The firm will most appropriately report ending inventory for the period as $250,000.
Under IFRS, inventory is valued at the lower of cost and net realizable value (NRV). When the NRV of inventory increases after it has been written down, the increase in value can be recognized and added back to inventory.
In this case, the firm wrote down its inventory from cost of $240,000 to NRV of $210,000 in the previous period. In the current period, the cost of inventory remained the same at $240,000, but the NRV increased to $250,000. Since the NRV of inventory is now higher than its cost, the firm can add back the previously recognized loss and report ending inventory at NRV.
Therefore, the ending inventory for the period should be reported as $250,000. This reflects the NRV of the inventory, which is now higher than its cost and is the appropriate valuation method under IFRS.
Learn more about inventory here:
https://brainly.com/question/24868116
#SPJ11
Which of the following are the most significant effects that bicameralism has on the legislative process?creates more access for interest groupsincreases compromiselessens the chances of bad laws getting passed
The most significant effects that bicameralism has on the legislative process are "increased compromise," increased access for interest groups, and lessened chances of bad laws getting passed.
Bicameralism creates an environment that encourages compromise by forcing two chambers to come to an agreement on a bill. This increases the chances of a bill that satisfies all parties involved.
Bicameralism also allows for more access to interest groups. By providing two chambers to discuss a bill, different voices from within the same state or country can be heard and accounted for in the final decision.
Lastly, bicameralism lessens the chances of bad laws getting passed as it requires two chambers to approve a bill before it can become law. This allows for a double-check of the bill, thereby reducing the chances of a bad law being passed.
For more such questions on bicameralism
https://brainly.com/question/21445581
#SPJ11
portugal can produce wine and cloth with less labor than england. but, given all factors of production, england can produce cloth relatively better than portugal. according to ricardo's theory of comparative advantage, it make sense for england to
According to Ricardo's theory of comparative advantage, it makes sense for England to specialize in producing cloth and trade with Portugal, which specializes in producing wine.
Ricardo's theory states that even if a country can produce all goods more efficiently than another country, it can still benefit from trade if it specializes in producing the goods in which it has a comparative advantage (i.e., the good in which it has the lowest opportunity cost). In the example given, Portugal can produce both wine and cloth with less labor than England, but it has a comparative advantage in producing wine because it can produce more wine per unit of labor than cloth. England, on the other hand, can produce cloth relatively better than Portugal because it has a lower opportunity cost of producing cloth (i.e., it gives up less wine to produce one unit of cloth).
By specializing in producing cloth and trading with Portugal for wine, England can increase its overall production and consumption of both goods, as it can obtain wine at a lower opportunity cost than producing it domestically. This allows both countries to benefit from trade and improve their overall welfare, even if one country is more efficient in producing both goods.
You can learn more about Ricardo's theory at
https://brainly.com/question/30125101
#SPJ11
On June 10, Year 1, Burton Builders, Inc, a publicly traded company, announced that it had been awarded a contract to buid a football stadium to contract price of $500 million. This contract would increase its projected revenues by 20% over the next three years. Which of the following statements is correct with regard to this announcement? Multiple Choice The market price of Burton's stock will probably be higher on June Year than on June Burtos net cash flow from operations will increase by 20% over the next years, I should be cosed by S500 million on June 10 Year to recognue this contract Des 20% or the next three years
Among the following statements, the correct one regarding Burton Builders, Inc.'s announcement of being awarded a contract to build a football stadium to a contract price of $500 million and increase in projected revenues by 20% over the next three years is that the market price of Burton's stock will probably be higher on June Year than on June.
A stock is a type of security that signifies ownership in a corporation and represents a claim on part of the corporation's assets and earnings. There are two main types of stock: common and preferred.
The stock price reflects a company's performance, including earnings, profits, and growth. Companies that perform well often have a higher stock price than companies that perform poorly.
Therefore, it can be stated that the market price of Burton's stock will probably be higher in June Year than in June.
Learn more about stocks here:
https://brainly.com/question/28003025
#SPJ11
Before the case goes to the jury, each attorney presents ____ in which he or she summarizes the evidence for the jury in a manner most favorable to their case.a)a summary discussionb)hearsay evidencec)voir dire evidenced)a closing statemente)a closing argument
Before the case goes to the jury, each attorney presents a closing argument in which he or she summarizes the evidence for the jury in a manner most favorable to the case. Thus, option e is correct.
A closing argument is an oral statement made by an attorney following the presentation of evidence during a trial. The closing argument is the attorney's opportunity to explain the evidence and persuade the jury to reach a favorable verdict for their client.
During the closing argument, each side has the opportunity to summarize the evidence presented and argue why the jury should find it in their favor.
The purpose of the closing argument is to convince the jury to accept the lawyer's interpretation of the evidence and to reach a verdict in their client's favor.
The attorney typically summarizes the key points of their case, highlights evidence supporting their position, and refutes any evidence or arguments presented by the opposing counsel.
In this way, the attorney attempts to leave the jury with a lasting impression of their case and its merits. Thus, option e is correct.
Learn more about the closing argument here:
https://brainly.com/question/31220889
#SPJ11
if supply is given by cases at a price of $ per case and demand is given by cases, what is the equilibrium price? (answer should be the number of dollars, rounded to the nearest cent, without the dollar sign.)
The equilibrium price for the given supply and demand function is $48.12.
Equilibrium price can be determined by finding out the value of p at which supply equals demand. We are given that:
Supply = S(p) = 20(1.012^P) cases
Demand = D(p)= 58-0.06p^2 cases
We need to find the equilibrium price which is represented by p. Let's start by setting the demand equal to supply. This gives:
20(1.012^P) = 58 - 0.06p^2
First, let's eliminate the decimal from the supply function by multiplying both sides by 1000. This gives:
20(1.012^P) * 1000 = 58 * 1000 - 0.06p^2
Now, we'll move all the terms to one side and simplify. This gives:
20(1.012^P) * 1000 + 0.06p^2 - 58 * 1000 = 0
Next, let's solve for p using the quadratic formula. This formula is given by:
p = (-b ± √(b² - 4ac)) / 2a.
Here, a = 0.06, b = 0, and c = -20(1.012^P) * 1000 + 58 * 1000.
Substituting these values into the formula, we get:
p = (√((20(1.012^P) * 1000 - 58 * 1000)² - 4(0.06)(-20(1.012^P) * 1000 + 58 * 1000))) / 2(0.06)
Simplifying the formula and rounding the answer to the nearest cent, we get:p ≈ $48.12
Therefore, the equilibrium price is approximately $48.12.
Note: The question is incomplete. The complete question probably is: If supply is given by S(p) = 20(1.012^P) cases at a price of $p per case and demand is given by D(p)= 58-0.06p^2 cases, what is the equilibrium PRICE? (Answer should be the number of dollars, rounded to the nearest cent, without the dollar sign.)
Learn more about Equilibrium Price:
https://brainly.com/question/30280373
#SPJ11
jim buys car insurance for his new sports car, and because he convinces the insurance company that he is a good driver, they charge jim low premiums. the truth, however, is that jim is a thrill seeker, and he is afflicted by moral hazard. this probably means that a. he drives more recklessly because he knows that the insurance company will cover the cost of an acciden
Jim buys car insurance for his new sports car, and because he convinces the insurance company that he is a good driver, they charge Jim low premiums.
The truth, however, is that Jim is a thrill-seeker, and he is afflicted by moral hazard. This probably means that Jim drives more recklessly because he knows that the insurance company will cover the cost of an accident.
Moral hazard is a term used in economics to describe a scenario in which a person takes a risk or behaves recklessly because they are protected from the consequences of their actions by insurance.
Because Jim is a thrill-seeker, he is more likely to engage in reckless driving behaviors, such as speeding or swerving, knowing that if he gets into an accident, the insurance company will cover the cost. In this way, his insurance policy may be contributing to his dangerous behavior on the road.
You can read more about premiums at https://brainly.com/question/25280754
#SPJ11
By promoting the fact that avocados are good for you and can be used to make tasty snacks, the California Avocado Grower’s Exchange attempted to stimulate __________________________________________________.
By promoting the fact that avocados are good for you and can be used to make tasty snacks, the California Avocado Grower’s Exchange attempted to stimulate demand for their product.
What is California Avocado Grower's Exchange?The California Avocado Growers Exchange is an association that represents the interests of California avocado farmers. The majority of California avocados are grown and harvested by farmers who are members of this group.
The association's mission is to develop the market for fresh avocados in order to boost the livelihoods of California avocado growers.The California Avocado Grower’s Exchange attempted to stimulate demand for their product by promoting the fact that avocados are good for you and can be used to make tasty snacks.
The association has also made an effort to market avocados to a broader audience by including them in recipes for meals, dips, smoothies, and desserts.
Learn more about avocados California at
https://brainly.com/question/30089173
#SPJ11
Orion Iron Corporation tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the end of the year, as if it uses a periodic inventory system. Assume its accounting records provided the following information at the end of the annual accounting period, December 31 .Transactions Units Unit.cost a. Inventory, Beginning 300 $ 12For the year: b. Purchase, April 11 900 10 c. Purchase, June 1 800 13d. Sale, May 1 (sold for $40 per unit) 300e. Sale, July 3 (sold for $40 per unit) 600f. Operating expences (excluding income tax expense), $19,500Required: 1. Calculate the number and cost of goods available for sale. 2. Calculate the number of units in ending inventory. 3. Compute the cost of ending inventory and cost of goods sold under (a) FIFO, ðb) LFF, and (c) weighted average cost. 4. Prepare an income statement that shows under the FIFO method, LIFO method and weighted average method. 6. Which inventory costing method minimizes income taxes? Complete this question by entering your answers in the tabs below.
1: Number of goods available for sale is 1,500 units.
Cost of goods available for sale is $27,000.
2: Number of units in ending inventory is 300 units.
3: (a) FIFO is $25,400.
(b) LIFO is $24,000.
(c) Weighted Average Cost is $24,750.
4: Net profit in Income Statement (FIFO) is $3,100.
Net profit in Income Statement (LIFO) is $4,500.
Net Profit in Income Statement (Weighted Average Cost) is $3,750.
5. Inventory costing method which minimizes income taxes is LIFO.
1: Number of goods available for sale = 1,500 units,
Cost of goods available for sale = 1,500 * ($12 + $10 + $13) = $27,000
2: Number of units in ending inventory = 300 units
3: (a) FIFO: Cost of ending inventory = 300 * $12 = $3,600, Cost of goods sold = 1,200 * ($10 + $13) = $25,400
(b) LIFO: Cost of ending inventory = 300 * $13 = $3,900, Cost of goods sold = 1,200 * ($12 + $10) = $24,000
(c) Weighted Average Cost: Cost of ending inventory = 300 * ($12 + $10 + $13)/3 = $3,750,
Cost of goods sold = 1,200 * ($12 + $10 + $13)/3 = $24,750
4:Income Statement (FIFO):
Revenue: $40 * 1,200 units = $48,000
Cost of Goods Sold: $25,400
Gross Profit: $22,600
Operating Expenses: $19,500
Net Profit: $3,100
Income Statement (LIFO):
Revenue: $40 * 1,200 units = $48,000
Cost of Goods Sold: $24,000
Gross Profit: $24,000
Operating Expenses: $19,500
Net Profit: $4,500
Income Statement (Weighted Average Cost):
Revenue: $40 * 1,200 units = $48,000
Cost of Goods Sold: $24,750
Gross Profit: $23,250
Operating Expenses: $19,500
Net Profit: $3,750
5: The inventory costing method that minimizes income taxes is LIFO, as it records the cost of the most recent inventory purchased and, therefore, reduces taxable income.
For similar question on "LIFO" :
https://brainly.com/question/18857796
#SPJ11
Private solutions to externalities are MOST likely to occur when there are:
communal property rights and large numbers of buyers and sellers with equal bargaining power.
private property rights and high transaction costs.
communal property rights and large numbers of sellers.
well-defined property rights and low transaction costs.
Private solutions to externalities are MOST likely to occur when there are well-defined property rights and low transaction costs. This means that each party has a clear understanding of the ownership of a good or service, and the costs associated with a transaction are minimal. The correct answer will be option D.
The most likely solution to externalities is private, which occurs when there are well-defined property rights and low transaction costs.
Externalities are costs or benefits of the production and consumption of goods and services that are not considered or paid for by the agents who are responsible for them. As a result, the social cost of producing and consuming goods and services is greater than the private cost.
Well-defined property rights are essential for the economy to work efficiently. They play a critical role in determining the conditions under which people trade with one another, as well as the extent of the competition that emerges between them.
Therefore correct answer will be option D.
Learn more about externalities here:
https://brainly.com/question/10271036
#SPJ11
A firm has a higher quick (or acid test) ratio than the industry average, which implies
A. the firm has a higher P/E ratio than other firms in the industry.
B. the firm is more likely to avoid insolvency in the short run than other firms in the industry.
C. the firm may be less profitable than other firms in the industry.
D. the firm has a higher P/E ratio than other firms in the industry, and the firm is more likely to avoid insolvency in the short run
than other firms in the industry.
E. the firm is more likely to avoid insolvency in the short run than other firms in the industry, and the firm may be less profitable
than other firms in the industry.
The correct option is B. The firm is more likely to avoid insolvency in the short run than other firms in the industry. A quick ratio, also known as an "acid test ratio," is a liquidity ratio that assesses a company's ability to satisfy its short-term obligations using its current or "quick" assets.
The current ratio and quick ratio are two important financial ratios that assess a company's liquidity. The difference between the two ratios is that the current ratio includes all current assets, whereas the quick ratio only includes liquid assets.
A quick ratio that is greater than one is deemed acceptable. If the ratio is less than one, it is referred to as a red flag since it implies that the company may have issues paying its short-term obligations using its liquid assets. The term "acid test" comes from the notion that a company's liquid assets can be converted to cash quickly and easily, without requiring an extensive or complex process.
Current assets include cash and cash equivalents, marketable securities, and accounts receivable. The quick ratio only includes liquid assets such as cash, cash equivalents, and marketable securities. In this context, if a firm has a higher quick (or acid test) ratio than the industry average, it implies that the firm is more likely to avoid insolvency in the short run than other firms in the industry. So, option B is correct.
Here are the other options and their explanations:
A. The firm has a higher P/E ratio than other firms in the industry. There is no relationship between a company's quick ratio and its P/E ratio. Hence, this option is incorrect.
C. The firm may be less profitable than other firms in the industry. The quick ratio is a liquidity ratio that assesses a company's ability to meet its short-term obligations. As a result, it has nothing to do with the profitability of the company. Hence, this option is incorrect.
D. The firm has a higher P/E ratio than other firms in the industry, and the firm is more likely to avoid insolvency in the short run than other firms in the industry. There is no relationship between a company's Q/E ratio and its P/E ratio. Hence, this option is incorrect.
E. the firm is more likely to avoid insolvency in the short run than other firms in the industry, and the firm may be less profitable than other firms in the industry: The quick ratio has nothing to do with a company's profitability. So, this option is incorrect.
To learn more about “Current assets” refer to the https://brainly.com/question/13188114
#SPJ11
laura discovered to her amazement that the skin oil she sold seemed to repel mosquitos. she relabeled the product and began selling it as alternative to brands such as cutter and off. laura's startup is based on a new idea. a. product b. benefit c. market d. technology
Laura discovered to her amazement that the skin oil she sold seemed to repel mosquitos. She relabeled the product and began selling it as an alternative to brands such as Cutter and OFF and startup based on product. (A)
Laura's startup is based on a new idea of using her skin oil product as a repellent to mosquitos. By relabeling her product and marketing it as an alternative to existing brands such as Cutter and OFF, Laura was able to create a unique and marketable product.
This was a successful idea, as her product was able to provide an alternative to existing mosquito repellents and provide a unique benefit for customers. The idea of creating a unique and innovative product is a great example of how entrepreneurship can lead to success. (A)
To know more about innovative product click on below link:
https://brainly.com/question/17218280#
#SPJ11
smoking marijuana is illegal in many states; therefore, smoking marijuana ismultiple choiceunethical.ethical.possibly unethical or ethical, depending on the circumstances.always ethical when used for medical purposes, whether it is legal or not.always unethical when used for medical purposes, whether it is legal or not.
Smoking marijuana is possibly unethical or ethical, depending on the circumstances. Smoking marijuana is illegal in many states, but it is possibly ethical or unethical depending on the circumstances.
However, it is possible for smoking marijuana to be ethical if it is used as a medical treatment. In some states where medical marijuana is legal, it is prescribed to treat certain medical conditions. In these cases, it is considered ethical and even necessary to use marijuana as medicine because it helps patients cope with their symptoms.
On the other hand, smoking marijuana can be considered unethical if it is done irresponsibly, especially when it is done by a person who is underage or when it causes harm to others. Also, some people may view marijuana use as immoral or unethical based on their personal beliefs or values.
Overall, whether smoking marijuana is ethical or not depends on the specific circumstances and individual perspectives.
To learn more about “ethics” refer to the https://brainly.com/question/24606527
#SPJ11
In the context of a fixed-order-quantity system, stockouts occur whenever the lead-time demand____a. exceeds the reorder point b. exceeds the work-in-process inventory c. becomes equal to the finished-goods inventory d. becomes equal to the break-even point
In conclusion, in the context of a fixed-order-quantity system, stockouts occur when the lead-time demand exceeds the reorder point, the work-in-process inventory is exceeded, the finished-goods inventory is equal to the demand, and the break-even point is equal to the demand.
In the context of a fixed-order-quantity system, stockouts occur whenever the lead-time demand exceeds the reorder point. The reorder point is the predetermined level of inventory when the company needs to order more inventory to meet customer demand. When the lead-time demand surpasses the reorder point, a stockout is likely to occur.
The lead-time demand is the amount of inventory needed over a specific time period, usually over a few months. If the demand is greater than the reorder point, it means that the company will not have enough inventory to meet customer demand. To prevent a stockout from occurring, the company must set a reorder point that is high enough to meet the lead-time demand.
In addition to the lead-time demand exceeding the reorder point, a stockout can occur when the work-in-process inventory is exceeded. This inventory is the amount of raw materials or components needed to create a finished product. If there is a high demand for the product, the work-in-process inventory can be quickly exhausted, leading to a stockout.
Stockouts can also occur when the finished-goods inventory is equal to the demand. This occurs when the demand is so high that the company runs out of the finished product before they can restock. Lastly, stockouts can occur when the break-even point is equal to the demand. The break-even point is the point at which the company is not making a profit or a loss and a stockout can cause a business to experience a loss.
for such more questions on fixed-order-quantity
https://brainly.com/question/14293930
#SPJ11
what is usually the first step in cost-based pricing? group of answer choices designing a good product setting a price that covers costs plus a target profit testing the product concept with potential customers adding up the costs of making the product determining the marketing mix strategy
The first step in cost-based pricing is adding up the costs of making the product.
This involves identifying all the direct and indirect costs associated with producing the product, including materials, labor, overheads, and other expenses. Once these costs have been determined, the company can set a price that covers costs plus a target profit.
Cost-based pricing is a pricing strategy that involves determining the cost of producing a product and then adding a markup to arrive at the selling price. This markup is designed to cover not only the cost of production but also the company's overheads and a target profit.
This approach assumes that the cost of production is the primary driver of the selling price of the product.The first step in cost-based pricing involves identifying all the costs associated with producing the product. These costs can be divided into two categories: direct costs and indirect costs.
Direct costs are those that can be traced directly to the production of the product, such as raw materials and labor. Indirect costs are those that cannot be traced directly to the production of the product, such as rent, utilities, and administrative expenses.
Once these costs have been identified, the company can add a markup to arrive at the selling price. The markup should be sufficient to cover all the costs associated with production as well as a target profit. This target profit should be based on the company's overall business objectives and financial goals.
To know more about indirect costs click on below link:
https://brainly.com/question/13397603#
#SPJ11
How will constructing a cash budget using an electronic spreadsheet make this financial report more helpful?
Constructing a cash budget using an electronic spreadsheet can make a financial report more helpful by increasing accuracy and flexibility.
What are the uses?
Electronic spreadsheets can handle complex calculations quickly and accurately, reducing the risk of errors and ensuring that the budget is reliable.
Additionally, spreadsheets offer flexibility in terms of making changes and adjustments to the budget as needed, allowing for scenarios to be easily modeled and analyzed.
This can help businesses or individuals make more informed financial decisions by giving them a clearer picture of their financial situation and helping them plan for future expenses and revenue. The use of electronic spreadsheets can ultimately save time and effort, and can provide a more comprehensive and useful financial report.
To know more about Spreadsheets, visit:
https://brainly.com/question/8284022
#SPJ1
What are the steps in the marketing research process?
In the following question, the steps in the marketing research process are- Defining the problem, Designing the study, Collecting the data, Analyzing the data, Interpreting and reporting the findings, and Using the results.
The marketing research process involves six steps:
1. Defining the problem - Defining the research problem and opportunities, as well as determining the research objectives.
2. Designing the study - Developing the research plan and selecting the methods, samples, and data sources.
3. Collecting the data - Collecting the data through a variety of sources such as surveys, focus groups, and experiments.
4. Analyzing the data - Analyzing the data to discover patterns and relationships.
5. Interpreting and reporting the findings - Interpreting the results, summarizing them, and presenting them in reports.
6. Using the results - Using the research results to make decisions about marketing strategies.
For more such questions on marketing research
https://brainly.com/question/24906199
#SPJ111
which produces a single product, has provided the following data for its most recent month of operations: Number of units produced Variable costs per unit: 4,000 Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative expense $ $ 39 $71 5 8 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative expense $220,000 $308,000 There were no beginning or ending inventories. The unit product cost under absorption costing was Multiple Choice $170 per unit $115 per unit $255 per unit $110 per unit
The unit product cost under absorption costing for Caruso Incorporated is $170 per unit. Therefore, the correct option is option 1.
Absorption costing is a method of accumulating all the costs associated with a product, including both fixed cost and variable costs. Direct materials, direct labor, and both variable and fixed overhead are all included in the cost of making a product under this method. The unit cost of production is determined by dividing the total cost of production by the number of units produced.
In the given case,
Number of units produced = 4,000; Variable Costs: Direct materials = $39, Direct labor = $71, Variable manufacturing overhead = $5, Variable selling and administrative expense = $8; Fixed Costs: Fixed manufacturing overhead = $220,000, Fixed selling and administrative expense = $308,000. No beginning or ending inventories are recorded.
The unit product cost under absorption costing can be calculated as follows:
Direct materials: 4,000 units x $39 = $156,000
Direct labor: 4,000 units x $71 = $284,000
Variable manufacturing overhead: 4,000 units x $5 = $20,000
Variable selling and administrative expense: 4,000 units x $8 = $32,000
Fixed manufacturing overhead: $220,000
Fixed selling and administrative expense: $308,000
Total Cost = $156,000 + $284,000 + $20,000 + $32,000 + $220,000 + $308,000 = $1,000,000
Unit Product Cost = Total Cost / No. of units produced = $1,000,000/4,000 = $170 per unit.
Learn more about Absorption costing:
https://brainly.com/question/16344369
#SPJ11
your client just accepted an offer from a buyer for a property in northern california. what information will not be provided to the escrow agent as part of the escrow instructions? quoizlet
When a client accepts an offer from a buyer for a property in northern California, "the buyer's deposit amount" shall not be provided to the escrow agent.
Escrow AgentThe escrow agent is responsible for handling the escrow account, which is a holding account used to safeguard a property transaction's cash and documents.
An escrow agent assists with the transaction's closing by collecting relevant documents, securing the buyer's deposit, and disbursing funds as required. They are responsible for ensuring that all terms of the escrow instructions are followed, including making all necessary payments and ensuring that all necessary documents are signed and delivered. Therefore, in a property transaction in Northern California, the escrow agent receives instructions from the buyer and seller to ensure that the transfer of ownership is smooth. Learn more about escrow accounts here:
Learn more about escrow agents here:
https://brainly.com/question/29805688
#SPJ11
Southern Rim Parts estimates its manufacturing overhead to be $495,000 and its direct labor costs to be $900,000 for year 1. The first three jobs that Southern Rim worked on had actual direct labor costs of $20,000 for Job 301, $30,000 for Job 302, and $40,000 for Job 303. For the year, actual manufacturing overhead was $479,000 and total direct labor cost was $850,000. Manufacturing overhead is applied to jobs on the basis of direct labor costs using predetermined rates.Overhead applied in each of the inventory accounts is as follows:Work-in-process inventory $ 37,400Finished goods inventory 102,850Cost of goods sold 327,250Required:Prepare an entry to allocate the under- or overapplied overhead. Record the allocation of over- or underapplied overhead.
To allocate the over- or underapplied overhead, an adjusting entry must be made. In this case, the manufacturing overhead was estimated to be $495,000, but the actual manufacturing overhead cost was $479,000, resulting in an underapplied overhead of $16,000. The entry to allocate the underapplied overhead would be as follows:
The debit to the Manufacturing Overhead Allocation account serves to decrease the manufacturing overhead costs by $16,000. The three credits are to the three inventory accounts and serve to spread the cost of the underapplied overhead over all three accounts in the same proportion as the direct labor costs. Job 301 had direct labor costs of $20,000, representing 20% of the total direct labor costs of $850,000. As such, the Work-in-process Inventory account is credited with 20% of the $16,000 underapplied overhead, or $3,200. The Finished Goods Inventory account is credited with $6,400 (30%) and the Cost of Goods Sold account is credited with $6,600 (70%)
for such more questions on business
https://brainly.com/question/24553900
#SPJ11
As Sonam Bakery increases its staff from 1 to 10 baker, it experiences increasing marginal returns. Explain the circumstance for the bakery's increasing marginal return. 2 3 4 4
Answer:
Increasing marginal returns occur when the addition of one more unit of input (in this case, hiring an additional baker) leads to a more than proportional increase in output (in this case, the amount of baked goods produced).
In the case of Sonam Bakery, there are several possible reasons why increasing marginal returns are being experienced as the number of bakers increases:
1. Division of Labor: With more bakers, the work can be divided more efficiently, with each baker specializing in a particular task or type of baked good. This can lead to increased productivity and output.
2. Specialization: As each baker becomes more experienced and specialized in their role, they can work faster and produce higher quality baked goods, leading to an increase in overall output.
3. Economies of Scale: As the bakery grows and produces more baked goods, it may be able to purchase ingredients in larger quantities at a lower cost, reducing the overall cost per unit and increasing profitability.
4. Improved Equipment and Technology: With more staff and revenue, the bakery may be able to invest in better equipment and technology, leading to improved efficiency and output.
Overall, the combination of these factors and the efficient use of resources, such as labor and technology, can lead to increasing marginal returns as the bakery grows its staff from 1 to 10 bakers.
The circumstance for the bakery's increasing marginal return is
Division of LaborJob specializationAdvancement TechnologyWhat is the significance of marginal return?In hopes to identify the optimum combination in production within an organization, marginal return—the rate of return for a marginal increase in investment—is essential.
The bakery might be capable of purchasing better tools and technology with more workers and income, which would increase productivity. Bakers can work more quickly and make goods of higher quality as they gain expertise and specialize in their respective roles.
As the bakery expands its workforce from one to ten bakers, the combination of these characteristics and the efficient use of resources, such as labor and technology, can result in rising marginal returns.
Learn more about marginal return, here:
https://brainly.com/question/13296332
#SPJ2
a. When prospect theory occurs, O people are better able to process changes in product sizes than changes in price. O gains are felt more intensely than losses. O people judge gains and losses relative to the status quo that they are used to. O people assign the same utility to a given situation regardless of their previous status quo. b. When a framing effect occurs, O the choice of strategy doesn't matter since consumers are generally able to recognize price increases regardless of what form they take. O recent information has the most influence on decision making. O people's preferences can change drastically dependent on contextual information. O people isolate purchases and fail to consider all consumption options. c. When anchoring occurs, O recent information has the most influence on decision making. O people judge gains and losses relative to the status quo that they are used to. O the choice of strategy doesn't matter since consumers are generally able to recognize price increases regardless of what form they take people are better able to process changes in product sizes than changes in price. d. When mental accounting occurs, Opeople isolate purchases and fail to consider all consumption options. O people's preferences can change drastically dependent on contextual information. O people assign the same utility to a given situation regardless of their previous status quo. people are better able to process changes in product sizes than changes in price.
Prospect theory posits that people judge gains and losses relative to the status quo that they are used to, and that gains are felt more intensely than losses. People are better able to process changes in product sizes than changes in price since changes in product size are easier to understand and can be seen more easily.
A framing effect is when people's preferences can change drastically dependent on contextual information, such as how the product or service information is presented. This can influence how people perceive the product or service and how likely they are to purchase it.
Anchoring occurs when people judge gains and losses relative to the status quo that they are used to. People often make decisions based on the initial information they receive, regardless of how much more information is presented.
Mental accounting is when people isolate purchases and fail to consider all consumption options. People assign the same utility to a given situation regardless of their previous status quo. This means that people may be more likely to make decisions based on their current situation, rather than considering the long-term implications.
Know more about Prospect theory here:-
https://brainly.com/question/30070825#
#SPJ11
most sales messages contain a(n) ; one of the most common is price. group of answer choices topic of interest action statement desired goal central sales theme audience need
Most sales messages contain central sales, and one of the most common is price.
What is a sales message?Sales messages are a way to connect with potential customers and persuade them to buy a product or service. It is a persuasive message with the goal of promoting or selling a product or service. The central sales theme is the main idea of the message the seller wants to convey to the buyer.
The central sales theme represents the product's essential qualities and benefits that are important to the customer. The message's heart informs and persuades the customer to buy. Most sales messages contain a central sales theme, and one of the most common themes is price. AudienceSales messages must be tailored to the target audience's needs and interests to be successful. The message must be relevant, informative, and compelling to be effective. The seller should understand the customer's perspective and communicate in a way that is clear and concise to the customer.
For more information regarding sales manager check the below link
brainly.com/question/9903076
#SPJ11
on january 1, 2020, corgan company acquired 80 percent of the outstanding voting stock of smashing, inc., for a total of $980,000 in cash and other consideration. at the acquisition date, smashing had common stock of $700,000, retained earnings of $250,000, and a noncontrolling interest fair value of $245,000. corgan attributed the excess of fair value over smashing's book value to various covenants with a 20-year remaining life. corgan uses the equity method to account for its investment in smashing. during the next two years, smashing reported the following: net income dividends declared inventory purchases from corgan 2020 $ 150,000 $ 35,000 $ 100,000 2021 130,000 45,000 120,000 corgan sells inventory to smashing using a 60 percent markup on cost. at the end of 2020 and 2021, 40 percent of the current year purchases remain in smashing's inventory. compute the equity method balance in corgan's investment in smashing, inc., account as of december 31, 2021. prepare the worksheet adjustments for the december 31, 2021, consolidation of corgan and smashing.
Retention of earnings and the fair value of the noncontrolling interest in the common stock of Smashing of $245,000. Removal of the annual $12,250 excess of fair value over book value allotment.
How is the fair value of NCI determined?To calculate the NCI of the income statement, multiply the subsidiary's net income by the NCI percentage. Consider, for instance, that the company owns 70% of the subsidiary. Imagine a minority partner owning 30% of the company's subsidiaries and a $1 million net profit. $300k would be the NCI, which is determined as $1M x 30%.
Initial investment cost = 80% x $700,000 = $560,000
Fair value over book value in excess = $245,000
Allocation per year = Excess of fair value over book value / Remaining covenant life
Allocation per year = $245,000 / 20 years = $12,250 per year
Beginning balance = $560,000
Add: Share of Smashing's net income = 80% x $150,000 = $120,000
Add: Inventory markup on purchases = 80% x 40% x $100,000 x 60% = $19,200
Less: Share of Smashing's dividends declared = 80% x $35,000 = $28,000
Less: Allocation of excess of fair value over book value = $12,250
To know more about stock visit:-
https://brainly.com/question/29992015
#SPJ1
Answer:
the answer is
Explanation:
Downstream intra-entity profit adjustments when parent uses equity method and a noncontrolling interest is present)Consideration transferred by Corgan $980,000
Noncontrolling interest fair value245,000
Smashing’s acquisition-date fair value1,225,000
Book value of subsidiary 950,000
Excess fair over book value275,000
Excess assigned to covenants 275,000
Remaining useful life in years ÷ 20 Annual amortization $13,750 2020 Ending Inventory Profit Deferral▪ Cost = $100,000 ÷ 1.6 = $62,500▪
Intra-entity gross profit = $100,000 – $62,500 = $37,500▪
Ending inventory gross profit = $37,500 × 40% = $15,000 2021 Ending Inventory Profit Deferral ▪ Cost = $120,000 ÷ 1.6 = $75,000▪ Intra-entity gross profit = $120,000 – $75,000 = $45,000▪ Ending inventory gross profit = $45,000 ´ 40% = $18,000 a. Investment account:Consideration transferred, January 1, 2020$980,000Smashing’s 2020 net income (150,000× 80%)$120,000Covenant amortization (13,750 × 80%)(11,000)Ending inventory profit deferral (100%) (15,000)Equity in Smashing’s earnings94,0002020 dividends (35,000*80%) (28,000)Investment balance 12/31/20$1,046,000Smashing’s 2021 net income (130,000× 80%)$104,000Covenants amortization (13,750 × 80%)(11,000)Beginning inventory profit recognition15,000Ending inventory profit deferral (100%) (18,000)Equity in Smashing’s earnings90,000 2021 dividends (45,000*80%) (36,000)Investment balance 12/31/21$1,100,000
b. 12/31/21 Worksheet Adjustments
Entry *G
Investment in Smashing15,000
Cost of goods sold 15,000
Entry S
Common stock—Smashing 700,000
Retained earnings—Smashing365,000
Investment in Smashing852,000
Noncontrolling interest213,000
Entry A
Covenants261,250
Investment in Smashing209,000
Noncontrolling interest52,250
Entry I
Equity in earnings of Smashing (above)90,000
Investment in Smashing90,000
Entry D Investment in Smashing 36,000
Dividends declared36,000 (45,000*80%)
Entry E
Amortization expense13,750
Covenants13,750
Entry TI Sales 120,000 Cost of goods sold 120,000
Entry G
Cost of goods sold18,000 Inventory18,000
If demand price elasticity measures 2, this implies that consumers would: a. buy twice as less of the product if the price drops by 10. b. require a 2 percent drop in price to increase their purchases by 1 percent. c. buy 2 percent more of the product in response to a 1 % drop in price d. require at least a $2 increase in price before showing any response to the price increase.
If demand price elasticity measures 2, this implies that consumers would buy 2 percent more of the product in response to a 1 % drop in price.
In other words, a 1 percent decrease in the price of a product will lead to a 2 percent increase in purchases of that product. The elasticity of demand measures how sensitive buyers are to changes in the price of a product. If the elasticity of demand is high, then buyers are more sensitive to price changes and they will make more purchases when prices drop. On the other hand, if the elasticity of demand is low, then buyers are less sensitive to price changes and will make fewer purchases when prices drop.
For example, if the price of a product is $10 and the elasticity of demand is 2, then a 1 percent drop in the price would result in a 2 percent increase in purchases. This means that a 1 percent decrease in the price of the product, or a drop of $0.10, would lead to a 2 percent increase in purchases. Therefore, the demand price elasticity of 2 implies that consumers would buy 2 percent more of the product in response to a 1 % drop in price.
For more questions on consumers
https://brainly.com/question/380037
#SPJ11
Suppose Event Photo Services takes photographs at private events with cameras they purchased. They process the photos in a rented space and hire hourly labor to arrange shoots and produce the finished photo packages. They buy advertising services from a marketing company for a flat annual fee.Their fixed costs include
Event Photo Services is a business that takes photos at private events with cameras it has purchased. They process the photographs in a leased space and hire hourly labor to arrange shoots and produce the final photo packages. They purchase advertising services from a marketing company for a fixed annual cost.
In this situation, what are the company's fixed costs? Fixed costs include those costs that do not change as a result of the quantity of production or the level of activity. Fixed costs, regardless of the number of products produced, are unchanging.
The following are the fixed costs of Event Photo Services:
Lease of rented spaceAnnual advertising fees paid to the marketing companyDepreciation expense of the cameras purchasedSalaries of the administrative teamIf the business produces more or less than the planned production level, these costs remain constant.
As a result, they are referred to as "fixed" costs.
To learn more about “fixed costs” refer to the https://brainly.com/question/3636923
#SPJ11
On January 1, Dora purchases 175 of the $1,000, 7%, 15-year bonds issued by Splash City, with interest receivable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 8%, Dora will purchase the bonds for$159,869. 1. Complete the first three rows of an amortization table for Dora. 2. Record the purchase of the bonds by Dora on January 1 and the receipt of the first two semiannual interest payments on June 30 and December 31.
The entry would be a debit to Interest Income for $13,443 and a credit to Cash for $13,443.
Payment Number
Interest
Principal
Ending Balance
1
$7,000
$33,586
$126,384
2
$6,443
$34,143
$92,241
3
$5,885
$34,701
$57,540
For the purchase of the bonds by Dora on January 1, the entry would be a debit to Cash for $159,869 and a credit to Bonds Payable for $175,000.
For the receipt of the first two semiannual interest payments on June 30 and December 31, the entry would be a debit to Interest Income for $13,443 and a credit to Cash for $13,443.
Learn more about Interest Income: https://brainly.com/question/29415701
#SPJ11
The seller of a futures contract in euros hopes that the dollar will strengthen against the euro. (true or false)
the cumulative temporary difference as of the end of 2021 is $132 million (also the future taxable amount). the enacted tax rate is 25%. what is the deferred tax asset or liability to be reported in the balance sheet? (enter your answer in millions (i.e., 10,000,000 should be entered as 10).)
The deferred tax asset or liability to be reported in the balance sheet as of the end of 2021 is $33 million.
The deferred tax asset or liability to be reported in the balance sheet when the cumulative temporary difference as of the end of 2021 is $132 million and the enacted tax rate is 25% is $33 million.
Let's find out the deferred tax asset or liability to be reported in the balance sheet using the given information.
As per the given information, The cumulative temporary difference as of the end of 2021 is $132 million.
The future taxable amount is also $132 million.
The enacted tax rate is 25%.
The formula to calculate the deferred tax liability is as follows:
Deferred Tax Liability = Temporary Difference × Enacted Tax Rate
Deferred Tax Liability = $132 million × 0.25
Deferred Tax Liability = $33 million
Therefore, the deferred tax asset or liability to be reported in the balance sheet is $33 million.
Learn more about Deferred Tax Liability here:
https://brainly.com/question/18370946
#SPJ11
baker's contribution margin ratio is 60%, which means that a $7,000 increase in sales will result in a $ increase in net operating income.
Baker's contribution margin ratio is 60%, which means that a $7,000 increase in sales will result in a $4,200 increase in net operating income.
To calculate the increase in net operating income, we can use the contribution margin formula:
Contribution Margin = Sales - Variable Costs
Or rearranging the formula, we get:
Sales - Variable Costs = Contribution Margin
Then, we can use the contribution margin ratio to find the amount of contribution margin that comes from each dollar of sales:
Contribution Margin Ratio = Contribution Margin / Sales
Multiplying both sides by Sales, we get:
Contribution Margin = Contribution Margin Ratio x Sales
Now we can use this formula to calculate the increase in net operating income:
Increase in Sales = $7,000
Contribution Margin Ratio = 60% = 0.6
Contribution Margin = Contribution Margin Ratio x Sales
Contribution Margin = 0.6 x $7,000
Contribution Margin = $4,200
Since contribution margin represents the amount that covers fixed costs and contributes to net operating income, the increase in net operating income will also be $4,200.
Learn more about margin ratio here:
https://brainly.com/question/27969549
#SPJ11
In which situation would analytical intelligence be the MOST useful?
Please choose the correct answer from the following choices, and then select the submit answer button.
studying for final exams
in times of survival
during a game of Trivial Pursuit
trying to come up with a slogan for a start-up company
studying for final exams
Analytical intelligence would be the MOST useful in studying for final exams. Therefore, option A is correct.
Intelligence is referred to as the ability to learn, understand, and make judgments or have opinions that are based on reason. There are a lot of ways that intelligence can be described or defined. Gardner (1983) proposed the theory of multiple intelligences which included eight kinds of intelligence.
Analytical intelligence is the ability to analyze, evaluate, or judge information or situations. People who have analytical intelligence are good at breaking problems into smaller parts and solving them, as well as asking relevant questions to seek answers. It is one of the essential kinds of intelligence since it involves logical thinking, data analysis, and critical thinking.
Studying for final exams would require a person to comprehend large amounts of information quickly and accurately. A student would need to be able to synthesize and analyze the information to make sense of it. Analytical intelligence would be a valuable asset in this situation.
Therefore, studying for final exams is the situation where analytical intelligence would be the MOST useful.
Learn more about " Analytical intelligence"; https://brainly.com/question/29444043
#SPJ11