You cannot purchase a cable subscription for single channels like the Food Network or Cartoon Network because cable companies:
a. act like perfectly competitive firms.
b. are not interested in maximizing their profits.
c. have no market power to sell individual channels.
d. act like monopolies.
e. are pressured by the government to provide channel packages.
Answers
Cable companies have no market power to sell individual channels. (option C)
Cable companies typically bundle channels together to maximize their profits and offer a variety of channels at different price points. While some consumers may prefer to only pay for the channels they want, cable companies have no incentive to offer this option as it would likely result in lower profits. However, with the rise of streaming services and increasing competition from other media providers, cable companies may be forced to re-evaluate their business models and pricing strategies in the future.
To know more about cable companies:
https://brainly.com/question/15462549
#SPJ11
Related Questions
Last year, Dr. Lopez quit his $100,000 job at the MegaMall Dental Clinic and opened his own dental practice. His revenue for the first year was $400,000. He paid $80,000 in rent for the dental office, $60,000 for his office manager’s salary, $25,000 for the dental hygienist, $150,000 for insurance, and $10,000 for other miscellaneous expenses. Based on this information, which of these statements is correct?
Answers
Answer: D) All of the above are correct.
Explanation:
Implicit costs are the opportunity costs which refers to the value of the next best alternative to the current decision path. As Dr. Lopez quit a job that was paying $100,000 in order to open this practice, that would be his implicit costs.
His accounting profit is;
= Revenue - expenses
= 400,000 - 80,000 - 60,000 - 25,000 - 150,000 - 10,000
= $75,000
His economic profit;
= Accounting profit - Implicit costs
= 75,000 - 100,000
= -$25,000
________ avoid the problem of having databases in areas such as finance, human resources, sales and marketing, and manufacturing that are not capable of sharing information.
Answers
Enterprise resource planning (ERP) systems avoid the problem of having databases in areas such as finance, human resources, sales and marketing, and manufacturing that are not capable of sharing information.
In computer science, a database is an organized collection of data that is stored and accessed electronically. Small databases can be stored on the file system, while large databases are hosted on computer clusters or cloud storage.
Database design includes both formal and informal techniques, such as data modeling, efficient data representation and storage, query languages, security and privacy of sensitive data, and distributed computing issues (including support for concurrent access and fault tolerance). Includes practical considerations.
A database management system (DBMS) is software that interacts with end users, applications, and the database itself to collect and analyze data.
learn more about databases here. https://brainly.com/question/518894
#SPJ4
Through the use of artificial intelligence, firms monitor the price elasticity of demand, which measures the pricing of competitor's products. time it will take a firm to earn back its product-related costs.
Answers
Artificial intelligence has revolutionized the way firms operate, particularly in the area of pricing. By leveraging machine learning algorithms, companies can effectively monitor the price elasticity of demand, allowing them to adjust prices in real-time to stay competitive.
This process involves analyzing consumer behavior, market trends, and pricing strategies of competitors to determine the optimal price point for their products.
Furthermore, AI can help firms estimate the time it will take to earn back their product-related costs. By analyzing sales data and pricing strategies, machine learning algorithms can help firms determine the ideal pricing model for their products. This includes identifying the optimal price point, discounts, and promotions to drive sales and increase profits.
In conclusion, the use of artificial intelligence in pricing and cost analysis has become an essential tool for firms looking to optimize their pricing strategies and maximize profits. By leveraging AI, companies can gain insights into consumer behavior and market trends to make informed pricing decisions that will ultimately drive revenue and increase the efficiency of their operations.
To know more about Artificial intelligence visit:
https://brainly.com/question/23824028
#SPJ11
Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation?
Answers
Answer:
Inflation can cause difficulty in many ways. Which group would have the greatest problem during periods of high inflation that last several years? Older, working couples saving for retirement. Older people living on fixed retirement income.
In the early 2000s, easy credit made real estate the investment of choice in the United States. By the end of the decade, however, a recession had set in, impacting almost all businesses in the country. This example shows that _____.
a. economic boom periods can overheat and lead to speculative bubbles.
b. people did not overvalue housing prices.
c. during economic boom periods, investors stay cautious and conservative.
d. the market was characterized by rational exuberance.
Answers
The given example about the research about recession and real estate investment shows that:
A. economic boom periods can overheat and lead to speculative bubbles.What is Economic Boom?This refers to the sudden increase of economic opportunities in a given area which can be caused by a variety of factors.
With this in mind, we can see that in the early 2000s, there was the investment made and by the end of the decade, there was a recession and this shows that economic boom can overheat and lead to speculative bubbles.
Read more about economic boom here:
https://brainly.com/question/1690575
Dawn walks into a customer's office with her sales presentation planned and immediately recognizes that the customer is upset about something. In this situation, Dawn should Dawn walks into a customer's office with her sales presentation planned and immediately recognizes that the customer is upset about something. In this situation, Dawn should:
a. maintain a happy and cheerful demeanor.
b. sit down immediately and begin the presentation.
c. All of the answers are correct.
d. say something funny in an attempt to lighten the customer's mood.
e. ask if she should come back some other time for the meeting.
Answers
Exercise 5-15 Operating Leverage [LO5-1, LO5-8] Magic Realm, Inc., has developed a new fantasy board game. The company sold 8,800 games last year at a selling price of $64 per game. Fixed expenses associated with the game total $88,000 per year, and variable expenses are $44 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 11,264 games next year (an increase of 2,464 games, or 28%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.) Complete this question by entering your answers in the tabs below. Reg 1A Req 18 Req 2 Prepare a contribution format Income statement for the game last year. Magic Realm, Inc., Contribution Income Statement $ Saved Total Per Unit 0 $ 0 0 Help er 5 Homework Exercise 5-15 Operating Leverage [LO5-1, LO5-8] Magic Realm, Inc., has developed a new fantasy board game. The company sold 8,800 games last year at a selling price of $64 per game. Fixed expenses associated with the game total $88,000 per year, and variable expenses are $44 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 11,264 games next year (an increase of 2,464 games, or 28%, over last year). Given this assumption: Req 2 Compute the degree of operating leverage. Degree of operating leverage Saved a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.) Complete this question by entering your answers in the tabs below. Req 1A Rg 18 Question < Req1A Reg 2 > He Assignments Accounting Principles ter 5 Homework es Req 1A Exercise 5-15 Operating Leverage [LO5-1, LO5-8] Magic Realm, Inc., has developed a new fantasy board game. The company sold 8,800 games last year at a selling price of $64 per game. Fixed expenses associated with the game total $88,000 per year, and variable expenses are $44 per game. Production of the game is entrusted to a printing contractor. Variable expenses consist mostly of payments to this contractor. Required: 1-a. Prepare a contribution format income statement for the game last year. 1-b. Compute the degree of operating leverage. 2. Management is confident that the company can sell 11,264 games next year (an increase of 2,464 games, or 28%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.) Complete this question by entering your answers in the tabs below. Req 18 M Question 5 - Chapter 3 Homework-Connect Req 2 Saved a Net operating income increases by b. Total expected net operating income Management is confident that the company can sell 11,264 games next year (an increase of 2,464 games, or 28%, over last year). Given this assumption: a. What is the expected percentage increase in net operating income for next year? b. What is the expected amount of net operating income for next year? (Do not prepare an income statement; use the degree of operating leverage to compute your answer.) Req 18 M Question 4- Hey 2 Show less A Help
Answers
1a). Net Operating Income: $176,000 - $88,000 = $88,000. 1b)Degree of Operating Leverage = $176,000 / $88,000 = 2. 2a) Percentage increase in net operating income = 2 x 28% = 56%. 2b)The expected amount of net operating income for next year is $137,280.
To solve this problem, let's go step by step:
1-a. Prepare a contribution format income statement for the game last year: Magic Realm, Inc.
Contribution Format Income Statement (Last Year)
Sales Revenue:
8,800 games x $64 per game = $563,200
Variable Expenses:
8,800 games x $44 per game = $387,200
Contribution Margin:
$563,200 - $387,200 = $176,000
Fixed Expenses:
$88,000
Net Operating Income:
$176,000 - $88,000 = $88,000
1-b. Compute the degree of operating leverage:
Degree of Operating Leverage = Contribution Margin / Net Operating Income
Degree of Operating Leverage = $176,000 / $88,000 = 2
2-a. What is the expected percentage increase in net operating income for next year?
Given that the company expects to sell 11,264 games next year, an increase of 2,464 games (28%) over last year, we can use the degree of operating leverage to determine the expected percentage increase in net operating income.
Percentage increase in net operating income = Degree of Operating Leverage x Percentage increase in sales
Percentage increase in net operating income = 2 x 28% = 56%
2-b. What is the expected amount of net operating income for next year?
We can use the expected percentage increase in net operating income to calculate the expected amount.
Expected amount of net operating income = Net Operating Income (last year) + Percentage increase in net operating income
Expected amount of net operating income = $88,000 + ($88,000 x 56%) = $88,000 + $49,280 = $137,280
Therefore, the expected amount of net operating income for next year is $137,280.
Note: It's important to note that these calculations are based on the assumptions provided and may not reflect actual results.
Learn more about Net Operating Income visit:
brainly.com/question/32721350
#SPJ11
Liability insurance is…
A. Insurance that will pay for damage to your car in the event of an accident
B. Insurance that will cover injuries to yourself in the event of an accident
C. Insurance that will pay for damage done by someone who doesn’t have insurance
D. Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident
Answers
Answer:
D
Explanation:
Liability means being responsible for something, usually by law, so liability insurance is when insurance protects you from charges from the other party's injuries and/or damage to their car in the case of an accident.
Answer:
D. Insurance that will pay for injury to another driver and/or damage to their car if you are in an accident
Explanation:
If currently the real gdp is less than equilibrium gdp, what are the adjustments that the economy will go through to achieve equilibrium gdp?
Answers
To achieve equilibrium GDP when the current real GDP is less than equilibrium GDP, the economy will go through adjustments such as increased spending, investment, and/or government intervention.
When the real GDP falls below the equilibrium level, it indicates that the economy is operating below its full potential. To reach equilibrium, adjustments need to be made to increase aggregate demand and stimulate economic activity. One way to achieve this is through increased spending by households, businesses, or the government. Increased consumer spending can be encouraged through tax cuts or income redistribution policies that put more money in the hands of consumers.
Similarly, businesses can be incentivized to invest and expand their operations through policies that lower interest rates or provide tax benefits for investment. Government intervention, such as fiscal stimulus programs or infrastructure projects, can also boost aggregate demand and help close the GDP gap.
By implementing these adjustments, the economy can move towards equilibrium GDP, where aggregate demand matches aggregate supply, resulting in stable economic growth and higher employment levels.
Learn more about equilibrium GDP from the given link: https://brainly.com/question/29576499
#SPJ11
Which type of business does not hold owners accountable for the debts of
the business?
OA. Sole proprietorship
OB. LLC
OC. Partnership
A
OD. Private company
Answers
Answer:
Limited Liability Company (LLC)
Explanation:
A limited Liability Company (LLC) is a business structure in the United States that protects its owners from the personal responsibility for its repayment of debts and liabilities. It is a hybrid entity that has the characteristics of a corporation, partnership and sole proprietorship. The regulation of LLC's varies from one state to another. An entity or individual can be a member of an LLC with notable exceptions from banks and insurance companies. The primary reason for registering a business under LLC is to limit the personal liability of the owners as well as the partners. LLC may have some attractive features but they also possess some great disadvantages as well. Depending upon the state law, an LLC may be dissolved upon the death or bankruptcy of a member.
Somebody report all my post thank you ♀️ I wanted everything deteled !!!!
Answers
What is the purpose of advertising?
To make people want the things they do not have.
To expand the marketplace to a wider audience.
To explain to people the cost and risks of owning products.
To allow people to make choices about what is available.
Answers
It should be noted that the purpose of advertising is to expand the marketplace to a wider audience.
Advertising can be regarded as marketing strategy that is been utilized by organization and firms to promote their products and services.
It involves using media and other means to make the public aware about the products or services.
We can conclude that advertising is done on the purpose of making marketplace to a wider audience so that more people can patronize.
Learn more about advertising at:
https://brainly.com/question/21085751
Answer: To make people want the things they do not have.
Explanation:
The purpose of advertising is to make people want things they don’t have
The wearing away of the Earth's surface is called
Answers
Answer:
Erosion is the wearing away of the Earth's surface.
economy where the government owns and offers all the goods and services is called ?
Answers
In such situation, we would have what is known as a command economy, in which the government owns, provides, and sets the prices for all goods and services.
The goal of a command economy, often referred to as a planned economy, is to maximise societal welfare by the planning, coordination, and direct supervision of all economic activity. In contrast to free-market economies, command economies do not permit market forces like supply and demand to control production or prices. All resources are allocated by the government in line with the overall plan. It strives to make the best use of the country's financial resources, labour force, and natural resources. A central authority determines both the maximum allowable output and the prices that can be paid for products and services under a political system with a command economy. Most industries are publicly held businesses.
To learn more about command economy refer here:
https://brainly.com/question/18064860
#SPJ4
__________ visually shows that the total revenue curve and the total cost curve intersect at a point of zero profit.
A) break-even chart
B) Gantt chart
C) sales response function
D) cross tabulation
E) demand curve
Answers
Answer:
C it would be hope this helped
Which describes a way in which consumers most likely benefit from producers’ absolute advantage?.
Answers
Producers' absolute advantage allows for them to produce goods more efficiently and at lower costs than their competitors. When a producer has an absolute advantage in producing a good, they can create a higher quantity of the good at a lower cost.
This ultimately allows them to sell their products at a lower price than their competitors, making their goods more affordable for consumers.Consumers benefit from producers' absolute advantage as it allows them to purchase the goods they need and want at a lower price. Lower prices result in an increase in demand for the goods and more accessibility for consumers, which can stimulate the economy. In addition, producers who have an absolute advantage may also produce goods of higher quality than their competitors, providing additional benefits to consumers.Therefore, consumers most likely benefit from producers' absolute advantage by gaining access to quality goods at lower prices.
To know more about Absolute advantage visit-
brainly.com/question/7780461
#SPJ11
Consumers benefit from producers' absolute advantage through more cost-efficient and varied goods. This is a result of more efficient production and specialization in what each country is best at producing.
Explanation:Consumers most likely benefit from producers' absolute advantage in a few ways. Firstly, absolute advantage leads to efficient production which means goods can be produced at a lower cost. This allows producers to sell goods at a competitive price, benefiting consumers with affordable products. Secondly, absolute advantage can result in a wider variety of goods as countries focus on what they're best at producing.
For example, if Country A has an absolute advantage in producing wine and Country B in producing cheese, both countries can concentrate on their specialty. They can then trade, leading to a more varied and cost-efficient market for consumers.
Learn more about absolute advantage here:https://brainly.com/question/32607605
#SPJ12
please help (;´༎ຶٹ༎ຶ`)
Answers
global fdi flows ____ significantly in ____ due to _____.
Answers
The correct option is A ; Decreased; 2008; the global recession , Foreign Direct Investment (FDI) flows document the value of cross-border transactions connected to direct investment over a specific time period, often a quarter or a year.
Financial flows include equity trades, earnings reinvestment, and intercompany loan transactions.
According to extant research on FDI inflows, the most prevalent variables of FDI inflows include market size, market expansion rate, trade liberalization, exchange rate, business clustering effects, political stability, good governance, tax incentives, labor availability and cost, labour productivity.
Learn more about to fdi flows
https://brainly.com/question/19565308
#SPJ4
Full Question ;
Global FDI flows ____ significantly in ____ due to _____.
- decreased; 2008; the global recession
- decreased; 2010; increasing regulations
- increased; 2008; the global expansion
- increased; 2010; decreasing regulations
need help What were Law’s plans?
Answers
Answer:
Law created a private national bank and issued paper money, based on the wealth of the French government, in the hopes to pull France out of debt.
-BBBM
A private company is a closely held company. This means that:
• None of the other alternatives are correct
• Its shares are owned by a small number of people and that they are not marketed to the general public or sold on public stock exchanges
• Its shares cannot be sold to those that are not current owners
• The founders will always be the owners.
• The company's capital does not have common shares.
Answers
A private company is a closely held company. This means that its shares are owned by a small number of people and that they are not marketed to the general public or sold on public stock exchanges.
Hence, the correct option is: Its shares are owned by a small number of people and that they are not marketed to the general public or sold on public stock exchanges. Explanation: A private company is a business that is held by private owners and is not publically traded on a stock exchange.
They are also known as closely held corporations, and in such companies, the shareholders are not allowed to sell shares to the public.However, private companies do not necessarily have to be small or family-owned. A private company can have hundreds of shareholders and make millions of dollars.
To know more about company visit:
https://brainly.com/question/30532251
#SPJ11
According to the video, what do Financial Analysts analyze? Check all that apply.
financial records
travel distances
insurance claims
a company's competitors
fraud
Answers
distinguish between authorized shares and issued shares. why might the number of shares issued be more than the number of shares outstanding?
Answers
Authorized shares refer to the maximum number of shares that a company is allowed to issue as stated in its articles of incorporation. Issued shares, on the other hand, are the actual number of shares that have been sold or allocated by the company to shareholders.
Authorized shares refer to the maximum number of shares that a company is allowed to issue as stated in its articles of incorporation. Issued shares, on the other hand, are the actual number of shares that have been sold or allocated by the company to shareholders. Outstanding shares refer to the total number of shares that have been issued and are currently held by investors.
The number of shares issued can be more than the number of shares outstanding for several reasons. For example, a company may issue more shares than it needs at the time of incorporation to give itself flexibility in the future. These additional shares can be issued later if the company needs to raise additional capital. Additionally, a company may issue shares to its employees as part of their compensation package, but those shares may not be immediately outstanding if they are subject to vesting requirements or other restrictions.
Visit here to learn more about Authorized shares:
https://brainly.com/question/13931207
#SPJ11
Describe an ethical dilemma related to employee relations.
Answers
An ethical dilemma or ethical paradox is a decision-making problem between two possible moral imperatives, neither of which is unambiguously acceptable or preferable. The complexity arises out of the situational conflict in which obeying would result in transgressing another.
What do you mean by a facilitator? What are the major jobs of a facilitator of non formal educational programme
Answers
Explanation:
It is important to note that much of the intermittent formal learning throughout people's....Part of being an effective facilitator of informal learning ( and non-formal education) involves.
Answer:
The definition of facilitate is "to make easy" or "ease a process." What a facilitator does is plan, guide and manage a group event to ensure that the group's objectives are met effectively, with clear thinking, good participation and full buy-in from everyone who is involved.
Match the following parts of the sales recruitment effort with its definition.
i. A job analysis
ii. A job description
iii. Job qualifications
a. A written document that describes job relationships and requirements that characterize each sales position.
b. A study of a particular sale position, including how the job is to be performed and the tasks that make up the job.
c. The aptitudes, knowledge, skills, and a variety of behavioral characteristics considered necessary to perform the job successfully.
Answers
Answer:
i) a
ii) b
iii) c
Explanation:
3. (25 pts) A monopolist has an inverse demand function for its product: P = 20-%2Q. The cost function is given by C = 10 + 4Q. Find the profit-maximizing quantity Q to price P. Show your work! 3a. Determine the profit-maximizing price and level of production. Show your work. 3b. Calculate your firm's maximum profits. Show your work.
Answers
The profit-maximizing quantity and price for the monopolist are Q = 8 and P = 4, respectively. The firm's maximum profits amount to -10.
3a. Determining the profit-maximizing price and level of production:
The profit function for a monopolist is given by π = TR - TC, where π represents profit, TR is total revenue, and TC is total cost.
We know that TR = P * Q, where P is the price and Q is the quantity.
Substituting the inverse demand function into the total revenue equation, we have TR = (20 - 2Q) * Q.
Next, we need to find the total cost (TC). The cost function is given as C = 10 + 4Q.
To find the profit-maximizing quantity, we differentiate the profit function with respect to Q and set it equal to zero.
dπ/dQ = d(TR - TC)/dQ = 0
d(TR - TC)/dQ = (20 - 2Q) - 4 = 0
Simplifying the equation, we get:
20 - 2Q - 4 = 0
-2Q + 16 = 0
-2Q = -16
Q = -16 / -2
Q = 8
So, the profit-maximizing quantity is Q = 8.
To find the profit-maximizing price, we substitute the value of Q into the inverse demand function:
P = 20 - 2Q
P = 20 - 2(8)
P = 20 - 16
P = 4
Therefore, the profit-maximizing price is P = 4, and the level of production is Q = 8.
3b. Calculating the firm's maximum profits:
To calculate the maximum profits, we substitute the values of P and Q into the profit function:
π = (20 - 2Q) * Q - (10 + 4Q)
π = (20 - 2(8)) * 8 - (10 + 4(8))
π = (20 - 16) * 8 - (10 + 32)
π = 4 * 8 - 42
π = 32 - 42
π = -10
Therefore, the firm's maximum profits are -10.
For more such questions on profits, click on:
https://brainly.com/question/24553900
#SPJ8
The greater the magnitude of the external benefits of production, a. The larger is the deadweight loss from underproduction. b. The greater would be the optimal tax. c. The less the private market solution would deviate from the socially efficient level of output. d. All of the above are true.
Answers
Answer:
d. All of the above are true
Explanation:
External costs happen if during production or consumption of a good or a service there is a negative effect on another party. The existence of this can bring about market failure. In the presence of externalities social benefit costs are a combination of private costs and also external benefits of production.
All of the options a, n and c are true so d is the answer here.
Write a storyline in work environment that apples (3) employability skills to be a productive and positive employee.
Answers
Answer:
Storyline
Explanation:
You work in a hotel.
To be a productive and positive employee, there are a few must and must nots. Let's say that you work at the front desk. When your customer walks up to your desk, always make sure to greet them with the appropriate sayings. Ask directly what you can do to help them, and do it in a timely manner. If they are unsure or have any questions at all, make sure that they feel welcome to ask any questions.
Don't ask the customer inappropriate questions. such as;" What do you want?". Greet them nicely and treat your guests as your family.
To be a productive employee make sure you are on time as scheduled, do any assignments the day before and always show up with a smile.
What steps will add slicers to a PivotTable? Use the drop-down menu to complete the steps.
Select the Pivot Table.
Click the Pivot Table Tools
tab.
Design, Format, Review, Options
In the group,
Filter, Slicer, Timeline, Data
Click
Insert Timeline, Insert Slicer, Active Field, Group
In the Insert Slicer dialog box, select the fields to create slicers for.
Click OK.
Answers
Answer:
1. options
2.Filter
3. Insert Slicer
Explanation:
I got it correct
The steps are as follows:
optionsFilterInsert SlicerPivot table
Pivot tables are a powerful Excel tool that helps us summarize large amounts of data and saves us a lot of time. Pivot tables are a reporting tool that has a fields section that contains four fields.
What does this table contains?It has four fields, that are:
Rows: Data that is taken as a specifier. Values: Count of the data. Filters: Filters to hide out certain data.Columns: Values under different conditions.Thus, the steps are as follows:
optionsFilterInsert SlicerLearn more on pivot table here - brainly.com/question/2222360
#SPJ2
Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. A popular pastime among older Chinese men is to take their pet birds on daily excursions to teahouses and public parks where they meet with other bird owners to talk and play mahjong. A great deal of attention is lavished on these birds, and the birdcages are often elaborately constructed from exotic woods and contain poreclain feeding bowls and silver roosts. Gold Nest Company makes a broad range of birdcages that it sells through an extensive network of street vendors who receive commissions on their sales. The Chinese currency is the renminbi, which is denoted by Rmb. All of the company's transactions with customers, employees, and suppliers are conducted in cash; there is no credit.The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. At the beginning of the year, it was estimated that the total direct labor cost for the year would be Rmb200,000 and the total manufacturing overhead cost would be Rmb 330,000 . At the beginning of the year, the inventory balances were as follows:During the year, the following transactions were completed: a. Raw materials purchased for cash, Rmb 275,000 . b. Raw materials requisitioned for use in production, Rmb 280,000 (materials costing Rmb220,000 were charged directly to jobs; the remaining materials were indirect). c. Costs for employee services were incurred as follows: d. Rent for the year was Rmb 18,000 Rmb 13,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, Rmb 57,000 . f. Advertising costs incurred, Rmb 140,000 . g. Depreciation recorded on equipment, Rmb 100,000. Rmb 88,000 of this amount was on equipment used in factory operations; the remaining Rmb 12,000 was on equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs, Rmb ________. i. Goods that had cost Rmb 675,000 to manufacture according to their job cost sheets were completed. j. Sales for the year totaled Rmb 1,250,000 . The total cost to manufacture these goods according to their job cost sheets was Rmb 700,000 .
(d) Prepare an income statement for the year. (Do not prepare a schedule of cost of goods manufactured; all of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.)
Answers
These birds receive a lot of care, and their cages are frequently intricately built from exotic woods and furnished with silver roosts and porcelain food bowls. The Gold Nest Company manufactures a wide selection of birdcages that it distributes via a vast network of street sellers who are paid commissions on purchases. The renminbi, represented by the letter Rmb, is the currency of China.
Finished goods Inventory 550000
What is balance in the Manufacturing Overhead account to Cost ?
At the end of the year, any remaining balance in the manufacturing overhead account (over or under-applied manufacturing overhead) is either distributed among the cost of finished goods, cost of work in progress, and cost of goods sold accounts, or the entire balance is transferred to the cost of goods sold account. Manufacturing overhead, also known as factory overhead, factory burden, and manufacturing support costs, describes the unavoidable expenses a business faces when producing a good. To value and report Inventory and Cost of Goods Sold in accordance with generally accepted accounting standards, the cost of manufacturing overhead must also be allocated to each unit produced in addition to expenditures like direct material and direct labor (GAAP).Manufacturing expenses include items like the power needed to run the firm's machinery, the building's depreciation, the cost of manufacturing supplies, and the wages of factory workers (other than direct labor). The determination of a product's profitability depends on how these expenses are allocated to various products.Nonmanufacturing costs, often known as administrative overhead, are expenditures incurred by a company that are unrelated to the actual manufacturing process. Selling, General and Administrative (SG&A) Costs and Interest Expense are examples of non-manufacturing costs in accounting and financial jargon. These costs are not included in inventory or the cost of products sold since accounting procedures do not see them as product costs. Instead, at the moment of incurrence, nonmanufacturing expenditures are only recorded as expenses on the income statement.Trn. Account Titles Debit (Rmb) Credit(Rmb)
a) Raw Material Inventory 150000 Cash 150000
b) Work in process Inventory 135000
Manufacturing overhead 23000
Raw material Inventory 158000
c) Work in process Inventory 100000
Manufacturing overhead 40000
Sales commision 22000
Salaries expense 35000
Cash 197000
d) Manufacturing overhead 30000
Rent Expense 6000
Cash 36000
e) Manufacturing overhead 90000
Cash 90000
f) Advertising Expense 88000
Cash 88000
g) Manufacturing overhead 66000
Depreciation Expense 14000
Accumulated depreciation 80000
h) Work in process Inventory 250000
Manufacturing overhead 250000
[275,000/110,000] × 100,000 (Direct labor)
i) Finished goods 490000
Work in process Inventory 490000
j) Accounts Receivable 995000
Sales 995000
j. Cost of goods sold 550000
Finished goods Inventory 550000
To learn more about balance in the Manufacturing Overhead account to Cost,
brainly.com/question/26466781
#SPJ4