The Net Operating Income of Ferrari Corporation as a whole is $66,000.
The net operating income of Ferrari Corporation as a whole can be determined by looking at the two major business segments, Consumer and Commercial. According to the given data, Consumer Segment's
Sales Revenues =$680,000
Variable Expenses =$394,000
Traceable Fixed Expenses =$102,000 Commercial Segment's
Sales Revenues =$280,000
Variable Expenses =$143,000
Traceable Fixed Expenses =$45,000. Common Fixed Expenses =$210,000 and were allocated as follows:
$122,000 to the Consumer Business Segment.
$88,000 to the Commercial Business Segment.
To determine the Net Operating Income of the company as a whole, we must first calculate the Operating Income for each business segment. Operating Income for Consumer Segment can be calculated by:
Operating Income
=Sales expenses - Variable expenses - Traceable Fixed expenses
=($680,000 - $394,000 - $102,000)
= $184,000.
Similarly, Operating Income for Commercial Segment can be calculated by:
Operating Income
=Sales revenues - Variable expenses - Traceable Fixed expenses
=($280,000 - $143,000 - $45,000)
= $92,000.
Now, the total Operating Income
=($184,000 + $92,000)
= $276,000.
Then, the Net Operating Income
= Total Operating income - Common Fixed expenses
=($276,000 - $210,000)
= $66,000.
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a value chain typically consists of five primary activities that can directly provide value to customers. the activities that help to transform inputs into final products or services represent
A value chain typically consists of five primary activities that can directly provide value to customers: Inbound Logistics, Operations, Outbound Logistics, marketing and Sales and services.
1. Inbound Logistics, which deals with obtaining and organizing inputs;
2. Operations, which involves transforming inputs into the final product or service;
3. Outbound Logistics, which deals with the storage and delivery of the finished product;
4. Marketing and Sales, which involves disseminating information about the product and persuading target customers to buy;
5. Service, which includes activities that help maintain and enhance the value of the product over its lifetime.
These activities help to transform inputs into final products or services that customers value, and each activity is an important component of the overall value chain. Inbound logistics involves obtaining and organizing inputs such as raw materials, parts, or components to be used in the production of the final product or service. Operations involve transforming inputs into the final product or service. Outbound logistics involves the storage and delivery of the finished product to the customer.
Marketing and sales involve disseminating information about the product and persuading target customers to buy it. Service involves activities that help maintain and enhance the value of the product over its lifetime, such as providing customer support. Together, these five activities form the value chain that helps to transform inputs into the final product or service.
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suppose that a major drought causes a 30 percent reduction in the peanut harvest. if there is no change in demand, this event would cause a at the original equilibrium price, and the equilibrium price will therefore and the equilibrium quantity will . a. shortage; rise; fall b. shortage; rise; rise c. surplus; fall; fall d. surplus; fall; rise
If there is no change in demand, the mentioned event would cause a at the original equilibrium price, and the equilibrium price will therefore and the equilibrium quantity will shortage; rise; fall. The correct option is a.
Suppose that a major drought causes a 30 percent reduction in the peanut harvest, then the supply of peanuts will shift to the left. This means that at the original equilibrium price, there will be a shortage of peanuts, and the equilibrium price will, therefore, rise, and the equilibrium quantity will fall.
The law of demand states that as the price of a product increases, the quantity demanded for it will decrease.
However, since the demand remains unchanged, consumers will still demand peanuts at the original equilibrium price even though the quantity supplied has decreased due to the 30 percent reduction in peanut harvest.
The shortage of peanuts will cause sellers to realize that they can sell their product at a higher price, so they will increase the price of peanuts. The increase in price will lead to a decrease in the quantity demanded of peanuts, reducing the shortage until a new equilibrium is reached where the quantity demanded equals the quantity supplied.
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An auditor needs to review all of a company’s transactions that took place
between March 25 to March 31 of the previous year. To find this information, she
would most likely consult the company’s:
The auditor would most likely consult the company's financial records or accounting system, which should contain all of the transactions made during the specified period.
Specifically, the auditor may want to review the company's general ledger, which provides a summary of all financial transactions that have been recorded, as well as any supporting documentation such as invoices, receipts, bank statements, and other financial records.
Additionally, the auditor may want to communicate with the company's accounting personnel or other relevant personnel to obtain a better understanding of the company's accounting practices and to clarify any questions or concerns about specific transactions.
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Infor Tech (Pty) Limited ("Infor Tech") is a company in the WIFI industry. One of MTC Namibia's biggest competitors to date. The company offers a complete Wi-Fi package to the public, including the supply of a Wi-Fi modem and the Wi-Fi antenna. The installation of the antenna and Modem as well as a monthly subscription to Wi-Fi packages is structured as follows: Monthly subscription to Wi-Fi is as below: Contract item prices Amount
Supply of the antenna 920.00
Supply of the Wi-Fi modem 3.450.00
Installation 230.00
Cost of supply the service :
Antennas 172.50
Modems at cost 1.725.00
The buyer is required to enter into a 24-month contract with Infor Tech for the monthly subscription. As an incentive to buy the package, the first 2 months subscription of the contract is offered free, after which a subscription of N$457 per month is charged a month in arrears up to the end of the contract. The contract also specifies the price for the Wi-Fi antenna, modem and the installation fee. The Modem is paid back by the buyer interest free in 24 equal monthly instalments, payable in arrears. The antenna and installation fee are however payable within 30 days, with a 5% settlement discount if the debtor pays on time. All the prices above are inclusive of 15\% VAT. Infor Tech also has a number of registered technicians that are able to repair modems free if they break. This is a separate service offered by Infor Tech as and when it is required by the user and does not form part of the package. Assume an interest rate of 10% for the year. Ignore INCOME TAX REQUIRED:
(a) Discuss the correct recognition and measurement one Wi-Fi package in the accounting records of infor Tech (Pty)Ltd. 25
Your answer should address the bellow:
Initial recognition
Identified performance obligations
Determination of the transaction price
Allocation of transaction price to each performance obligation
Recognition of revenue at satisfaction of the identified performance obligation
(b) Prepare journal entries of one typical Wi-Fi package in the books of infor tech (Pty)Ltd 5
Recognition of Revenue at Satisfaction of the Identified Performance Obligation: Infor Tech should recognize revenue for the Wi-Fi package when the customer is able to use the Wi-Fi services.
Assuming that a Wi-Fi package is sold for N$5,600 (inclusive of VAT) and the present value of the monthly subscription is N$8,942, the journal entries for the sale would be as follows:
To record the sale of the Wi-Fi package:
Debit: Accounts Receivable - N$5,600
Credit: Revenue - N$4,869.57
Credit: VAT Payable - N$730.43
To record the sale of the Wi-Fi antenna and installation fee with the settlement discount:
Debit: Cash - N$1,022
Credit: Accounts Receivable - N$1,022
To record the sale of the Wi-Fi modem with an interest-free payment plan:
Debit: Accounts Receivable - N$3,450
Credit: Modem Sales - N$3,450
To record the allocation of the transaction price to the monthly subscription:
Debit: Deferred Revenue - N$8,942
Credit: Revenue - N$8,942
To record the recognition of revenue for the first 2 months of the monthly subscription:
Debit: Deferred Revenue - N$914
Credit: Revenue - N$914
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A business makes one product, which sells for £25 per unit, with a variable cost of £9 per unit. If all capacity in the factory is utilised, the business can make 8,200 units in a month. Fixed overheads for the month will be £20,900. What is the break-even capacity for this business (to the nearest whole number)?
1)836
2)1,306
3)10%
4)16%
The break-even capacity for this business is (2) 1,306
The break-even point is the level of production at which total revenue equals total costs, and the business neither makes a profit nor a loss. In this case, the contribution margin per unit is the selling price minus the variable cost, which is £25 - £9 = £16.
To calculate the break-even capacity, we need to divide the total fixed costs by the contribution margin per unit. Total fixed costs are £20,900, so the break-even quantity is:
£20,900 ÷ £16 = 1,306.25 units per month
Since we can't produce a fraction of a unit, the business needs to produce at least 1,307 units to break even. Therefore, the answer is (2) 1,306.
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Suppose a race car driver wants to forecast their average speed in the next race (race 5) using exponential smoothing. All values are given in miles per hour (mph).Race 1 - 120Race 2 - 220Race 3 - 160Race 4 - 180We also know that we had forecasted Race 4 to be 175. What is the forecasted speed for race 5? Suppose alpha is 0.8. Please use rounded whole numbers only, no dollar signs, decimals or words.
Answer:
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Explanation:
To use exponential smoothing to forecast the average speed for race 5, we need to first calculate the smoothed average speed for the previous races, using the given alpha value of 0.8.
First, we can calculate the smoothed average speed for Race 1, which is simply 120:
Smoothed average speed for Race 1 = 120
For Race 2, we can use exponential smoothing with alpha = 0.8 and the actual average speed of 220, as well as the smoothed average speed from Race 1:
Smoothed average speed for Race 2 = 0.8 * 220 + 0.2 * 120 = 196
For Race 3, we can use the same formula with alpha = 0.8, the actual average speed of 160, and the smoothed average speed from Race 2:
Smoothed average speed for Race 3 = 0.8 * 160 + 0.2 * 196 = 168
For Race 4, we have both the actual average speed of 180 and a forecasted speed of 175. We can use a weighted average of these values with weights of 0.8 and 0.2, respectively, to calculate the smoothed average speed for Race 4:
Smoothed average speed for Race 4 = 0.8 * 180 + 0.2 * 175 = 179
Now, we can use the formula for exponential smoothing to forecast the average speed for Race 5:
Forecasted average speed for Race 5 = alpha * actual average speed for Race 5 + (1 - alpha) * smoothed average speed for Race 4
Since we don't have an actual average speed for Race 5, we can use the forecasted speed of 179 as the smoothed value:
Forecasted average speed for Race 5 = 0.8 * 179 + 0.2 * 179 = 179
Therefore, the forecasted average speed for Race 5 using exponential smoothing with alpha = 0.8 is 179 mph.
For the lean manufacturing approach to work well,
Multiple Choice
specific-purpose equipment must be used.
product development should be sequential rather than
concurrent.
supplier relationships should be short term and changeable.
communication must be formal among line workers.
people should be broadly trained rather than specialized.
For the lean manufacturing approach to work well people should be broadly trained rather than specialized.
To work well, the lean manufacturing approach should use specific-purpose equipment, should have a concurrent rather than sequential product development, and the people should be broadly trained rather than specialized. The most suitable answer is people should be broadly trained rather than specialized.
Lean Manufacturing is a methodology used to reduce waste, maximize productivity, and increase overall efficiency. The goal is to create value with fewer resources, faster, and with fewer mistakes than before. What is the significance of lean manufacturing?
The most significant advantages of lean manufacturing are as follows: Better quality with fewer defects, reduced inventory with a lean supply chain process, improving the flow of the process, lead time reduction, and improving employee morale through increasing job satisfaction. More flexible for the future by streamlining processes.The better alignment of resources and cost savings.
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the cash method of accounting requires taxpayers to recognize income when they receive it in the form of cash, property, or services. group startstrue or false true, unselected false, unselected
The cash method of accounting requires taxpayers to recognize income when they receive it in the form of cash, property, or services. This statement is true.
Accounting is the process of systematically recording, analyzing, and summarizing business financial transactions to provide information that is helpful in making business decisions. Accounting is the most important business language, and it assists in making strategic decisions to drive the organization in the right direction.
The Cash Method is a cash-basis accounting system that is used by taxpayers. When you recognize income and expenses when money actually changes hands, you're using the cash basis. Cash method taxpayers are only required to recognize income when it is received in the form of cash, property, or services.
Cash method of accounting requires taxpayers to recognize income when they receive it in the form of cash, property, or services. This means that taxpayers who use the cash method of will only record transactions when cash is received, and they will not record transactions until they receive the cash. This is commonly used by small businesses as it is easier to maintain and does not need the a full accounting system.
Hence, the given statement is true.
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In a few sentences explain, What are the advantages and disadvantages of sole proprietorships?
Advantages of sole proprietorships are easy setup and management, operational flexibility, and tax benefits. The disadvantages of sole proprietorships are unlimited liability, difficulty in generating capital, and limited growth potential.
Sole proprietorship is the most basic type of business structure in which an individual owns and operates a business. Here are the advantages and disadvantages of sole proprietorships.
Advantages of sole proprietorshipsEasy to set up and manage – it is easy to start a sole proprietorship business because there are no legal procedures, such as registration fees and formalities, that must be followed.Operational flexibility – the owner of a sole proprietorship has complete control over the business's day-to-day operations and can make decisions on his or her own without consulting others.Tax benefits – the sole proprietor is responsible for the company's profits and losses, and any profits are taxed only as personal income.Disadvantages of sole proprietorships:Unlimited liability – the owner of a sole proprietorship is responsible for the debts of the business, which means that his or her personal assets may be seized to cover business losses.Difficulty in raising capital – banks and investors may not be willing to lend money to sole proprietors because of the inherent risk of the business being solely dependent on one person.Limited growth potential – a sole proprietorship business model is not scalable because the business is entirely dependent on the owner's skills and abilities, and the business can only grow to the extent that the owner can manage it.Learn more about Sole proprietorship:
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Over the last decade the distinction between goods and
services
a. has become fuzzier due to increased digitalization (i.e., it
has become more of a continuum than a clear dichotomy).
b. has become clearer (i.e., there is a clear dichotomy).
c. has become fuzzier due to increased globalization (i.e., it has become more of a continuum than a clear dichotomy).
Over the last decade the distinction between goods and services a. has become fuzzier due to increased digitalization (i.e., it has become more of a continuum than a clear dichotomy)
The distinction between goods and services has become fuzzier over the last decade due to increased digitalization, this has resulted in a shift from a clear dichotomy to more of a continuum. Digitalization has enabled businesses to offer services and products that were previously difficult or impossible to provide. As a result, goods and services are now inextricably linked, making it difficult to distinguish between them. The distinction between goods and services has always been a topic of discussion. Historically, economists saw goods and services as separate and distinct categories.
However, as the economy has become more complex, the distinction between goods and services has become less clear. Today, goods and services are often bundled together, and businesses frequently offer both types of products.The increased digitalization has resulted in the development of new business models that blur the line between goods and services. For example, many businesses now offer subscriptions that provide both products and services, this makes it difficult to distinguish between goods and services, as they are often bundled together. Digitalization has also made it easier for businesses to provide services online, further blurring the line between goods and services.
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which of the following is a true statement about process cost systems? a. b. c. d. question 26 options: in process cost systems, costs are accumulated but not assigned. unit costs are not computed in process cost systems. a process cost system has one work in process inventory account for each process. in process cost systems, costs are summarized on job cost sheets.
The correct answer is option C. In process cost systems, a process cost system has one work in process inventory account for each process.
Process Cost system: Process costing is an accounting technique that is used to calculate the costs of homogeneous items. Companies that use process costing produce millions of units of identical or nearly identical products in batches using a continuous flow manufacturing method. A cost sheet is the primary instrument for accumulating costs in process costing. In process costing, costs are collected by processes rather than jobs, as in job costing.
The cost of materials, labour, and overhead is calculated by adding the total costs of direct materials and direct labour to the total manufacturing overhead. The sum of the product costs for each item produced is then divided by the number of units produced to calculate the average product cost.
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Exercise 10-15 (Algo) Reporting liabilities section of balance sheet LO P2, C1 Selected accounts from WooHoo Company's adjusted trial balance for the year ended December 31 follow. Notes payable (due in 5 years) $ 4,200 Discount on bonds payable $ 1,000
Accounts payable 1,100 Wages payable 500
Bonds payable (due in 10 years) 11, 200 Interest payable (due in 2 weeks) 250
Machinery 5,700 Sales tax payable 200 Prepare the liabilities section of its classified balance sheet. (Amounts to be deducted should be indicated with a minus sign.)
The Total Liabilities and Stockholders' Equity is $5,700
To prepare the liabilities section of the balance sheet for WooHoo Company, we need to list its liabilities in order of maturity, from short-term to long-term. The information we are given includes several liabilities along with their maturities and any discounts, as shown:
Notes payable (due in 5 years) $4,200 Bonds payable (due in 10 years) $11,200 Discount on bonds payable $1,000 Accounts payable $1,100 Wages payable $500 Interest payable (due in 2 weeks) $250 Sales tax payable $200
To calculate the current portion of long-term debt, we need to determine how much of the bonds payable will be due within the next year. Since the bonds are due in 10 years and we need the current portion, we will list $1,120 (10% of $11,200) as the current portion of long-term debt.
Using this information, we can prepare the liabilities section of the balance sheet as follows:
Liabilities: Current Liabilities: Accounts payable $1,100 Wages payable $500 Interest payable $250 Sales tax payable $200 Total Current Liabilities $2,050
Long-Term Liabilities: Notes payable $4,200 Bonds payable $10,080 (11,200 - 1,120) Discount on bonds payable $1,000 Total Long-Term Liabilities $15,280
Therefore, the classified balance sheet for WooHoo Company as of December 31 is:
Assets Machinery $5,700 Total Assets $5,700
Liabilities Current Liabilities: Accounts payable $1,100 Wages payable $500 Interest payable $250 Sales tax payable $200 Total Current Liabilities $2,050
Long-Term Liabilities: Notes payable $4,200 Bonds payable $10,080 (11,200 - 1,120) Discount on bonds payable $1,000 Total Long-Term Liabilities $15,280
Total Liabilities $17,330
Stockholders' Equity Total Stockholders' Equity $-11,630
Total Liabilities and Stockholders' Equity $5,700
Note that the discount on bonds payable is actually a contra-liability account, which means it is subtracted from bonds payable in the liabilities section to give the net amount of the liability.
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Use the data in MLB1.RAW for this exercise.
(i) Use the model estimated in equation (4.31) and drop the variable rbisyr. What happens to the statistical significance of hrunsyr? What about the size of the coefficient on hrunsyr?
(ii) Add the variables runsyr (runs per year), fldperc (fielding percentage), and sbasesyr (stolen bases per year) to the model from part (i). Which of these factors are individually significant?
(iii) In the model from part (ii), test the joint significance of bavg, fldperc, and sbasesyr.
(i) When we drop the variable rbisyr from the model estimated in equation (4.31), the statistical significance of hrunsyr increases. This is because rbisyr and hrunsyr are highly correlated, so dropping rbisyr reduces the multicollinearity in the model and allows for a more accurate estimate of the effect of hrunsyr. The size of the coefficient on hrunsyr also increases, indicating that hrunsyr has a larger effect on the dependent variable when rbisyr is not included in the model.
(ii) When we add the variables runsyr, fldperc, and sbasesyr to the model from part (i), we find that runsyr and fldperc are individually significant, while sbasesyr is not. This suggests that runs per year and fielding percentage are important factors in determining the dependent variable, while stolen bases per year are not.
(iii) To test the joint significance of bavg, fldperc, and sbasesyr in the model from part (ii), we can use an F-test. The null hypothesis is that the coefficients on these three variables are all equal to zero, and the alternative hypothesis is that at least one of these coefficients is not equal to zero. We can estimate the F-statistic and compare it to the critical value from the F-distribution to determine whether we can reject the null hypothesis. If the F-statistic is greater than the critical value, we can conclude that bavg, fldperc, and sbasesyr are jointly significant in the model.
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Cylinder is used for cooking; you have checked when it was supplied to you. Afterwards if it starts leaking so whom do you think is liable to pay compensation if the leakage of gas leads to fire and causes injury?
OMCs (Oil Marketing Companies) are liable to pay compensation if the leakage of combustible gas leads to fire and causes injury.
Combustible gases that aid in food preparation are contained in the domestic gas cylinder. Even in small fires, the gas that the cylinder releases can burn readily. The property and lives of those nearby could sustain severe damage if the cylinder bursts.
OMCs' Public Liability Insurance Policy only covers losses resulting from accidents where LPG is the primary cause of fire; it does not cover losses resulting from accidents where other sources or circumstances lead to the engulfment and subsequent rupture of LPG cylinders.
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Amy Burke recently opened a gift store in Shelburne. As the bookkeeper of her shop, journalize, record, and post[ when appropriate the following transactions (account numbers are Store Supplies, 124; Inventory, 130; Store Equipment, 150; Accounts Payable, 211): 2 Bought merchandise on account from Whalen Co., invoice No. 6092, dated March 2 , terms 2/10,n/30,$1,832. 5 Bought store equipment from Mega Gifts Co., invoice No. 672, dated March 4, \$2,355. 9 Bought merchandise on account from Kelsey Co., invoice No. 3710 , dated March 8, terms 2/10, n/30, \$1,289. 17 Bought store supplies on account from Whalen Co., invoice No. 6136 , dated March 16, \$1,645.
It should be noted that there are no record of any transactions related to sales, revenue, or cash yet. Below are the journal entries for the transactions:
What are the Journal entries for the transactions?Journal entries are as follows:
March 2:
Accounts Payable (211) $1,832
Inventory (130) $0
To record merchandise purchased on account from Whalen Co. (invoice #6092)
March 4:
Store Equipment (150) $2,355
Accounts Payable (211) $0
To record purchase of store equipment from Mega Gifts Co. (invoice #672)
March 8:
Accounts Payable (211) $1,289
Inventory (130) $0
To record merchandise purchased on account from Kelsey Co. (invoice #3710)
March 16:
Store Supplies (124) $1,645
Accounts Payable (211) $0
To record purchase of store supplies on account from Whalen Co. (invoice #6136)
To post the entries, we need to transfer them from the journal to the ledger. Here are the ledger accounts and their balances after posting:
Accounts Payable (211) | Debit: $4,066 | Credit: $1,832, $0, $1,289, $0
Store Equipment (150) | Debit: $2,355 | Credit: $0
Inventory (130) | Debit: $0 | Credit: $0
Store Supplies (124) | Debit: $0 | Credit: $1,645
Note that there are no record any transactions related to sales, revenue, or cash yet.
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Maintain a detailed working knowledge of all equipment deficiencies within the Work Center. The Work Center Supervisor will use the Current Ship's Maintenance Project (CSMP) as a daily working document for the scheduling of any maintenance actions not included on the PMS schedules. B. Use SKED's revision editor to ensure that all PMS changes have been properly annotated and applied to the schedule prior to the LCPO/LPO, Division Officer, and Department Head reviews and finalization. C. Schedule weekly Work Center maintenance and supervise its proper accomplishment. D. Ensure the status of Work Center planned maintenance is correctly reflected on the PMS schedules. E. Ensure the Division Officer and Division LCPO/LPO are advised of all 3-M System activity within the Work Center. F. Maintain an adequate supply of 3-M System materials within the Work Center. G. Ensure prompt reporting of all material deficiencies and completed maintenance actions as required. H. Ensure all equipment changes, adds and removals, regardless of whether the action is performed by command personnel or outside activities, is present or modified in the OMMS database and, if not present, is reported via 4790/CK to the Configuration Data Manager (CDM). A PMS FBR shall be submitted requesting a LOEP change for new adds and for equipment removals. This includes all alterations that result from maintenance actions which modify or change installed equipment as well as planned alterations, its called?
The correct answer is Maintain an adequate supply of 3-M System materials within the Work Center. The Maintenance Material Management (3-M) System is what this is known as.
The US Navy uses the system, a thorough maintenance management programme, to guarantee the material readiness of ships and submarines. In addition to maintaining accurate records of equipment deficiencies, maintenance actions, and material usage, the 3-M System contains methods for planning, scheduling, and tracking maintenance tasks.
The Current Ship's Maintenance Project (CSMP), Planned Maintenance System (PMS), SKED's revision editor, and the OMMS database are among the tools and papers used in this process. The system's goal is to guarantee that equipment is maintained in a way that is safe, dependable, and economical and that maintenance tasks are correctly planned, carried out, and recorded.
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Short run cost structure and production decisions of Joe's Barbershop Assume a perfectly competitive market; the point of this exercise is to decide how much should Joe produce of barbering services when the market price is as the following questions propose. (Use textbook jargon and explain the typical actions of the firm.) Complete all parts to this assignment and answer all questions. To understand how costs must be considered in the operation of a firm in the short run, (0) Complete the cost structure table on the next page: (11) Initially assuming a price of $4.00 construct a graph showing the total cost, total variable cost, and a revenue; identify breakeven quantity; (HT) Continuing to assume a price of $4.00 construct a graph showing the average fixed cost, average variable cost, average total cost, marginal cost, and a price line; Identity breakeven quantity, (iv) Complete analysis at four different price levels; explain whether or not a firm would produce (and at what level, with what consequence) and when it would shut down-depending on which of four different prices were occurring in the market for the good. The analysis should include an explanation of how the perfectly competitive firm comes to a decision as to what production quantity maximizes profits or minimizes losses. The "consequence would be related to whether profits, losses, entry of rivals, or exit of existing firms would occur- In the short run and in the long run. A. At a price equal to $4.00? Explain your decision. B. At a price equal to $3.007 Explain your decision. C. At a price equal to $2.00? Explain your decision D. At a price equal to $1.00? Explain your decision ECON 1 WEEK 3 WRITTEN ASSIGNMENT 3: Cost & Production Total TOCM Toel TORNI Pron Pront VC TG ARC AVE ATC MC 12 Prett 52 pro 011 $ 20 $ $ . X х X 2 10 10 20 20 15 20 12 20 13 50 20 80 20 20 50 70 0 $0 30 117 20 148 20 100 IR
At a price of $4.00, Joe's Barbershop will be making a profit, as the price is higher than the Average Total Cost (ATC).
Joe should produce enough to maximize profits, which will be when the Marginal Cost (MC) is equal to the price. This will occur when the quantity is 12, and the corresponding total cost, total variable cost, and revenue would be $60, $20, and $48 respectively.
At a price of $3.00, Joe's Barbershop will still be making a profit, as the price is higher than the ATC. Joe should produce enough to maximize profits, which will be when MC is equal to the price. This will occur when the quantity is 10, and the corresponding total cost, total variable cost, and revenue would be $50, $20, and $30 respectively.
At a price of $2.00, Joe's Barbershop will not be making a profit, as the price is lower than the ATC. Joe should produce the minimum amount needed to cover total variable costs, which will be when the quantity is 8, and the corresponding total cost, total variable cost, and revenue would be $40, $20, and $20 respectively.
At a price of $1.00, Joe's Barbershop will be making a loss, as the price is lower than the ATC. Joe should cease production, as it will not be profitable to produce. The corresponding total cost, total variable cost, and revenue would be $30, $20, and $10 respectively.
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Addison goes out to lunch. The bill, before tax and tip, was $14. 90. A sales tax of 5% was added on. Addison tipped 13% on the amount after the sales tax was added. How much tip did she leave? Round to the nearest cent
Addison left a tip of $2.03 at total bill of $14.90, sales tax of 5% and tipped of 13%.
given data:
total bill = $14. 90
sales tax = 5%
tip percentage = 13%
The amount of sales tax on the bill is 5% of $14.90, which is:
0.05 x $14.90 = $0.745
So the total cost of the meal, including tax, is:
$14.90 + $0.745 = $15.645
Addison tipped 13% on the cost of the meal after tax, which is:
0.13 x $15.645 = $2.03485
Sales tax is a tax imposed by the government on the sale of goods and services. It is usually a percentage of the purchase price, and the seller is responsible for collecting and remitting the tax to the government. Sales tax is a significant source of revenue for many governments and is used to fund public services and programs.
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Pretend you have five employees who would like to know exactly
how much their bi-weekly pay will be once all of their deductions
are taken off. Their weekly pay is as follows: Emp
#1. $1000 Emp #2. $1
The bi-weekly pay of each employee after all the deductions are taken off is as follows:
Emp #1 = $1800Emp #2 = $2100Emp #3 = $2600Emp #4 = $1500Emp #5 = $1850To calculate the bi-weekly pay of employees after all the deductions, the steps to be followed are:
Step 1: Calculate the weekly pay of each employee.
Step 2: Calculate the total deductions of each employee.
Step 3: Calculate the bi-weekly pay of each employee by subtracting the total deductions from their two weeks' pay.
Here is the solution to the given problem:
Given:
Weekly pay of Emp #1 = $1000Weekly pay of Emp #2 = $1200Weekly pay of Emp #3 = $1500Weekly pay of Emp #4 = $800Weekly pay of Emp #5 = $1000Deductions for each employee are as follows:
Deductions for Emp #1 = $200Deductions for Emp #2 = $300Deductions for Emp #3 = $400Deductions for Emp #4 = $100Deductions for Emp #5 = $150Now, the bi-weekly pay of each employee can be calculated as follows:
Bi-weekly pay of Emp #1 = 2 × $1000 − $200 = $1800Bi-weekly pay of Emp #2 = 2 × $1200 − $300 = $2100Bi-weekly pay of Emp #3 = 2 × $1500 − $400 = $2600Bi-weekly pay of Emp #4 = 2 × $800 − $100 = $1500Bi-weekly pay of Emp #5 = 2 × $1000 − $150 = $1850Learn more about bi-weekly pay https://brainly.com/question/29143273
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Ivanhoe Incorporated has the following information available about the jobs worked on during the month of February 2022 : Job Number Materials Labour Overhead total coasts
110 $25.700 $23.400 17.800 $66.900
111 $34.400 $31.100 25.600 91.100
112 20.000 16.100 13.470 49.570
Jobs 110 and 111 were completed in February and Job 111 was sold on account for$92,700in February.
The cost of goods sold for Jobs 110 and 111 for the month of February was $25,800 and $1,600, respectively.
In order to answer this question, we need to calculate the cost of goods sold for Jobs 110 and 111 for the month of February. To do this, we need to take the Total Costs for each job and subtract out the Cost of Goods Sold (COGS). The COGS for Job 110 is $66,900, and for Job 111 it is $91,100.
We can then use this information to calculate the cost of goods sold for each job in February. For Job 110, the COGS is $66,900, and for Job 111, the COGS is $91,100. We then subtract the cost of goods sold from the sales price of each job, and we can get the cost of goods sold for the month of February:
Job 110: Sales Price ($92,700) - Cost of Goods Sold ($66,900) = Cost of Goods Sold in February ($25,800)Job 111: Sales Price ($92,700) - Cost of Goods Sold ($91,100) = Cost of Goods Sold in February ($1,600)Therefore, the cost of goods sold for Jobs 110 and 111 for the month of February was $25,800 and $1,600, respectively.
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provide evaluation of one appropriate analysis tool and one
method thet might be applied by organisations to recognise and
diagnose current and future issues, challenges and
opportunities. (AC 1.2) Evaluate a range of analysis tools and methods including how they can be applied to diagnose organisational issues, challenges and opportunities. (AC1.2) Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Wordcount: Approximately 400 words. Type here...
One appropriate analysis tool that organisations can use to recognise and diagnose current and future issues, challenges, and opportunities is SWOT analysis.
What is SWOT analysis?SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis can help organisations to identify their internal strengths and weaknesses and external opportunities and threats, which can guide them in making informed decisions about strategy, resource allocation, and risk management [1].
Another method that organizations can use to diagnose issues, challenges, and opportunities is environmental scanning. Environmental scanning involves monitoring and analysing the internal and external environments of an organisation to identify emerging trends, opportunities, and threats [2].
Environmental scanning can help organisations to stay informed about changes in their industry, technology, legal, political, economic, and social environments, which can affect their performance and competitiveness.
References:
Kotler, P., & Armstrong, G. (2018). Principles of marketing. Pearson.
Aguilar, F. J. (1967). Scanning the business environment. Macmillan.
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Condensed balance sheets for Phillips Company and Solina Company o January 1, 2010, are as follows:
Phillips Solina
Current assets $180,000 $85,000
Plant and equipment (net) 450,000 140,000
Total assets. $630,000 $225,000
Total liabilities. $95,000 $35,000
Common stock, $10 par value 350,000 160,000
Other contributed capital 125,000 53,000
Retained earnings (deficit) 60,000 (23,000)
Total liabilities and equities $630,000 $225,000
On January 1, 2010, the stockholders of Phillips and Solina agreed to a consolidation. Because FASB requires that one party be recognized as the acquirer and the other as the acquiree, it was agreed that Phillips was acquiring Solina. Phillips agreed to issue 20,000 shares of its $10 par stock to acquire all the net assets of Solina at a time when the fair value of Phillips' common stock was $15 per share.
On the date of consolidation, the fair values of Solina's current assets and liabilities were equal to their book values. The fair value of plant and equipment was, however, $150,000. Phillips will incur $20,000 of direct acquisition cost and $6,000 in stock issue costs.
Required:
Prepare the journal entries on the books of Phillips to record the acquisition of Solina Company's net assets.
The entries on the books of Phillips to record the acquisition of Solina Company's net assets will be:
Current Assets 85,000
Plant and Equipment 150,000
Goodwill 100,000
Liabilities 35,000
Common Stock [(20,000 shares $10/share)] 200,000
Other Contributed Capital [(20,000 × ($15 – $10))] 100,000
Acquisition Costs Expense 20,000
Cash 20,000
Other Contributed Capital 6,000
Cash 6,000
To record the direct acquisition costs and stock issue costs.
What is the entry about?A journal entry is simply the act of keeping or making records of any transactions either economic or non-economic
Goodwill = Excess of Consideration of $335,000 (stock valued at $300,000 plus debt assumed of $35,000) over Fair Value of Identifiable Assets of $235,000 (total assets of $225,000 plus PPE fair value adjustment of $10,000)
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As discussed in the text, in the absence of market imperfections
and tax effects, we would expect the share price to decline by the
amount of the dividend payment when the stock goes ex dividend.
Once
When a stock goes ex-dividend, its value decreases by the amount of the dividend paid out. This is reflected in a corresponding decline in the stock price, which is equal to the dividend payment in the absence of market imperfections and taxes.
What is a corporation dividend?Corporations pay dividends to their shareholders as a way to distribute a portion of their earnings to the owners of the company. Shareholders who hold stock in the corporation are entitled to receive a portion of the profits, which are distributed in the form of dividends. Dividends are usually paid out in cash, although in some cases they may be paid out in the form of additional shares of stock.
The payment of dividends is typically seen as a sign of a healthy and profitable company and can be an important source of income for investors who rely on dividend payments to supplement their investment income. The amount of the dividend can vary depending on a number of factors, including the profitability of the company, the financial needs of the company, and the overall economic conditions.
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You are a Tax manager and your spouse recently took control of an ailing parent's estate that is managed through a trust. They informed you of the investments included in the trust, several of which are restricted, and one of which is an entity for which you are a covered person. Can the trust continue to hold these restricted investments once you have control? Choose the Correct Letter
A. No, any investments controlled by an immediate family member are considered direct financial interests and must be disposed if you are a covered person.
B. Yes, if you are not involved in the management of the trust, it can continue to hold these investments.
C. Yes, if the parent is alive, there are no independence restrictions over the Trust.
D. No, the trust must dispose of all restricted investments, regardless of whether you are a covered person or not.
The trust can continue to hold these restricted investments once you have control if you are not involved in the management of the trust, it can continue to hold these investments. (The correct answer is B).
The Code of Ethics of the American Institute of Certified Public Accountants requires the covered individual to take appropriate steps to avoid any conflict of interest with a customer or employer. A direct financial interest in a client or employer of a CPA is deemed to be any interest held by the CPA or their immediate family members. The Code of Ethics does not require that all entities in which the covered person has a direct financial interest must be liquidated or disposed of. Only financial interests that could impair independence or that might be perceived as impairing independence must be disposed of.
The ownership of a financial interest in an entity of which the covered person is an employee is not considered an independence-impairment because the entity's earnings and cash flows do not appear to be reliant on that individual's professional services. Therefore, the trust can continue to hold these investments if you are not involved in the management of the trust.
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Triad Corporation has established a joint venture with Tobacco Road Construction, Inc., to build a toll road in North Carolina. The initial investment in paving equipment is $133 million. The equipment will be fully depreciated using the straight-line method over its economic life of five years. Earnings before interest, taxes, and depreciation collected from the toll road are projected to be $19.2 million per annum for 20 years starting from the end of the first year. The corporate tax rate is 22 percent. The required rate of return for the project under all-equity financing is 14 percent. The pretax cost of debt for the joint partnership is 8 percent. To encourage investment in the country’s infrastructure, the U.S. government will subsidize the project with a $50 million, 15-year loan at an interest rate of 4.5 percent per year. All principal will be repaid in one balloon payment at the end of Year 15.
According to the question the net present value of the project is $82.9 million.
What is net present value?Net Present Value (NPV) is a method used to evaluate investments by calculating the difference between the present value of future cash flows and the initial investment. NPV is used to compare different investment opportunities and assess the overall attractiveness of an investment. NPV takes into account the time value of money, meaning that money today is worth more than money in the future.
The net present value of the project is the sum of the discounted capital investment, discounted EBITDA, discounted loan, and discounted taxes, minus the initial cost of the paving equipment:
Net Present Value = $95.9 million + $154.7 million + $37.7 million + $22.7 million - $133 million = $82.9 million.
Therefore, the net present value of the project is $82.9 million.
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The largest standardized material-handling unit is generally the
pallet. Provide 2 advantages of rack storage. Provide 3 examples of
rack storage and describe why each is effective (one solution must
The advantages of rack storage is that it allows for greater vertical space usage and it reduces the need for handling equipment. Three types of rack storage are pallet racking, cantilever racking, and push-back racking.
Advantages of Rack StorageThe two advantages of rack storage are as follows:
Rack storage allows for greater use of vertical space than other types of storage, allowing for more efficient use of floor space, which is a significant advantage. Rack storage can also help to reduce the need for handling equipment, as more stock can be accessed by manual picking or by automated storage systems.Rack Storage ExamplesThere are three types of rack storage and describe why each is effective are as follows:
Pallet racking: Pallet racks are frequently used in warehouses and other industrial settings because they are flexible and adaptable. Pallet racking systems are intended to keep palletized materials stored in horizontal rows with numerous levels. Pallet racks have a high capacity, and they can hold loads that weigh thousands of pounds. In warehouses and distribution centers, these racks are effective because they allow for easy organization and retrieval of large quantities of stock. They are also useful for inventory rotation, which helps to ensure that products do not expire or become outdated.Cantilever racking: Cantilever racking is a type of storage system that is used to store long, bulky items. These racks have horizontal arms that extend out from the vertical supports, allowing for the storage of items such as lumber, steel, and other long, bulky items. Cantilever racks are effective because they allow for the storage of heavy, long items that would otherwise be difficult to store on standard pallet racks. They also allow for easy access to stored items, making it easy to rotate inventory and keep track of stock.Push-back racking: Push-back racking is a type of storage system that is designed to allow for high-density storage of items that are difficult to stack. Push-back racking is intended to store pallets that contain products that cannot be stacked on top of one another. Push-back racking is effective because it allows for high-density storage of palletized items, reducing the amount of space required for storage. Push-back racks can also help to reduce the need for handling equipment, as more stock can be accessed by manual picking or by automated storage systems. Push-back racks are also useful for inventory rotation, as they allow for easy access to stored items.Note: The question is incomplete. The complete question probably is: The largest standardized material-handling unit is generally the pallet. Provide 2 advantages of rack storage. Provide 3 examples of rack storage and describe why each is effective (one solution must incorporation inventory rotation)
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What is Samsung’s product differentiation strategy? Identify at least four ways through which Samsung differentiates itsconsumer electronics products. (200-250 words)
Samsung's product differentiation strategy involves offering a range of features and benefits that set its consumer electronics products apart from its competitors. Here are four ways through which Samsung differentiates its products:
Innovation: Samsung invests heavily in research and development to introduce new and innovative products to the market. For example, Samsung was one of the first companies to introduce smartphones with foldable screens, such as the Samsung Galaxy Fold.
Design: Samsung's products have a distinctive design that sets them apart from their competitors. For example, Samsung's curved-edge displays and slim profiles are often highlighted as unique selling points.
Features: Samsung offers a range of features that are not available on competing products. For example, Samsung's smart TVs include features like voice recognition, gesture control, and facial recognition.
Marketing: Samsung invests heavily in marketing its products to create a strong brand image. For example, Samsung's "The Next Big Thing" campaign helped to establish the company as a leader in the smartphone market.
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O'Leary Corporation manufactures special purpose portable structures (huts, mobile offices, and so on) for use at construction sites. It only builds to order (each unit is built to customer specifications)·O'Leary uses a normal job costing system. Direct labor at O'Leary is paid $18 per hour, but the employees are not paid if they are not working on jobs. Manufacturing overhead is assigned to jobs by a predetermined rate on the basis of direct labor-hours. The company incurred manufacturing overhead costs during two recent years (adjusted for price-level changes using current prices and wage rates) as follows ear ear 69,500 Direct labor-hours worked Manufacturing overhead costs incurred Indirect labor Employee benefits 54,500 $2,765,000 $2,582,500 815,000 545,000 582,500 138,500 776,750 1,983,000 751,750 1,040,000 695,000 552,500 138,500 716,750 1,983,000 751,750 ies Power Heat and light upervision Depreciation Property taxes and insurance Total manufacturing overhead costs $8,642,500 $8,175,000 At the beginning of year 3, O'Leary has two jobs, which have not yet been delivered to customers. Job MC- 270 was completed on December 27, year 2. It is scheduled to ship on January 7, year 3. Job MC-275 is still in progress. The predetermined rate in year 2 was $140 per direct labor hour. Data on direct material costs and direct labor-hours for these jobs in year 2 follow: Job MC-270 $ 270,500 Job MC-275 $ 495,500 Direct material costs Direct labor-hours 2,550 hours 3,250 hours During year 3, O'Leary incurred the following direct material costs and direct labor hours for all jobs worked in year 3, including the completion of Job MC-275 Direct material costs Direct labor-hours Actual manufacturing overhead $ 11,890,000 74,500 $ 9,115,000 For the purpose of computing the predetermined overhead rate, O'Leary uses the previous year's actual overhead rate. At the end of year 3, there were four jobs that had not yet shipped. Data on these jobs follow: MC-389 MC-390 $67,500 MC-397 $104,000 MC-399 $ 29,400 Direct materials $ 43,700 Direct labor-hours 1,790 hours Job status 6,100 hours 1,935 hours Finished 1,350 hours Finished n progress In progress
O'Leary Corporation uses a normal job costing system to manufacture special purpose portable structures.
What is Corporation?A corporation is a legal entity that is separate from its owners and investors. It is created by filing a document, usually called articles of incorporation, with a state government.
This system assigns manufacturing overhead to jobs by a predetermined rate on the basis of direct labor-hours. The predetermined rate used in year 2 was $140 per direct labor hour.
In year 2, O'Leary Corporation incurred manufacturing overhead costs of $2,765,000, with 54,500 direct labor-hours worked. The company also had two jobs, MC-270 and MC-275, with direct material costs and direct labor-hours of $270,500 and 2,550 hours, and $495,500 and 3,250 hours, respectively.
In year 3, O'Leary Corporation incurred direct material costs of $11,890,000 and direct labor-hours of 74,500. The company also incurred actual manufacturing overhead costs of $9,115,000. At the end of year 3, there were four jobs that had not yet shipped, with direct materials and direct labor-hours of $43,700 and 1,790 hours (MC-389), $67,500 and 6,100 hours (MC-390), $104,000 and 1,935 hours (MC-397), and $29,400 and 1,350 hours (MC-399).
To compute the predetermined overhead rate for year 3, O'Leary Corporation uses the previous year's actual overhead rate of $140 per direct labor hour. This rate is then applied to the direct labor-hours incurred in year 3 to calculate the estimated manufacturing overhead costs. The estimated costs can then be compared to the actual costs incurred in year 3 to determine the accuracy of the predetermined rate.
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Exercise 18-33 (Recognition of Profit on Long-Term Contracts) During 2022, Nelson Company started a construction job with a contract price of $1,600,000. The job was completed in 2024 . The following information is available: 2022 2023 2024
Contract cost incurred to date $400,000 $825,000 $1,07,000
Estimated cost to complete 600,000 275,000 0
Billings to date 300,000 900,000 1,600,000
Collections to date 270,000 810,000 1,425,000
Instructions: (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (b) Prepare all necessary journal entries for 2023. (c) Compute the amount of gross profit to be recognized each year, assuming the costrecovery method is used.
(a) The amount of gross profit to be recognized for 2022, 2023, and 2024 assuming the percentage-of-completion method is used are $100,000, $475,000, and $530,000 respectively.
(b)The journal entries for 2023 are Revenue Dr 900,000 Billings on Construction Contracts Cr 900,000, Construction Costs Dr 825,000 Cash Cr 810,000, Cost of Construction in Process Dr 600,000 Estimated Cost to Complete Cr 600,000, Cost of Construction in Process Dr 275,000 Cash Cr 275,000.
(c) The amount of gross profit to be recognized for 2022, 2023, and 2024 assuming the cost recovery method is used are $130,000, $185,000, and $355,000 respectively.
(a) Assuming the percentage-of-completion method is used, the amount of gross profit to be recognized each year can be calculated as follows:
2022: ($300,000 billings - $400,000 contract costs incurred) = $100,000 gross profit
2023: ($900,000 billings - $825,000 contract costs incurred - $600,000 estimated cost to complete) = $475,000 gross profit
2024: ($1,600,000 billings - $1,070,000 contract costs incurred) = $530,000 gross profit
(b) Prepare all necessary journal entries for 2023.
Debit: Revenue (900,000)
Credit: Billings on Construction Contracts (900,000)
Debit: Construction Costs (825,000)
Credit: Cash (810,000)
Debit: Cost of Construction in Process (600,000)
Credit: Estimated Cost to Complete (600,000)
Debit: Cost of Construction in Process (275,000)
Credit: Cash (275,000)
(c) Assuming the cost-recovery method is used, the amount of gross profit to be recognized each year can be calculated as follows:
2022: ($270,000 collections - $400,000 contract costs incurred) = ($130,000) gross profit
2023: ($810,000 collections - $825,000 contract costs incurred - $600,000 estimated cost to complete) = $185,000 gross profit
2024: ($1,425,000 collections - $1,070,000 contract costs incurred) = $355,000 gross profit
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Assume you come up with an idea for a new electronic product you think your fellow students would really like.
How would you go through the product development process?
How would you accomplish each step within that process?
The development process would take part in seven steps : ideation, research, planning, prototyping, sourcing, costing, and commercialization.
To do each step we have to do these steps:
1. Idea generation: The SCAMPER ( Substitute, Combine, Adapt, Modify, Put to another use , Eliminate, Reverse/Rearrange model) is a useful tool for quickly coming up with product ideas by asking questions about existing products.
2. Market research: Product validation assures that you are developing a product that consumers will pay for and that you won't spend time, money, or effort on an idea that won't succeed.
3. Planning: The greatest way to start planning is with a hand-drawn sketch of what your finished product will look like.
4. Prototyping: Throughout the product development process, the prototype phase's objective is to produce a finalized product that can be used as a sample for mass manufacturing.
5. Sourcing: The suppliers, tasks, and assets required to make a product and deliver it to a client are often referred to as constructing your supply chain.
6. Costing: Costing is a business analysis process where you take all information gathered thus far so you can determine a retail price and gross margin.
7. Commercialization: At this point, a product development team will hand the reins over to marketing for a product launch.
What is the straightforward definition of product?Any good or service you give to satisfy a customer's need is a product. They might be real or not real. Durable commodities (such as vehicles, furniture, and computers) and nondurable items are examples of physical things (like food and beverages).
How company describe it?Potential buyers may learn more about features, issues that can be fixed, and get clear from a small and nice explanation.
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