compute the cost of goods sold for 20x1 using the following information: direct materials, jan. 1, 20x1 $ 41,500 work-in-process, dec. 31, 20x1 66,000 direct labor 50,000 finished goods, dec. 31, 20x1 108,000 finished goods, jan. 1, 20x1 132,500 manufacturing overhead 71,000 direct materials, dec. 31, 20x1 46,000 work-in process, jan. 1, 20x1 90,000 purchases of direct material 78,000
Answers
The cost of goods sold (COGS) for 20x1 is $219,000 based on the given information and calculations. COGS represents the total cost incurred to produce the goods that were sold during the year.
To compute the cost of goods sold (COGS) for 20x1, we need to consider the changes in raw materials, work-in-process, and finished goods inventory throughout the year.
COGS = Beginning Finished Goods Inventory + Cost of Goods Manufactured - Ending Finished Goods Inventory
Cost of Goods Manufactured (COGM) includes direct materials, direct labor, and manufacturing overhead.
COGM = Direct Materials Used + Direct Labor + Manufacturing Overhead
Direct Materials Used = Beginning Raw Materials Inventory + Purchases of Direct Material - Ending Raw Materials Inventory
Direct Materials Used = $41,500 (Jan. 1, 20x1) + $78,000 - $46,000 (Dec. 31, 20x1) = $73,500
COGM = $73,500 + $50,000 (Direct Labor) + $71,000 (Manufacturing Overhead) = $194,500
Now, let's calculate COGS:
COGS = $132,500 (Beginning Finished Goods Inventory) + $194,500 (COGM) - $108,000 (Ending Finished Goods Inventory, Dec. 31, 20x1) = $219,000
The cost of goods sold (COGS) for 20x1 is $219,000 based on the given information and calculations. COGS represents the total cost incurred to produce the goods that were sold during the year.
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Related Questions
the cost of capital refers to the cost that a company takes on to purchase a big project.
Answers
The statement "the cost of capital refers to the cost that a company takes on to purchase a big project" is false as the cost of capital encompasses the overall cost of financing a company's operations, including investments, working capital, and other financial needs.
The cost of capital is a crucial concept in corporate finance as it helps determine the minimum rate of return that a company needs to earn on its investments to satisfy its investors and stakeholders.
It represents the cost associated with obtaining funds from various sources, such as equity investors, lenders, and other financing instruments.
To raise capital, companies may utilize debt or equity financing. The cost of debt refers to the interest payments and other expenses associated with borrowing funds, while the cost of equity represents the return expected by shareholders who have invested in the company.
These costs are influenced by factors such as prevailing interest rates, the company's creditworthiness, market conditions, and the level of risk associated with the investment.
Determining the cost of capital is crucial for investment decision-making. It helps companies evaluate the profitability of potential projects or acquisitions by comparing the expected returns with the cost of capital.
By understanding their cost of capital, companies can make informed choices regarding the allocation of resources and ensure that the returns generated from their investments exceed the cost of financing.
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Complete question :
The cost of capital refers to the cost that a company takes on to purchase a big project
Select one: True O False
"Monetary policy can be described either in terms of the money supply or in terms of the interest rate." This statement amounts to the assertion that a. the activities of the Federal Reserve’s bond traders are irrelevant if the Federal Reserve decides to target an interest rate. b. our analysis of monetary policy is not fundamentally altered if the Federal Reserve decides to target an interest rate. c. changes in monetary policy aimed at expanding aggregate demand can be described either as increasing the money supply or as increasing the interest rate. d. rightward shifts of the money-supply curve cannot occur if the Federal Reserve decides to target an interest rate.
Answers
Answer:
b
Explanation:
The monetary policy is not fundamently altered
________ consumers are the most brand conscious of all the ethnic groups, are extremely
brand loyal, and shop frequently.
A) African American
B) Native American
C) Hispanic American
D) Italian American
E) Asian American
Answers
The ethnic group of consumers that are the most brand conscious of all the ethnic groups, extremely brand loyal, and shop frequently are the "Hispanic American" consumers. The correct option is C) Hispanic American.
An ethnic group is a social group or category of people who identify with each other, usually based on common ancestral, national, cultural, religious, or linguistic similarities. Ethnic groups are usually united by shared cultural traits, ancestry, or history that distinguish them from other groups.The Hispanic American consumers are the most brand conscious of all the ethnic groups, extremely brand loyal, and shop frequently. Hence, the correct option is C) Hispanic American.
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Start by clearly defining your topic with a thesis
statement
Remember, your statement should be concise and
precise.
Answers
My thesis statement is the role of women in the modern day world is more than we can imagine. Check more about thesis statement below.
What is a Thesis statement?A thesis statement is known to be the statement that often show when one arrives at the a conclusion of the introductory part of any paper.
It offers a short summary of the key point or claim of the essay. My thesis statement is that role of women in the modern day world is more than we can imagine as women now takes part in office job in combination with household chores and their role should not be underemphasized.
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Answer:
When viewed and analyzed together, economic indicators and market indexes can provide a clear picture of economic growth.
Explanation:
You're given a monthly budget of $400 for social media advertising. You want to set a daily budget for February to insure you don't overspend for the month. What is your daily budget? (It is not a leap year.)
Answers
Answer:
$14.28
Explanation:
you will have a couple of cents left over at the end because you cant evenly divide 400 by 28
In a transportation company, what is/are some of the total value
of the products/services that can be implemented?
Answers
Potential products/services that can be implemented in a transportation company include freight and cargo transportation, logistics and supply chain management, express delivery and courier services, third-party logistics (3PL) services, specialized transportation services, last-mile delivery solutions, and transportation consulting/advisory services.
How can transportation companies provide value?In a transportation company, there are several potential products and services that can be implemented to provide value to customers. Here are some examples:
1. Freight and Cargo Transportation: Transporting goods and cargo from one location to another is a fundamental service provided by transportation companies. This can involve various modes of transportation, including trucks, ships, trains, and airplanes. Companies can offer efficient and reliable transportation services to move goods domestically or internationally.
2. Logistics and Supply Chain Management: Transportation companies can provide end-to-end logistics and supply chain solutions. This includes managing inventory, warehousing, order fulfillment, and distribution to ensure the smooth flow of goods from suppliers to customers. By optimizing the supply chain, companies can reduce costs and improve overall efficiency.
3. Express Delivery and Courier Services: Offering time-sensitive delivery services is another valuable product in the transportation industry. This includes express delivery of parcels, documents, and packages to meet urgent deadlines. Companies can provide door-to-door delivery, tracking capabilities, and efficient route planning to ensure timely and reliable service.
4. Third-Party Logistics (3PL) Services: Many businesses outsource their logistics and transportation operations to third-party providers. Transportation companies can act as 3PL providers, offering services such as transportation management, inventory management, order fulfillment, and warehousing. This allows businesses to focus on their core competencies while relying on the expertise of the transportation company.
5. Specialized Transportation Services: Some transportation companies specialize in particular sectors or industries. For example, they may focus on transporting hazardous materials, oversized cargo, or perishable goods. Specialized services require specialized equipment, expertise, and compliance with industry-specific regulations.
6. Last-Mile Delivery Solutions: Last-mile delivery refers to the final leg of the transportation process, delivering goods from a distribution center to the end customer. Transportation companies can provide innovative last-mile solutions, including the use of drones, autonomous vehicles, or crowdshipping platforms. These services aim to enhance the speed, convenience, and efficiency of delivering goods to customers' doorsteps.
7. Transportation Consulting and Advisory Services: Transportation companies can offer consulting services to help businesses optimize their transportation operations. This includes analyzing supply chain processes, identifying cost-saving opportunities, recommending logistics strategies, and providing insights into industry trends and best practices.
It's important to note that the specific products and services a transportation company implements will depend on factors such as their resources, expertise, target market, and industry demand.
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Which type of managers of a business must answer to a board of directors regarding the company's fiscal performance
Answers
Answer: The CEO (Chief Executive Officer) and the CFO (Chief Financial Officer) are the managers who would answer to a board of directors regarding the company's fiscal performance.
The CEO is responsible for the overall management of the company and the achievement of its goals, while the CFO is responsible for the financial management of the company, including financial reporting, budgeting, and forecasting.
Both of these managers have a critical role in ensuring that the company is meeting its financial objectives and reporting accurate and timely financial information to the board of directors.
Other senior managers, such as the COO (Chief Operating Officer) and the CMO (Chief Marketing Officer), may also provide input to the board on their respective areas of responsibility, but the CEO and CFO are typically the primary managers responsible for financial performance.
What are Logistics careers?
Answers
What is it called when a business contributes money, goods or services to an organization or event to gain the publicity related
A news release
B customer loyalty program
C sponsorship
D promotional tie-in
Answers
Which part of effective leadership deals with maintaining equity?
Answers
Answer:
the part where you have to lead
Explanation:
One of the historical trading abuses in the mutual fund industry was allowing selected investors to rapidly trade in and out of a mutual fund in order to profit on stale prices. This practice is called:
Answers
The practice of the investors who trade in and out of the fund in order to make profit is known as Market timing.
Market timing is defined as the predictions an investor makes about price movement.
In other word, the strategy is when investor tries to identify the best times to be in the market and when to get out.In conclusion, the practice of the investors who trade in and out of the fund in order to make profit is known as Market timing.
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Working for the Internal Revenue Service is a career in public safety.
A True
B. False
Answers
Answer: Most are so probably A
Explanation:
You can work there and see I don't really know how to explain
the collection which represents all possible risk-return combinations which can be created from portfolios comprised of two individual assets is called the:
Answers
A combination that can be created from a portfolio consisting of two individual assets is called an investment opportunity.
What are the two components of portfolio risk?Portfolio risk consists of two components: systemic risk and diversified risk. Systemic risk, also known as systemic risk, is risk that affects all assets, such as: B. General economic conditions and thus systemic risk are not mitigated by diversification.
How is the portfolio's expected portfolio return structured?The basic formula for calculating expected return is to multiply the weight of each asset in the portfolio by the expected return and then add all these numbers together. In other words, the expected return of a portfolio is the weighted average of the individual component returns.
What is a portfolio, its return and risk?Portfolio return refers to the realized gain or loss in an investment portfolio that includes multiple types of investments. Portfolios aim to provide returns based on the stated objectives of the investment strategy and the risk tolerance of the type of investor the portfolio is intended for
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Reading market news by non-U.S-based publications will help:
Answers
Answer:
broadening the investor base and also allowing them to become better integrated into the local business scene.
Explanation:
An investor whose highest priority is getting the largest gains possible, even if
it requires a lot of risk, would most likely invest in
O A. hedge funds
O B. bonds
O c. mutual funds
O D. savings accounts
Answers
Answer: A. Hedge funds
Explanation:
there is no shortage of scarce resources in a market economy because
Answers
As the prices adjust to eliminate shortages in the market economy, therefore there is no shortage of scarce resources.
What do you mean by Scarcity of resources?In economics, Scarcity refers to whilst the demand for a resource is more than the supply of that resource, as assets are limited.
Scarcity effects customers having to make selections on how best to allocate assets so that they will fulfill all simple wishes and as many desires as possible.
Thus, therefore there is no shortage of scarce resources because prices adjust to eliminate shortages in the market economy.
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Under Duty of Care what is the job/position relationship?
Answers
Under Duty of Care, the job/position relationship refers to the legal obligation that employers have to ensure the safety and well-being of their employees while they are performing their job duties.
This duty extends to all aspects of the work environment, including physical safety, emotional support, and protection from harassment and discrimination. Employers must take reasonable steps to prevent workplace hazards and provide adequate training and resources to enable employees to perform their job duties safely. The duty of care also extends to employees' mental health and well-being, as employers are responsible for addressing workplace stress and providing support and resources for mental health concerns. Ultimately, the job/position relationship creates a legal obligation for employers to prioritize the safety and well-being of their employees while they are performing their job duties.
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With a(n) _______, the full amount of the loan is received when the contract is signed, but only the interest is paid over the life of the loan. The principal is then paid on the date that the loan is due. Question 14 options: retirement loan balloon loan line of credit installment loan
Answers
Answer:
Balloon loan
Explanation:
Balloon loan is a type of a relatively short term loan common in the commercial lending where only a portion of the principal amount , the interest is amortized over that period and the total outstanding amount , the principal is the final payment at the end of the loan period.
This makes the final payment to be significantly high compared to the other payments made over the entire loan period , hence the name balloon (inflated ) name given to it.
tynscorp offers domestic companion benefits, but, as is common, in order to receive these benefits, the employees must sign group of answer choices a waiver of legal liability. a writ of common domestic marriage. an affidavit of residency within their state of residence. an affidavit of domestic partnership.
Answers
To receive domestic companion benefits at TynsCorp, employees are required to sign an affidavit of domestic partnership.
This is because domestic partnership is a legal status recognized by many states and allows unmarried couples, including couples, to receive some of the same benefits and rights as married couples. Therefore, it is common for employers to require employees to provide proof of their domestic partnership status in order to receive domestic companion benefits.
A waiver of legal liability and a writ of common domestic marriage are not relevant documents in this context, as they do not pertain to the legal recognition of a domestic partnership. An affidavit of residency within their state of residence may be required for other purposes, such as determining eligibility for certain state-based benefits, but it is not directly related to the issue of domestic companion benefits.
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Accounting profit equals economic profit if __________ equals __________.
a. Implicit costs; zero
b. Explicit costs; implicit costs
c. Unit cost; marginal cost
d. Total revenue; marginal cost
e. Explicit costs; zero
Answers
Accounting profit equals economic profit if implicit costs equal zero. The correct option is A.
Accounting profit is the difference between total revenue and explicit costs, which are the out-of-pocket expenses incurred by a firm. Economic profit, on the other hand, takes into account both explicit and implicit costs, which include the opportunity costs of the resources used in production.
Implicit costs are the opportunity costs of the resources that a firm owns and uses for production, such as the foregone wages of the owner if they were to work elsewhere. If implicit costs are equal to zero, this means that the firm is not giving up any alternative uses of its resources, and thus accounting profit will be equal to economic profit.
The correct option is A.
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Which innovation in transportation has allowed for faster transportation of goods to market and the settlement of people in both the united states and canada?.
Answers
The locomotive created a durable, quick, and affordable method of moving goods that revolutionized commercial transportation. When the Central Pacific and Union Pacific were joined in 1869, it became the first transcontinental line, and the first train on it was the Governor Stanford.
Steam locomotives started to compete with horse-drawn locomotives in the late 1820s. People were thrilled by the new kind of transportation that the railroads with steam locomotives provided, which boosted their upbeat perspective of the potential of technical advancement.
With the use of canals, steamboats, and railroads, the growth of domestic trade in America significantly grew. The Transportation Revolution came to be known as a result of these technological developments.
The fastest means of transportation is an airplane. It travels a great distance in a short amount of time. Therefore, it is useful for covering great distances quickly.
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I'm confused. I don't understand how to do this, Thanks
Answers
What position would be the highest in a company's hierarchy?
A). director of finance
B). finance manager
C). accountant
D). finance administrative assistant
Answers
Answer: D. Finance administrative assistant
Explanation: search all the answers up to see if it matches CEO or is closet to the CEO job
What is Business Analytics, and why does it matter to
(i) organizations, (ii) society, and (iii)
individuals?
Answers
Business Analytics refers to the collection, processing, and analysis of data to make informed business decisions. Business analytics is used by organizations to study data and to derive valuable insights.
These insights can then be used by organizations to make informed decisions and improve business performance. Business analytics is important to organizations for several reasons. It can help organizations improve their operational efficiency, reduce costs, identify new business opportunities, and improve customer satisfaction. Business analytics is also important to society as a whole.
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In Neoclassical growth theory, increasing the amount of capital employed in production the average standard of living as long as the marginal product of capital exceeds zero. O a. unambiguously reduces O b. at first reduces but eventually raises has no effect on at first raises but eventually reduces d. O e. unambiguously raises
Answers
Increasing capital in production unambiguously raises the average standard of living in Neoclassical growth theory.
In Neoclassical growth theory, increasing the amount of capital employed in production has the potential to raise the average standard of living as long as the marginal product of capital exceeds zero. Therefore, the correct answer is option e) unambiguously raises.
According to the neoclassical growth theory, an increase in capital input leads to an initial boost in productivity and output. As more capital is utilized, the marginal product of capital gradually diminishes, meaning each additional unit of capital contributes less to overall output. However, as long as the marginal product of capital remains positive (above zero), the overall level of output and income in the economy continues to rise.
It is important to note that Neoclassical growth theory assumes other factors, such as technology and labor, to remain constant in this analysis. In the real world, the relationship between capital and output may be influenced by various other factors and may not always hold true in every circumstance.
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What is used in monetary policy to affect the economy as a whole?
Answers
Answer:
Monetary policy is the process by which the central bank (e.g. the Federal Reserve in the United States) uses its monetary tools to influence the supply of money and credit in the economy in order to achieve its objectives, such as stable prices, maximum employment, and moderate long-term interest rates.
There are several tools that the central bank can use to affect the economy as a whole through monetary policy:
Interest rates: The central bank can adjust the target federal funds rate, which is the interest rate at which banks lend and borrow overnight funds from each other, in order to influence the cost of borrowing money in the economy.
Reserve requirements: The central bank can adjust the percentage of deposits that banks are required to hold in reserve, which can affect the amount of money that banks have available to lend.
Open market operations: The central bank can buy or sell government securities in the open market in order to increase or decrease the supply of money in the economy.
Discount rate: The central bank can adjust the discount rate, which is the interest rate at which banks can borrow money from the central bank, in order to influence the cost of borrowing money in the economy.
Which of the following statements best summarizes the reason for economics?
Question 1 options:
The number of people who do not have jobs is rising.
While wants are unlimited, resources are scarce.
Opportunity costs can never be determined accurately.
People spend more than they make.
Answers
The option that best summarizes the importance of studying economics is B. While wants are unlimited, resources are scarce.
What is the point of economics?Economics is the study of how resources can be allocated such that we can have the greatest productivity given the resources that we have.
Resources cannot satisfy our needs entirely because they are limited but the needs we have are unlimited.
Economics is therefore needed to regulate our needs and wants vs the resources that we have.
In conclusion, option B is correct.
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Collateral can be beneficial for borrowers when applying for a loan by __________.
Answers
Collateral can be beneficial for borrowers when applying for a loan by giving lenders protection against financial loss and more reason to approve loans.
In economy and business, collateral generally can be defined as a borrower's pledge of specific property to a lender. Collateral usually used to secure repayment of a loan In lending agreements. Before a lender will determine the amount of value they are providing, the lender will assess the price of the property held for collateral. There are several types of collateral, such as Real Estate Collateral, Inventory Collateral, Invoices Collateral, Business Equipment Collateral, Blanket Lien Collateral, Cash Collateral, and also Investments Collateral.
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When making decisions, managers often must decide between doing what is beneficial for the firm in the short term, and what is beneficial for both the firm and society in the long term. To address this conflict, a firm must
Answers
When making decisions, managers are often faced with a conflict between what is beneficial for the firm in the short-term and what is beneficial for both the firm and society in the long-term.
This conflict arises because the actions that benefit the firm in the short-term may not necessarily align with the interests of society as a whole, which can lead to negative consequences for both the company and society in the long-term.
To address this conflict, a firm must adopt a long-term orientation and consider the broader social and environmental impacts of its decisions. This means looking beyond immediate financial gains and recognizing that actions taken today can have far-reaching implications for the company's reputation, customer loyalty, employee morale, and overall sustainability.
Firms that prioritize social responsibility and sustainable business practices are more likely to build strong relationships with stakeholders, including customers, employees, investors, and regulators. They are also better equipped to weather economic downturns and other disruptions, as they have diversified their risk and invested in building resilient supply chains and communities.
Ultimately, the key to addressing the conflict between short-term gains and long-term benefits is a commitment to corporate social responsibility (CSR) and sustainable business practices. By prioritizing the needs of society and the environment alongside those of shareholders, firms can create value for all stakeholders over the long-term, ensuring their continued success and impact.
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Predict: How might learning tasks that are not part of your regular job make you a more valuable employee ?
Answers
Answer:
Success, Power, and Politics in the Workplace.
Strive to Understand and Support His Goals.
Communicate at the Right Volume.
Be Careful With the Water Cooler Conversations.
Save Her From Unwelcome Surprises.
Always Go in With a Plan.
Build Bridges Across the Organization.
Show off Your Work Without Being Obnoxious.
Explanation:
Answer:
Learning other tasks makes u more efficient your boss will begin to value u and your efforts to make his work better