The standard cost of one flower pot is $72.65.
To determine the standard cost of one flower pot, we need to add up the standard costs of all the inputs.
The standard cost of direct materials is calculated by multiplying the standard quantity (11.20 pounds) by the standard price ($4.25 per pound), which gives us $47.60.
The standard cost of direct labor is simply the standard rate ($15.75 per hour), which is $15.75.
The standard cost of variable manufacturing overhead is also the standard rate ($3.15 per hour), which is $3.15.
The is the standard rate ($0.15 per hour) multiplied by the standard hours per pot (1.00 hour), which gives us $0.15. standard cost of fixed manufacturing overhead
Adding up all these standard costs gives us a total of $66.65.
To this, we need to add the company's standard markup of 10%, which is $6.00.
Therefore, the standard cost of one flower pot is $66.65 + $6.00 = $72.65.
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Economists estimate the target rate of unemployment in order to determine: a. the unemployment rate. b. the inflation rate. c. the level of output. d. potential output
Economists estimate the target rate of unemployment in order to determine d) potential output.
The target rate of unemployment is the level of unemployment at which the economy is operating at full capacity, also known as the natural rate of unemployment. When the unemployment rate is at the natural rate, the economy is producing at its potential output level.
Potential output is the maximum level of output that an economy can produce when all its resources are utilized efficiently. It is determined by the availability of resources such as labor, capital, and technology. When an economy is producing at its potential output, it is operating at maximum efficiency and any increase in output beyond this level is unsustainable.
Therefore, estimating the target rate of unemployment helps economists to determine the level of output that the economy is capable of producing sustainably. This information is important for policymakers to make decisions related to monetary and fiscal policies, such as setting interest rates and government spending, to ensure that the economy is operating at its full potential.
Therefore, the correct answer is d. potential output.
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Scenario 9.2 The Burdell Company is a small manufacturing company that uses gear assemblies to produce four different models of mountain bikes. One of these gear assemblies, the "Smooth Shifter", is used for the two most expensive of Burdell's four models, and has an estimated annual demand of 300 units. Burdell estimates the cost to place an order is $40, and the holding cost for each assembly is $60 per year. The company operates 250 days per year.
78) Use the information in Scenario 9.2. What is the economic order quantity for the Smooth Shifter?
A) less than or equal to 40 units
B) greater than 40 units but less than or equal to 80 units
C) greater than 80 units but less than or equal to 120 units
D) greater than 120 units
79) Use the information in Scenario 9.2. What are the annual inventory holding costs if Burdell orders using the EOQ quantity?
A) less than or equal to $300
B) greater than $300 but less than or equal to $500
C) greater than $500 but less than or equal to $700
D) greater than $700
80) Use the information in Scenario 9.2. What are the annual ordering costs if Burdell orders using the EOQ quantity?
A) less than or equal to $200
B) greater than $200 but less than or equal to $350
C) greater than $350 but less than or equal to $500
D) greater than $500
81) Use the information in Scenario 9.2. What are the total annual holding and ordering costs if Burdell orders using the EOQ quantity?
A) greater than $1,500
B) greater than $1,000 but less than or equal to $1,500
C) greater than $750 but less than or equal to $1,000
D) less than or equal to $750
82) Use the information in Scenario 9.2. What is the cycle length (time between orders) when orders are placed using the EOQ quantity?
A) less than or equal to 5 days
B) greater than 5 days but less than or equal to 10 days
C) greater than 10 days but less than or equal to 15 days
D) greater than 15 days
83) Use the information in Scenario 9.2. How many times per year must Burdell order the Smooth Shifter when orders are placed using the EOQ quantity?
A) less than or equal to 10 times per year
B) more than 10 times but fewer than or equal to 20 times per year
C) more than 20 times but fewer than or equal to 30 times per year
D) more than 30 times
84) Use the information in Scenario 9.2. The purchasing manager decides that, in order to save purchasing time, orders for the Smooth Shifter will be placed once a month, or twelve times per year. How much does this approach cost Burdell in additional annual holding and ordering costs (instead of Burdell ordering using the EOQ quantity)?
A) more than $500
B) more than $200 but less than or equal to $500
C) more than $50 but less than or equal to $200
D) less than or equal to $50
The EOQ is 80 units, and the total annual cost is $2,550. The cycle length is 117.2 days, and the number of orders per year is 4. Burdell can save money by using the EOQ quantity instead of ordering once a month.
Economic order quantityThe economic order quantity (EOQ) formula is given by:
[tex]EOQ = \sqrt{((2DS)/H)[/tex]
where:
D is the annual demand for the productS is the setup (or ordering) cost per orderH is the annual holding cost per unitUsing the information given in Scenario 9.2:
D = 300S = $40H = $60Burdell operates for 250 days per year
Plugging in these values into the formula, we get:
EOQ = [tex]\sqrt{((2 x 300 x 40)/60)}[/tex] = 80 units (rounded to the nearest integer)
Therefore, the answer to question 78 is B) greater than 40 units but less than or equal to 80 units.
The annual inventory holding costs can be calculated as follows:
Annual holding cost = (EOQ/2) x H
Plugging in the values, we get:
Annual holding cost = (80/2) x $60 = $2,400
Therefore, the answer to question 79 is D) greater than $700.
The annual ordering costs can be calculated as follows:
Annual ordering cost = (D/EOQ) x S
Plugging in the values, we get:
Annual ordering cost = (300/80) x $40 = $150
Therefore, the answer to question 80 is B) greater than $200 but less than or equal to $350.
The total annual holding and ordering costs can be calculated by adding the annual holding cost and the annual ordering cost:
Total annual cost = Annual holding cost + Annual ordering cost = $2,400 + $150 = $2,550
Therefore, the answer to question 81 is B) greater than $1,000 but less than or equal to $1,500.
The cycle length (time between orders) can be calculated as follows:
Cycle length = EOQ/Days of operation per year
Plugging in the values, we get:
Cycle length = 80/250 = 0.32 years
Converting this to days, we get:
Cycle length = 0.32 x 365 = 117.2 days (rounded to the nearest integer)
Therefore, the answer to question 82 is C) greater than 10 days but less than or equal to 15 days.
The number of times per year that Burdell must order the Smooth Shifter can be calculated as follows:
Number of orders per year = D/EOQ
Plugging in the values, we get:
Number of orders per year = 300/80 = 3.75
Since we cannot order fractional times, we round up to 4 orders per year.
Therefore, the answer to question 83 is A) less than or equal to 10 times per year.
If Burdell orders once a month, or 12 times per year, instead of using the EOQ quantity, the additional annual holding and ordering costs can be calculated as follows:
Additional annual cost = [(D x S)/12] + [(EOQ/2) x H] - [(D/EOQ) x S]
Plugging in the values, we get:
Additional annual cost = [(300 x $40)/12] + [(80/2) x $60] - [(300/80) x $40] = $266.67
Therefore, the answer to question 84 is C) more than $50 but less than or equal to $200.
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how is the portion of consolidated earnings to be assigned to the non-controlling interest in consolidated financial statements determined? a.The net income of the parent is subtracted from the subsidiary's net income to determine the non-controlling interest.b.The subsidiary's net income is extended to the non-controlling interest.c.The amount of the subsidiary's earnings is multiplied by the non-controlling's percentage ownership and isadjusted for the excess cost amortization applicable to the NCI.d.The amount of consolidated earnings determined on the consolidated working papers is multiplied by thenon-controlling interest percentage at the balance-sheet date.
The portion of consolidated earnings to be assigned to the non-controlling interest in consolidated financial statements is determined by using option C.
The non-controlling interest in a subsidiary represents the portion of the subsidiary that is not owned by the parent company. Therefore, the parent company only owns a portion of the subsidiary's net income, while the remaining portion belongs to the non-controlling interest.
To determine the portion of consolidated earnings that belongs to the non-controlling interest, the subsidiary's net income is multiplied by the non-controlling interest percentage ownership.
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members of labor unions are able to use their ________ to achieve better economic outcomes. excess supply of labor excess supply of labor bargaining power bargaining power secret ballot votes
Members of labor unions are able to use their bargaining power to achieve better economic outcomes. Bargaining power refers to the ability of a group to negotiate favorable terms and conditions with their employers, which can lead to increased wages, improved working conditions, and enhanced job security. By banding together in a union, workers are able to pool their collective strength and resources, making it more difficult for employers to ignore their demands or exploit their labor.
One key tool that unions employ in their negotiations is secret ballot votes. This democratic process allows union members to voice their opinions and make decisions collectively, while ensuring that each individual's vote remains confidential. Secret ballot votes can be used to decide on important matters such as whether to strike, accept a proposed contract, or endorse a specific policy change. Through this collaborative decision-making process, unions are able to harness the full power of their membership and secure better economic outcomes for all workers involved. In essence, the collective strength and unified voice provided by labor unions give workers the leverage necessary to negotiate more effectively with employers, resulting in improved economic conditions and overall well-being for the members.
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what is one way the u.s. government engaged in a keynesian intervention following the 2008 financial collapse?
One way the U.S. government engaged in a Keynesian intervention following the 2008 financial collapse was through the implementation of fiscal policy measures.
In addition to fiscal policy measures, the U.S. government also implemented monetary policy measures, such as lowering interest rates, to encourage borrowing and spending. The Federal Reserve lowered interest rates in an effort to make it cheaper for businesses and consumers to borrow money, which can help to stimulate economic growth. The lower interest rates also made it cheaper for the government to borrow money to finance its fiscal policy measures.
The government increased government spending and lowered taxes in an effort to stimulate economic growth and create jobs. Overall, the U.S. government's Keynesian interventions following the 2008 financial collapse aimed to stimulate economic growth and address the resulting economic downturn through a combination of fiscal and monetary policy measures.
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your organization has recently started using group decision making. you are most likely to observe that ________.
your organization has recently started using group decision making. you are most likely to observe that Collaboration,Diverse Perspectives,Longer Decision-Making Process.
When an organization starts using group decision making, you are most likely to observe the following:
1. Collaboration: Group decision making encourages collaboration among team members. You may observe more frequent discussions, brainstorming sessions, and exchange of ideas among individuals. Team members may actively contribute their perspectives and insights to the decision-making process.
2. Diverse Perspectives: Group decision making allows for the integration of diverse perspectives. Different team members bring their unique backgrounds, experiences, and expertise to the table, leading to a broader range of ideas and solutions. You may notice that discussions involve considering multiple viewpoints and exploring various alternatives.
3. Longer Decision-Making Process: Group decision making typically takes more time compared to individual decision making. As multiple individuals participate in the process and contribute their opinions, it may require more extensive discussions, evaluations, and consensus-building efforts. The decision-making process may involve multiple meetings or sessions.
4. Improved Decision Quality: Group decision making has the potential to result in improved decision quality. By involving multiple perspectives and critically evaluating s, the decision-making process can lead to more well-rounded and informed decisions. This can enhance the overall quality and effectiveness of the decisions made by the organization.
5. Potential for Conflict: With increased collaboration and diverse perspectives, there is also a potential for conflicts to arise during group decision making. Disagreements, differing opinions, and clashes of ideas may occur. Effective facilitation and conflict resolution skills may be necessary to manage and address conflicts constructively.
6. Shared Accountability: Group decision making fosters a sense of shared accountability among team members. Since decisions are made collectively, individuals tend to feel a shared responsibility for the outcomes. This can enhance team cohesion and commitment to the decisions made.
It is important to note that the specific outcomes and observations of group decision making may vary depending on factors such as the organizational culture, the nature of the decisions being made, and the dynamics within the group.
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A firm earns higher profits than its rivals when it creates more of which of the following for its customers?
A. Risk
B.Options
C.Investments
D.Products
E.Value
the outcomes members collectively seek by joining together are called
The outcomes that members collectively seek by joining together are called group goals or collective goals.
Collective goals refer to the shared objectives, aspirations, or desired outcomes that members of a group, organization, or community strive to achieve through their collective efforts. These goals are typically aligned with the common interests, values, or purposes that unite the members and drive their collaboration.
By pursuing collective goals, members can pool their resources, knowledge, and skills to achieve outcomes that are beyond the reach of individuals acting alone. These goals often involve addressing common challenges, advancing shared causes, promoting mutual benefits, or bringing about positive change in their respective contexts.
The pursuit of collective goals fosters cooperation, coordination, and synergy among members, as they work together towards a common purpose. It helps establish a sense of shared identity, fosters solidarity, and enhances the collective effectiveness and impact of the group.
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Suppose Thailand is a large country. Thailand’s demand and supply curves for rice are: D* = 9,800 – 200P S* = -200 + 200P
c. Suppose the Thai government offers the country’s producers an export subsidy of $13.00 per bushel of rice. In doing so, the world price is lowered to $27.
i. Calculate the price paid & quantity demanded by Thai consumers.
ii. Calculate the net effect of the export subsidy on Thailand’s welfare.
free trade price is $32 per bushel
Thailand's welfare increases by the sum of the changes in producer and consumer surplus, minus the government spending. Therefore, the net effect of the export subsidy on Thailand's welfare is:
$52,800 + $108,900 - $85,800 = $76,900 thousand.
To start, we need to calculate the equilibrium price and quantity without the subsidy, which is where the demand and supply curves intersect:
9,800 - 200P = -200 + 200P
Solving for P, we get P = $32 per bushel.
Substituting this price back into either equation gives us the equilibrium quantity:
Q* = 9,800 - 200($32) = 3,400 thousand bushels.
i. With the export subsidy of $13 per bushel, the effective price for Thai producers increases to $40 ($27 + $13), which will increase the quantity of rice supplied to the market.
The new supply curve with the subsidy is: S* = -200 + 200($40) = 6,600 thousand bushels.
At this new supply curve, the quantity demanded by Thai consumers can be found by setting the demand equal to the new supply:
9,800 - 200P = 6,600
Solving for P, we get P = $11 per bushel.
So, with the export subsidy, Thai consumers pay $11 per bushel and consume Qd = 6,600 thousand bushels.
ii. The net effect of the export subsidy on Thailand's welfare can be broken down into several components:
Producer surplus: With the export subsidy, Thai producers receive a higher price of $40 per bushel, compared to the free trade price of $32 per bushel. Therefore, producer surplus increases by (40 - 32) x 6,600 = $52,800 thousand.
Consumer surplus: The effective price for Thai consumers is $11 per bushel, which is lower than the free trade price of $32 per bushel. Therefore, consumer surplus increases by (32 - 11) x 6,600 / 2 = $108,900 thousand.
Government spending: The Thai government spends $13 per bushel on the export subsidy, which totals $85,800 thousand (13 x 6,600).
Overall, Thailand's welfare increases by the sum of the changes in producer and consumer surplus, minus the government spending. Therefore, the net effect of the export subsidy on Thailand's welfare is:
$52,800 + $108,900 - $85,800 = $76,900 thousand.
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when several sign reversals in the cash flow stream occur, the irr equation can have more than one positive irr. true or false
The given statement " When several sign reversals occur in the cash flow stream, the IRR equation can have more than one positive IRR. " is True because This is because the IRR is calculated by finding the discount rate that makes the net present value (NPV) of the cash flows equal to zero.
Sign reversals occur when the cash flow stream changes from positive to negative or vice versa. In the case of multiple sign reversals, there can be more than one discount rate that makes the NPV of the cash flows equal to zero. Each of these discount rates represents a possible IRR for the project. However, only one of these discount rates will be the true IRR, which is the rate at which the project's NPV is maximized.
To determine the true IRR in cases of multiple positive IRRs, additional analysis is required. One method is to use the modified internal rate of return (MIRR) formula, which adjusts for multiple IRRs by assuming that cash flows are reinvested at the firm's cost of capital. Another method is to use sensitivity analysis to test the impact of small changes in discount rates on the project's NPV.
In summary, when multiple sign reversals occur in the cash flow stream, the IRR equation can have more than one positive IRR. However, additional analysis is necessary to determine the true IRR and make an informed investment decision.
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4. Exchange rate regimes In the United States, the government attempts to influence the exchange rate without having a specific exchange rate path or target. the United States's exchange rate regime is classified as _____Moreover, the exchange rate regime that best dassifies the United States is typical for _______ countries.
The exchange rate regime that is used in the United States is classified as a floating exchange rate regime. Moreover the exchange rate regime that best dassifies the United States is typical for developed countries.
This means that the exchange rate is determined by the market forces of supply and demand, without any government intervention to maintain a specific exchange rate level. The government may still attempt to influence the exchange rate through monetary policy or other measures, but there is no specific target or path for the exchange rate.
The floating exchange rate regime is typical for developed countries with relatively stable economies and financial systems. This regime allows for greater flexibility and adaptability to changing market conditions, as the exchange rate can adjust to reflect changes in economic fundamentals such as interest rates, inflation, and trade balances.
It also allows for more efficient allocation of resources across borders, as businesses and investors can respond to market signals rather than being constrained by government-imposed exchange rate targets.
Overall, the floating exchange rate regime used by the United States is an important feature of the global financial system, and helps to promote economic growth and stability by allowing for greater market efficiency and flexibility.
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a simple structure is one of the best structures in which to accommodate organizational growth and diversification.True or False
The answer to whether a simple structure is one of the best structures in which to accommodate organizational growth and diversification is not a straightforward true or false. It depends on several factors such as the size of the organization, the complexity of its operations, and the external environment in which it operates.
A simple structure is characterized by a small number of employees reporting directly to a single individual who makes all major decisions. This type of structure is common in small, entrepreneurial organizations where the founder or owner is closely involved in all aspects of the business. In such organizations, decision-making is fast and flexible, and communication is direct and informal.
Therefore, while a simple structure may be effective in accommodating organizational growth and diversification in the early stages of a business, it may not be sustainable in the long run as the organization expands and its operations become more complex.
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The best example of a company that emphasizes share price appreciation as opposed to short term profits or dividends is:
a. Amazon.com
b. P&G
c. WalMart
d. General Motors
The best example of a company that emphasizes share price appreciation as opposed to short term profits or dividends would be Amazon.com. Amazon.com is known for its focus on growth and long-term goals, rather than short-term profits.
This is evident in the company's consistent reinvestment in its business operations, innovation and expansion, rather than paying out dividends to shareholders.
Amazon.com's CEO, Jeff Bezos, has a famously long-term perspective, and his focus on investing in the company's future has resulted in significant share price appreciation over time. This approach has allowed the company to stay ahead of competitors and remain a leader in the e-commerce industry.
On the other hand, companies such as P&G, WalMart, and General Motors are more traditional in their approach to maximizing shareholder value. These companies tend to focus more on generating short-term profits and paying out dividends to shareholders. While this approach may be effective in the short-term, it may limit their ability to invest in innovation and growth, which could ultimately impact their long-term success.
Overall, Amazon.com's focus on share price appreciation is a unique approach that has allowed the company to achieve sustained growth and success over time. While not all companies may be able to replicate this strategy, it serves as a valuable example of the benefits of a long-term perspective and focus on innovation and growth.
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The best example of a company that emphasizes share price appreciation over short-term profits or dividends is a) Amazon.com. Amazon has been known to prioritize long-term growth over short-term gains.
The company reinvests a significant portion of its profits into research and development, expanding its operations, and acquisitions to achieve its goal of dominating the e-commerce market.
Amazon's approach has been successful in increasing the company's market capitalization and share price. The company's investors also seem to agree with this strategy, as they continue to show confidence in Amazon's future prospects, despite the company's lower dividend payouts.
By focusing on share price appreciation, Amazon is able to attract long-term investors who believe in the company's vision and potential for growth, rather than short-term investors who are only interested in immediate gains.
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How do you determine the long-term trend for a time-series decomposition model?
Multiple Choice
a. It is estimated by using the moving average for the time period as the dependent variable and a time index as the independent variable.
b. It is estimated by using an OLS time trend with the centered moving average as the dependent variable and a time index as the independent variable.
c. It is estimated by using the trend equation to generate the trend value of the seasonal indices for the historical and forecast periods.
d. It is estimated by using a simple linear equation where time is equal to 1 for the first period in the data set and increases by one for each period thereafter.
b. It is estimated by using an OLS time trend with the centered moving average as the dependent variable and a time index as the independent variable.
To determine the long-term trend for a time-series decomposition model, there are a few steps that need to be followed. Firstly, the time series data needs to be decomposed into its different components - trend, seasonal, and residual. Once this has been done, the trend component needs to be analyzed to determine its direction and strength.
One way to determine the long-term trend is to use a moving average technique. This involves calculating the average of a certain number of data points over time, which smooths out any short-term fluctuations and provides a clearer picture of the underlying trend.
Another method is to use regression analysis to fit a linear or non-linear trend line to the data. This involves plotting the data and then using statistical software to calculate the equation of the trend line. The slope of the trend line can then be used to determine the direction and strength of the long-term trend.
It is important to note that determining the long-term trend requires careful analysis and interpretation of the data, as well as an understanding of statistical methods and techniques. Additionally, it is important to consider any external factors that may be influencing the trend, such as changes in economic conditions or shifts in consumer behavior.
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The requirement that purchases be made from suppliers on an approved vendor list is an example of a:
a. Preventive control.
b. Detective control.
c. Compensating control.
d. Monitoring control.
The requirement that purchases be made from suppliers on an approved vendor list is an example of a preventive control.
Preventive controls are designed to prevent errors or irregularities from occurring in the first place, by establishing policies, procedures, and other measures to reduce the risk of such events. The requirement that purchases be made from suppliers on an approved vendor list is a preventive control, as it helps to ensure that purchases are made from reliable and trustworthy suppliers who have been vetted and approved by the organization. By limiting purchases to approved vendors, the organization can reduce the risk of fraud, errors, or other irregularities that may occur when dealing with unknown or unapproved suppliers.
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Which of the following is least likely to benefit the civilian economy?A. R&D carried out in government laboratoriesB. R&D aimed at producing new weaponsC. direct private sector R&D spendingD. tax policy promoting civilian R&D spending
The option least likely to benefit the civilian economy is (B) R&D aimed at producing new weapons.
The option least likely to benefit the civilian economy is B. R&D aimed at producing new weapons.
This type of research and development is primarily focused on military applications and its direct benefits to the civilian economy are limited compared to other options such as government labs, private sector R&D spending, or tax policies that promote civilian R&D spending.
Defence economics is a branch of national economic management that deals with managing both military budgets during peacetime and warfare as well as the economic impacts of military spending.
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an experiment, which compares the means of one categorical predictor, which is measured using the same entities in all conditions.
A one-way ANOVA can be conducted to compare the means of a categorical predictor, using the same entities across all conditions.
How can the means of a categorical predictor, measured using the same entities in all conditions, be compared?To compare the means of a categorical predictor measured with the same entities in all conditions, a one-way ANOVA (Analysis of Variance) can be utilized. This statistical test examines whether there are significant differences in the means of multiple groups or conditions.
The categorical predictor serves as the independent variable, while the dependent variable is a continuous measurement taken from the same entities in each condition. By conducting the one-way ANOVA, researchers can determine if there are statistically significant variations among the means of the different categories. This analysis provides valuable insights into the impact of the categorical predictor on the dependent variable.
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If the annual stock market returns for Berry Company were 19 percent, 13 percent, and -8 percent, what was the arithmetic mean for those 3 years?
If the arithmetic mean of the annual stock market returns for Berry Company were 19 percent, 13 percent, and -8 percent, then its arithmetic mean for those 3 years is 8%.
To calculate the arithmetic mean, we sum up the annual returns for each year and divide the total by the number of years. In this case, the annual returns for Berry Company are 19%, 13%, and -8%.
Adding these three numbers, we get 19 + 13 + (-8) = 24. Dividing this sum by 3 (the number of years), we find that the arithmetic mean is 24 / 3 = 8%.
The arithmetic mean represents the average return over the specified period. It provides a simple measure to understand the overall performance of the investment over the given time frame.
In this case, the arithmetic mean return of 8% suggests that, on average, Berry Company's stock market returns were positive, indicating a generally favorable performance over the three-year period.
It's worth noting that while the arithmetic mean provides a useful summary statistic, it does not capture the variability or fluctuations in returns over the individual years.
Investors should consider other measures such as standard deviation or other statistical tools to assess the risk and volatility associated with the investment.
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The Cash Short and Over account covers both shortages and overages that occur in a business. What is the correct entry to record a shortage in the Cash Short and Over account? Where will the account appear on the income statement?
a. DR Cash Short and Over; Expense
b. CR Cash Short and Over; Income
c. DR Cash Short and Over; Income
d. CR Cash Short and Over; Expense
e. None of the above; the Cash Short and Over account appears on the balance sheet.
The correct entry to record a shortage in the Cash Short and Over account is (a) DR Cash Short and Over; Expense.
When there is a cash shortage, you will debit (increase) the Cash Short and Over account, which is an expense account. This means that the business has incurred an expense due to the cash shortage.
On the income statement, the Cash Short and Over account will appear under the expenses section. This is because it represents a cost that the business has incurred, and it will ultimately reduce the net income of the business. The Cash Short and Over account is used to track any discrepancies between the actual cash and the recorded cash amounts, including both shortages and overages.
By using the Cash Short and Over account, businesses can monitor and manage discrepancies in their cash handling processes. This account allows for better control and visibility of cash management, helping businesses identify potential issues and make necessary adjustments to their cash handling procedures.
In summary, to record a shortage in the Cash Short and Over account, you will debit the account as an expense, and it will appear in the expenses section of the income statement, ultimately affecting the net income of the business. Therefore, the correct option is A.
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Which of the following promises is enforceable without consideration according to the common law? Alleged breach of contract
Bankruptcy
International contracts
Promissory estoppel
The promise of promissory estoppel is enforceable without consideration according to the common law.
Promissory estoppel is a legal doctrine that allows a promise to be enforced even in the absence of consideration. It is based on the principle that if one party makes a clear and definite promise to another party, and the other party relies on that promise to their detriment, the promisor may be estopped from denying the enforceability of the promise.
In other words, if someone makes a promise to another person and the other person reasonably relies on that promise and changes their position based on it, the promisor can be held legally responsible for fulfilling the promise, even if there was no consideration involved. This is to prevent unfairness and injustice when one party relies on a promise made by another.
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which technique is most likely to make business messages more positive?multiple choiceavoiding diplomatic wordsusing constructive termsexaggerating factssetting unrealistic expectationsfocusing on what a product lacks
The technique most likely to make business messages more positive is using **constructive terms**.
Using constructive terms involves framing messages in a positive and optimistic manner, emphasizing the benefits, solutions, and opportunities rather than focusing on negative aspects. By highlighting the positive aspects, businesses can create a more favorable impression and maintain a positive tone in their communication. Constructive terms help convey a sense of optimism, problem-solving, and value to the recipient.
On the other hand, avoiding diplomatic words, exaggerating facts, setting unrealistic expectations, or focusing on what a product lacks can have negative effects on business messages. These approaches may undermine credibility, create false expectations, or give an impression of deception or lack of transparency. It is generally more effective to use constructive terms that highlight the strengths, benefits, and positive attributes of a product, service, or situation.
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granfield company is considering eliminating its backpack division, which reported an operating loss for the recent year of $41,600. the division sales for the year were $952,400 and the variable costs were $471,000. the fixed costs of the division were $523,000. if the backpack division is dropped, 40% of the fixed costs allocated to that division could be eliminated. the impact on granfield's operating income for eliminating this business segment would be:
So, eliminating the backpack division would have a negative impact of $41,600 on Granfield's operating income.
To calculate the impact on Granfield's operating income for eliminating the backpack division, we need to first calculate the operating loss for the backpack division.
Operating loss for the backpack division:
Revenue: $952,400
Variable costs: $471,000
Fixed costs: $523,000
Operating loss: $41,600
Next, we need to calculate the fixed costs that could be eliminated if the division is dropped. Since 40% of the fixed costs allocated to the backpack division can be eliminated, the fixed costs that could be eliminated are:
Fixed costs that could be eliminated:
523,000x40213,200
Finally, we can calculate the impact on Granfield's operating income by subtracting the operating loss for the backpack division from the total operating income:
Impact on operating income:
0−41,600 = -$41,600
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money provides a way to transfer wealth into the future. this function of money is known as
The function of money that allows for the transfer of wealth into the future is known as "storing value" or "store of value."
Money serves as a medium of exchange, unit of account, and store of value.
the medium of exchange and unit of account functions are more focused on facilitating transactions and pricing goods and services, the store of value function refers to the ability of money to retain its purchasing power over time.
By storing value, money enables individuals to save wealth for future use or investment. It allows them to preserve their economic resources and transfer them into the future, thereby facilitating economic planning and stability. Money's store of value function is particularly important in environments where inflation or other factors erode the value of other assets or goods over time.
Overall, the function of money as a store of value allows individuals and businessto hold and transfer wealth across time, providing stability and flexibility in managing economic resources.
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Year-to-date, Oracle had earned a 15. 0 percent return. During the same time period, Valero Energy earned -12. 96 percent and McDonald's earned 1. 80 percent. If you have a portfolio made up of 50 percent Oracle, 10 percent Valero Energy, and 40 percent McDonald's, what is your portfolio return
The portfolio return is approximately 6.924%.
To calculate the portfolio return, we need to use the weighted average of the individual returns based on the of each asset in the portfolio. Here's how you can calculate the portfolio return:
Convert the percentage returns to decimal format:
Oracle return: 15.0% -> 0.15
Valero Energy return: -12.96% -> -0.1296
McDonald's return: 1.80% -> 0.018
Calculate the weighted returns:
Weighted Oracle return = 50% * 0.15 = 0.075
Weighted Valero Energy return = 10% * (-0.1296) = -0.01296
Weighted McDonald's return = 40% * 0.018 = 0.0072
Sum the weighted returns to get the portfolio return:
Portfolio return = Weighted Oracle return + Weighted Valero Energy return + Weighted McDonald's return
Portfolio return = 0.075 + (-0.01296) + 0.0072 = 0.06924 or 6.924%
So, the portfolio return is approximately 6.924%.
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The Portfolio Return for Oracle, Valero Energy and McDonald's earned is 6.924%.
The practice or the statement of earning return from several or numerous investments can be referred to as portfolio return.
By diversifying the portfolio, portfolio risk can be reduced. Additionally, the portfolio's primary goal is to provide returns in accordance with the stated goals of the investment strategy and the level of risk tolerance of the investors it is targeting.
Given,
Oracle = 15%
Valero Energy = -12. 96%
McDonald's = 1. 80%
Calculate the weighted returns:
Oracle:
= 50% * 15.0%
= 7.5%
Valero Energy:
= 10% * -12.96%
= -1.296%
McDonald's:
= 40% * 1.80%
= 0.72%
Calculate Portfolio Return :
Portfolio return = Weighted Oracle return + Weighted Valero Energy return + Weighted McDonald's return
= 7.5% + (-1.296%) + 0.72%
= 6.924%
Thus, 6.924% is the portfolio return.
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The evidence is that welfare reform in 1996 resulted in ____ welfare rolls
A. a substantial increase in
B. a slight increase in
C. a substantial decrease in
D. no impact on
The evidence is that welfare reform in 1996 resulted in C. a substantial decrease in welfare rolls.
The evidence shows that welfare reform in 1996 resulted in a substantial decrease in welfare rolls. The Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA) of 1996, commonly known as welfare reform, introduced significant changes to the welfare system in the United States. The reform aimed to promote self-sufficiency and reduce long-term dependence on welfare assistance.
One of the main objectives of the welfare reform was to decrease the number of individuals relying on welfare programs by implementing stricter eligibility requirements, time limits on benefits, and work requirements. These changes were successful in reducing the welfare rolls as many individuals transitioned from welfare to employment or other forms of self-support.
Therefore, option C is the correct answer: The evidence shows that welfare reform in 1996 resulted in a substantial decrease in welfare rolls.
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After several months, LRC's supervisor is arrested for stealing nearly $10,000 from the company.
Identify the internal control weakness that allowed this theft to occur.
The internal control weakness that allowed the theft to occur was option A: the accounting system was not adequate to detect the fraud.
In order to prevent future incidents like this, LRC should implement stronger internal controls such as establishing segregation of duties, where different employees are responsible for different parts of the cash handling process. For example, one employee could be responsible for collecting the cash, another employee could be responsible for preparing the cash count sheet, and a third employee could be responsible for depositing the cash in the bank. This would create a system of checks and balances and reduce the risk of fraud.
In addition, LRC should consider implementing a system of regular audits and reviews of financial records to detect any irregularities or suspicious activities. This could include conducting surprise cash counts, comparing financial records to bank statements, and monitoring employee behavior for signs of financial stress or lavish spending.
Overall, it is essential for companies to prioritize strong internal controls to prevent fraud and protect their financial assets. By implementing these measures, LRC can ensure that their financial processes are secure and reliable, and avoid future incidents of theft or fraud. Therefore, the correct option is A.
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After several months, LRC’s supervisor is arrested for stealing nearly $10,000 from the company.
Identify the internal control weakness that allowed this theft to occur. A. The accounting system was not adequate to detect the fraud.
A. The accounting system was not adequate to detect the fraud.
B. The cash collection clerks should have been at least four in number, one for each area-east, west, north, south.
C. The cash collection clerks should have been made responsible for depositing the cash in the bank.
D. The supervisor was responsible for handling the cash, preparing the cash count sheet, and depositing cash in the bank.
E, The supervisor was not professionally qualified to account for the cash.
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c. suppose you deposited the $1,000 in 4 payments of $250 each at the end of years 1, 2, 3, and 4. how much would you have in your account at the end of year 4, based on 8 nnual compounding?
If the $1,000 was deposited in four payments of $250 each at the end of years 1, 2, 3, and 4, the total future value of the investment at the end of year 4, based on 8 annual compounding, would be $1,115.72.
Assuming an annual interest rate of 8% compounded annually, the future value of a lump-sum investment of $1,000 made at the beginning of year 1 would be:
[tex]FV = PV \times (1 + r)^n = $1,000 \times (1 + 0.08)^4 = $1,360.49[/tex]
Now, suppose that the $1,000 was deposited in four payments of $250 each at the end of years 1, 2, 3, and 4. In this case, we can calculate the future value of each payment individually and add them up to get the total future value of the investment at the end of year 4.
The future value of the first payment of $250 made at the end of year 1 would be:
[tex]FV1 = PV \times (1 + r)^n = $250\times (1 + 0.08)^3 = $310.13[/tex]
The future value of the second payment of $250 made at the end of year 2 would be:
[tex]FV2 = PV \times (1 + r)^n = $250 \times (1 + 0.08)^2 = $285.22[/tex]
The future value of the third payment of $250 made at the end of year 3 would be:
[tex]FV3 = PV \times(1 + r)^n = $250\times (1 + 0.08)^1 = $270.37[/tex]
The future value of the fourth payment of $250 made at the end of year 4 would be:
[tex]FV4 = PV \times (1 + r)^n = $250 \times (1 + 0.08)^0 = $250[/tex]
Adding up the future values of all four payments, we get:
Total FV = FV1 + FV2 + FV3 + FV4 = $310.13 + $285.22 + $270.37 + $250 = $1,115.72
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You would have $1,126.95 in your account at the end of year 4. If you deposited $1,000 in 4 payments of $250 each at the end of years 1, 2, 3, and 4, and assuming an annual interest rate of 8% compounded annually.
The calculation would be as follows:
At the end of year 1, you would have $250 in the account.
At the end of year 2, the $250 deposit from year 1 would have grown to:
$250 * (1 + 0.08) = $270
You would also have an additional $250 deposit from year 2, giving you a total of $520 in the account.
At the end of year 3, the $520 in the account would grow to:
$520 * (1 + 0.08) = $561.60
You would also have an additional $250 deposit from year 3, giving you a total of $811.60 in the account.
At the end of year 4, the $811.60 in the account would grow to:
$811.60 * (1 + 0.08) = $876.95
You would also have an additional $250 deposit from year 4, giving you a total of $1,126.95 in the account.
Therefore, you would have $1,126.95 in your account at the end of year 4.
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a liger is thinking about its favorite meal. the liger can choose between fresh buffalo, gazelle, or wildebeest. it likes gazelle meat the most and thinks buffalo is too tough. what is its opportunity cost if it catches a gazelle?a liger is thinking about its favorite meal. the liger can choose between fresh buffalo, gazelle, or wildebeest. it likes gazelle meat the most and thinks buffalo is too tough. what is its opportunity cost if it catches a gazelle?wildebeestgazellewildebeest and buffalobuffalo
The opportunity cost for the liger if it catches a gazelle is the loss of the alternative options that it could have chosen instead. In this case, the liger could have chosen to catch a wildebeest or a buffalo, but it chose the gazelle because it likes the taste the most.
Therefore, the opportunity cost for the liger is the lost opportunity of eating a wildebeest or a buffalo. If the liger had chosen to catch a wildebeest, the opportunity cost would have been the loss of the chance to eat a gazelle or a buffalo. Similarly, if it had chosen to catch a buffalo, the opportunity cost would have been the loss of the opportunity to eat a gazelle or a wildebeest. In other words, the opportunity cost is the cost of the next best alternative that the liger has to give up in order to choose its preferred option.
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Exercise 3-3B Contribution margin ratio Martinez Company incurs annual fixed costs of $300,000. Variable costs for Martinez's product are $42 per unit, and the sales price is $70 per unit. Martinez desires to earn a profit of $120,000. Required Use the contribution margin ratio approach to determine the sales volume in dollars and units required to earn the desired profit.
To determine the sales volume in dollars and units required to earn the desired profit of $120,000, Martinez Company needs to use the contribution margin ratio approach. First, we need to calculate the contribution margin per unit by subtracting the variable cost per unit from the sales price per unit, which is $70 - $42 = $28. The contribution margin ratio is calculated by dividing the contribution margin per unit by the sales price per unit, which is $28/$70 = 0.4 or 40%.
To earn a profit of $120,000, Martinez needs to cover their fixed costs of $300,000 and earn an additional $120,000, making their total required profit $420,000. Using the formula, we can calculate the sales volume required in dollars:
Sales volume = (Fixed costs + Desired profit) / Contribution margin ratio
Sales volume = ($300,000 + $120,000) / 0.4 = $1,050,000
Therefore, Martinez needs to generate sales of $1,050,000 to earn a profit of $120,000. To determine the sales volume required in units, we can divide the sales volume in dollars by the sales price per unit, which is $70:
Sales volume in units = $1,050,000 / $70 = 15,000 units.
Therefore, Martinez needs to sell 15,000 units to generate sales of $1,050,000 and earn a profit of $120,000, after covering their fixed and variable costs.
Hi! I'd be happy to help you with this problem. To calculate the sales volume in dollars and units required for Martinez Company to earn the desired profit, we need to use the contribution margin ratio approach.
Step 1: Calculate the contribution margin per unit.
Contribution margin per unit = Sales price per unit - Variable cost per unit
= $70 - $42
= $28 per unit
Step 2: Calculate the contribution margin ratio.
Contribution margin ratio = Contribution margin per unit / Sales price per unit
= $28 / $70
= 0.4 or 40%
Step 3: Calculate the total desired profit and fixed costs.
Total desired profit + Fixed costs = $120,000 + $300,000
= $420,000
Step 4: Calculate the sales volume in dollars.
Sales volume in dollars = Total desired profit and fixed costs / Contribution margin ratio
= $420,000 / 0.4
= $1,050,000
Step 5: Calculate the sales volume in units.
Sales volume in units = Sales volume in dollars / Sales price per unit
= $1,050,000 / $70
= 15,000 units
To achieve the desired profit of $120,000, Martinez Company must generate sales of $1,050,000 and sell 15,000 units.
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a project has the following cash flows: year cash flow 0 $65,200 1 –31,200 2 –49,100 a. what is the irr for this project?
The IRR for this project is approximately 24.2%.
To calculate the internal rate of return (IRR), we need to find the discount rate that makes the net present value (NPV) of all cash flows equal to zero. In this case, we have cash outflows of $65,200 in year 0, cash inflows of $31,200 in year 1, and $49,100 in year 2.
Using a financial calculator or spreadsheet software, we can find that the IRR for this project is approximately 24.2%. This means that the project is expected to generate a return of 24.2% per year, which is higher than the required rate of return for the investment.
Alternatively, we can use the trial-and-error method to find the IRR. By trying different discount rates until the NPV of all cash flows equals zero, we can find that the IRR is approximately 24.2%.
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