from XYZ' customers for a period of two (2) years.

Answer:

6.67% and 6.694%

Explanation:

The computation of the approximate yield to maturity and the exact yield to maturity is shown below:

For Approximate yield to maturity it is

= 2 × ((Face value - current price) ÷ (2 × time period) + face value × coupon rate ÷ 2) ÷ (Face value + current price) ÷ 2)

=2 × (($1,000 - $950) ÷ (2 × 10) + $1,000 × 6% ÷ 2) ÷ (($1,000 + $950) ÷ 2)

= 6.67%

Now

the Exact yield to maturity is

= RATE(NPER,PMT,-PV,FV)

= RATE (10 × 2, 6% × $1000 ÷ 2,-$950,$1,000) × 2

= 6.694%

Answer:

C. is the income that she would have earned if she did not go to college.

Explanation:

Opportunity cost is the gain to a person that is foregone by selecting one option over all other options available to himself.

Since in the question, it is mentioned that the opportunity cost for students earning a scholarship go to college

So according to the given scenario, the option c is correct

Hence, all the other options are incorrect

Answer:

The answer is 1.76%

Explanation:

N(Number of periods) = 10 years

I/Y(Yield to maturity) = ?

PV(present value or market price) = $4,450

PMT( coupon payment) = $120 (7 percent x $4,000)

FV( Future value or par value) = $4,000.

We are using a Financial calculator for this.

N= 10; PV = -4,450; PMT = 120; FV= 4,000;

CPT I/Y= 1.76

Therefore, the Yield-to-maturity of the bond is bond is 1.76%

Answer:

4.11%

Explanation:

the percentage change in real GDP = [(new real GDP - old real GDP) / old real GDP] x 100 = [($316,500 - $304,000) / $304,000] x 100 = 4.11%

Generally a surge in immigration will result in both higher nominal and real GDP, but what should be more important is how real GDP per capita changes. If real GDP per capita increases, then the inflow was positive and made the economy grow for better. If real GDP per capita decreases, even if total real GDP increases, then the economy is not doing better.

Answer:

The cell phone manufacturers (Apple, Google, and BlackBerry) want to track where their customers go because they collect this data for advertising and marketing purposes. ... It does so by connecting to a cellular network provided by a mobile phone operator, allowing access to the public telephone network.

i think hope it helps

Explanation:

Answer: The price that would be expect​ed for Coolibah's stock to sell for at the end of three​ years is $28.87

Explanation: It should be noted that to calculate a price that would be expected in Coolibah's stock to sell for at the end of three​ years can be calculated using financial calculator:

A) Using a financial calculator, PV = -$22.60 , PMT = $1.20, n = 6, I = 18% / 2;

calculate FV = $28.87 .

Answer:

B.

Explanation:

A truckload carrier is a trucking company that generally contracts an entire trailer-load to a single customer

Answer:

EPS = $11.74 per share

Explanation:

earnings per share (EPS) = (net income - preferred dividends) / weighted average shares outstanding

net income = $2,410,000

preferred dividends = 52,000 x $100 x 8% = $416,000

weighted average shares outstanding:

EPS = ($2,410,000 - $416,000) / 169,820 stocks = $11.74

Since the dates are a little confusing, I assumed 1/17 for beginning common stocks, 5/12 for issuance of new stocks, 8/11 for acquiring treasury stocks, and 10/1 for stock split. From January 1 to October 1, there are 274 days on a regular 365 day calendar year.

Answer:

Please see answers below

Explanation:

Joan may as well put a call through to Maria in addition to his previous mail. Several remedial options are available to Juan and each has its own merits and demerits. It is proper for the tenant to consider each options carefully and seek legal opinion where necessary. However, if Maria declines to do the repairs, Juan may seek the following remedies

• Repair and deduct remedy . In this type of remedy, a tenant may deduct money that is equivalent of a month's rent to cover the cost of the repair or defect. Rental unit 156 covers a condition whether faulty or substandard rented unit could affect the tenant's health and safety. Since the landlord has refused to do the repair, she is guilty of implied warranty of habitability which includes leak in the roof, gas leak, no running water etc. Also, the tenant may not have to file a lawsuit against the landlord since this type of remedy has legal aid. Other conditions attached in addition to the above are ; the repairs cannot cost more than a month's rent, the tenant cannot use the repair and deduct remedy more that twice in any 12 month period, tenant must have informed the landlord in writing and through calls of the faulty area that requires repair. His family or pets must not be the cause of the faulty area that needed to be repaired etc.

• The abandonment remedy . Here, the tenant could move out of the faulty unit or defective rental unit due to its substandard condition which could affect his health and safety. Where the tenant uses the abandonment remedy judiciously, he is not liable to pay any other rent once he has abandoned or moved out of the defective rental unit. The conditions attached are that; the defects must be serious and directly related to the tenant's health and safety, the tenant or his family must not be the cause of the faulty space that requires repair. Moreover, the tenant must have informed the landlord whether in writing or orally telephone calls of the defects that requires repair.

• The rent withholding remedy. Legally, a tenant could withhold house rent if the landlord fails to take care of serious defects that negates the implied warranty of habitability. Conditions attached to this type of remedy are; the defects to be repaired must have threatened the tenant's safety and wellbeing. Again, the faulty or defective unit must be such that it becomes uninhabitable for the tenant . The tenant, his family or pets must not be the cause of the defects that requires repairs. The tenant must have also notified the landlord either through phone calls on in writing, amongst others.

• The tenant could also file a lawsuit against the landlord to recover the cost expended to fixing the faulty repairs where the landlord was not willing to do so. Conditions that must be met before this option could stand in the court of law are; the rental unit has serious defect that is not safe for living. A housing inspector has inspected the house and found to be short of minimum requirements for habitable place etc. A tenant may seek this type of redress where the option for out of court settlement has failed with the landlord.

Answer:

Weighted average cost of capital= 11.03%

Explanation:

The weighted average cost of capital (WACC) is the average cost of all the various sources of long-term finance used by a business weighted according to the proportion which each source of finance bears to the the entire pool of fund.  

To calculate the weighted average cost of capital, follow the steps below:  

Step 1: Calculate cost of individual source of finance:

Cost of Equity= 13.6%  

After-tax cost of debt:

= (1- T) × before-tax cost of debt  

= 7.72%× (1-0.35)= 5.018 %  

Cost of preferred stock costs

= Div/Price × 100 = (6.60%× 100)/89× 100 =7.42%

Step 2 : Market value of all the sources of funds

Equity =  $67×26,000 =1,742,000

Preferred stock = 89.00 × 6,700 = $596,300

Debt- 105/100 × 368,000 = $386,400

Step 3; Work out weighted average cost of capital (WACC)  

Source                             Cost        Market value             Cost × Market value   a                                            b                     c              b× c

Equity                                13.6%            $1,742,000          236,912

Preferred stock                 7.42%           $596,300     =     44,245.46

Debt                                   5.018 %         386400  =          19,389.55

     Total                                                 2,724,700         300,547.01

WACC = (300,547.01/   2,724,700) ×  100 =  11.03%

Weighted average cost of capital= 11.03%

Answer:

12,000

Explanation:

The following data was reported for an organisation

Authorized shares is 20,000

Issued shares is 15,000

Treasury shares is 3,000

Therefore, the number of outstanding shares can be calculated as follows

Number of outstanding shares= Issued stock-Treasury stock

= 15,000-3,000

= 12,000

Hence the number of outstanding shares is 12,000

Answer:

Closing balance  = $66,OOO

Explanation:

DATA

Opening balance in allowance for sales return = 32,900

Sales = 730,000

Cash Collection= 690,000

Estimated sales return = 7% of all sales = 51100

Merchandise return for credit = 18,000

We can calculate the closing balance in the allowance for sales return account by adding estimated returns and deducting merchandise return from opening balance.

Closing balance = Opening balance + Estimated sales return - Merchandise return for credit

Closing balance = $32,900 + $51,100 - $18,000

Closing balance  = $66,OOO

Answer: a. I, II, and III only

Explanation:

The exercise price refers to the amount that the person who buys the call option will get to buy the underlying stock at. If this price is high, the profit from buying the stock at maturity will be less so the value of the listed call option reduces.

As the contract approaches maturity, the value will decrease because it will be less volatile as it approaches maturity.

The purpose of buying a call option is so that a profit can be made if the underlying stock increases in value. If the stock decreases in value, the allure of the call option decreases so therefore will the value.

A call bond option is termed as the option that implies the bondholder the right to purchase the bonds at the prevailing price in the market. A buyer of a bond call option in the secondary market forecasts a drop in investment substantial rise in bond prices.

The correct option is a. I, II, and III only

 Option a. I, II, and III only is correct because The contract value will decline as it reaches maturation because it will become less unpredictable.

The goal of purchasing a call option is to benefit if the price of the underlying stock rises. The attractiveness of the callable bond falls as the price of bitcoin declines, and the worth of the call option reduces as well.

The exercise price is the price where the individual who acquires a call option will be able to acquire the underlying shares. If this price is too high, the benefit from buying the stock at maturity will be too little, diminishing the value of the specified call option.

To know more about the listed call option, refer to the link below:

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Answer: e. $10,200.

Explanation:

Total Square ft. of space;

= 2,500 + 3,750 + 1,250

= 7,500 Sq. ft. of space

Baking Department occupies 3,750 ft² of that space so it will be apportioned a cost of;

= Proportion * total cost

= 3,750/7,500 * 20,400

= $10,200

Answer:

Please see answer below

Explanation:

The journal entry to record the issuance of 10,000 shares of no-par value preferred stock for cash at $120 per shares has a debit to cash and a credit to preferred stock for $1,200,000 ( 10,000 shares × issue price of $120 per share )

Answer:

2Q

Explanation:

Economy equilibrium is where MC = MR.

Marginal cost equals marginal return when the supply and demand is linear. Consumer surplus is the additional amount that a consumer is willing to pay for the goods and services. Here MC = 2Q and MR = 60 + 4Q. Here consumer is paying 2Q additional in the equation of marginal return.

Answer:

Certify its product under ISO 9000.

Explanation:

ISO 9000 refers to the International Organization for Standardization that focused on the management of the quality related to the product and services by complying with the documents required so that the quality could be maintained. It is to be applied with any industry whether it is small, middle or large

Therefore while making fashionable belts and accessories for women and planned to diversify it that required the ISO 9,000 and the same is to be considered

Answer: A. 25%

Explanation:

The Contribution margin for the whole company = [tex]\frac{Total Contribution Margin Amounts}{Total Sales}[/tex]

Total Contribution Margin = (0.45 * 25,000) + (0.4 * 40,000) + ( 0.15 * 100,000)

= 9,000+16,000+15,000

= $40,000

Total Sales = 20,000+40,000+100,000

= $160,000

Contribution Margin for the whole Company = [tex]\frac{40,000}{160,000}[/tex]

= 25%

Answer: Earnings are reported by the investee in its financial statements

Explanation:

Equity method is when investments are being treated in associate companies and it is usually applied in cases whereby an investor entity holds about twenty to fifty percent of the associate company's voting stock. Due to this reason, it has a strong say in the associate company's management.

Under the equity method of accounting for investments, an investor recognizes its share of the earning in the period in which the earnings are reported by the investee in its financial statements.

Answer:

Bobby cannot deduct the loss

Explanation:

Bobby cannot claim deductions for theft on his property because from 2018 to 2025 they are not allowed as itemized deductions unless they are federally declared disasters in which case he would still need to have to complete the form 4684 and use the form 1040 schedule A to report his claims

Answer:

a. a deficit, financed by borrowing in the capital markets, will increase the interest rate and reduce investment in the private sector.

Explanation:

Crowding out effect is when government borrowing from the capital markets leads to an increase in interest rate. this makes it more expensive for private sector to borrow and this reduces investment by private sector

Answer:

d. 2.83

Explanation:

Note: The financial statement in the question are merged together. They are therefore sorted before answering the question. See the attached excel file for the full question with the sorted financial statement.

The explanation to the answer is now as follows:

The current ratio is a liquidity ratio that is used in measuring whether a company has adequate resources to meet its short-term obligations or pay its liabilities from its current assets.

The current ratio provides a comparison current assets to current liabilities of a company and it can be calculated using the following formula:

Current ratio = Total current assets / Total current liabilities ................. (1)

From the 2017 balance sheet of Burnaby Mountain Trading Company, we have:

Total current assets = $1,700,000

Total current liabilities = $600,000

Substituting the values for Total current assets and Total current liabilities into equation (1), we have:

Current ratio = $1,700,000 / $600,000 = 2.83

Therefore, The firm's current ratio for 2017 is 2.83. That is, the correct option is option d. 2.83.

This indicates that the firm has more than enough current assets to pay off 2.83 or 283% of its current liabilities.

Answer:

16.01%

Explanation:

The expected 1-year interest rate 4 years from now is determined using the below formula:

The expected 1-year interest rate 4 years=(1+YTM5)^5/(1+YTM4)^4-1

YTM5 is the yield to maturity in year 5 i.e 10.70%

YTM4 is the yield to maturity in year 4 i.e 9.41%

The expected 1-year interest rate 4 years=(1+10.70%)^5/(1+9.41%)^4-1

The expected 1-year interest rate 4 years=16.01%

Answer:

B. Focus group

Explanation:

Use series of elimination on this one.

Test subjects- No

Market Research Audience- Those are people that watch the tests that you will conduct with your focus group.

Survey takers- Too simple.

Hope that I could help you!

Small groups of consumers that interact with products or services and give their feedback based on their experiences are known as Focus group. Option (b) is correct.

Any good or service you offer to satisfy a customer's need or desire is a product. There are both real and virtual ones. Durable things (such as automobiles, furniture, and computers) and nondurable items are examples of physical products (like food and beverages).

A focus group is a market research technique that involves gathering 6–10 individuals in a space to offer input on a certain commodity, concept, or marketing campaign.

Therefore, Option (b) is correct. Small groups of consumers that interact with products or services and give their feedback based on their experiences are known as Focus group.

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