Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,283,744 as follows.
Work in process, November 1 Materials $78,600 Conversion costs 48,700 $127,300 Materials added 1,592,280 Labor 225,100 Overhead 339,064 Production records show that 35,200 units were in beginning work in process 30% complete as to conversion costs, 661,000 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.
(a) Determine the equivalent units of production and the unit production costs for the Assembly Department.
(Round unit costs to 2 decimal places, e.g. 2.25.)
Materials Conversion Costs
Equivalent Units
Cost per unit $ $
(b) Determine the assignment of costs to goods transferred out and in process.
(c) Prepare a production cost report for the assembly dept.
Answers
Answer:
a.
Equivalent Units : Materials = 696,200 units and Conversion Costs = 680,960 units
Cost per unit : Materials = $2.40 and Conversion Costs = $0.90
b.
goods transferred out = $2,213,640
goods in process = $70,104
c.
Production cost report for the assembly department
Inputs :
Opening Balance $127,300
Costs added during the year :
Materials $1,592,280
Labor $225,100
Overhead $ 339,064
Total Costs $2,283,744
Outputs :
Completed and Transferred Out $2,213,640
Ending Work In Process $70,104
Total Costs $2,283,744
Explanation:
First, calculated the number of units completed and transferred to finished goods.
Number of units completed and transferred = Beginning Inventory Units + Units Started during the period - Ending Inventory Units
Number of units completed and transferred = 35,200 units + 661,000 units - 25,400 units
= 670,800 units
Calculation of Equivalent Units of Production with Respect to Raw Materials and Conversion Costs.
1. Materials
Ending Work In Process (25,400 × 100%) = 25,400
Completed and Transferred (670,800 × 100%) = 670,800
Equivalent Units of Production with Respect to Raw Materials = 696,200
2. Conversion Costs
Ending Work In Process (25,400 × 40%) = 10,160
Completed and Transferred (670,800 × 100%) = 670,800
Equivalent Units of Production in Conversion Costs = 680,960
Calculation of Total Unit Cost
Unit Cost = Total Costs ÷ Total Equivalent Units
1. Materials
Unit Cost = ($78,600 + $1,592,280) ÷ 696,200
= $2.40
2. Conversion Costs
Unit Cost = ($48,700 + $225,100 + $339,064 ) ÷ 680,960
= $0.90
3. Total Unit Cost
Total Unit Cost = Materials + Conversion Costs
= $2.40 + $0.90
= $3.30
Calculation of costs assigned to goods transferred out and in process.
Goods transferred out = Units completed and transferred × total unit cost
= 670,800 × $3.30
= $2,213,640
Units in Process = Material Costs + Conversion Cost
= (25,400 × $2.40) + (10,160 × $0.90)
= $70,104
Related Questions
Part A
Step 1 Starting at MIDNIGHT, (12:01am) ending 3 days later (72hr) at MIDNIGHT (11:59pm) You can start any day of the week, upto Sat Mar 04.
For a minimum of 3 consecutive days monitor the time you spend doing the 8 different activities listed below
NOTE: Avoid using weekends only in your monitoring and try to stay with mid-week,
e.g. Tues, Wed, Thurs, where majority of days are mid-week.
Use the attached time sheets to record blocks of time. Round off to the nearest hour. Precision isn’t the goal. e.g. 2hrs and 20 minutes, would be rounded down to 2 hours. 2 hrs and 30 minutes would be rounded up to 3 hrs.
The full 24 hours of each day must be accounted for.
The following 8 categories are recommended to cover the majority of possible activities one might perform in the course of a day.
Sleep
Personal maintenance (showers, laundry, housecleaning, grocery shopping, family requirements etc.)
Travel (to work, to school, or for appointments)
Work hours (total hours at the workplace, excluding lunch or breaks)
School (total hours in classes, plus time spent, studying, re-writing notes, completing assignments, time on blackboard)
Fitness (formal or informal, attending the gym or walking home from work)
Recreation (other than fitness related, TV, Movies, Leisure reading, online shopping, crafts, Video games, children’s sports activities, dates, coffee meet ups)
Volunteer activities (United Way, Big Brothers/Sisters, your religious institution activities, PTA with schools)
Three day's activities
Time day day day
Activities Activities Activities
12:01-
1:00am
1:00am-
2:00am
2:00am-
3:00am
3:00am-
4:00am
4:00am
5:00am
5:00am-
6:00am
6:00am=
7:00am
7:00am-
8:00am
8:00am-
9:00am
9:00am-
10:00am
10:00am
11:00am
11:00am-
12:00pm
12:00pm
1:00pm
1:00pm-
2:00pm
2:00pm-
13:00pm
3:00pm-
4:00pm
4:00pm-
5:00pm
5:00pm-
6:00pm
6:00pm-
7:00pm
17:00pm-
8:00pm
8:00pm-
9:00pm
9:00pm-
10:00pm
10 00pm
11:00pm
11:00pm-
11:59pm
Answers
Here is an example of a three-day activity log:
The Activity LogDay 1:
Time Sleep Personal Travel Work School Fitness Recreation Volunteer
12:01-1:00 1
1:00-2:00 1
2:00-3:00 1
3:00-4:00 1
4:00-5:00 1
5:00-6:00 1 1
6:00-7:00 1 1
7:00-8:00 1 1
8:00-9:00 1 1
9:00-10:00 1 1
10:00-11:00 1 1
11:00-12:00 1 1
12:00-1:00 1
1:00-2:00 1
2:00-3:00 1
Day 2:
Time Sleep Personal Travel Work School Fitness Recreation Volunteer
12:01-1:00 1
1:00-2:00 1
2:00-3:00 1
3:00-4:00 1
4:00-5:00 1
5:00-6:00 1 1
6:00-7:00 1 1
7:00-8:00 1 1
8:00-9:00 1 1
9:00-10:00 1 1
10:00-11:00 1 1
11:00-12:00 1 1
12:00-1:00 1
1:00-2:00 1
2:00-3:00 1
Day 3:
Time Sleep Personal Travel Work School Fitness Recreation Volunteer
12:01-1:00 1
1:00-2:00 1
2:00-3:00 1
3:00-4:00 1
4:00-5:00 1
5:00-6:00 1 1
6:00-7:00 1 1
7:00-8:00 1 1
8:00-9:00 1 1
9:00-10:00 1 1
10:00-11:00 1 1
11:00-12:00 1 1
12:00-1:00 1
1:00-2:00 1
2:00-3:00 1
Note: The actual activities and time allocation would depend on the individual's personal and work life. This is just an example to illustrate how the log can be filled out.
It's important to be honest and accurate while filling out the log to get the most benefit from it.
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A customer reward program can be useful because it
Answers
Rewards programs are important for brands because they encourage customer loyalty, help track spending patterns, and provide valuable feedback. By offering rewards, brands can foster a sense of community and connection with their customers that goes beyond the simple exchange of goods or services for money
Which type of investment income happens when an investor sells ownership in an equity investment that's gained value? (Select the best answer.) Question 25 options: dividends capital gains interest equity gains
Answers
Answer:So, a capital gain is a profit that occurs when an investment is sold for a higher price than the original purchase price. Investors do not make capital ...
Explanation:
Answer:
capital gains
Explanation:
The valuation of the cat food business is based on cash flows of $180,500 per year over a five year period. The target business has the same risk as the firm’s overall operations. The cost of equity is 15 percent and the cost of debt is 3 percent on an after-tax basis. The firm’s capital structure consists of 10 million in equity and 8 million in debt.
What is the most the pet-food manufacturer should pay for acquiring the cat food business per its required return (WACC)?
Answers
Answer: $690,044
Explanation:
First calculate WACC.
Total capital = 10 + 8 = $18 million
WACC = (Weight of debt * after-tax cost of debt) + (weight of equity * cost of equity)
= (8/18 * 3%) + (10/18 * 15%)
= 9.67%
Using the WACC, find the present value of the cashflows for the next 5 years. This will be an annuity.
= 180,500 * (1 - (1 + r) ^-n)/r
= 180,500 * ( 1 - ( 1 + 9.67%) ^ -5)/9.67%
= $690,044.67
= $690,044
They should pay no more than this present value.
List three components of risk for a business
Answers
Answer: Three components of risk for a business are values, hazard, probability
Explanation: Each of these components is assessed independently. Then, the three outputs are evaluated in a final step that provides the relative risk for the fire. Each risk component is defined by three variables. One variable is located on the right and one on the left side of the box and the third variable is defined by three interior lines extending from top to bottom.
valuesValues are those ecological, social, and economic resources that could be lost or damaged because of a fire.
hazardsThe hazard in wildland fire is composed of the following:
Conditions under which the fire occurs and exists
The ability of the fire to spread and circulateThe intensity and severity of the fire may presentThe spatial extent of the fire.probabilityprobability refers to the likelihood of a fire becoming an active event with the potential to adversely affect values.
What is An agreement as to the fact of the case and the penalty reached between the dre attorneys and the licensee is called?
Answers
Answer:
I believe it is called a summary order.
the unemployment rate in the U.S was 3.7% in December 2018
Answers
The actual unemployment rate of the United States in the year 2018 was 3.9%.
What is unemployment rate?The proportion of people who are not employed and do not have any source of income after being qualified contribute to the unemployment rate of the United States, which was 3.9% as of December 2018.
Hence, the unemployment rate of the United States is aforementioned.
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I’ll pay somebody 50$ if somebody do this now.
Instructions: Watch this 40 minute video called “Small Business Revolution - Nyce and clean auto detailing” Season 5, Episode 1 then answer the following questions in the picture I’ll need this by 6:00 or 6:30 please help
Answers
Answer:
suck 2 be u
Explanation:
i aint doin it
The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account.
Answers
Answer:
https://brainly.com/question/13288472
a.
(A) Cash +4,940
(L) Notes payable (short-term) +4,940
b.
(A) Cash +5,630
(S) Common Stock +5,630
c.
(A) Cash -1,200
(A) Equipment +3,000
(L) Notes payable (short-term) +1,800
d.
(A) Cash -1,300
(A) Supplies +1,300
e.
(A) Supplies +1,700
(L) Accounts payable +1,700
Explanation:
(A) = Assets
(L) = Liabilities
(S) = Stockholders' Equity
(A) = (L) + (S)
Transaction a.
(A) Cash +4,940
(L) Notes payable (short-term) +4,940
Transaction b.
(A) Cash +5,630
(S) Common Stock +5,630
Transaction c.
(A) Cash -1,200
(A) Equipment +3,000
(L) Notes payable (short-term) +1,800
Transaction d.
(A) Cash -1,300
(A) Supplies +1,300
Transaction e.
(A) Supplies +1,700
(L) Accounts payable +1,700
Imagine that you are called for an interview for the position of a team leader in an IT firm. Mention the behavioral skills that you should possess to qualify for this position, apart from the professional qualifications.
Answers
The behavioral skills that the person vying for the team leader position should have include:
Time ManagementCommunication skillsPatienceSelf-improvementEmotional Intelligence,Self-confidenceWhat are behavioral skill?The ability to communicate with others and react to specific situations depends on a person's behavioral skills. These abilities can be used to interpret a person's behavior, ideas, and feelings. Many behavioral traits are social abilities that aid in interpersonal connections and relationship formation.
A team leader is a qualified individual in charge of managing, directing, and guiding a whole team. They are in charge of energizing their team members and encouraging open communication among them so that they can cooperate to accomplish objectives.
In this case, it's important that they have good communication skills to enable then communicate well with their team members.
The person should also be confident and have a positive mindset.
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what is the nature of the balance in the prepaid insurance account at the end of the accounting period
a. before adjustment
b. after adjustment
Answers
b. After adjustment, the balance in the prepaid insurance account will be updated to reflect the portion of the insurance premiums that have been used or expired during the accounting period. This adjustment is necessary to accurately match the expenses with the revenue earned during the period. The amount of insurance premiums that have been used up during the period will be transferred to the insurance expense account, and the balance in the prepaid insurance account will be reduced accordingly. For example, if the company paid $12,000 for a one-year insurance policy and six months have passed, the adjusting entry will be to debit insurance expense for $6,000 and credit prepaid insurance for $6,000, resulting in a zero balance in the prepaid insurance account at the end of the period.
Before adjustment, the balance in the prepaid insurance account represents the cost of insurance that hasn't been used yet. After adjustment, the balance is reduced to reflect the portion of the prepaid insurance that has been used during the accounting period.
Explanation:The nature of the balance in a prepaid insurance account at the end of the accounting period varies if it is considered before or after adjustment.
a. Before adjustment, the balance in the prepaid insurance account represents the cost of insurance that has been paid upfront but hasn't been used yet. This is treated as an asset on the balance sheet.
b. After adjustment, the balance in the prepaid insurance account will be reduced to reflect the portion of the prepaid insurance that has been used (or 'expired') during the accounting period. This reduction is recognized as an expense on the income statement.
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An auditor who wishes to work in public accounting would strongly consider
getting which
certification/license?
O A. CMA
OB. CFE
OC. CIA
OD. CPA
Answers
Sorrento Skies Corporation issues 16.000 shares of $100 par value preferred stock for cash at $120 per share. The entry to record the transaction will consist of a debit to Cash for $1.920,000 and a credit or credits to a. Preferred Stock for $1,920,000. b. Paid-in Capital from Preferred Stock for $1.920,000 c. Preferred Stock for $1,600,000 and Retained Earnings for $320,000 d. Preferred Stock for $1,600,000 and Paid-in Capital in Excess of Par-Preferred Stock for $320,000
Answers
Answer:
The correct option is D,credit to Preferred Stock for $1,600,000 and Paid-in Capital in Excess of Par-Preferred Stock for $320,000
Explanation:
The total par value of the preferred stock issue is $100 multiplied by 16,000 which gives $1,600,000 while the remaining $20 per share multiplied by 16,000 that gave rise $320,000 goes to the credit of paid-in capital in excess of par-preferred stock account.
Option A is wrong because the preferred has a par value of $100 hence the total cash proceeds cannot be posted to preferred stock account alone.
Option B is wrong because the excess of $20 per share cannot be posted to retained earnings since it is net income
use the following information to answer this question: bayside, incorporated 2021 income statement ($ in thousands) net sales $ 6,270 cost of goods sold 4,790 depreciation 415 earnings before interest and taxes $ 1,065 interest paid 52 taxable income $ 1,013 taxes 213 net income $ 800 bayside, incorporated 2020 and 2021 balance sheets ($ in thousands) 2020 2021 2020 2021 cash $ 165 $ 270 accounts payable $ 1,810 $ 1,910 accounts received 1,210 1,050 long-term debt 920 720 inventory 1,885 2,170 common stock 3,460 3,390 total $ 3,260 $ 3,490 retained earnings 990 1,240 net fixed assets 3,920 3,770 total assets $ 7,180 $ 7,260 total liabilities
Answers
The information provided contains the 2021 Income Statement and Balance Sheets for Bayside, Inc. for the years 2020 and 2021.
In Income Statement, we can see that:
Net sales for Bayside, Inc. were $6,270,000 in 2021
Cost of goods sold was $4,790,000, leaving an earnings before interest and taxes (EBIT) of $1,065,000
After paying $52,000 in interest, the taxable income was $1,013,000 and the net income was $800,000
In Balance Sheets, we can see that:
Cash for Bayside, Inc. increased from $165,000 in 2020 to $270,000 in 2021
Accounts receivable decreased from $1,210,000 in 2020 to $1,050,000 in 2021
Inventory increased from $1,885,000 in 2020 to $2,170,000 in 2021
Total assets increased slightly from $7,180,000 in 2020 to $7,260,000 in 2021
Long-term debt decreased from $920,000 in 2020 to $720,000 in 2021
Retained earnings increased from $990,000 in 2020 to $1,240,000 in 2021.
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write three democratic system government
Answers
Answer:
Direct democracy.
Representative democracy.
Constitutional democracy.
Monitory democracy.
Explanation:
i think this is correct answer based off you question.
teamwork definition and example
Answers
Defenition - Team work is to work toghether in a team, and acomplish a goal with s teammate/teammates.
Example - Hey Makayla, you and Aiden did great teamwork for the project !!
Please help, please
QUESTION 2 of 10: You have enough inventory ($3,000,000) to last 30 days for the current orders being processed. However, a new order came in today, which has to be fulfilled in 15 days. This new order will deplete your inventory completely by that time. How much money in inventory must be ordered to last the month? O a) $1,000,000 Ob) $1,250,000 O c) $1,500,000 O d) $3,000,000
Answers
Answer:
c) $1,500,000
Explanation:
Typically inventory for $3,000,000 will last for 30 days. The current order will be depleted by the 15th, which is half of 30 days. You require inventory to run for another 15 days. The inventory required will be half or $3,000,000
=$3,000,000 /2
=$1,500,000
Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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Based upon Booked Orders and Sales Predictions, we expect to need the following finished goods over the planning period: 140 Product A We currently have the following Finished Goods Products in Inventory: 80 Product A We have scheduled the following to be produced in the factory within the planning period: 30 Product A How many products should we include on future Planned Production Orders?
Answers
The amount of products that should be included on the future Planned Production Orders is 30 products.
Using this formula
Future Planned Production Orders (Product A)=Finished goods over the planning period- Finished Goods Products in Inventory-Expected production
Where:
Finished goods over the planning period=140 Product A
Finished Goods Products in Inventory=80 Product A
Production in the factory within the planning period=30 Product A
Let plug in then formula
Future Planned Production Orders (Product A)=140-80-30
Future Planned Production Orders (Product A)=30 products
Inconclusion the amount of products that should be included on the future Planned Production Orders is 30 products.
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Sylvia Baxter reaches an agreed upon selling
Answers
When Sylvia Baxter reaches an agreed-upon selling price, it means that she and the buyer have negotiated and come to a mutual agreement on the price at which the item or property will be sold, and they have signed a legally binding sales agreement or contract.
Based on the information you provided, Sylvia Baxter has reached an agreed-upon selling price for a particular item or property. This means that she and the buyer have come to a mutual agreement on the price at which the item or property will be sold.
When negotiating a selling price, it's important for both parties to consider several factors, such as the current market value of the item or property, its condition, and any unique features or attributes that may affect its value. Additionally, both parties should be clear about any terms and conditions of the sale, such as the date of transfer of ownership, any repairs or renovations that need to be made before the sale, and any financing or payment arrangements.
Once the selling price has been agreed upon, both parties will typically sign a sales agreement or contract that outlines the terms of the sale. This document serves as a legally binding agreement between the buyer and seller and ensures that both parties are aware of their rights and obligations.
In summary, when Sylvia Baxter reaches an agreed-upon selling price, it means that she and the buyer have negotiated and come to a mutual agreement on the price at which the item or property will be sold, and they have signed a legally binding sales agreement or contract.
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In _____, products are made according to customer specifications.
Answers
The Simmons’ son is deceased. When their son was in college, he took out a life insurance policy valued at $5,000, which was offered for free by the alumni association for nine months. The policy gave the option of continuing as a $25,000 policy after the initial coverage for an amount to be determined at a later date. Acceptance of the additional coverage was to be done by paying the premium, which the son did. Shortly before the policy expired, he received a letter offering him the additional coverage and stating the amount of the premium. He had been injured the day before he received the letter and died several weeks later without regaining consciousness. His lawyer later returned the premium, and the Simmons then filed for the $25,000. The insurance company refused to pay. Can the parents recover from the insurance company?
Answers
If all other parameters are assumed to be constant such as the specific terms of the policy, the cause of death, or the circumstances surrounding the payment of the premium, then yes, the parents can recover from the insurance company on the basis of the Insurance Contract which was satisfied by their son by the payment of the premium.
What is the rationale for the above response?When approached with the lens of the legalities involved for a contract to stand, especially in insurance, note that the following terms were met:
Offer and Acceptance; and Payment of Premium.The prompt above indicates that "Acceptance of the additional coverage was to be done by paying the premium, which the son did." So as far as the coverage of $25,000 is concerned, the parents can recover the same.
What they cannot recover is the additional coverage besides the $25,000 which was offered and which the son could not consummate by paying an additional premium.
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A ___ is a tax on imported goods. A ___ is a quantitative restriction on imported goods.
Cost,subsidy
Regulation, standard
Tariff,quota
Answers
How can prices and elasticity cause colleges and universities to offer financial aid to low-income students?
Answers
The elasticity of demand for college and university education is elastic. Thus, if the price of education is high, low-income students would decide not to get education. In order to incentivise low-income students, schools offer financial aid.
What does the elasticity of demand mean?
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
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The assumption that the cash flows from an investment project are reinvested at the company's discount rate applies to:
Answers
Answer:
Only the net present value method
Explanation:
The net present value is the lies between the initial amount and the present value of cash inflows after considering the discount factor
If the initial investment is more than the present value of all year cash inflows so it comes in negative due to which the project is not accepted else the project should be accepted
Therefore in the given case, it only applied to the net present value method
2.
Which form of interest provides the greater return?
a. simple
b. compound
C. complex
d. fragment
Answers
Which statements apply to a certificate of deposit (CD)? Choose two answers.
It is always purchased as a short-term investment.
It can be purchased from a banking institution.
It is always purchased as a long-term investment.
It can be purchased for almost any amount.
It is purchased through an individual's employer.
Answers
The statements that apply to a certificate of deposit include;
It can be purchased from a banking institution.It can be purchased for almost any amount.What is a certificate of deposit?A certificate of deposit is a low-risk investment where the owner fixes a sum of money in an account for a period of time after which he can collect the investment along with interest accrued.
Banks and credit unions are main financial institutions known for issuing certificates of deposits.
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Answer:
B,D
Explanation:
Small Business Management (1)
There are at least eight different pricing strategies for established goods and services. Explain The Below FOUR (4) of those strategies and under what conditions a business owner should use them.
1. Odd pricing
2. Price lining
3. Freemium pricing
4. Leader pricing
Answers
The given four pricing strategies are explained below:
1. Odd Pricing
Odd pricing is a method of pricing products when the price is an odd number. Example: Traditionally, certain shoe companies use strange pricing to determine the cost of their shoes and chappals, such as 399.95 $. The decision to set the price at an odd number makes perfect sense. Instead of 400$, 399.95 $ sounds better. It gives the appearance that the price is lower.
2. Price lining
In this instance, the price is set once, and it stays that way for a considerable amount of time.
3. Freemium pricing
Businesses can use freemium pricing as a pricing strategy to provide clients with both free and paid services. The paid alternatives are typically improved, or premium, versions of the service, whereas the free options are only the basic ones.
4. Leader pricing
A technique for pricing things below their profit margin is called leader pricing. Businesses who use this tactic don't earn from the sales of these discounted goods, but it might offer them a lot of advantages. Businesses may attract customers, promote purchases, raise overall sales, and strengthen customer loyalty by providing fantastic discounts to their customers.
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attitude is an overall favourable or unfavorable evaluation of a product or service.
Answers
Answer:
rat
Explanation:
1.5 How has franchising and licencing agreements have influenced the growth and development within the Hospitality Industry, Discuss. (Findings)
Answers
The franchising & licencing agreements have influenced the growth and development within the Hospitality Industry because it allowed more people have a hold of running services in the industry.
What is the Hospitality Industry?In a typical economy, the hospitality industry means the broad category of fields within the service industry that includes lodging, food and drink service, event planning, theme parks, travel and tourism. It extends to hotels, tourism agencies, restaurants and bars.
Under this industry, a franchises & licenses are both business agreements in which certain brand aspects are shared in exchange for a fee. The typical franchising agreement pertains to a business's entire brand and operations while a licensing agreement only applies to registered trademarks.
Some of the benefits of franchising in the hotel industry (hospitality industry) includes having a strong brand portfolio, specific set of tools, strong approach to standards, good reputation, training programmes, consultation and advice service, marketing programmes.
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