Answer: the correct answer is D
Explanation:
Answer:
A group of careers that focus on providing people with food, a place to stay, assistance to travelers, and fun activities.
Explanation:
The Information available for XYZ Inc. for the year ending March 31, 20XX is as follows:
Cash in hand = $2,000
Cash at bank = $5,000
Equity capital = $ 100,000
Machinery = $15,000
Land and buildings = $50,000
Creditors = $ 20,000
Debtors = $ 48,000
Prepare a balance sheet for XYZ Inc. with the help of the above given data.
If the Information available for XYZ Inc. The balance sheet for XYZ Inc is Assets $120,000, Liabilities and equity $120,000.
How to prepare the balance sheet?XYZ Inc. Balance Sheet as of March 31, 20XX
Assets:
Cash in hand = $2,000
Cash at bank = $5,000
Machinery = $15,000
Land and buildings = $50,000
Debtors = $48,000
Total Assets = $120,000
Liabilities and Equity:
Creditors = $20,000
Equity capital = $100,000
Total Liabilities and Equity = $120,000
Therefore the balance sheet for XYZ Inc is Assets $120,000, Liabilities and equity $120,000.
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Alfred E. Old and Beulah A. Crane, each age 42, married on September 7,2017. Alfred and Beulah will file a joint return for 2019. Alfred's Social Security number is 111-11-1109. Beulah's Social Security number is 123-45-6780, and she adopted "Old" as her married name. They live at 211 Brickstone Drive, Atlanta, GA 30304. Alfred was divorce from Sarah Old in March 2016. Under the divorce agreement, Alfred is to pay Sarah $1,250 per month for the next 10 years or until Sarah's death, whichever occurs first. Alfred pays Sarah $15,000 in 2019. In addition, in January 2019, Alfred pays Sarah $50,000, which is designated as being for her share of the marital property. Also, Alfred is responsible for all prior years' income taxes. Sarah's Social Security number is 123-45-6788. Alfred's salary for 2019 is $150,000. He is an executive working for Cherry.Inc. (Federal I.D. No. 98-7654321). As part of his compensation package, Cherry provides him with group term life insurance equal to twice his annual salary. His employer withheld $24,900 for Federal income taxes and $8,000 for state income taxes. The proper amounts were withheld for FICA taxes. Beulah recently graduated from law school and is employed by Legal Aid Society.Inc. (Federal I.D. No. 11-1111111), as a public defender. She receives salary of $42,000 in 2019. Her employer withheld $7,500 for Federal income taxes and $2,400 for state income taxes. The proper amounts were withheld for FICA taxes. Alfred and Beulah had interest income of $500. They received $1,900 refund on their 2018 state income taxes. They claimed the standard deduction on their 2018 Federal income tax return. Alfred and Beulah pay $4,500 interest and $1,450 property taxes on their personal residence in 2019. Their charitable contributions total $2,400 (all to their church). They paid sales taxes of $1,400, for which they maintain the receipts. Alfred and Beulah have never owned or used any virtual currency, and they do not want to contribute to the Presidential Election Campaign. Compute the Old's net tax payable (or refund due) for 2019. Suggested software: ProConnect Tax Online
To compute the Olds' net tax payable (or refund due) for 2019, we need to gather all the relevant information and calculate their taxable income, apply the appropriate tax rates, deductions, and credits. Since the tax calculation involves various factors and tax laws, it would be best to use tax software such as ProConnect Tax Online or consult with a tax professional. The software will streamline the process and ensure accurate calculations based on the specific tax laws and regulations applicable to the Olds' situation.
Which of the following is true if you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels?
If you find a better rate on an external 3rd party channel within 24 hours of making a reservation through one of Marriott's direct channels, the Marriott’s Best Rate Guarantee policy comes into effect.
Marriott’s Best Rate Guarantee policy is a commitment to providing the lowest rate possible. If you find a lower rate within 24 hours of booking through one of Marriott’s direct channels, Marriott will match that rate and offer an additional discount of 25%.
This policy applies to any Marriott brand including Ritz-Carlton, St. Regis, Westin, Sheraton, Aloft, and othersYou need to first book your reservation through Marriott’s direct channels like Marriott.com, the Marriott Mobile app, Marriott Bonvoy app, the Marriott Reservation Center, or directly with the hotel.
After that, you should look for lower rates on other third-party websites. If you find a lower rate within 24 hours, contact Marriott’s Customer Care team, and they will match that rate plus an additional discount of 25%.The policy does come with some terms and conditions.
The lower rate you find on the third-party website must be for the same hotel, same room type, same dates, same number of guests, same currency, and with the same booking conditions. It also excludes rates that are only available to members of certain groups or organizations, package rates that include flights, car rentals, and other amenities, and rates that are not available to the general public
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New Venture Management (1)
1. Discuss the below pricing strategies that would be suitable at each stage based on the product life cycle.
1.
Product Life Cycle Stage
Introductory Stage
* Unique product
* Non-unique product
Pricing Strategy
* Skimming
* Penetration
2.
Product Life Cycle Stage
* Growth stage
Pricing Strategy
* Consumer pricing
3.
Product Life Cycle Stage
* Maturity stage -
Pricing Strategy
* Demand-oriented pricing
4.
Product Life Cycle Stage
* Decline stage
Pricing Strategy
* Loss leader pricing
In the context of the product life cycle, different pricing strategies are suitable for each stage. Let's discuss the pricing strategies that would be suitable at each stage:
Introductory Stage:
Unique product: Skimming Pricing Strategy: This strategy involves setting a high initial price to capture the early adopters and customers who are willing to pay a premium for the innovative and unique features of the product. Over time, as competition increases, the price can be gradually lowered.
Non-unique product: Penetration Pricing Strategy: This strategy involves setting a low initial price to quickly gain market share and attract customers. The goal is to penetrate the market by offering competitive pricing and capturing a large customer base. As the product gains traction and demand increases, the price can be adjusted upwards.
Growth Stage:
Pricing Strategy: Consumer Pricing: At this stage, the product has gained market acceptance, and competition may be intensifying. Consumer pricing strategies involve setting prices based on the perceived value of the product to the target customers. Prices can be set at a level that provides a balance between profitability and customer satisfaction, considering factors such as competition, customer preferences, and market dynamics.
Maturity Stage:
Pricing Strategy: Demand-Oriented Pricing: In the maturity stage, the market becomes saturated, and there may be a slowdown in customer growth. Demand-oriented pricing strategies focus on adjusting prices based on the current market demand and customer sensitivity to price changes. This may include pricing tactics such as discounts, promotional offers, and pricing bundles to maintain market share and stimulate demand.
Decline Stage:
Pricing Strategy: Loss Leader Pricing: In the decline stage, the market demand decreases as the product becomes outdated or faces competition from newer alternatives. Loss leader pricing involves setting the price of the product below cost or at a minimal profit to attract customers and generate sales. The goal is not necessarily to make a profit but to liquidate inventory, retain some loyal customers, or create opportunities for upselling or cross-selling other products.
It is important to note that these pricing strategies are not fixed and can be adjusted based on specific market conditions, competitive factors, and the overall business strategy. Flexibility and adaptability in pricing decisions are crucial throughout the product life cycle to ensure sustained success and profitability.
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Dale is a guitar teacher and Terrence is a tile layer. If Dale teaches Terrence's daughter to play the guitar in
exchange for Terrence tiling Dale's kitchen floor,
a. only Dale is made better off by trade.
O b. both Dale and Terrence are made better off by trade.
c. neither Dale nor Terrence are made better off by trade.
O d. only Terrence is made better off by trade.
If Dale teaches Terrence's daughter to play the guitar in exchange for Terrence tiling Dale's kitchen floor Option B. both Dale and Terrence are made better off by trade.
In this scenario, Dale is a guitar teacher and Terrence is a tile layer. Dale teaches Terrence's daughter how to play the guitar in return for Terrence tiling Dale's kitchen floor. It is a classic example of trade and bartering. Dale, the guitar teacher, would have had to pay for tile installation if he hadn't bartered with Terrence, the tile layer. Terrence, on the other hand, would have had to pay for guitar lessons if he hadn't traded with Dale.
Both Dale and Terrence, therefore, benefit from the trade, and they are both better off as a result. Because Dale receives tile installation in exchange for teaching guitar lessons, and Terrence receives guitar lessons in exchange for tile installation, both benefit.
In conclusion, the answer is (b) both Dale and Terrence are made better off by trade. When both parties are better off after a trade, it is known as a mutually beneficial trade. Trade, in general, promotes mutual gains by allowing people to concentrate on what they do best and exchange their output with others for goods and services that they desire. Therefore, the correct option is B.
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Question 3 of 10 A business would like to increase consumer demand for a product that has not been selling well. According to the law of demand, how could the business accomplish this goal? A. By decreasing the supply of the product B. By increasing the supply of the product C. By selling the product at a lower price D. By selling the product at a higher price SUBMIT It's C
Answer: b
Explanation:
Answer:
The answer is "By selling the product at a lower price"
Explanation:
Just took the test
review the financial statements: use the information from the example balance sheet for jamie's bread jewelry to answer the questions below
The net asset value, sometimes referred to as net tangible assets, is the balance sheet's book value of tangible assets, less intangible assets and liabilities, or the amount of money that would remain after the company was liquidated.
In regard to open-end mutual funds, hedge funds, and venture capital funds, net asset value (NAV) is the value of an entity's assets less the value of its liabilities. Commonly, the net asset value is used to purchase and redeem shares of these funds that are registered with the U.S. Securities and Exchange Commission. When determining the worth of the underlying investments made by investors in hedge funds and venture capital funds, it is also an important number to consider. This could potentially be the same as the equity value or book value of a company. The value of the entire equity may be represented by the net asset value, or the value of the equity per share may be calculated by dividing the net asset value by the number of outstanding shares held by investors.
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Use the information from the example balance sheet for Jamie’s Bead Jewelry to answer the questions below. What is the value of the company’s assets?
The process of packing 316 ounce bottles of Hershey chocolate syrup in super size packages like those sold at Sam’s and Costco is an example of what type of packaging… Is it adaptive packaging allocating sorting out accumulating or accruing
The chocolate syrup in super size packages is an example of accumulating type of packaging
Basically, packaging refers to the process of boxing or wrapping a product is offered for sale.
Accumulating packaging is the type of packaging described in the question.
Majority of accumulating package in factory are done by automated machines.
In conclusion, the chocolate syrup in super size packages is an example of accumulating type of packaging
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In which of the following scenarios would an executive benefit from the insights provided by operations management systems software?
Multiple Choice
An executive wants to know which employees have been trained on their new manufacturing process.
An executive wants to know why there are delays in their customers receiving their product.
An executive wants to know what marketing message is having the biggest impact with customers.
An executive wants to know why it is taking longer to manufacture their product.
An executive would benefit from the insights provided by operations management systems software in the scenario where: d. they want to know why it is taking longer to manufacture their product.
In which would an executive benefit from the insights provided by operations management systems software?Operations management systems software is designed to help organizations manage their production and manufacturing processes, optimize resources, and improve efficiency. It provides real-time data and insights into various aspects of the production process, including inventory management, supply chain management, and production scheduling.
Therefore, in the scenario where an executive wants to know why it is taking longer to manufacture their product, operations management systems software can help identify bottlenecks and inefficiencies in the production process, allowing the executive to make data-driven decisions to improve productivity and reduce costs.
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What will be the inventory Cost that was valued at 286000 valued at
.And obsolete cost is 8400
The listing of cash received via mail should be sent to which of the following individuals: ___________
a. Cashier
b. Customer
c. Record keeper
d. Mail clerk
e. Treasurer
Answer:
a. Cashier
c. Record keeper
d. Mail clerk
Explanation:
Frank works at a wealth management company and has been tasked with developing a system for aggregating client accounts into a single platform. Once the project is complete, Frank's boss asks him to give a presentation where he walks a focus group through the steps involved in setting up and using the platform. Which type of informative presentation is Frank giving?
Answer: Demonstration
Explanation:
informational presentation typically occurs in organizations and it's when information are being presented to the audience.
Since Frank will walks a focus group through the steps that are involved in setting up and using the platform, then the type of informative presentation that Frank is giving is demonstration.
writing a business letter to another company asking For Collaboration in busines
Abusiness letter to another company asking For Collaboration in business:
Dear [Company Name],
I am writing to express my interest in collaborating with your company in business. As a [your company's field], we believe that there is a great potential for mutual growth and success in working together.
We have been following your company's progress and are impressed with your achievements and the reputation you have built in the industry. We believe that a collaboration between our companies would result in a partnership that could bring great benefits to both of us.
Our company offers [your company's services or products], which we believe could complement your existing product offerings. We are also open to discussing new product ideas that we can work on together.
We would be honored to meet with you to discuss this opportunity further. Please let us know your thoughts on this collaboration proposal, and if you are interested in exploring this further.
Thank you for your time and consideration. We look forward to hearing from you soon.
Best regards,
[Your Name]
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The Cavy Company estimates that the factory overhead for the following year will be $644,000. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 16,100 hours. The machine hours for the month of April for all of the jobs were 1,620. If the actual factory overhead for April totaled $65,837,
a. determine the over- or underapplied amount for the month.
b. determine the total factory overhead amount applied.
c. prepare the journal entry to close factory overhead into Cost of Goods Sold.
Answer:
A. $1,037 underapplied
B. Total factory overhead 64,800
C.Dr Factory overhead $1,037
Cr Cost of Goods Sold $1,037
Explanation:
a. Calculation to determine the over- or underapplied amount for the month.
First step to find the Predetermined Overhead rate using this formula
Predetermined Overhead rate = Predetermined Overhead / Machine Hours
Predetermined Overhead rate=$644,000/16,100
Predetermined Overhead rate= $ 40 per hour
Second step is to find the Overhead Applied using this formula
Overhead Applied = Predetermined Overhead rate * machine hours for April
Overhead Applied=1,620 hours ×$ 40 per hour
Overhead Applied=64,800
Last step is to calculate for Over- or underapplied amount
Over- or underapplied amount =$65,837-64,800
Over- or underapplied amount=$1,037 underapplied
b. Calculation to determine the total factory overhead amount applied.
First step to find the Predetermined Overhead rate using this formula
Predetermined Overhead rate = Predetermined Overhead / Machine Hours
Predetermined Overhead rate=$644,000/16,100
Predetermined Overhead rate= $ 40 per hour
Now let calculate for the total factory overhead
Total factory overhead=1,620 hours ×$ 40 per hour
Total factory overhead=64,800
c. preparation of the journal entry to close factory overhead into Cost of Goods Sold.
Dr Factory overhead $1,037
Cr Cost of Goods Sold $1,037
If saving is greater than domestic investment, then
If saving is greater than domestic investment, then is termed as Trade surplus.
What is trade?Trade refers to the exchange of the goods and services internally or externally. It is the selling of the goods and services in the economy. Trading is either done domestically or internationally.
In the above case, if the savings of the organization or the government is increasing Than the domestic investment then it is called as the trade surplus.
Thus the correct option is Trade surplus.
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Security A has a higher standard deviation of returns than security B. We would expect that: I. Security A would have a higher risk premium than security B. II. The likely range of returns for security A in any given year would be higher than the likely range of returns for security B. III. The Sharpe ratio of A will be higher than the Sharpe ratio of B. A. I only B. I and II only C. II and III only D. I, II, and III
Answer: i. Security A would have a higher risk premium than security B.
II. The likely range of returns for security A in any given year would be higher than the likely range of returns for security B.
Explanation:
From the question, we are informed that Security A has a higher standard deviation of returns than security B. Based on the above scenario, it should be noted that Security A would have a higher risk premium than security B since it has higher standard deviation and also, thee likely range of returns for security A in any given year would be higher than the likely range of returns for security B.
given Qx=20-5p where price is 3 units find the price elasticity
Answer:
\(Q_x=5\)
Explanation:
Given that,
The formula is :
\(Q_x=20-5p\) ....(1)
Where p is price
We need to find the price elasticity
Put p = 3 units in equation (1)
\(Q_x=20-5(3)\\\\=20-15\\\\=5\)
Hence, the price elasticity is 5.
Employees are having issues accessing the company's website. Some employees report very slow performance, while others cannot the website at all. The web and security administrators search the logs and find millions of half-open connections to port 443 on the web server. Further analysis reveals thousands of different source IPs initiating this traffic. Which of the following attacks is MOST likely occurring?
A. DDoS
B. Domain hijacking
C. MAC flooding
D. Man-in-the-middle
A self-signed certificate with the identical issuing and subject entities must be used as the original certificate.
The Certification Path, also known as the Certificate Chain, is an ordered sequence of certificates with identical topic and issuing entities for each certificate. A certification path is another name for an ordered collection of certificates where each certificate's subject entity is the same as its parent certificate's issuer. The first certificate must be distinct, though, as the issuing entity cannot be identified from a previous certificate. A self-signed certificate with the identical issuing and subject entities must be used as the original certificate. a list of certificates that are arranged in alphabetical order, with identical subject and issuing entities for each certificate.
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What account below is not an asset?
A. Capital Stock
B. Inventory
C. Cash
D. Accounts Receivable
Answer:
A. Capital Stock
Explanation:
Accounts are categorized following the accounting equation of assets are equal to equity plus liabilities. Asset accounts track and record the resources that a business owns or controls. Assets being the valuable items that a business uses to generate income or maintain operations.
Equity represents the owner's interest in the business. It comprises capital contributions and retained earnings. Capital stocks belong to equity accounts and not asset accounts.
Roger Fox made deposits of $900 semiannually to Reed Bank at the end of each period, which pays 6% interest compounded semiannually. After seven years Roger made no more deposits. What will be the balance in the account eight years after the last deposit?
The balance in the account eight years after the last deposit is $24,676.68
What is an ordinary annuity?
Ordinary annuity means a fixed amount that would be paid over a period of time, with payments being made at the end of each period.
Like in this scenario, the $900 would be deposited every six months into the Reed Bank account for 7 years, in essence, our first task is to determine the balance in the account at the time of the last deposit in 7 years using the future value formula of an ordinary annuity as shown below:
FV=annuity payment*(1+r)^N-1/r
annuity payment=$900
r=semiannual interest rate=6%/2=0.03
N=number of semiannual payments in 7 years=7*2=14
FV=$900*(1+0.03)^14-1/0.03
FV=$900*(1.03)^14-1/0.03
FV=$900*(1.51258972485511-1)/0.03
FV=$900*0.51258972485511/0.03
FV=$15,377.69
The balance in the account eight years after the last deposit can be computed using the future value formula of single cash of $15,377.69
FV=PV*(1+r)^N
PV=balance at the time of the last deposit=$15,377.69
r=semiannual interest rate=6%/2=0.03
N=number of semiannual periods in 8 years=8*2=16
FV=$15,377.69*(1+0.03)^16
FV=$24,676.68
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In this chapter, we have been discussing pension plans (and a little bit about post-retirement plans), mainly how to account for defined benefit plans. After having learned at least some of the complexities of accounting for a defined benefit plan, express your opinion about whether these plans are worth it. Come at this from the perspective of the employer, the employee/retiree, and the government and write what you think -- are they worth it
It should be noted that defined benefit plans are worth it as they provide a secure lifetime retirement income for the employee.
Defined benefit plans are also known as the traditional pension plan. It gives a specified payment amount in retirement. It's important as it allows employees and employers to be able to invest funds in order to save for retirement.
Defined benefit plans are beneficial as they give eligible employees a guaranteed income for life when they retire. This is important as the person can have a source of income when they're not working anymore.
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You can afford monthly payments of $3,100. Current mortgage rates are 3.45% for a 30-year fixed rate loan. You are required to make a 20% down payment and have the cash to do it. What price home can you afford? g
Answer:
$868,331.25
Explanation:
price of house = P
principal of loan = P x (1 - 20%) = 0.8P
using the present value of an annuity formula:
present value of the loan = monthly payment x annuity factor
monthly payment = $3,100
annuity factor (PV, 0.2875%, 360 periods) = 224.0854839
present value of the loan = $3,100 x 224.0854839 = $694,665 = 0.8P
total value of the house = P = $694,665 / 0.8 = $868,331.25
3. Mr. and Mrs. Howard want to buy a home valued at $280,000. If they have 15% of this amount saved for a down payment, how much have they saved?
Answer:
they have 42,000 saved I hope I'm right
what is the cost of value stream approach with smaller batch size
The value stream approach is a lean manufacturing methodology that focuses on creating value for the customer by identifying and eliminating waste in the production process. One of the key principles of the value stream approach is to create smaller batch sizes to reduce the amount of work-in-progress inventory and improve flow.
While implementing smaller batch sizes can result in several benefits, such as reduced lead times, increased flexibility, and improved quality, there are also costs associated with this approach. Some of these costs include:
Setup costs: Setting up machines and equipment for each batch can be time-consuming and expensive. The more frequent the setups, the higher the setup costs.
Labor costs: Smaller batch sizes may require more frequent machine and equipment changes, which can increase labor costs.
Material costs: Ordering smaller quantities of materials may result in higher per-unit costs due to reduced economies of scale.
Transportation costs: Shipping smaller quantities of products more frequently can result in higher transportation costs.
Overhead costs: Smaller batch sizes may require more frequent quality checks and inspections, which can increase overhead costs.
In summary, while smaller batch sizes can result in several benefits, it is important to carefully evaluate the costs and benefits before implementing this approach in a manufacturing setting.
how KFC generate revenue
Answer:
Explanation:
KFC earns most of its revenue from the sale of food and drinks to its customers (both online and in-store). It also earns from its franchise agreement through its licensing fees. As of 2020, it earned around US$ 27.9 billion worth of revenue.
A taxpayer who claims a bad debt in the year the debt becomes worthless has how lomg to file an amended return
Answer: You must deduct a bad debt in the year it becomes worthless. If you realize you could have reported and taken a deduction for an unpaid debt years ago but didn't, you generally have only three years to amend your return in order to claim it on your tax return.
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Taylorism emphasises the formal structure, hierarchy of management, the technical requirements and the assumption of rational behaviour Question Attachment: Answer O True O False
Taylorism underlines the conventional construction, order of the executives, the specialized prerequisites and the supposition of judicial way of behaving is a genuine assertion.
judicial way , Arrangement of logical administration upheld by Fred W. Taylor. In Taylorism view, the assignment of processing plant the executives was to decide the most effective way for the laborer to finish the work, to give the appropriate apparatuses and preparing, and to give motivations to great execution.
He separated each occupation into its singular movements, examined these to figure out which were fundamental, and planned the specialists with a stopwatch.
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ABC uses the conventional retail method to determine its ending inventory at cost. Assume the beginning inventory at cost (retail) were $393,500 ($594,000), purchases during the current year at cost (retail) were $3,408,000 ($5,193,600), freight-in on these purchases totaled $159,500, sales during the current year totaled $4,666,000, and net markups were $414,000. What is the ending inventory value at cost
Answer:Ending Inventory at Cost= $981,248.40
Explanation:
Cost Retail
Beginning inventory $393,500 $594,000
purchases $3,408,000 $5,193,600
freight in $159,500,
net markups $414,000
Total $3,961,000 $6,201,600
Sales $4,666,000
Ending Inventory at Retail:=(Beginning inventory + purchases +net markups - Sales during the current year
594,000 + $5,193,600 + $414,000- $4,666,000, = $1,535,600
Cost to Retail Ratio:( Beginning inventory + purchases+freight in)/ (Beginning inventory + purchases +net markups )
=($393,500 + $3,408,000 +$159,500,) ÷ (594,000 + $5,193,600 + $414,000) =$3,961,000/$6, 201, 600= 0.638= 0.639
Ending Inventory at Cost: Ending Inventory at Retail x Cost to Retail Ratio
$1,535,600 x 0.639 = $981,248.40
Hormel offers its food distributors a discount of 15 percent for payment within 10 days on orders of all Jiffy brand products. Hormel is giving its customers a
Hormel is giving its customers a cash discount.
What is cash discount?Cash discount is the discount a seller give to a buyer by reducing the amount the buyer was supposed to pay because the buyer make his payment earlier.
Based on the given scenario Hormel offers is offering its food distributors a discount of 15 percent if the distributor paid within the stipulated time or period of 10 days.
Inconclusion Hormel is giving its customers a cash discount.
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in preparation of standard cost we consider what situation macroeconomics or microeconomics???
When preparing standard costs, we primarily consider microeconomics, which is the study of the behavior of individual consumers, firms, and industries. Standard cost is the estimated cost of producing a unit of product or service, based on historical data and budgeted costs.
It is used as a benchmark to compare actual costs with expected costs and to analyze the variances between them. In order to determine standard costs, we need to consider the cost of each individual input such as direct materials, direct labor, and overheads. This analysis is done at the microeconomic level because it involves the behavior and decision-making of individual firms and their interactions with suppliers, customers, and competitors.
The macroeconomic factors such as inflation, interest rates, and unemployment rates may also have an impact on the cost of production but these are generally outside the scope of standard cost analysis. Therefore, while macroeconomics can indirectly influence the cost of production, the focus of standard cost analysis remains on the microeconomic factors that affect the cost of individual inputs.
Overall, standard cost preparation involves a detailed microeconomic analysis to determine the estimated cost of producing a product or service, which is then compared with the actual costs to identify any variances and improve the cost efficiency of the firm.
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