The value of ending inventory for all four products using the physical measures method is:
2x4's: $1,266,666.667
2x6's: $354,166.667
4x4's: $106,733.600
Slabs: $52,532.800
To use the physical measures method for product costing, we need to allocate the joint costs of processing to each product based on its proportionate share of the total boardmetres produced.
First, we need to calculate the total boardmetres produced:
6,000,000 boardmetres of 2x4's
3,000,000 boardmetres of 2x6's
2,000,000 boardmetres of 4x4's
1,000,000 boardmetres of slabs
Total: 12,000,000 boardmetres
Next, we can calculate each product's proportionate share of the total boardmetres:
2x4's: 6,000,000 / 12,000,000 = 0.5
2x6's: 3,000,000 / 12,000,000 = 0.25
4x4's: 2,000,000 / 12,000,000 = 0.1667
Slabs: 1,000,000 / 12,000,000 = 0.0833
Using these proportions, we can allocate the joint costs of $280,000 as follows:
2x4's: 0.5 x $280,000 = $140,000
2x6's: 0.25 x $280,000 = $70,000
4x4's: 0.1667 x $280,000 = $46,672
Slabs: 0.0833 x $280,000 = $23,328
To determine the value of ending inventory, we need to add the allocated joint costs to the cost of production for each product. The cost of production is the sales value at the split-off point since there was no beginning inventory.
2x4's:
Cost of production = 6,000,000 x $0.30 = $1,800,000
Ending inventory = 500,000 boardmetres
Allocated joint costs = $140,000
Total cost = $1,800,000 + ($140,000 / 6,000,000 x 500,000) = $2,533.333
Value of ending inventory = $2,533.333 x 500,000 = $1,266,666.667
2x6's:
Cost of production = 3,000,000 x $0.40 = $1,200,000
Ending inventory = 250,000 boardmetres
Allocated joint costs = $70,000
Total cost = $1,200,000 + ($70,000 / 3,000,000 x 250,000) = $1,416.667
Value of ending inventory = $1,416.667 x 250,000 = $354,166.667
4x4's:
Cost of production = 2,000,000 x $0.45 = $900,000
Ending inventory = 100,000 boardmetres
Allocated joint costs = $46,672
Total cost = $900,000 + ($46,672 / 2,000,000 x 100,000) = $1,067.336
Value of ending inventory = $1,067.336 x 100,000 = $106,733.600
Slabs:
Cost of production = 1,000,000 x $0.10 = $100,000
Ending inventory = 50,000 boardmetres
Allocated joint costs = $23,328
Total cost = $100,000 + ($23,328 / 1,000,000 x 50,000) = $1050.656
Value of ending inventory = $1,050.656 x 50,000 = $52,532.800
Therefore, the value of ending inventory for all four products using the physical measures method is:
2x4's: $1,266,666.667
2x6's: $354,166.667
4x4's: $106,733.600
Slabs: $52,532.800
To know more about ending inventory visit: https://brainly.com/question/29889929
#SPJ11
Peter hires Alice as an agent to sell a piece of property he owns and tells her that the price has to be at least $30,000. As Alice investigates the market, she realizes that the current market value of the property is probably $45,000 and the value will probably be even higher once the details of new shopping center are announced to the public. Alice forms a Partnership with her cousin Bob and prepares a sales contract for the sale
The Partnership because they ad a binding bi-lateral agreement.
The Partnership because the sales price was higher than the minimum price approved by Peter.
Peter because Alice was his agent and as such she had a duty to act only in Peter's best interest and to inform him of information that could be relevant to the sale of the property.
Peter because a contract for the sale of and is not binding until the Closing Date.
The correct answer is Peter because Alice was his agent and as such she had a duty to act only in Peter's best interest and to inform him of information that could be relevant to the sale of the property.
As an agent, Alice had a fiduciary duty to act in Peter's best interest and provide him with all relevant information regarding the sale of the property. In this case, Alice discovered that the current market value of the property is higher than the minimum price set by Peter.
Therefore, she should have informed Peter about the potential increase in value due to the announcement of the new shopping center. By failing to disclose this information to Peter, Alice breached her duty as his agent. Peter could hold her responsible for not acting in his best interest and seek legal remedies.
Teherefore, the correct answer is Peter because Alice was his agent and as such she had a duty to act only in Peter's best interest and to inform him of information that could be relevant to the sale of the property.
Learn more about best interest: brainly.com/question/10446624
#SPJ11
What are the three questions to help do supply and demand problems?
The three questions to help solve supply and demand problems are:
1) What is the demand for the product/service at a certain price?
2) What is the supply of the product/service at that same price?
3) At what price do supply and demand intersect to establish the equilibrium price?
To help with supply and demand problems, consider these three questions:
1. What factors affect the demand for the product or service?
2. What factors influence the supply of the product or service?
3. How do changes in demand and supply impact the equilibrium price and quantity in the market?
These questions help analyze the key components of supply and demand, allowing you to better understand the market dynamics and make informed decisions.
Visit here to learn more about demand brainly.com/question/29703449
#SPJ11
if your goal is to create a similar tax burden for people you should use___
Answer:
proportional tax
Explanation:
Answer:
Progressive tax system.
Explanation:
In a progressive tax system, people with higher incomes pay a higher percentage of their income in taxes than those with lower incomes. This creates a more significant tax burden for those who can afford to pay more and a lower tax burden for those with less to spare.
The progressive tax system is designed to promote fairness and reduce income inequality by redistributing wealth from those who have more to those who have less. By using a progressive tax system, policymakers can help ensure that everyone pays their fair share of taxes based on their ability to pay, rather than burdening low-income earners with higher tax rates they may not be able to afford.
if bookstore abc books determines it is going to sell books at its profit-maximizing price of $19 in a market facing monopolistic competition, calculate total profit for the store. abc books revenue and cost quantity price total revenue marginal revenue total cost marginal cost 0 $29 $0 - $320 - 10 $26 $260 $26 $390 $7 20 $23 $460 $20 $480 $9 30 $21 $630 $17 $590 $11 40 $19 $760 $13 $720 $13 50 $17 $850 $9 $870 $15 60 $15 $900 $5 $1,040 $17
If Bookstore abc books determines it is going to sell books the equation Total Revenue = Cost x Amount, the corporation has a net loss of -$18 monopolistic Competition the total profit made by the company, we must first determine the cost and amount that will maximise profits.
In a monopolistic competitive setting, the profit-maximizing quantity and price are chosen where minimal revenue (MR) and minimal cost (MC) break even..Observing the graph, one can see that this occurs at point A, which is where the MC bend and MR bend cross. At this point, the company manufactures 9 units at a price of $17.
We must deduct the total cost (TC) from the total revenue (TR) in order to determine the complete benefit.
We had to figure out the total cost associated with producing 9 units of yield in order to get the total fetched. able to find the total taken toll per unit of yield using the normal add up to fetched (ATC) bend and then multiply by the amount delivered:
ATC at point A is $19, so the total cost of producing 9 units is as follows:
TC = ATC * Amount
TC = $19 x 9 TC = $171.
Currently able to determine the benefit as follows:
TR - TC Benefit = $153 - $171 Benefit = -$18
Therefore, the company's total profit is -$18.
This suggests that the company is currently losing money.
Complete question:
if bookstore abc books determines it is going to sell books at its profit-maximizing price of $19 in a market facing monopolistic competition, calculate total profit for the store. abc books revenue and cost quantity price total revenue marginal revenue total cost marginal cost 0 $29 $0 - $320 - 10 $26 $260 $26 $390 $7 20 $23 $460 $20 $480 $9 30 $21 $630 $17 $590 $11 40 $19 $760 $13 $720 $13 50 $17 $850 $9 $870 $15 60 $15 $900 $5 $1,040 $17?
To know more about Monopolistic compitition visit:
https://brainly.com/question/31366894
#SPJ4
39. A firm has beginning inventory of 400 units at a cost of $11 each. Production during the period was 650 units at $12 each. If sales were 700 units, what is the cost of goods sold (assume FIFO)?
A. $9,000
B. $8,000
C. $7,700
D. $8,100
The cost of goods sold (assume FIFO) for the firm would be $8,000.the cost of goods sold is calculated by taking the cost of the oldest units in inventory and working up to the newest ones.
FIFO stands for First-In-First-Out, a method used for inventory valuation where the oldest items in inventory are sold first. In this case, the cost of goods sold is calculated by taking the cost of the oldest units in inventory and working up to the newest ones.
Using FIFO, the calculation for cost of goods sold would be:
Beginning inventory: 400 units at $11 each = $4,400
Production: 650 units at $12 each = $7,800
Total units available for sale = 400 + 650 = 1,050 units
Cost of goods available for sale = $4,400 + $7,800 = $12,200
Cost of goods sold = 700 units x $11 (the cost of the oldest units) = $7,700
Ending inventory = 350 units x $12 (the cost of the newest units) = $4,200
Cost of goods sold + Ending inventory = Cost of goods available for sale, which is $7,700 + $4,200 = $11,900
Therefore, the cost of goods sold (assume FIFO) is $8,000, which is the cost of the oldest 700 units in inventory.
Learn more about FIFO here:
https://brainly.com/question/17439349
#SPJ11
Calculate the total change in aggregate demand because of an initial $300 decrease in investment spending, given that C = 150 + 0. 50YD. $1,200 decrease $300 decrease $150 decrease $600 decrease i think it is 300 but i think i am wrong
The total change in aggregate demand resulting from a $300 decrease in investment spending is a decrease of $600.
The change in aggregate demand resulting from a change in investment spending can be calculated using the following formula:
∆AD = ∆I x (1 / MPC)
where MPC stands for marginal propensity to consume, I for investment spending change, and AD for aggregate demand change.
Since the problem provides us with the consumption function, we can calculate the MPC as follows:
MPC = ∆C / ∆YD = 0.50
where C represents the change in consumption and DY represents the change in disposable income.
Now we can plug in the values and solve for ∆AD:
∆I = -$300 (given)
MPC = 0.50 (calculated)
∆AD = -$300 x (1 / 0.50) = -$600
To know more about Aggregate demand visit:
https://brainly.com/question/31191847
#SPJ4
the supply curve has a positive slope because responses a marginal cost increases as output increases.marginal cost increases as output increases. b marginal cost decreases as output increases.marginal cost decreases as output increases. c marginal product increases as output increases.marginal product increases as output increases. d marginal product is constant.
The supply curve has a positive slope because as output increases, marginal cost also increases. Option A is correct.
The supply curve shows the relationship between the quantity of a good supplied by producers and the price of the good. The slope of the supply curve is positive because as the price of the good increases, producers are willing to supply more of it to the market.
However, as output increases, the marginal cost of producing each additional unit also increases due to factors such as diminishing marginal returns, which lead to higher production costs. Therefore, the supply curve has a positive slope because marginal cost increases as output increases.
Therefore, option A is correct.
Learn more about supply curve https://brainly.com/question/6075885
#SPJ11
Trevino suggests the pillars of ethical leadership include
A. Moral manager
B. Values-based leadership
C. Community of people
D. Moral person
Trevino's ethical leadership framework focuses on two primary aspects: the moral person and the moral manager. Therefore, the correct answer is A. Moral manager and D. Moral person.
Moral person refers to an individual's personal characteristics, such as integrity, honesty, and ethical awareness. Leaders who are moral persons serve as role models for others, demonstrating ethical values through their actions and decisions. They are trustworthy and consistently make decisions based on what is right, rather than what is convenient or beneficial for themselves. Moral manager, on the other hand, is concerned with the leader's responsibility to actively manage the ethical climate within their organization. This includes setting expectations, communicating ethical standards, and holding others accountable for their actions. Moral managers promote a positive ethical environment by reinforcing ethical behavior and addressing unethical conduct when it occurs. Both aspects are essential for effective ethical leadership. Trevino's approach highlights the importance of not only possessing strong personal ethics but also actively promoting and nurturing an ethical culture within the organization. By combining these two pillars, leaders can create an environment where ethical behavior is valued, and the entire community works together to uphold high ethical standards.
Learn more about ethical leadership here
https://brainly.com/question/29819327
#SPJ11
When a taxpayer uses the FIFO inventory valuation method, the assumption on which the method is based is that the inventory on hand at the end of the year consists of the most recently acquired items.
A. True
B. False"
The statement is true. The FIFO (First-In, First-Out) inventory valuation method assumes that the first items purchased or produced are the first items sold, and therefore the remaining inventory at the end of the year consists of the most recently acquired items.
This method is commonly used by businesses that sell perishable goods or those that experience frequent price increases, as it results in a higher cost of goods sold and a lower ending inventory value, which can help to minimize taxable income. However, it may not accurately reflect the actual physical flow of goods in some cases, and other methods such as LIFO (Last-In, First-Out) or weighted average cost may be more appropriate. Overall, the choice of inventory valuation method can have significant impacts on a company's financial statements and tax liabilities, and it is important for taxpayers to understand the assumptions and implications of each method before making a decision.
Learn more about FIFO here:-
https://brainly.com/question/17236535
#SPJ11
Bob’s electronics company is launching the sale of a new television, UltraView1000. Bob decides to use phrasematch in his Search Ads campaign because he wants searches that contain UltraView1000 to show his ad. How else will phrase match benefit Bob’s campaign?O Bob’s ad will show on searches with only UltraView1000 included in them, with no additional words.
O Bob’s ad will show on searches for television features similar to UltraView1000.
O Bob’s ad will show on searches for televisions that came to market at the same time as UltraView1000.
O Bob’s ad will show on searches for UltraView1000 and additional words before and after.
Using phrase match can help Bob's campaign reach a highly relevant audience while still allowing for some flexibility in the types of searches that trigger his ad.
Bob's decision to use phrase match in his Search Ads campaign for UltraView1000 can benefit his campaign in several ways. First, the ad will show on searches that contain the exact phrase "UltraView1000", ensuring that his ad is shown to the most relevant audience. Additionally, phrase match can also capture searches that include "UltraView1000" and additional words before or after the phrase, such as "best UltraView1000 TV deals" or "UltraView1000 TV reviews". This allows Bob to reach a wider audience while still maintaining relevance. Phrase match can also capture searches for similar television features, as long as they include the phrase "UltraView1000". This means that Bob's ad may be shown to users who are interested in televisions with similar features to UltraView1000, even if they don't specifically search for UltraView1000 by name. However, phrase match does not guarantee that Bob's ad will show on searches for televisions that came to market at the same time as UltraView1000, as this is not necessarily related to the phrase "UltraView1000".
Learn more about television here:
https://brainly.com/question/16925988
#SPJ11
suppose that at the end of 2014, the value of u.s.-owned assets abroad is $15,888 billion, and the value of foreign-owned assets in the united states (which are u.s. liabilities) is $16,953 billion.
Based on the given information, the value of assets owned by the US abroad is $15,888 billion, while the value of foreign-owned assets in the US, which are liabilities for the US, is $16,953 billion.
Capital asset is defined to include property of any kind held by an assessee, whether connected with their business or profession or not connected with their business or profession. It includes all kinds of property, movable or immovable, tangible or intangible, fixed or circulating."
This suggests that the US owes assets more to foreign countries than what it owns abroad. The difference between the two values is around $1,065 billion, indicating a negative net international investment position.
For more information on abroad assets in billion https://brainly.com/question/25746199
#SPJ11
The overall authority for Coast Guard Auxiliary administration is vested by law in the...
A. National Commodore
B. Commandant of the Coast Guard.
C. Secretary, Department of Transportation.
D. Secretary, Department of Defense.
The overall authority for Coast Guard Auxiliary administration is vested by law in the Commandant of the Coast Guard. As a component of the United States Coast Guard, the Auxiliary is a non-military organization composed of volunteer members who support the Coast Guard in its mission to promote safety and security in the nation's waterways.
The Auxiliary is governed by a set of bylaws and regulations, which are developed and approved by the Commandant. The Commandant has the authority to direct the activities of the Auxiliary, including the establishment of policies, procedures, and guidelines for its operation.In addition to the Commandant, the Auxiliary also operates under the guidance of the National Commodore. The National Commodore is the highest-ranking member of the Auxiliary and serves as its chief executive officer. The National Commodore is responsible for providing leadership and direction to the Auxiliary, as well as for representing the Auxiliary to the Coast Guard and the public.While the Secretary of the Department of Transportation has overall responsibility for the Coast Guard, including the Auxiliary, the authority for Auxiliary administration is specifically vested in the Commandant. The Secretary of Defense is not directly involved in the administration of the Coast Guard or the Auxiliary.
To know more about Commandant visit:
brainly.com/question/14548568
#SPJ11
10. The Theory Z approach emphasizes long-term employment.
The Theory Z approach is a management philosophy that originated in Japan and emphasizes the importance of long-term employment.
This approach values the loyalty, commitment, and dedication of employees, and believes that investing in their development and job security is key to achieving organizational success. This approach also focuses on creating a supportive and collaborative work environment, where employees are empowered to participate in decision-making processes and take ownership of their work. In contrast to other management theories that prioritize short-term gains and individualistic approaches, Theory Z emphasizes a long-term perspective and a collective mindset that values teamwork and cooperation. Overall, the Theory Z approach promotes a culture of mutual trust and respect between employers and employees, which is essential for building sustainable and thriving organizations.
The Theory Z approach emphasizes long-term employment, focusing on fostering strong employee commitment, job security, and organizational stability. This management philosophy aims to enhance overall productivity and employee satisfaction within a company.
Visit here to learn more about Theory Z brainly.com/question/30154204
#SPJ11
Question 4 Metlock, Inc. began the year with 11 units of marine floats at a cost of $12 each. During the year, it made the following purchases: May 5, 32 unit at $17; July 16, 16 units at $20; and December 7, 21 units at $24. Assume there are 24 units on hand at the end of the period. Metlock uses the periodic approach. (a) Determine the cost of goods sold under FIFO. FIFO Cost of good sold $
Under the FIFO method, the cost of goods sold for Metlock, Inc. is $936.Hi, I'd be happy to help you with your question regarding FIFO (First-In, First-Out) method.
We need to follow these steps:
1. Calculate the total units sold during the year.
2. Identify the units sold in chronological order according to the FIFO method.
3. Calculate the total cost of goods sold.
Step 1: Calculate total units sold during the year:
Beginning Inventory: 11 units
Purchases:
- May 5: 32 units
- July 16: 16 units
- December 7: 21 units
Total units available: 11 + 32 + 16 + 21 = 80 units
There are 24 units on hand at the end of the period. So, the total units sold = 80 - 24 = 56 units.
Step 2: Identify the units sold in chronological order (FIFO method):
- 11 units from Beginning Inventory (at $12 each)
- 32 units from May 5 (at $17 each)
- 13 units from July 16 (at $20 each) [Only 13 units since we've already accounted for 43 (11+32) out of 56 units sold]
Step 3: Calculate the total cost of goods sold:
- 11 units * $12 = $132
- 32 units * $17 = $544
- 13 units * $20 = $260
Total cost of goods sold = $132 + $544 + $260 = $936
Learn more about "FIFO" at https://brainly.com/question/24137318
#SPJ11
you have been asked to implement enterprise software for a manufacturer of kitchen appliances. what is the first step you should take? select the functions of the system you wish to use. rewrite the software to support the way the company's business processes work. select the business processes you wish to automate. map the software's business processes to the company's business processes. map the company's business processes to the software's business processes.
The first step you should take when implementing enterprise software for a manufacturer of kitchen appliances is to map the company's business processes to the software's business processes. Option D is correct.
This will ensure that the software is tailored to the specific needs and workflows of the company, and will increase the likelihood of a successful implementation. Once the mapping is complete, you can then select the functions of the system you wish to use and automate the appropriate business processes.
It is important to note that rewriting the software to support the way the company's business processes work is generally not recommended, as it can be costly and time-consuming, and may not be necessary if the mapping process is done effectively.
Therefore, option D is correct.
You have been asked to implement enterprise software for a manufacturer of kitchen appliances. what is the first step you should take?
A. select the functions of the system you wish to use. rewrite the software to support the way the company's business processes work.
B. select the business processes you wish to automate.
C. map the software's business processes to the company's business processes.
D. map the company's business processes to the software's business processes.
Learn more about enterprise software https://brainly.com/question/17107821
#SPJ11
If the shore of population employed in two countries is the same, average living standards will be higher in the country with the Multiple Choice a.larger population b. higher average labor productivity c.smaller population d.lower average labor productivity
Average living standards will be higher in the country with (b) higher average labor productivity.
When two countries have the same proportion of their population employed, the key factor that differentiates their living standards is labor productivity.
Higher labor productivity means that the workforce in that country can produce more goods and services within a given time frame, leading to higher economic output and, subsequently, improved living standards.
A country with a larger or smaller population doesn't necessarily guarantee higher living standards, as population size alone doesn't determine productivity levels or economic performance. Similarly, lower labor productivity would lead to lower output and potentially lower living standards.
Therefore, higher average labor productivity is the most critical factor for ensuring better living standards in this scenario.
To know more about economic output visit:
https://brainly.com/question/25426078
#SPJ11
Where ownership is divided among several partners, the parent organizations are more likely to delegate the operational running of the IJV to ________. A) local IJV management B) parent company management C) middle managers at the parent company level D) management teams from the largest company in the joint venture
When ownership is divided among several partners, the parent organizations are more likely to delegate the operational running of the IJV to the local IJV management. So, the correct answer is A) local IJV management.
This is because the local management is more familiar with the local business environment and cultural nuances, which can be critical to the success of the IJV.
Additionally, delegating operational responsibilities to local management can help build trust and relationships with local stakeholders, including employees, customers, suppliers, and government officials.
While the parent company management and middle managers at the parent company level may still have some oversight responsibilities, they are less likely to be directly involved in the day-to-day operations of the IJV. Management teams from the largest company in the joint venture may also have some influence, but ultimately, the local IJV management is the most likely to have the primary operational responsibility.
To know more about management refer here:
https://brainly.com/question/30397057#
#SPJ11
monica received a great deal of praise for her marketing study which showed people see an action as more acceptable____.
Monica's marketing study revealed that people view an action as more acceptable when it is endorsed by a credible authority figure or group.
This phenomenon, known as social proof, is a powerful psychological principle that influences human behavior. By leveraging social proof in her marketing efforts, Monica was able to effectively communicate the value of her product or service and establish trust with her target audience.
The recognition and praise she received for her study demonstrate the importance of understanding human psychology and using it to inform marketing strategies. By incorporating social proof into their messaging, businesses can enhance their credibility and ultimately drive more conversions.
To know more about marketing ,refer to the link:
https://brainly.com/question/13414268#
#SPJ11
Global trade means more markets and opportunities, but there is also more _______ for those markets
Global trade has increased market access for businesses, allowing them to reach new customers and expand their operations. However, this also means that companies face more competition for those markets, as businesses from different countries now compete for the same customers.
This increased competition can drive innovation, force companies to improve their products and services, and ultimately benefit consumers by providing them with more choices and better prices.
Global trade means more markets and opportunities, but there is also more competition for those markets. With global trade, companies are able to reach a wider audience and tap into new markets. However, as more companies enter the global market, competition becomes more intense. This can lead to a greater focus on price and efficiency, and companies need to constantly innovate and improve in order to stay competitive. Additionally, global trade also brings new regulatory and legal challenges, as companies must comply with different laws and regulations in each market they operate in. Overall, while global trade offers many benefits, it also requires companies to be adaptable and strategic in order to succeed in a highly competitive and complex global marketplace.
Learn more about Global trade here:
https://brainly.com/question/3617318
#SPJ11
Intellectual skill as a learning outcome primarily includes the capability to _____.
Intellectual skill as a learning outcome primarily includes the capability to think critically, analyze, synthesize, and evaluate information.
Intellectual skills as learning outcomes refer to the ability to process information, analyze it, and use it to solve problems or make decisions. This may include skills such as critical thinking, problem-solving, decision-making, and analytical reasoning. Intellectual skills are essential for learners to develop in order to succeed in a range of academic and professional contexts. Developing intellectual skills often involves engaging in activities that promote active learning, such as group discussions, research projects, case studies, and simulations, among others.
Learn more about Developing here:https://brainly.com/question/28011228
#SPJ11
When she focuses on the flow that begins with the purchase of raw materials and culminates in the sale of a product to end users, Bridgett Hammerschmidt is managing her company's _____.
value chain
supply chain
materials chain
demand chain
In the given scenario, Bridgett Hammerschmidt is most likely managing her company's value chain.
When Bridgett Hammerschmidt focuses on the flow that begins with the purchase of raw materials and culminates in the sale of a product to end users, she is managing her company's value chain.
The value chain is a series of activities that a company performs in order to create value for its customers. It includes all of the activities involved in designing, producing, marketing, delivering, and supporting a product or service.
In contrast, the supply chain refers to the network of businesses and individuals involved in the creation and delivery of a product or service, including suppliers, manufacturers, distributors, and retailers. The materials chain and demand chain are not commonly used business terms.
Learn more about company's here:
https://brainly.com/question/30007263
#SPJ11
The postage stamps and petty cash in the architect's drawer as well as his drawing table, his office furniture, and money owed to him by clients are all examples of assets. Question options: True False
The given statement, "The postage stamps and petty cash in the architect's drawer, as well as his drawing table, his office furniture, and money owed to him by clients, are all examples of assets" is True as they have economic value and are owned or controlled by the architect.
All of the items listed, including postage stamps, petty cash, office furniture, and money owed to the architect by clients, are examples of assets. An asset is a resource owned by a company or individual that has economic value and is expected to provide future benefits.
These assets can be tangible, such as office furniture and petty cash, or intangible, such as money owed by clients. Stamps, office furniture, and petty cash are examples of current assets, while money owed by clients is an example of accounts receivable, which is also a current asset.
Learn more about Asset: https://brainly.com/question/25746199
#SPJ11
Franklin Manufacturing Company began operations on January 1. During the year, it started and completed 1,700 units of product. The financial statements are prepared in accordance with GAAP. The company incurred the following costs: 1. Raw materials purchased and used $3,180. 2. Wages of production workers-$3,500 3. Salaries of administrative and sales personnel-$1,985. 4. Depreciation on manufacturing equipment-$5,730 5. Depreciation on administrative equipment-$1,815 10 points Franklin sold 1,080 units of product Required Print References a. Determine the total product cost for the year b. Determine c. Determine the total of cost of goods sold. (Do not round intermediate calculations.) the total cost of the ending inventory. (Do not round intermediate calculations.) a Total product cost b. Total cost of ending inventory . Total cost of goods sold
GAAP stands for Generally Accepted Accounting Principles. It is a set of rules and guidelines that provide a framework for accounting and financial reporting.
a. Total product cost:
The total product cost includes all the costs incurred in the production of the units completed during the year. The costs incurred are:
Raw materials used = $3,180
Wages of production workers = $3,500
Depreciation on manufacturing equipment = $5,730
Total product cost = Raw materials used + Wages of production workers + Depreciation on manufacturing equipment
Total product cost = $3,180 + $3,500 + $5,730
Total product cost = $12,410
b. Total cost of ending inventory:
The total cost of ending inventory includes the cost of the units that were started but not completed during the year and are still in inventory.
The cost of the ending inventory can be calculated using any of the three inventory costing methods: FIFO, LIFO, or average cost. Since the inventory costing method is not given, we cannot determine the exact cost of the ending inventory.
c. Total cost of goods sold:
The total cost of goods sold can be calculated as follows:
Total product cost = $12,410
Less: Cost of ending inventory (not given)
Cost of goods sold = Total product cost - Cost of ending inventory
Cost of goods sold = $12,410 - Cost of ending inventory
Since the cost of ending inventory is not given, we cannot determine the exact cost of goods sold.
To learn more about “GAAP” refer to the https://brainly.com/question/28345482
#SPJ11
REI Adventure trips range from a women’s kayaking weekend in the San Juan Islands to a five-day family adventure in Olympic National Park. REI Adventure is using a(n) _______ target marketing strategy.
niche
multisegment
concentrated
undifferentiated
REI Adventure trips range from a women’s kayaking weekend in the San Juan Islands to a five-day family adventure in Olympic National Park. REI Adventure is using a(n) multisegment target marketing strategy.
REI Adventure is using a multisegment target marketing strategy. This approach involves targeting multiple segments of the market with different products, services, or marketing messages.
For example, REI Adventure offers trips for women's kayaking, family adventures, and more. Each of these different trips is targeting a different segment of the market, and REI Adventure is offering specific services and marketing messages that are tailored to each market segment.
By understanding the needs, interests, and preferences of each segment, REI Adventure can customize their services and messaging to better meet the needs of each segment and increase their overall sales.
This multisegment target marketing strategy helps REI Adventure to maximize their sales potential by reaching multiple market segments.
Know more about Marketing strategy here
https://brainly.com/question/29376574#
#SPJ11
When Erik's son went to college, he purchased a property for his son near campus for $100,000. At the time, the property tax assessment allocated 10% of the property value to the land. After his son graduated, Erik decided to keep the house for use as a rental. The fair market value at the time of the conversion was $150,000, but now the tax assessment allocated 35% to land value. The basis for depreciation of the house is __________.
$90,000
$97,500
$100,000
$150,000
The basis for depreciation of the house is $97,500.
To calculate this, we need to first determine the cost basis of the property. The cost basis is the original purchase price of $100,000 plus any improvements or expenses incurred to acquire the property. Since no information is given about any improvements or expenses, we can assume the cost basis is just the purchase price of $100,000.
Next, we need to allocate the cost basis between the land and the house. Initially, the tax assessment allocated 10% of the property value to the land, so we can allocate $10,000 of the cost basis to the land and $90,000 to the house.
When Erik converted the property to a rental, the fair market value was $150,000, but now the tax assessment allocates 35% to land value. This means the land is now valued at $52,500 (35% of $150,000) and the house is valued at $97,500 ($150,000 - $52,500).
Since the basis for depreciation is only allocated to the house, we take the $90,000 original cost basis for the house and subtract the new value of the land, which is $52,500. This leaves us with a basis for depreciation of $37,500 ($90,000 - $52,500).
Therefore, the answer is option b) $97,500.
To know more about depreciation visit
https://brainly.com/question/30531944
#SPJ11
Lynn works as a casting agent for a small production company. She oversees auditions and interviews actors to find the perfect person for the current production. Lynn works in the ______ pathway of the Arts, AV Technology, and Communication cluster.
Question 5 options:
AV Technology and Film
Performing Arts
Journalism and Broadcasting
Telecommunications
Answer:
Performing arts
Explanation:
Renegade Inc. projected sales of 85,000 personal Journals for 2016. The estimated auary 1, 2016, Inventory is 4,300 units, and the desired December 31, 2016 Inventory is 9,000 units What is the budgeted production (in units) for 2016 units
To calculate the budgeted production for Renegade Inc. in 2016, we need to consider the projected sales, the estimated January 1, 2016 inventory, and the desired December 31, 2016 inventory. Here's a step-by-step explanation:
1. Take the projected sales for 2016: 85,000 personal journals.
2. Add the estimated January 1, 2016 inventory: 4,300 units.
3. Subtract the desired December 31, 2016 inventory: 9,000 units.
So, the budgeted production (in units) for 2016 is:
85,000 (projected sales) + 4,300 (initial inventory) - 9,000 (desired ending inventory) = 80,300 units.
To know more about Budgeted Production- https://brainly.com/question/29440822
#SPJ11
a general-purpose money fund: group of answer choices invests in stock of undervalued companies. limits its investments to real estate properties. invests in virtually any type of money market investment vehicle. limits its investments to short-term, tax-exempt municipal securities.
A general-purpose money fund is a type of mutual fund that invests in a variety of short-term, high-quality, and low-risk money market instruments.
Understanding general-purpose money fundUnlike specialized funds that limit their investments to a specific asset class, such as stocks or real estate, general-purpose money funds can invest in virtually any type of money market investment vehicle.
This includes short-term Treasury securities, commercial paper, certificates of deposit, and repurchase agreements.
However, some funds may choose to limit their investments to a specific type of money market instrument, such as short-term, tax-exempt municipal securities.
The goal of a general-purpose money fund is to provide investors with a low-risk, liquid investment option that offers a higher yield than a traditional savings account.
They are popular among individual investors, corporations, and other institutions that need to park their cash temporarily before deploying it elsewhere.
Learn more about money market at
https://brainly.com/question/31113806
#SPJ11
all of the following are examples of disadvantages associated with the ownership of a small business except:
The following list of drawbacks of owning a small business includes all but one of the following: arduous government regulations difficulties raising funds great personal dedication insufficient managerial ability
Financial hazard. A business can require a lot of financial resources to start and grow, and if things don't work out, you could lose a lot of money. You won't have a guaranteed salary either. Stress.
One of the biggest issues facing small-scale industries is finance. An organization's finances are its lifeblood, and without sufficient funding, no organisation can operate effectively. The main causes of this issue are a lack of capital and insufficient credit facility availability.
Read more about small business at
https://brainly.com/question/31413074
#SPJ4
[Garage Sale] While cleaning out his garage, Ezra offers to sell Mia a used computer for $200. Mia replies, "I'll think about it and buy it if I decide to do so." Ezra also calls Irina and offers to sell Irina a used business law book for $50. She asks if she can clean his apartment in exchange for the book, instead of paying cash, and he agrees. Ezra also agrees to sell a communications book for $5 to Tam, who promises to pick it up the next day. Meanwhile, Diego comes to visit and offers Ezra $45 for the business law book. Ezra sells it to him because he decides his apartment is clean enough. Diego also offers Ezra $50 for the used computer. Ezra sells it to Diego because he does not expect to hear from Mia. Diego sees the communications book and offers Ezra $45 for it. Ezra decides to forget about Tam and proceeds to sell the book to Diego for $45. The next day Irina shows up to clean Ezra's apartment and is very angry because Ezra did not save the book for her. Irina claims that Ezra breached their contract because they had a deal. Ezra says that they never had a deal because no consideration was present. He also says that even if cleaning house would be considered consideration, any housekeeping done would have been wholly inadequate to support receipt of the book because his house was already clean. Tam is also angry because Ezra sold the communications book, and informs him that he breached the contract he had with her. Ezra tells her that he had no obligation to hold the book for her because they had a unilateral contract. Two days after they first spoke, Mia tells Ezra that she would like the computer. She tells him that her response bound him and that he should have awaited her action. Ezra tells Diego that he needs to return everything for a full refund. Diego refuses.
Which of the following is true regarding Tam's claim that by selling the communications book to Diego for a higher price, Ezra breached the contract he had with her?
1) Tam is correct.
2) Tam is correct only if she can establish that she had prior dealings with Ezra.
3) Tam is correct only if she can establish that she had provided past consideration in addition to the amount she agreed to pay for the book.
4) Tam is incorrect because her acceptance was illusory.
5) Tam is incorrect because the amount she agreed to pay was significantly less than the fair market value of the book and, therefore, did not amount to consideration.
Tam's claim that by selling the communications book to Diego for a higher price, Ezra breached the contract he had with her is incorrect because her acceptance was illusory.
A unilateral contract is formed when one party makes an offer to another party and the other party can accept only by performing a particular act. In this case, Tam promised to pick up the book the next day, but she did not provide any consideration at the time of making the promise. Therefore, her acceptance was illusory and did not form a valid contract. Ezra was free to sell the book to Diego or any other buyer.
Additionally, the amount she agreed to pay for the book was not significantly less than the fair market value of the book. Therefore, option 5 is also incorrect. The correct answer is option 4, Tam is incorrect because her acceptance was illusory.
Learn more about communications here:
https://brainly.com/question/22558440
#SPJ11