Answer: a. Cross functional team
b. Problem solving team
c. Self directed team
Explanation:
a. Cross-functional team refers to the group of people that has different functional expertise whom work tomorrow together towards a common goal. It basically includes all the employees in an organization.
b. Problem Solving Teams are the team that's formed in an organization in order to solve a particular problem. Since the company wants to find a way to reduce the waste that's generated, this team was formed
c. Self-directed work team is a team that's made up of people who combine their skills, experiences and talents together and work without being supervised in order to achieve a common goal. This type of team is particularly difficult to implement because it requires specific self-management and team skills that many employees lack.
Jerry's Flowers had the following cost information related to its purchases of merchandise. Calculate the total cost of merchandise purchased using the information below: Invoice cost of merchandise purchases $100,000 Purchase discounts received $ 9,000 Cost of transportation-in (shipping) $ 500 Costs of purchase returns and allowances $ 400
Answer:
$91,100
Explanation:
Calculation to determine the total cost of merchandise purchased
Using this formula
Total cost of merchandise purchased = Invoice cost of merchandise purchases + Cost of transportation in - Purchase returns and allowances - Purchase discount
Let plug in the formula
Total cost of merchandise purchased= $100,000 + $500 - $400 - $9,000
Total cost of merchandise purchased= $91,100
Therefore the total cost of merchandise purchased is $91,100
Wesley lives in a country with little protection under the law for conducting business or bringing his ideas about a revolutionary new car tire to the market with patent production. Because of the economic conditions what will Wesley most likely do?
A) Develop his tire and bring it to market with ease and minimal cost.
B) Find a country where he can develop his tire idea and have it protected under strong patent laws.
C) Keep his ideas in a notebook and sell them to the highest bidder.
Answer:
B
Explanation:
Patents are a right granted to an inventor to exclusively sell a product for a specific period of time usually for 20 years. During this period, others are prevented from making, using, or selling the invention.
Types of patents include:
1. utility patents
2. design patents
3. plant patent
Because Wesley's country does not have a strong patent law, the best option for Wesley is to move to a country with strong patent laws so his invention can be protected.
If we are covering labor and overhead costs of an item in a Managerial Accounting course, we are referring to which concepts?
Answer: D. Manufacturing cost
Explanation:
Manufacturing costs include all costs related to the production of a good. This includes direct costs such as direct labor and material and also manufacturing overheads such as assembly line manager salary.
When talking about both labor and overhead costs in relation to a good in managerial accounting, the relevant concept is therefore manufacturing costs as it envelops the two terms.
On June 30, 2009, Apricot Co. paid $5,000 cash for management services to be performed over a two-year period. Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. The adjusting entry on December 31, 2009 for Apricot would include:
Answer:
A debit to Management Services Expense for $1,250.
Explanation:
The adjusting entry for apricot would include that
There is a debit to the Management Services Expense for
= $5,000 ÷ 2 years × 6 months ÷ 12 months
= $1,250
Hence, the adjusting entry for apricot would include a debit to the Management Services Expense for $1,250
The same should be considered and relevant
Lemon Corporation purchased a truck at the beginning of 2017 for $109,200. The truck is estimated to have a salvage value of $4,200 and a useful life of 120,000 miles. It was driven 21,000 miles in 2017 and 29,000 miles in 2018. What is the depreciation expense for 2017
Answer:
the depreciation expense for 2017 is $18,375
Explanation:
The computation of the depreciation expense for 2017 is shown below:
= (Truck cost - salvage value) ÷ useful life in miles × driven miles in year 2017
= ($109,200 - $4,200) ÷ 120,000 miles × 21,000 miles
= $18,375
Hence, the depreciation expense for 2017 is $18,375
Therefore the above formula should be applied for the same
The accounting records of Diego Company revealed the following costs, among others:
Factory insurance $32,000
Raw material used $256,000
Customer entertainment $15,000
Indirect labor $45,000
Depreciation on salespersons' cars $22,000
Production equipment rental costs $72,000
Costs that would be considered in the calculation of manufacturing overhead total:
A. $149,000.
B. $171,000.
C. $186,000.
D. $442,000.
E. some other amount.
Answer:
Option A ($149,000) is the correct alternative.
Explanation:
Given:
Factory insurance,
= $32,000
Indirect labor,
= $45,000
Production equipment rental costs,
= $72,000
Now,
The total manufacturing costs will be:
= [tex]Factory \ insurance+Indirect \ labor+Production \ equipment \ rental \ costs[/tex]
By putting the given values, we get
= [tex]32000+45000+72000[/tex]
= [tex]149,000[/tex] ($)
Periodic inventory by three methods The beginning inventory for Midnight Supplies and data on purchases and sales for a three-month period are shown below:
Number
Date Transaction of Units Per Unit Total
Jan. 1 Inventory 7,500 $75.00 10
Purchase 85.00 22,500 11,250
28 Sale $562,500 1,912,500 1,687,500
562,500 150.00 30 Sale 3,750 150.00
Feb. 5 Sale 1,500 150.00 225,000
10 Purchase 54,000 87.50 4,725,000
16 Sale 27,000 160.00 4,320,000
28 Sale 25,500 160.00 4,080,000
Mar. 5 Purchase 45,000 89.50 4,027,500
14 Sale 30,000 160.00 4,800,000
25 Purchase 7,500 90.00 675,000
30 Sale 26,250 160.00 4,200,000
1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system.
4. Compare the gross profit and the March 31 inventories, using the following column headings.
Answer:
1. We have:
Inventory on March 31 = $1,010,625
Cost of merchandise sold for the three-month period = $10,891,875
2. We have:
Inventory on March 31 = $881,250
Cost of merchandise sold for the three-month period = $11,021,250
3. We have:
Inventory on March 31 = $980,975.27
Cost of merchandise sold for the three-month period = $10,921,524.73
4. We have:
Details FIFO LIFO Weighted Average
$ $ $
Sales 19,875,000 19,875,000 19,875,000
Cost of Goods sold (10,891,875) (11,021,250) (10,921,525)
Gross Profit 8,983,125 8,853,750 8,953,475
Inventory, March 31 1,010,625 881,250 980,975
Explanation:
1. Determine the inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
Note: See part 1 of the attached excel file for the determined inventory on March 31 and the cost of merchandise sold for the three-month period, using the first-in, first-out method and the periodic inventory system.
From the part 1 of the attached excel file, we have:
Inventory on March 31 = $1,010,625
Cost of merchandise sold for the three-month period = $10,891,875
2. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
Note: See part 2 of the attached excel file for the determined inventory on March 31 and the cost of merchandise sold for the three-month period, using the last-in, first-out method and the periodic inventory system.
From the part 2 of the attached excel file, we have:
Inventory on March 31 = $881,250
Cost of merchandise sold for the three-month period = $11,021,250
3. Determine the inventory on March 31 and the cost of goods sold for the three-month period, using the weighted average cost method and the periodic inventory system.
Note: See part 3 of the attached excel file for the determined inventory on March 31 and the cost of merchandise sold for the three-month period, using the weighted average cost method and the periodic inventory system.
From the part 3 of the attached excel file, we have:
Inventory on March 31 = $980,975.27
Cost of merchandise sold for the three-month period = $10,921,524.73
4. Compare the gross profit and the March 31 inventories, using the following column headings.
Details FIFO LIFO Weighted Average
$ $ $
Sales 19,875,000 19,875,000 19,875,000
Cost of Goods sold (10,891,875) (11,021,250) (10,921,525)
Gross Profit 8,983,125 8,853,750 8,953,475
Inventory, March 31 1,010,625 881,250 980,975
Time value of money calculations can be solved using a mathematical equation, a financial calculator, or a spreadsheet. Which of the following equations can be used to solve for the future value of an ordinary annuity?
1) PMT x {1 – [1/(1 + r)nn]}/r
2) PMT x {[(1 + r)nn – 1]/r}
3) FV/(1 + r)nn
4) PMT x {[(1 + r)nn – 1]/r} x (1 + r)
Answer:
b. PMT x {[(1 + r)nn – 1]/r}
Explanation:
The formula that should be calculated for the future value of an ordinary annuity is shown below:
= PMT × {[(1 + r)^n - 1] ÷ r}
Here
PMT denotes the coupon payment
r denotes the rate of interest
n denotes the time period
So as per the given situation, the option b is correct
AG Inc. made a $25,000 sale on account with the following terms: 1/15, n/30. If the company uses the gross method to record sales made on credit, what is the journal entry to record the sale
Answer:
Debit : Accounts Receivable $25,000
Credit : Sales Revenue $25,000
Explanation:
The journal entry to record the sale would include a Debit to Asset Account - Accounts Receivable and Credit to Sales Revenue at the amount of sale including the cash discount.
XYZ Company uses a weighted-average process costing system. All materials at XYZ are added at the end of the production process. Equivalent units for materials at XYZ would be equal to:
Answer:
Equivalent units for materials at XYZ would be equal to the addition of units in beginning work in process and the units started.
Explanation:
A weighted-average process costing system refers to a process costing system in which expenses are averaged out and applied evenly to both units transferred out and units in ending work in process.
An equivalent unit of production is a measurement of the amount of work done by a manufacturer on partially completed units of output at the end of a fiscal period. In general, fully completed units and partially completed units are expressed as fully completed units.
When a weighted-average process costing system is being used, the equivalent units is obtained as the addition of units in beginning work in process and the units started.
Therefore, equivalent units for materials at XYZ would be equal to the addition of units in beginning work in process and the units started.
Consider the following transactions for
BigGuy Toys:
Apr. 7 BigGuy Toys purchased $198,800 worth of MegoBlock toys on account with credit terms of 2/10, n/60.
Apr. 13 BigGuy Toys returned $19,800 of the merchandise to MegoBlock due to damage during shipment.
Apr. 15 BigGuy Toys paid the amount due, less the return and discount.
Required:
a. Journalize the purchase transactions. Explanations are not required.
b. In the final analysis, how much did the inventory cost BigGuy Toys?
Answer and Explanation:
a. The journal entries are shown below:
On April 7
Merchandise inventory $198,800
To Account payable $198,800
(being the inventory purchase on account)
On April 13
Account payable $19,800
To Merchandise inventory $19,800
(Being returned inventory is recorded)
On April 15
Account payable ($198,800 - $19,800) $179,000
To Cash (98% of $179,000) $175,420
To Merchandise inventory $3,580
(being the amount paid is recorded)
b. The inventory cost should be $175,420
6. Guillermo and Nora adopted a little boy in 2020 and incurred a total of $18,000 qualified adoption expenses. Their modified AGI is $220,000. What is the amount of adoption credit they can take
Answer:
Guillermo and Nora
The amount of adoption credit that they can take is limited to:
= $14,300 in 2020.
Explanation:
a) Data and Calculations:
Modified AGI of Guillermo and Nora = $220,000
Total amount of qualified adoption expenses incurred in 2020 = $18,000
Limit of adoption credit available to the couple in 2020 = $14,300
Lost adoption expenses = $3,700 ($18,000 - $14,300)
b) The couple will not be able to take adoption credit amounting to $3,700 because the amount they spent on adoption expenses exceeded the adoption credit limit for 2020.
A new accountant working for Metcalf Company records $800 Depreciation Expense on store equipment as follows:
Dr. Depreciation Expense 800
Cr. Cash 800
The effect of this entry is to:__________
a. Understand the book of the value of depepreciable assets as of December 31.
b. adjust the accounts to their proper amounts on December 31.
c. understand total assets on the balance sheet as of December 31.
d. overstate the book value of the depreciation assets at December 31,
Answer:
sorrryyyyyyyyyysorrryyyyyyyyyysorrryyyyyyyyyy
Explain characteristics of a business?
Answer:
Self made
Explanation:
Suppose that the turkey industry is in long-run equilibrium at a price of $5 per pound of turkey and a quantity of 400 million pounds per year. Suppose that WebMD claims that a protein found in turkey will increase your expected lifespan by 2 years. WebMD's claim will cause consumers to demand _____________turkey at every price.
Answer:
The "WebMD's claim will cause consumers to demand ______more_______turkey at every price."
Explanation:
Consumers will tend to demand more turkey in order to increase their expected lifespan by 2 years by consuming more of the protein found in turkey as claimed by WebMD. This implies that there will a new equilibrium as the old equilibrium shifts outward to match the increased demand by consumers of turkey. This claim may trigger demand and supply to exceed the annual 400 million pounds equilibrium at $5 per pound.
While the evidence suggests that over long periods of time that stocks will outperform bonds, individuals with a long-term investment horizon may still choose to invest in bonds. Is this rational behavior? Why or why not?
Answer:
Stocks and Bonds
Yes. It is a rational behavior for individuals with a long-term investment horizon to choose to invest in bonds rather than investing in stocks despite the overwhelming "evidence that suggests that over long periods of time stocks still outperform bonds."
Rational behavior involves making rational choices that provide optimal levels of benefit or utility for the individual. People who make rational choices would rather choose bonds with lower risks and returns than stocks with higher risks and returns.
Explanation:
Every rational investor would prefer to reduce her risk exposure instead of increasing it. Every investor is also aware that investments with higher risks attract higher returns. However, determining the certainty of the returns is difficult.
Accompanying a bank statement for Marsh Land Properties is a credit memo for payment on a $15,000 1-year note receivable and $900 of interest collected by the bank. Marsh Land Properties has been notified by the bank at the time of collection, but had made no entries.
Required:
Journalize the entry that should be made by Marsh Land to bring the accounting records up to date.
Answer:
Dr Cash $15,900
Cr Notes Receivable $15,000
Cr Interest Revenue $900
Explanation:
Preparation of the journal entry that should be made by Marsh Land to bring the accounting records up to date.
Dr Cash $15,900
($15,000+$900)
Cr Notes Receivable $15,000
Cr Interest Revenue $900
True or False: In general, term loans may be created and modified more easily than bond issues because (1) there are fewer parties to the transaction, and (2) the borrower and the lender have the potential to meet directly to reach mutually agreeable terms.
Answer:
False
Explanation:
A term loan can be regarded as monetary loan which is expected to be repaid on regular payments basis over particular period of time. Term loans are one that the lasting duration is
usually between one and ten years, and in some cases could last as long as 30 years . It is a loan that usually encompass unfixed interest rate which could add additional balance to the amount be repaid.
Suppose a newly elected president cuts taxes by 20 percent: i. Assuming that the money supply is held constant, what are the new equilibrium interest rate and income
Answer: hello your question has some missing information below is the missing information
An economy is initially described by the following equations:
C = 80 + 0.8(Y – T)
I = 120 –5r
M/P = Y – 25r
G = 100
T = 100
M = 2,700
P = 3
answer :
equilibrium interest rate ( r ) = 5.6%
equilibrium level of income = 1040
Explanation:
a) New equilibrium interest rate
T = 100 - 20/100 ( 100 ) = 80
Y = C + I + G
= 80 + 0.8( y - 80 ) + 120 - 5r + 100
= 236 + 0.8y - 5r
y = 1180 - 25r ------ ( 1 )
M/P = Y - 25r = 2700 / 3
y = 900 + 25r ------- ( 2 )
equate; equation ( 1 ) and equation ( 2 )
1180 - 25r = 900 + 25r
∴ r = 5.6%
b) Equilibrium level of Income
To determine Equilibrium level of income we will use equation2
Y = 900 + 25(5.6) = 1040
Mcdormand inc reported a 3400 unfavorable price variance for variable overhead and a $34,000 nfavorable price variance for fixed overhead. The flexible budget had variable overhead based on 36,100 direct labor-hours; only 34,100 hours were worked. Total actual overhead was $1,810,400. The number of estimated hours for computing the fixed overhead application rate totaled 37,500 hours.
Required:
a. Prepare a variable overhead analysis.
b. Prepare a fixed overhead analysis.
Answer:
A. Variable overhead price variance 3400 U
Variable overhead efficiency variance 60000 F
Variable overhead cost variance 56600 F
B. Fixed overhead price variance 34000 U
Production volume variance 28000 U
Fixed overhead cost variance 62000 U
Explanation:
a. Preparation of a variable overhead analysis.
Variable overhead price variance = 3400 U
Calculation for Variable overhead efficiency variance
First step is to calculate the Actual input at standard rate
Actual input at standard rate = (34100*30)
Actual input at standard rate= 1023000
Second step is to calculate the Standard rate
Standard rate = 1083000/36100
Standard rate=30
Now let calculate Variable overhead efficiency variance
Variable overhead efficiency variance = (1083000-1023000)
Variable overhead efficiency variance = 60000 F
Calculation for Variable overhead cost variance
Variable overhead cost variance = (60000-3400)
Variable overhead cost variance= 56600 F
Therefore the variable overhead analysis will be:
Variable overhead price variance 3400 U
Variable overhead efficiency variance 60000 F
Variable overhead cost variance 56600 F
b. Preparation of a fixed overhead analysis.
Fixed overhead price variance = 34000 U
Calculation for Production volume variances
First step is to calculate Actual input at standard rate
Actual input at standard rate= 34100*30
Actual input at standard rate= 1023000
Second step is to calculate Fixed overhead actual
Fixed overhead actual= 1810400-(1023000+3400)
Fixed overhead actual= 784000
Third step is to calculate Budgeted fixed overhead
Budgeted fixed overhead = (784000-34000)
Budgeted fixed overhead = 750000
Fourth step is to calculate Fixed overhead applied
Fixed overhead applied= (750000/37500)*36100
Fixed overhead applied= 722000
Now let calculate Production volume variance
Production volume variance = (750000-722000) Production volume variance= 28000 U
Calculation to determine Fixed overhead cost variance
Fixed overhead cost variance = (28000+34000) Fixed overhead cost variance= 62000 U
Therefore fixed overhead analysis will be:
Fixed overhead price variance 34000 U
Production volume variance 28000 U
Fixed overhead cost variance 62000 U
hester Corp. ended the year carrying $18,711,000 worth of inventory. Had they sold their entire inventory at their current prices, how much more revenue would it have brought to Chester Corp.
Answer:
$18,711,000
Explanation:
Based on the information given the amount of more revenue would it have brought to Chester Corp will be $18,711,000
In order to calculate the amount of money needed to maintain a standard of living 20 years from now, you attempt to calculate an FV (20 years from now) of today's living expenses. What would be most appropriate for you to use as the interest rate?
Money market rate
Expected inflation rate
Average market rates of return
Average market return + inflation
Answer:
Expected inflation rate
Explanation:
Expected Inflation rate would be the most appropriate rate to use as interest rate in the calculation because it gives a somewhat accurate picture of how prices will behave in the coming years, and therefore, of how cost of living will evolve, and how much money will be needed to maintain your living standards 20 years from now.
Expected inflation is never a completely accurate measure though, and it can be sensitive to economic or political shocks, so it should be used with caution and keeping that in mind.
Earning a promotion is made easier if you know the ______.
a. First and last name of your supervisor
b.Password to your company’s database is
c.Kind of characteristics your company values
d.Lunch order your supervisor favors
Answer:
c
Explanation:
Which printing method is best for Bath Bomb Container?
Answer:
One of the most typical methods for Custom Bath Bomb Container is flexographic and offset printing. https://custompackagingpro.com/product/custom-printed-bath-bomb-packaging-boxes
Instead of investing a lump of sum of $25000,Brittany Royer decides to svae the money in a vault for 2years. Assuming the inflation being 2.5%per year,how much will her purchasing power decline in 2years
Answer:
$1265.63
Explanation:
Inflation is a persistent rise in the general price levels
Types of inflation
1. demand pull inflation – this occurs when demand exceeds supply. When demand exceeds supply, prices rise
2. cost push inflation – this occurs when the cost of production increases. This leads to a reduction in supply. Higher prices are the resultant effect
Loss in purchasing value = future value of the amount saved - amount saved
The formula for calculating future value:
FV = P (1 + r)^n
FV = Future value
P = Present value
R = interest rate
N = number of years
$25000 (1.025)² = $26.265.625
Amount lost = $26.265.625 - $25,000 = $1265.63
In 2008, 1 Swiss franc cost .56 British pounds and in 2010 it cost .51 British pounds in 2010. How much would 1 British pound purchase in Swiss francs in 2008 and 2010
Answer:
1.78 Swiss franc
1.96 Swiss franc
Explanation:
Below is the calculation:
In the year 2008, 1 Swiss franc cost = 0.56 British pounds
In the year 2010, 1 Swiss franc cost = 0.51 British pounds
Now calculate the Swiss frac purchase by 1 bristish pound.
In the year 2008, 1 British pound will purchase = 1 / 0.56 = 1.78 Swiss franc
In the year 2010, 1 British pound will purchase = 1 / 0.51 = 1.96 Swiss franc
According to rational expectations theory, Question 7 options: every day is a new day and yesterday's occurrences have no bearing on today's decisions. when making decisions a person will consider only information based on past experience. even though a person considers information related to future events as potentially important for decision making, he realizes that such information is unreliable and worthless. past experience is a good guide for decision making, but so is information related to possible future outcomes.
Answer:
past experience is a good guide for decision making, but so is information related to possible future outcomes.
Explanation:
The rational expectations theory refer to a concept and modeling technique that is applied widely in macroeconomics. In this the individual depend their decision on three main factors i.e. human rationality, available information and the past experience
As per the rational expectations theory the future should always be taken in expectation with regard to the decisions and it is vital for the same.
So as per the given situation, the above should be the answer
Best Brands Appliance Mart is getting ready for its annual Labor Day sale. There are two Best Brands stores, one in midtown Manhattan and another in Amityville. Merchandise is stored in two warehouses, one in Brooklyn and one in Baldwin. From experience in past years, the owners know the big mover during the sale is tablets. The Manhattan store needs 500, while the Amityville store will require 400. Each warehouse has 600 tablets in stock. It costs $1 and $2 to ship a tablet from Brooklyn to Manhattan and to Amityville, and $2 and $4 to ship one from Baldwin to Manhattan and Amityville. What is the best shipping strategy for getting the tablets from the warehouses into the stores to minimize the shipping cost?
Answer:
Explanation:
From the given information:
Assuming we represent x to be the tablets sent from Brooklyn to Manhattan
Thus, (500 - x) to be the tablets sent from Baldwin to Manhattan
Also, suppose we represent y to be the tablets sent from Brooklyn to Amityville
It implies that (400 - x) to be the tablets sent from Baldwin to Amityville
∴
x ≥ 0 ; y ≥ 0
⇒ 500 - x ≥ 0 & 400 - y ≥ 0
The Shipping cost Z = 1(x) + 2(500-x) + 2(y) + 4(400-y)
Z = x + 1000 - 2x + 2y + 1600 - 4y
Z = x -2y + 2600
To minimize the shipping cost:
[tex]\left \{ 500-x \geq 0 \ \implies \ x\leq 500}} \atop {400-y \geq 0 \ \implies \ y\leq 400}} \right.[/tex]
Thus, by replacing the coordinate values (x,y) into Z, we have:
Point Coordinates(x,y) Value of Z (shipping cost)
0 (0,0) 0
A (0,400) 1800
B (500,400) 1300
C (500,0) 2100
Hence, the minimum cost is 1300.
x = 500 units and y = 400 units
In a firm that manufactures clothing, the department that is responsible for actually assembling the garments could best be described as a(n):
Answer:
Operating or production department.
Explanation:
Operating or production department Deals with production and efficiency.
It should be noted that in a firm that manufactures clothing, the department that is responsible for actually assembling the garments could best be described as Operating or production department.
SOX requires the Chief Executive Officer (CEO) and which corporate officer to certify the accuracy of the financial statements?
Answer:
SOX requires the Chief Executive Officer (CEO) and the Chief Financial Officer (CFO) to certify the accuracy of the financial statements.
Explanation:
This requirement ensures the public accountability of the top chief executive officers of publicly-traded companies. The CEO is at the helm of affairs of the company, while the CFO has responsibility for the financial records, which produced the financial statements. This is the reason that the two top managers are required to sign off the financial statements, thus, vouching their accuracy.