Answer:
The applicable law in regard to her position in a majority of states is:
b. The majority of states follow the old MBCA which follows the approach that all persons who assume to act as a corporation when the certificate of incorporation has not been issued are jointly and severally liable for the business debts.
Explanation:
MBCA means the Model Business Corporation Act. It is noteworthy that majority of the states have not adopted fully the Revised Model Business Corporation Act, 2016. This is because some of their Corporation Acts still rely on the old MBCA. This implies that Marilyn has a favorable position and can recover from ABC Corporation the value of the equipment sold to Sam.
Use the following data to calculate the cost of goods sold for the period:
Beginning Raw Materials Inventory $31,700
Ending Raw Materials Inventory 71,700
Beginning Work in Process Inventory 41,700
Ending Work in Process Inventory 47,700
Beginning Finished Goods Inventory 73,700
Ending Finished Goods Inventory 69,700
Cost of Goods Manufactured for the period 247,700
a. $247,700.
b. $251,700.
c. $259,700.
d. $243,700.
e. $291,700..
Answer:
COGS= $251,700
Explanation:
Giving the following formula:
Beginning Finished Goods Inventory 73,700
Ending Finished Goods Inventory 69,700
Cost of Goods Manufactured for the period 247,700
To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 73,700 + 247,700 - 69,700
COGS= $251,700
There was an agreement that employees will get extra payment for overtime but the management fails to implement the agreement which principle is violated?
Answer:
I think it's management or implement I will choose management if I were you
A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 Skip to question [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $540,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $25,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow.
Job 306 Job 307 Job 308
Balances on March 31
Direct materials $28,000 $44,000
Direct labor 23,000 17,000
Applied overhead 11,500 8,500
Costs during April
Direct materials 138,000 205,000 $115,000
Direct labor 104,000 155,000 104,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process
Required:
Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31).
Answer:
Marcelino Co.
Total production cost incurred for April and the total cost assigned to each job:
Job 306 Job 307 Job 308 Total
Total production cost
incurred for April $294,000 $437,500 $271,000 $1,002,500
Total cost assigned $356,500 $507,000 $271,000 $1,134,500
Explanation:
a) Data and Calculations:
March 31 inventory of
raw materials = $88,000
April costs:
Raw materials purchases = $540,000
Factory payroll cost = $380,000
Overhead costs incurred = $206,000
Total costs = $1,214,000
April ending WIP inventory 271,000
Total cost incurred $943,000
Overhead costs incurred:
Indirect materials = $59,000
Indirect labor = $25,000
Factory rent = $38,000
Factory utilities = $23,000
Factory equipment depreciation = $61,000
Total factory overhead = $206,000
Predetermined overhead rate = 50% of DLC
Sales of Job 306 in April = $655,000 cash
Job 306 Job 307 Job 308 Total
Balances on March 31
Direct materials $28,000 $44,000 $72,000
Direct labor 23,000 17,000 40,000
Applied overhead 11,500 8,500 20,000
Total Beginning WIP $62,500 $69,500 $0 $132,000
Costs during April
Direct materials 138,000 205,000 $115,000 458,000
Direct labor 104,000 155,000 104,000 363,000
Applied overhead 52,000 77,500 52,000 181,500
Total production cost
incurred for April $294,000 $437,500 $271,000 $1,002,500
Total cost assigned $356,500 $507,000 $271,000 $1,134,500
Status on April 30 Finished (sold) Finished (unsold) In process
Job 306 Job 307 Job 308
Pastore Inc. granted options for 1 million shares of its $1 par common stock at the beginning of the current year. The exercise price is $39 per share, which was also the market value of the stock on the grant date. The fair value of the options was estimated at $7.00 per option. What would be the total compensation indicated by these options
Answer:
$7,000,000
Explanation:
Calculation to determine What would be the total compensation indicated by these options
Using this formula
Total Compensation =Beginning options*Fair value of the options
Let plug in the formula
Total Compensation =1,000,000 shares × $7
Total Compensation =$7,000,000
Therefore What would be the total compensation indicated by these options is $7,000,000
5) Mutti company produces two joint products: tomato paste and tomato sauce. From the common process emerge the joint cost of $200,000 which yields 2,000 units of tomato paste and 1,000 units of tomato sauce. Tomato paste can be sold for $100 per unit. Tomato sauce can be sold for $120 per unit. How much of the joint cost will be assigned to the tomato paste if joint costs are allocated on the basis of relative market values
$2,00,000 which yields 2,000 units of tomato paste
Joint costs are allocated based on relative market values and total $2,000,000, yielding 2,000 units of tomato paste.
What is market values?The market value, or OMV, of an asset is the price at which it would trade in a competitive auction setting. Although these terms have different definitions in different standards and differ in some circumstances, market value is frequently used interchangeably with open market value, fair value, or fair market value. Market value (also known as OMV or "open market valuation") is the price an asset would fetch in the marketplace, or the value assigned by the investment community to a specific equity or business.Market value is calculated by multiplying a company's outstanding shares by the current market price. If XYZ Company trades at $25 per share and has 1 million shares outstanding, its market value is $25 million.To learn more bout market values, refer to:
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If a bank that desires to hold no excess reserves and has just enough reserves to meet the required reserve ratio of 15 percent receives a deposit of $600, it has a a. $600 increase in excess reserves and no increase in required reserves. b. $600 increase in required reserves and no increase in excess reserves. c. $510 increase in excess reserves and a $90 increase in required reserves. d. $90 increase in excess reserves and a $510 increase in required reserves.
Answer:
c
Explanation:
Required reserves is the percentage of deposits required of banks to keep as reserves by the central bank
Required reserves = reserve requirement x deposits
0.2 x $100,000 = $20,000
Excess reserves is the difference between reserves and required reserves
Required reserves = 0.15 x 600 = 90
Excess reserves = 600 - 90 = 510
A truck acquired at a cost of 225000 has an estimated residual value of 15000, has an estimated useful life of 35000 miles, and was driven 3200 miles during the year. detmerine the following. if required, round your answer for the depreciation rate to two decimal places.
1. Determine:
a. The depreciable cost _________$
b. The depreciation rate _________$ per mile
c. The units-of-activity depreciation for the year $
2. Determine the depreciation for each of the first two years by the straight-line method.
Answer:
ligma
Explanation:
Erin has been analyzing the manufacturing process for a local company and is starting to see some changes because of her suggestions. She proposed automating a pair of machines that are often the point at which some sort of defect is introduced to the process. Not only did this decrease the number of defective products, but also productivity increased by 17%.
Answer: six sigma; eliminate waste.
Explanation:
Here's the remainder of the question:
This scenario is an example of [budget review, Six Sigma, Total quality managment], a principle that is most likely being implemented to[eliminate waste,foster teamwork,exceed customer expectations].
The scenario discussed in the question is an example of six sigma. Six Sigma refers to a data driven method that is used in detecting defects and eliminating wastes. It helps organizations improve their business processes capability which is vital in the improvement of performance and the reduction in defects.
Six sigma also beings about improvement in the morales of the workers, and the improvement in profits.
artner Balance A $60,000 B $29,000 C $45,000 D $15,000 B is personally bankrupt and refuses to make any contributions to the partnership. The partnership had the following assets: A building with a $150,000 carrying amount $29,000 cash Inventory with a $20,000 carrying amount The partnership has $50,000 of liabilities resulting from accounts payable to BigCorp. Upon dissolution, the partnership is able to obtain $50,000 for the building and $0 for its inventory. Calculate the amount that A, B, C, D, and BigCorp will receive upon dissolution of the partnership using the information above.
Answer:
The amounts that each partnership and the supplier will receive are as follows:
A = $11,678
B = $5,644
C = $8,758
D = $2,920
BigCorp = $50,000
Explanation:
a) Data and Calculations:
Partner Balances:
A $60,000
B $29,000
C $45,000
D $15,000
Assets:
Building's carrying amount = $150,000
Cash = $29,000
Inventory = $20,000
Liabilities:
Accounts payable (BigCorp.) = $50,000
Amount realized from the partnership dissolution:
Building = $50,000
Cash = $29,000
Inventory = $0
Total = $79,000
The amount that BigCorp will receive from the partnership is:
= $50,000
The remaining $29,000 will share among the partners in proportion to their capital balances:
A $60,000/$149,000 * $29,000 = $11,678
B $29,000/$149,000 * $29,000 = $5,644
C $45,000/$149,000 * $29,000 = $8,758
D $15,000/$149,000 * $29,000 = $2,920
what is the starting salary of a novel author or novelist? it's for a project.
Answer:
The average one is $49,046. Found it online.
what is mean by vocational training?
Answer:
Hope this helps
Explanation:
It means a instrustional program or courses that focus on the skills required for a particular job function or trade.In vocational training educates and prepares students for specific careers, disregarding transitional unrelated academic subjects.
Yard Tools manufactures lawnmowers, weed-trimmers, and chainsaws. Its sales mix and unit contribution margin are as follows.
Sales Mix Unit Contribution Margin
Lawnmowers 20% $30
Weed-trimmers 50% $21
Chainsaws 30% $39
Yard Tools has fixed costs of $4,342,800. Compute the number of units of each product that Yard Tools must sell in order to break even under this product mix.
Answer:
Results are below.
Explanation:
Sales Mix Unit Contribution Margin
Lawnmowers 20% $30
Weed-trimmers 50% $21
Chainsaws 30% $39
Fixed cosst= $4,342,800
First, we need to calculate the weighted average contribution margin:
weighted average contribution margin= (0.2*30) + (0.5*21) + (0.3*39)
weighted average contribution margin= $28.2
Now, the break-even point in units for the whole company:
Break-even point (units)= Total fixed costs / Weighted average contribution margin
Break-even point (units)= 4,342,800 / 28.2
Break-even point (units)= 154,000
Now, for each product:
Lawnmowers= 0.20*154,000= 30,800
Weed-trimmers= 0.50*154,000= 77,000
Chainsaws= 0.30*154,000= 46,200
Variable Cost Per Unit:
Manufacturing:
Direct Materials = $20
Direct Labor = $12
Variable Manufacturing Overhead = $4
Variable Selling and Administrative = $2
Fixed costs per year:
Fixed manufacturing overhead = $960,000
Fixed selling and administrative expenses = $240,000
During its first year of Operations, produced 60,000 units and sold 60,000 units. During it's second year of operations, it produced 75,000 and sold 50,000 units. In its third year, it produced 40,000 units and sold 65,000 units. The selling price of the companys product is $58 per unit.
1. Compute the companys break even point in units sold.
2. Assume the company uses the variable costing:
a. Compete the unit product cost for year 1, year 2, year 3
b. Prepare an income statement for year 1, 2, and 3
3. Assume the company uses absorption costing:
a. Compute the unit product cost for year 1, 2, and 3
b. Prepare an income statement for year 1, 2, and 3
4. Compare the net operating income figures that you computed in requirements 2 and 3 to the break even point that you computed in requirement 1. which net operating income figures seem counterintuitive? why?
Answer:
1. Break-even point in units sold = Fixed cost/Contribution margin
= $1,200,000/$20 = 60,000 units
2-a. First Year Second Year Third Year
Unit variable product costs:
Direct Materials = $20
Direct Labor = $12
Manufacturing Overhead = $4
Product costs $36 $36 $36
Selling and admin. cost $2
Total variable mfg. costs = $38 $38 $38
b. Income Statements:
First Year Second Year Third Year
Sales unit 60,000 50,000 65,000
Sales revenue $3,480,000 $2,900,000 $3,770,000
Variable cost of goods sold:
Manufacturing 2,160,000 1,800,000 2,340,000
Product contribution $1,320,000 $1,100,000 $1,430,000
Selling and administrative 120,000 100,000 130,000
Contribution margin $1,200,000 $1,000,000 $1,300,000
Total fixed costs 1,200,000 1,200,000 1,200,000
Net income $0 ($200,000) $100,000
3. Absorption costing:
First Year Second Year Third Year
Unit product costs:
Variable cost per unit $36 $36 $36
Total variable cost $2,160,000 $2,700,000 $1,440,000
Fixed manufacturing 960,000 960,000 960,000
Total manufacturing $3,120,000 $3,660,000 $2,400,000
Production units 60,000 75,000 40,000
Unit product costs $52 $48.80 $60
b. Income Statements:
First Year Second Year Third Year
Sales unit 60,000 50,000 65,000
Sales revenue $3,480,000 $2,900,000 $3,770,000
Cost of goods sold 3,120,000 2,440,000 3,900,000
Gross profit $360,000 $460,000 ($130,000)
Selling and admin. 240,000 240,000 240,000
Net income (loss) $120,000 $220,000 ($370,000)
4. The net operating income from absorption costing seem counterintuitive. The reason is because of the use of different measures; Requirement 2 is based on variable product costs while requirement 3 is based on absorption product costs.
Explanation:
a) Data and Calculations:
Variable Cost Per Unit:
Manufacturing:
Direct Materials = $20
Direct Labor = $12
Variable Manufacturing Overhead = $4
Variable manufacturing costs = $36
Variable Selling and Administrative = $2
Total variable costs = $38
Fixed costs per year:
Fixed manufacturing overhead = $960,000
Fixed selling and administrative expenses = $240,000
Total fixed costs = $1,200,000
Production and Sales Units
First Year Second Year Third Year
Production units 60,000 75,000 40,000
Sales unit 60,000 50,000 65,000
Selling price per unit = $58
Variable cost per unit = 38
Contribution margin $20
Sheffield Corp. uses the percentage-of-receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible. Accounts receivable are $430,800 at the end of the year, and the allowance for doubtful accounts has a credit balance of $2,864. (a) Prepare the adjusting journal entry to record bad debt expense for the year. (b) If the allowance for doubtful accounts had a debit balance of $887 instead of a credit balance of $2,864, prepare the adjusting journal entry for bad debt expense.
Answer and Explanation:
The journal entries are shown below:
a. Bad-debt expense A/c [($430,800 × 3%) - $2,864] Dr. $10,060
To Allowance for doubtful accounts A/c $10,060
(Being bad-debts expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets
b. Bad-debt expense A/c [($430,800 × 3%) + $887] Dr. $13,811
To Allowance for doubtful accounts A/c $13,811
(Being bad-debts expense is recorded)
Here the bad debt expense is debited as it increased the expense and credited the allowance as it decreased the assets
describe the distorting effects of taxes to intrapreneurs
Answer:
The higher the tax rate, the more capital is taken out of the hands of the entrepreneur and into the hands of the government. Therefore, many believe that higher tax rates leave entrepreneurs with less money to reinvest in their businesses, leading to less job creation.
Explanation:
https://smallbusiness.chron.com/tax-rates-affect-entrepreneurship-39006.html
A U.S. bakery buys wheat from Canada and pays for it with US dollars. This transaction a. increases Canadian net exports, and increases U.S. net capital outflow. b. increases Canadian net exports, and decreases U.S. net capital outflow. c. decreases Canadian net exports, and increases U.S. net capital outflow. d. decreases Canadian net exports, and decreases U.S. net capital outflow.
Answer: b. increases Canadian net exports, and decreases U.S. net capital outflow.
Explanation:
Based on the information given, the net export of Canada will increase. Net exports measures the total trade of a country. It's the difference between the country's export and its import.
Since the U.S bakery is buying wheat from Canada, it means the export will increase thereby increasing the country net export. On the other hand, there's a reduction in the net capital outflow of the United States.
Therefore, the correct option is B
Ramort Company reports the following cost data for its single product. The company regularly sells 21,500 units of its product at a price of $63.00 per unit. Direct materials $ 10.30 per unit Direct labor $ 12.30 per unit Overhead costs for the year Variable overhead $ 3.30 per unit Fixed overhead per year $ 52,900.00 Selling and administrative costs for the year Variable $ 2.30 per unit Fixed $ 65,500 Normal production level (in units) 21,500 units Compute gross margin under absorption costing. (Round unit cost amounts to 2 decimal places.)
Answer:
Gross margin= $744,760
Explanation:
The absorption costing method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.
Unitary fixed overhead= 52,900 / 21,500= $2.46
Total unitary production cost= 10.3 + 12.3 + 3.3 + 2.46= $28.36
Now, the gross margin:
Gross margin= sales - COGS
Gross margin= 21,500*63 - 21,500*(28.36)
Gross margin= $744,760
Retirement planning should begin at what age?
Answer:
60
Explanation:
Assume that you have been hired as a consultant by CGT, a major producer of chemicals and plastics, including plastic grocery bags, styrofoam cups, and fertilizers, to estimate the firm's weighted average cost of capital. CGT's balance sheet data are as follows.
The stock is currently selling for $15.25 per share, and its noncallable $1,000 par value, 20-year, 7.25% bonds with semiannual payments are selling for $875.00. The beta is 1.25, the yield on a 6- month Treasury bill is 3.50%, and the yield on a 20-year Treasury bond is 5.50%. The required return on the stock market is 11.50%, but the market has had an average annual return of 14.50% during the past 5 years. The firm's tax rate is 40%. Determine the best estimate of the after-tax cost of debt.
Assets 2018
Current assets $38,000,000
Net plant, property, and equipment $101,000,000
Total assets $139,000,000
Liabilities & Equity
Accounts payable $10,000,000
Accruals $9,000,000
Current liabilities $19,000,000
Long-term debt (40,000 bonds.
$1,000 par value) $40,000,000
Total liabilities $59,000,000
Common stock (10,000,000 shares) $30,000,000
Retained earnings $50,000,000
Total shareholders' equity $80,000,000
Total liabilities and shareholders' equity $139,000,000
a. 5.40%.
b. 5.67%.
c. 4.64%.
d. 5.14%.
Answer:
d. 5.14%.
Explanation:
Calculation to determine the best estimate of the after-tax cost of debt.
First step
Based on the information given we would make use of rate formula in excel.
=rate(nper,pmt,-pv,fv)
Where,
nper= coupon every six months for 20 years = 40 coupon payments
Pmt =$1000*7.25%*6/12=$36.25
Pv = $875
Fv =$1000
Let plug in the formula
=rate(40,36.25,-875,1000)=4.28% semiannually
=4.28% *2=8.56% annually
Now let calculate the after tax cost of debt using this formula
After tax cost of debt=8.56%*(1-t)
Where,
t represent tax rate of 40%
Let plug in the formula
After tax cost of debt=8.56%*(1-0.4)
After tax cost of debt=5.14%
Therefore the best estimate of the after-tax cost of debt is 5.14%
At the beginning of the year, Grillo Industries bought three used machines from Freeman Incorporated. The machines immediately were overhauled, were installed, and started operating. Because the machines were different, each was recorded separately in the accounts.
Machine A Machine B Machine C
Cost of the asset $10,800 $40,000 $23,800
Installation costs 950 3,900 3,000
Renovation costs prior to use 750 3,500 4,000
Repairs after production began 700 900 2,500
By the end of the first year, each machine had been operating 8,000 hours.
Required:
Compute the cost of each machine.
Answer:
the cost of machine for A, B and C is $12,500, $47,400 and $30,800 respectively
Explanation:
The computation of the cost of the machine is given below:
For Machine A
= $10,800 + $950 + $750
= $12,500
For Machine B
= $40,000 + $3,900 + $3,500
= $47,400
And, for machine C
= $23,800 + $3,000 + $4,000
= $30,800
Hence, the cost of machine for A, B and C is $12,500, $47,400 and $30,800 respectively
Monetary approach and forecasting.
Suppose relative PPP and the quantity theory of money hold. Suppose you expect the rate of money growth of Argentina in the next year to be around 15% while your forecast for its real GDP growth is at 2%. Suppose inflation in Brazil is expected to be at 4%.
Suppose you learn that the government of Argentina is planning to cut taxes. You expect this tax cut to be financed through money creation and revise your forecast for money growth to be 25% instead of 15%.
Suppose that you also expect the UIP to hold. You know that the nominal interest rate in Brazil today is 6% (on deposits maturing in a year).
1. What is the nominal interest rate in Argentina?
2. What is the world real interest rate?
Answer:
1. The nominal interest rate in Argentina is:
= 25%
2. The world real interest rate is:
= 2%.
Explanation:
a) Data and Calculations:
Expected money growth rate of Argentina next year = 15%
Forecasted real GDP growth = 2%
Expected inflation rate = 13% (15% - 2%)
Nominal interest rate = real interest rate + inflation rate
Real interest rate = 25% - 13% = 12%
Nominal interest rate = 12% + 13% = 25%
The world real interest rate = nominal interest rate minus inflation rate
= 6% - 4% = 2%
For its fleet of trucks, Overland Transport, Inc., purchased 580 tires rated at 50 pounds each. The tires had a retail price of $85 each. The sales tax is 4.5%, and the federal excise tax is $0.15 per pound. What are the amount of sales tax per tire and the total sales tax
Answer:
The amount of sales tax per tire = $3.825
The total sales tax = $2,218.50.
Explanation:
These can be be calculated as follows:
Sales tax per tire = Retail price per tire * Sales tax rate = $85 * 4.5% = $3.825
Total sales tax = Number of tire purchased * Sales tax per tire = 580 * $3.825 = $2,218.50
Therefore, the amount of sales tax per tire is $3.825 and the total sales tax is $2,218.50.
Sacajawea Mercantile Co. uses the gross method for recording sales discounts. The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: Unadjusted Balances June 30, 20Y4 Account Balances* Sales$10,000,000 Accounts Receivable850,000 Allowance for Sales Discounts400 Adjustment Data Estimated sales discounts related to sales for the current fiscal year that will taken in the next fiscal year ending June 30, 20Y5.$ 7,000 * Assume all normal balances Assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Illustrate the effects of the payment on account from Mark Bishop on the accounts and financial statements of Sacajawea Mercantile Co.
Answer:
Sacajawea Mercantile Co.
Effect of the payment:
1. The current assets will increase (Cash) and decrease (Accounts receivable) by $1,470 and $1,500 respectively.
2. The retained earnings will reduce by $40.
Account balances will now be:
Accounts Receivable $848,500 (850,000 - 1,500)
Allowance for Sales Discounts $440 (400 + 40)
Explanation:
a) Data and Calculations:
Sacajawea Mercantile Co.
Unadjusted Balances June 30, 20Y4 Account Balances*
Sales $10,000,000
Accounts Receivable 850,000
Allowance for Sales Discounts 400
Estimated sales discounts related to sales for the current fiscal year that will taken in the next fiscal year ending June 30, 20Y5 = $ 7,000
Analysis:
July 6, 20Y4 Cash $1,470 Cash Discounts $30 Accounts receivable (Mark Bishop) $1,500
2% sales discount of $1,500 = $30
Cash Received = $1,470
Assume the following: The variable portion of the predetermined overhead rate is $1.50 per direct labor-hour. The standard labor-hours allowed per unit of finished goods is 3 hours. The actual quantity of labor hours worked during the period was 44,000 hours. The total actual variable manufacturing overhead cost for the period was $63,000. The company produced 15,000 units of finished goods during the period. What is the variable overhead rate variance
The variable overhead rate variance or spending variance is 1500.
What is variable overhead rate variance?The difference between the variable manufacturing overhead that actually occurred and the variable manufacturing overhead that was anticipated given the number of hours worked is known as the variable overhead rate variation or spending variance.
The term "variable overhead efficiency variance" refers to both the impact of the discrepancy between the actual manufacturing time and the projected manufacturing time. Variations in production efficiency are the cause of it.
Variable overhead efficiency variance= Standard overhead rate x (Actual hours - Standard hours)
Standard quantity= 3* 15,00
= 45,000 hours
Actual quantity= 44,000 hours
Standard rate= $1.50
Variable overhead variance= 1000* $1.50
= 1500
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Gray Corp. employees work 2 hours on each of the 200 units that they produce and are paid $8 per hour. The standards for Gray Corp. indicate that employees should be paid $7 per hour and should spend 1.75 hours working on each unit. What is the Direct Labor Efficiency Variance
Answer:
Direct labor time (efficiency) variance= $400 unfavorable
Explanation:
Giving the following formula:
Standard= $7 per hour and should spend 1.75 hours working on each unit.
Actual= 2 hours
To calculate the direct labor efficiency variance, we need to use the following formula:
Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate
Direct labor time (efficiency) variance= (200*1.75 - 200*2)*8
Direct labor time (efficiency) variance= $400 unfavorable
The Postal Service is negotiating a new three-year agreement with two of its unions. One represents the clerks and one the mail carriers. The USPS negotiators are in two separate teams, one negotiating with each of the two unions. The two unions are not affiliated or legally tied to each other in any way, but they do talk informally. After both negotiations have concluded, the USPS management negotiators discovered that the clerk union and the carrier union were sharing information about what they were getting from management. For example, at the time that the clerk union was seeking to have management pay 50% of health insurance, the carrier union quietly told the clerk union that management had tentatively agreed to pay 55% for the carriers. Knowing this, the clerks decided to raise the demand to 55%, and were ultimately successful. The USPS is now considering a lawsuit or filing an Unfair Labor Practice for the unions sharing this information during the conduct of active negotiations, and voiding the 55% coverage of health care insurance that had been agreed to for the clerk union, arguing that it was negotiated based on illegally obtained information. Which of the following is most correct?
A. The actions of the clerk and carrier unions are not prohibited, and management does not have any recourse to recover damages nor to win an Unfair Labor Practice.
B. The actions of the clerk and carrier unions are not prohibited, and management cannot fire an Unfair Labor Practice. USPS can successfully sue both unions for damages related to the 55% paid for health care insurance for clerks.
C. This is an example of a lock-in agreement between the two unions and is prohibited by the NLRB.
D. All of the above are correct.
Answer: A. The actions of the clerk and carrier unions are not prohibited, and management does not have any recourse to recover damages nor to win an Unfair Labor Practice.
Explanation:
An unfair labor practice simply occurs when the National Labor Relations Act is being violated. Some if the unfair labor practice include when a worker is threatened when he or she files a ULP charge. Also, the refusal to negotiate with an agency in good faith etc.
In the scenario in the question, we should note that the actions of the clerk and the carrier unions are not prohibited, and then the management does not have any recourse to recover damages nor to win an Unfair Labor Practice.
Therefore, the correct option is A.
The U.S. Rice Millers’ Association claims that if the Japanese rice market were opened to imports by lowering tariffs, the resultant lower prices would save Japanese consumers about $6 billion annually. The Japanese government continues to use the high tariffs to make sure local farmers can earn a living. The tariff on rice is an example of
Answer: Protectionism
Explanation:
Protectionism occurs when the industries in a particular country are being protected from foreign competition by the government of that economy. Protectionism is done through the imposition of tariffs, quotas or total ban on the products of other countries.
In the question, the tariff on rice is an example of protectionism as the tariff will lead to an increase in the price of the foreign rice and the people will have to buy from the local rice suppliers. In this case, the local industry is protected.
explain root mean square speed in the context of gas laws
Answer:
The root-mean-square speed is the measure of the speed of particles in a gas, defined as the square root of the average velocity-squared of the molecules in a gas. ... The root-mean-square speed takes into account both molecular weight and temperature, two factors that directly affect the kinetic energy of a material.
Advanced Enterprises reports year−end information from 2019 as follows: Sales (161,000 units) $965,000 Cost of goods sold (644,000) Gross margin 321,000 Operating expenses (266,000) Operating income $55,000 Advanced is developing the 2020 budget. In 2020 the company would like to increase selling prices by 14.5%, and as a result expects a decrease in sales volume of 11%. All other operating expenses are expected to remain constant. Assume that cost of goods sold is a variable cost and that operating expenses are a fixed cost. Should Advanced increase the selling price in 2020?
Answer:
Advanced should increase the selling price in 2020.
Explanation:
Current selling price = Current sales value / Current sales volume = $965,000 / 161,000 = $5.99
Expected selling price = Current selling price * (100% + Expected percentage increase in selling price) = $5.99 * (100% + 14.5%) = $6.86
Expected sales volume = Current sales volume * (100% - Expected percentage increase in sales volume) = 161,000 * (100% - 11%) = 143,290 units
Expected sales value = Expected selling price * Expected sales volume = $6.86 * 143,290 = $982,762
Cost of goods sold per unit = Current cost of goods sold / Current sales volume = $644,000 / 161,000 = $4.00
Expected cost of goods sold = Expected sales volume * Cost of goods sold per unit = 143,290 * $4.00 =$ 573,160
Therefore, Advanced Enterprises expected operating income for 2020 can be computed as follows:
Details $
Sales (143,290 units) 982,762
Cost of goods sold (573,160)
Gross margin 409,602
Operating expenses (266,000)
Operating income 143,602
Since the expected operating income of $143,602 for 2020 is greater than $55,000 operating income for 2019, Advanced should increase the selling price in 2020.
the third level of conceptual framework does not include: a. assumptions b. constraint c. elements d. principles
Answer:
Identifies the principles of acknowledgment, calculation, and transparency used in the development and application of accounting standards, as well as the concrete concepts needed to achieve the goal. These definitions define the current reporting landscape and include expectations, values, and a cost limit.