1. Which type of inventory has seen the greatest growth in sales prices over the current year? 2. Which type of inventory has seen the greatest decline in sales prices over the current year? 3. Based on the trend lines provided, for which inventory items does management project to sell below its average unit cost in the following year (Hint: Compare projected sales prices to the bar chart showing average unit cost)? 4. Prepare the year-end adjusting entry to record inventory using the lower of cost or net realizable value method (Hint: Be sure to account for the number of units of ending inventory in your calculation).
The type of inventory that has seen the greatest growth in sales prices over the current year is the tables inventory.
The type of inventory that has seen the greatest decline in sales prices over the current year is sofas inventory.
The inventory item that the management projects to sell below its average unit cost in the following year is the sofas inventory.
The year-end adjusting entry to record inventory will be $23595.
Inventory: Dressers
Projected sales price $870
Average unit cost $810
Inventory: Chairs
Projected sales price $658
Average unit cost $320
Inventory: Sofas
Projected sales price $1177
Average unit cost $1540
Inventory: Tables
Projected sales price $2676
Average unit cost $1670
From the information above, we can see that the average unit cost for sofas is more than the projected sales price. Therefore, the inventory item that the management projects to sell below its average unit cost in the following year is the sofas inventory.
The year-end adjusting entry to record inventory will be:
Debit Cost of goods sold ($1540 - $1177) × 65 = $23595
Credit Inventory-Sofas = $23595
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California allows which of the following deductions for this year?
Headlands Industries uses a perpetual inventory system. Data for product E2-D2 includes the following purchases.
Date Number of units Unit price
May 7 44 $12
July 28 33 $17
On June 1, Headlands sold 22 units, and on August 27, 33 more units.
Compute the cost of goods sold using FIFO, LIFO, and average cost.
Answer:
Explanation:
The Federal Reserve changes the reserve requirement to meet monetary policy goals. What is a reserve requirement?
O the taxes that banks are required to pay to the government
O the percentage of customer deposits that banks must maintain possession of
O the interest rate that the federal reserve charges on its loans
O the interest rate that the federal reserve pays on bank deposits with the institution
Answer: I think it’s b
Explanation:
Business plan templates
The 7 elements of a Business Plan
Executive Summary. ...
Business Description. ...
Market Analysis. ...
Organization and Management Structure. ...
Sales Strategies. ...
Funding. ...
Financial Projections.
Assume you are planning to invest $ 7,797 each year for six years and will earn 9 percent
per year. Determine the future value of this annuity due problem if your first $ 7,797 is
invested now. (Round answer to 0 decimal places.)
Answer:
Amount invested in the beginning of each year = $5,558 Interest received each year = 7 % Each year interest will be received on the total of that years deposit plus amount accumulated from previous years deposits and interest.
Explanation:
The Munsters have been saving money in order to buy a house. They figure that, given current interest rates, they could afford a $465,000 home. Before looking at houses on the market they decide to explore the possibility of building a new home. The Munsters figure they could buy a suitable lot for $102,500–$$107,500. At a minimum they want to build a 2,300-square-foot house. The cost for a house of the quality they desire is $186 per square foot. Given this information, should the Munsters pursue the option of building a new house?
Answer:
Solution Cost of Lot = 75000 Area = 2400 square foot Cost per Square Foot = 160 Total Cost of Building Flat = 75000 + (2400 x 160) = 459,000 Cost
Explanation:
No, the given information, does not support the Munster's pursuing the option of building a new house because the cost is high to build a new house.
What is the importance of a house?A decent house offers defense. Violence and sexual abuse against children are less likely. They are less likely to be compelled to work as children, get married off at a young age, or be coerced into joining armed organizations. Having a house guarantees that displaced individuals have easier access to humanitarian relief.
Given,
Cost of ready house = $465,000
Cost of building new house = $102,500 + $186 x 2,300 (min sq.ft )
Cost of building new house = $530,300
The cost of building a new house is greater by $65,300 ( 530,300 - 465,000)
Thus, the Munsters drop down the decision to build a new house they should purchase a ready-made house.
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As explained in the Help section for the Workforce Compensation, Training, and Product Assembly decision screen, if (1) a company pays a drone PAT member an annual base wage of $24,000, an $800 year-end bonus for perfect attendance, and provides a company-paid annual fringe benefits package worth $3,200 and (2) a PAT is paid a $4 assembly quality incentive per UAV drone assembled that is equally divided among 4 PAT members, then if a drone PAT's productivity is 1500 drones per year then what would be the annual total compensation cost of a fully-staffed PAT and the total compensation cost per drone assembled?
*Please provide me with a step by step process how to solve the problem. Thanks
If the Workforce Compensation, Training, and Product Assembly decision screen, if (1) a company pays a drone PAT member an annual base wage of $24,000. What would be the annual total compensation cost of a fully-staffed PAT and the total compensation cost per drone assembled is: $97.33.
Income of single PAT member $28,000
($24,000+$800+$3,200)
Annual income for 4 PAT members $112,000
($28,000×4)
Annual quality incentives $6,000
(4× 1,500)
Total labor cost $146,000
($28,000+$112,000+$6,000)
Drones assembled 1,500
Total labor cost for each drones assembled $97.33
($146,000÷1,500)
Inconclusion if the Workforce Compensation, Training, and Product Assembly decision screen, if (1) a company pays a drone PAT member an annual base wage of $24,000. What would be the annual total compensation cost of a fully-staffed PAT and the total compensation cost per drone assembled is: $97.33.
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Grade 10 SBA TERM 3 business studies
Answer:
good
Explanation:
we should study welll
Waterworks Irrigation was a startup that was open for only one year of operation. During that year, it collected $175,000 in revenue and spent $50,000 on trucks, irrigation supplies, employees, and utilities. The owner of the firm, Cosmo, spent $100,000 of his own money to buy an office building and set up the office (instead of buying bonds and earning a 10% annual rate of return), which he later sold at the end of the year for $100,000. The firm's economic profit is:
The economic profit of Waterworks Irrigation is $115,000.
Economic profit is revenue less explicit cost and opportunity cost.
Explicit cost is the cost incurred in the course of running the start-up. It includes administrative cost, rent and cost of raw materials.
Opportunity cost or implicit cost is the cost of the next best option that a decision maker forgoes when he chooses one option over other options.
Economic profit = revenue - explicit cost - opportunity cost
Revenue = $175,000Explicit cost = $50,000 Opportunity cost = 10% x 100,000 = $10,000$175,000 - $50,000 - $10,000 = $115,000
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firm b produces gadgets. the price of gadgets is $2 each. firm b has total fixed costs of $300,000 and variable costs of $1.40 per gadget. the corporate tax rate is 30%. if the economy is strong, the firm will sell 2,000,000 gadgets. if the economy enters a recession, the firm will sell only half as many gadgets. if the economy is strong, the after-tax profit of firm b will be _________.
If the economy is strong, the after-tax profit of firm b will be $630,000.
Firm b After-tax profit
Sales $4,000,000
($2×$2,000,000)
Variable Costs $2,800,000
($1.40×2,000,000)
Fixed Costs $300,000
EBT $900,000
($4,000,000-$2,800,000-$300,000)
Tax $270,000
($900,000×30%)
After-tax profit $630,000
($900,000-$270,000)
Inconclusion if the economy is strong, the after-tax profit of firm b will be $630,000.
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Economics is best defined as the study of how societies deal with
O A. the factors of production.
O B. the problem of scarcity.
O C. the paradox of wealth.
O D. the division of labor.
Answer:
The division of labor.
Explanation:
Define unemployment.
Answer:
Unemployment means when you do not have a job
Explanation:
It means this because when you DO have a job you are Employed or you're an Employee, so the opposite would be unemployed
1. The Practice of Management written by A. O Peter F Drucker B. O Terry C. O Louis Allan D. O Hendry Fayol
For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis accounting).
a. On December 7, Oklahoma City Thunder sold a $90 ticket to a basketball game to be played in March.
b. Tesla sold and delivered a $58,000 car on December 25. The customer will not pay until February.
c. Deloitte signs a contract on December 1 to provide 40 days of advisory services with receipt of $10,000 due at the end of the contract. On December 31, 75% of the services have been completed.
The accrual concept of recognizing revenue in the period that the transaction occurs and not when payment is received agrees with the matching principle. Revenue should be recognized to match with the recognition of costs incurred for earning the revenue.
Situations Amount of Revenue Recognized in December
a. Ticket Sales $0
Revenue
b. Sales $58,000
Revenue
c. Contract $7,500 ($10,000 x 75%)
Revenue
Thus, for situation (a), no revenue is recognized in December since the game will be played in March. For situation (b), the $58,000 is fully recognized in December, notwithstanding that the customer will pay in February. For situation (c), only 75% of the revenue is recognized in December to agree with the percentage of completion.
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How do the factors of production affect our daily lives?
The factors of production are the resources used in creating and producing a good or service and are the building blocks of an economy. ... Improved economic growth raises the standard of improved economic growth raises the standard of living by lowering production costs and increasing wages.
lan works in the IT department at Pleasant Valley Health Partners. He feels encouraged to
find his own solutions to problems, and to implement those solutions when practical. The
programmers and data analysts work with little supervision because management feels they
are committed and creative workers. This policy reflects a
attitude about
workers.
Multiple Choice
Theory z
О O
Theory X
Theory Y
Theory W
Policies are often regarded as guarding principles. They are set up to help to guard individuals, organizations and the society in their decision making process.
This policy reflects Theory Y attitude about workers.Theory Y is a common known theory of human work motivation and management. It was created by Douglas McGregor to show the different models of workforce motivation.
It is often used by managers in human resource management, organizational behavior, organizational communication and organizational development.
This theory shows the motivating role of job satisfaction and boast workers morale to approach tasks without direct supervision.
Conclusively, Management use Theory Y can infuence employee motivation and productivity in different ways, as they believe that employees are internally motivated, like their job, and do hard work without a direct reward back.
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does anyone know this??? compare using necessary example,
The types of capital
Answer:
The four major types of capital include working capital, debt, equity, and trading capital. Trading capital is used by brokerages and other financial institutions.
Calvin is the night security officer at a children's museum. What might be one task that Calvin performs as part of his job?
Answer:
viewing video surveillance and conducting walk throughs
Explanation: I took the test
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $18,800 of services on account, and (2) he purchased $7,500 of supplies on account. There were $1,050 of supplies on hand as of December 31, Year 1.
Required
a. b. & e. Record the two transactions in the accounts. Record two separate entries for the closing entries. Record the required year-end adjusting entry to reflect the use of supplies and the required closing entries. Post the entries in the T-accounts and prepare a post-closing trial balance.
Answer:
I need help too
Explanation:
23=56
Trái phiếu của công ty S hiện được bán với mức giá $955, lãi suất coupon là
12% trả lãi hàng năm, mệnh giá là $1.000, thời gian đáo hạn là 15 năm. Hãy
tính YTM của trái phiếu.
Answer:
câu trả lời là 16.800 trong 15 năm với lãi suất 12%
Assuming that the average duration of First National Bank's $100 million of assets is five years while the average duration of its $80 million of liabilities is three years, then a 5-percentage-point decrease in interest rates will cause the net worth of First National Bank to _______ by $_______ million.
A 5-percentage-point decrease in interest rates will cause the net worth of First National Bank to increase by $13 million.
The calculation for the change in net worth will be:
= [(-Da) × ∆i / 1 - i × assets value)] - [(-Dl) × ∆i/1 + I × liability value)]
where,
∆i = change in interest rate
i = current interest
Da = duration of assets.
= [(-5) × 0.05/1 + 0×100)] - [(-3) × 0.05 / 1 + 0.80]
= 25 - 12
= 13 million
Therefore, the net worth of First National Bank will increase by $13 million.
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You own some land at the edge of Blacksburg. An individual wants to sign a contract where she rentsthe land from you for 10 years to operate a golf driving range. She is willing to pay $25,000 per year(at the end of each year). She will then buy the land from you at the end of year 10 for $350,000.Alternatively, she is willing to accept a five-year contract, but will only pay $20,000 per year (at theend of each year) and not buy the land at the end of the contract. You suspect that in five years,Blacksburg will have grown enough that a developer will buy your land to build new homes. Howmuch does the developer need to pay you at the end of five years to make the shorter contract thebetter option
Answer:
500,000
Explanation:
25,000x10=250,000+350,000=600,000 20,000x5=100,000 600,000-100,000=500,000
When we are doing the double entry for the closing inventory, why do we credit the inventory? I understand why we debit the closing inventory but not why we credit it.
Answer:
Debiting in this case means to add to the inventory. Therefore, crediting means that inventory was used up when closing inventory.
Explanation:
A debit is an accounting entry that either increases an asset or expense account, or decreases a liability or equity account. ... A credit is an accounting entry that either increases a liability or equity account, or decreases an asset or expense account.
a standard is A.set unit of measurement for a particular purpose
Explanation:
Units of measurement give standards so that the numbers from our measurements refer to the same thing. Measurement is a process that uses numbers to describe a physical quantity. We can measure how big things are, how warm they are, how heavy they are, and many other features.
How are the payments from a family income benefit policy treated for tax purposes?
Answer
i am not sure
Explanation:
First Bank loaned $360,000 for 180 days to a company purchasing a rock-crushing machine. The bank sold the 7% simple interest note 120 days later at an 8% discount rate. Find the proceeds. Assume a 360-day year for both notes.
Identify some of the ways that Starbucks ‘engages’ its consumers in customer relationships?
Answer:
1. Social media. Like many other companies, Starbucks tries to engage customers using social media.
2. Sale promotions. Sales promotion is a marketing strategy where the product is promoted using short-term attractive initiatives to stimulate its demand and increase its sales.
3. Advertisements.
Explanation:
Gerald just received a 2% raise from his employer. However, the rate of inflation last year
was 3%. Explain why this is a problem for Gerald.
Answer:
In conclusion, he will make less money.
Explanation:
It is a problem because the rate of inflation is higher than his raise.
Th increase in Gerald's income is a problem because the percentage increase in his income is lower than the increase in inflation. This means that the purchasing power in Gerald's income is lower.
Inflation is when the general price levels in an economy rises. Inflation reduces the purchasing power of money. The inflation rate in the US in 2020 was 1.2%.
Let us assume that Gerald's income is $1000.
After the raise, his income becomes: (1.02 x 1000) = $1020
As a result of the inflation, the increase in income needed to keep purchasing power constant is: (1.03 x $1000) = $1030.
The increase in Gerald's income is less than the inflation rate. This means that the purchasing power of Gerald would be lower.
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The following information is available for Something Strange Corporation (assuming all transactions affected cash): Sale of land $100,000 Sale of equipment 50,000 Issuance of common stock 70,000 Purchase of equipment 30,000 Payment of cash dividends 60,000 Net cash provided by investing activities is a. $130,000. b. $120,000. c. $190,000. d. $150,000.
Answer:
$130,000
because: $100,000 + $60,000 - $30,000 = $130,000
Explanation: