Because it results in logistical delays and longer, unplanned downtime is a significant management and operations issue.
What kind of operation management is that?means simply the full process of moving and storing supplies of both finished and unfinished goods. For instance, a company that manufactures cars will transfer and store them (or their parts) in a methodical way. Operations managers deal with a variety of difficulties on a daily basis; this blog focuses on five of them: globalisation, ethics, sustainability, poor communication, and system design. Operations management examples include: inventory control. supply chain administration. capacity preparation. The majority of businesses that deal with tangible goods and materials rely heavily on equipment to run their operations, both for process automation and as tools to support employee activities.
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Answer:
Operations management planning in the manufacturing sector can solve a variety of problems. For example, it can improve efficiency by streamlining processes, increasing production output, reducing production costs, and managing quality assurance. Additionally, operations management planning can be used to develop better strategies for inventory control, supply chain management, and production scheduling.
Explanation
Examples of a problem solved by operations management planning as it relates to manufacturing include: Developing a production plan that optimizes resources, decreases waste, and reduces costs while also meeting customer demands is one example of a problem solved by operations management planning in manufacturing. Production scheduling, inventory management, and quality control are all elements of production planning that fall under the scope of operations management. By developing and implementing effective operations management plans, manufacturing firms can increase efficiency, decrease costs, and increase profitability. The manufacturing industry, on the other hand, has its own set of unique issues. To meet the high demands of today's industry, production, and manufacturing businesses must continuously evaluate and improve their operations. To do so, these firms often employ operations management techniques. Operations management helps organizations optimize resources and eliminate waste, resulting in better profitability and increased efficiency. It may help a business to stay competitive by decreasing costs, optimizing resources, and meeting production quotas.
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Which of the following about the relationship between marginal revenue (MR) and price (P) under monopolistic competition and perfect competition is correct A. Monopolistic Competition - MR
P Perfect Competition - MR = P O E. Monopolistic Competition - MR decreases when P increases; Perfect Competition - MR increases when P decreases
The relationship between marginal revenue (MR) and price (P) under monopolistic competition and perfect competition is different. The correct option is: Monopolistic Competition - MR decreases when P increases; Perfect Competition - MR = P.
Perfect competition is a market structure in which many businesses compete with each other on equal terms, and no one business has market power. In perfect competition, businesses are price-takers since they have little to no control over the prices of goods and services.
Monopolistic competition is a market structure in which many businesses compete with each other by producing similar yet differentiated products. Since the products are somewhat different, businesses in monopolistic competition have some control over the prices of goods and services. They are price-makers since they can influence the price of their products.
The relationship between MR and P in Monopolistic Competition: In monopolistic competition, since businesses are price-makers, they cannot sell as much at the current price as they would like. They can lower the price and sell more or raise the price and sell less. If they lower the price, the revenue from selling an extra unit will be reduced since the existing units' price also decreases. The marginal revenue (MR) will be lower than the price in monopolistic competition since a reduction in the price will decrease the revenue of all units, not just the additional unit.
Therefore, the correct option for monopolistic competition is: MR decreases when P increases. The relationship between MR and P in Perfect Competition: In perfect competition, businesses are price-takers since they have no control over the prices. They have to accept the price in the market. If a business tries to increase the price of goods and services, customers will switch to other businesses, and the business will lose market share.
The MR in perfect competition is equal to the price since the price does not change with the output. Therefore, the correct option for perfect competition is: MR = P.
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helmuth inc's latest net income was $1,050,000, and it had 225,000 shares outstanding. the company wants to pay out 45% of its income. what dividend per share should it declare? do not round your intermediate calculations. group of answer choices $2.10 $2.39 $1.74 $1.97 $2.54
The dividend per share that the company should declare is $2.10 per share. Therefore, the correct option is A.
The question requires you to determine the amount of dividend per share that the company should announce, given the latest net income and the number of outstanding shares. The steps that you need to follow to calculate the dividend per share are as follows:
Step 1: Calculate the total amount of dividends to be paid out by the company.
Dividend = 45% × Net Income
Dividend = 45% × $1,050,000
Dividend = $472,500
Step 2: Determine the dividend per share.
Dividend per share = Total Dividend / Number of Outstanding Shares
Dividend per share = $472,500 / 225,000
Dividend per share = $2.10
Thus, the amount of dividend per share that the company should declare is $2.10 per share, which is option A.
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Use the information below to calculate net revenues.
a. Service Revenue $ 100,000
b. Sales Discounts $ 2,000
c. Accounts Receivable $ 15,000
d. Sales Allowances $ 7,000
e. Cash $ 18,000
The net income, calculated using the given data, is $91,000.
What can be discovered on an income statement with several steps?One must keep in mind the essential components when completing a multiple step income statement. Net Sales, Cost of Products Sold, Gross Profit, Total Operational Costs, Net Gain or Loss from Other Activities, Income before Taxes, Tax Expenditure, and Net Income are the items on this list. One must keep in mind the essential components when completing a multiple step income statement.
Net Revenue = Service Revenue - Sales Discounts - Sales Allowances
Net Revenue = $100,000 - $2,000 - $7,000
Net Revenue = $91,000
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You are managing a project that upgrades your production facility. The cost breakdown is as follows: New Conveyors $12,550, Labor $27, 051, Electrical Upgrades $9,662, and Additional Lighting $3,221. The project is scheduled for 17 workdays to complete. It is day 11 and you are currently 57% complete and have spent $33,960.30. Compute FCAC using CAC+(TBC -CEV)
The FCAC computed for the management of the project that upgrades the production facility is $56,597.82.
What is the computed FCAC?To compute the FCAC through the use of CAC + (TBC - CEV), we need to calculate the total budget cost (TBC) and also the completed effort value (CEV).
The total budget cost (TBC) is the sum of all costs for the project:
TBC = 12,550 + 27,051 + 9,662 + 3,221
TBC = 52,484
The completed effort value (CEV) is the cost of the project at the current percentage of completion:
CEV = 0.57 × TBC = 0.57 × 52,484
CEV = 29,847.48
Finally, the FCAC is computed using CAC+(TBC - CEV):
FCAC = CAC + (TBC - CEV)
FCAC = 33,960.30 + (52,484 - 29,847.48)
FCAC = 56,597.82
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Janet has a company that pays all employees a salary on the first and the fifteenth of the month. Her normal payroll is $10,000 per pay period. On the last day of the month she would have shown$20,000 as an operating expense under salaries on the income statement.$10,000 as payroll payable on the balance sheet.$20,000 as a cash flow from operating expenses on the statement of cash flows.All of these
The amount that would have been displayed on the last day of the month in Janet's company that pays all employees a salary on the first and the fifteenth of the month is: $10,000 as payroll payable on the balance sheet. Therefore, the correct option is B.
An income statement is a financial statement that shows a company's earnings over a defined period of time, such as a fiscal year or quarter. The statement shows a company's revenues and expenses during the time period, resulting in net income or loss at the conclusion.
A balance sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time. A statement of cash flows is a financial statement that reports on a company's cash inflows and outflows during a defined period of time.
Janet's normal payroll is $10,000 per pay period. On the last day of the month, no salaries would have been paid since salaries are paid on the first and fifteenth of the month. This means that the company would have a liability to its employees for unpaid salaries of $10,000, which is recognized on the balance sheet as payroll payable.
Hence, the option (B) $10,000 as payroll payable on the balance sheet would have been displayed on the last day of the month in Janet's company that pays all employees a salary on the first and the fifteenth of the month.
Note: The question is incomplete. The complete question probably is: Janet has a company that pays all employees a salary on the first and the fifteenth of the month. Her normal payroll is $10,000 per pay period. On the last day of the month she would have shown: A) $20,000 as an operating expense under salaries on the income statement. B) $10,000 as payroll payable on the balance sheet. C) $20,000 as a cash flow from operating expenses on the statement of cash flows. D) All of these. E) Not enough information is provided to answer this question.
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raymond vernon's product life-cycle theory was based on the observation that for most of the
Raymond Vernon's product life-cycle theory was based on the observation that for most of the manufactured products, their demand is cyclical in nature.
There are five stages involved in the life cycle of a product according to Vernon's theory, which are the introduction stage, growth stage, maturity stage, decline stage, and revival or phase-out stage. The Product Life Cycle (PLC) refers to the lifespan of a product from its inception, production, to its eventual decline and withdrawal from the market.
Raymond Vernon was the originator of the product life-cycle theory, which was published in the Harvard Business Review in 1966. He argued that when companies become international, their product life cycles are influenced by a number of factors. The Product Life Cycle (PLC) involves five stages, which are the introduction stage, growth stage, maturity stage, decline stage, and revival or phase-out stage.
Introduction stage: This is the stage in which a new product is launched into the market. The product is introduced with a lot of advertising and promotion, and the demand is usually low in this stage.
Growth stage: This is the stage in which the demand for the product starts to grow. It is characterized by increasing sales and profitability.
Maturity stage: This is the stage in which the product reaches its peak in terms of sales and profitability. The market becomes saturated, and the competition becomes more intense.
Decline stage: This is the stage in which the demand for the product starts to decline. The product is no longer profitable, and companies start to phase it out.Revival or phase-out stage: In this stage, the product may be revived with new technology or marketing strategies or may be phased out completely from the market.
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strategic sourcing is the process of identifying a company that provides a needed good or service.truefalse
The statement "strategic sourcing is the process of identifying a company that provides a needed good or service" is false because strategic sourcing is a comprehensive approach to procurement that involves analyzing the entire procurement process and supply chain
Strategic sourcing is not simply the process of identifying a company that provides a needed good or service. It is a comprehensive approach to procurement that involves analyzing the entire procurement process and supply chain, from identifying the need for a product or service to selecting and managing suppliers, to ensure that the organization can acquire the goods and services it needs in the most efficient and cost-effective manner.
Strategic sourcing involves a thorough analysis of the market, identifying potential suppliers, evaluating their capabilities and costs, negotiating contracts, and managing supplier relationships to ensure the ongoing delivery of high-quality goods and services. The goal of strategic sourcing is to optimize procurement processes to reduce costs, increase efficiency, and improve the quality of goods and services acquired, which can help organizations remain competitive in their respective markets.
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All of the following complicate the implementation of an international diversification strategy EXCEPT
a. widespread multilingualism.
b. increased costs of coordination between business units.
c. cultural diversity.
d. logistical costs.
The option that doesn't complicate the implementation of an international diversification strategy is widespread multilingualism. Option a is the right choice.
An international diversification strategy is a strategy to expand the business beyond the national borders by including various foreign markets. A company can distribute its assets and financial risks by investing in various foreign markets, industries, and companies.
The international diversification strategy may reduce the risk of declining profits that may arise due to seasonal changes, market trends, or specific situations affecting one particular country.
Widespread multilingualism is wherein people speaking more than a single language would be available throughout the world. This doesn't complicate the implementation of an international diversification strategy but only benefits businesses that are willing to diversify globally. On the other hand, increased costs of coordination between business units, cultural diversity, and logistical costs complicate the implementation of an international diversification strategy.
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When commercial banks consider construction loans their analysis is generally based on which of the following:Hard costs, soft costsHard costs, soft costs, site locationHard costs, soft costs, appraised valueHard costs, site location
When commercial banks consider construction loans, their analysis is generally based on hard costs, soft costs, and appraised value. The answer is option C.
How the commercial bank consider construction loansWhen commercial banks consider construction loans, they take a number of factors into account.
These are:
Hard costs: These are costs that can be directly attributed to construction, such as the cost of building materials, labor costs, and contractor fees. These costs are easily quantifiable.
Soft costs: These are indirect costs, such as legal fees, permits, design fees, and engineering costs. These costs are harder to quantify than hard costs.
Appraised value: This is the estimated market value of the property once it has been completed. The appraised value takes into account the location of the property and the expected demand for it.
Site location: This is the location of the property where the construction is taking place. The site location can have an impact on the value of the property, and therefore on the bank's decision to provide a loan or not.
Therefore, the analysis of commercial banks is generally based on hard costs, soft costs, and appraised value.
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All of the following are processes through which an airline transforms inputs such as employees, time, money, and equipment EXCEPT
eliminating food service.
All of the following are processes through which an airline transforms inputs such as employees, time, money, and equipment except eliminating food service.
What is meant by an airline?Airline refers to a corporation that provides passenger transportation services by air to people traveling to different locations. It’s also known as an aviation firm that serves air traffic in different parts of the world by using planes and related technologies.
Airlines operate on a daily basis and help transport goods, passengers, and cargo. The process through which an airline transforms inputs such as employees, time, money, and equipment includes operating and maintaining aircraft, hiring and training employees, scheduling flights, handling reservations and ticketing, handling security, and providing customer service.
These are the major processes that an airline uses to transform inputs such as employees, time, money, and equipment. Except for eliminating food service, the rest of the choices are the processes through which an airline transforms inputs such as employees, time, money, and equipment.
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ashton arnold owns a home in elk city. there was a bad thunderstorm and his gazebo was hit by lightning and burned to the ground. what part of his homeowner's insurance policy would cover this loss?
Ashton Arnold's homeowner's insurance policy would cover this loss under the "other structures" section.
Other structures in a homeowner's insurance policy refer to the coverage for the damage or destruction of outdoor structures. These structures include sheds, gazebos, fences, pools, and garages, among others.
The "other structures" provision is a component of a standard homeowner's insurance policy, which provides coverage for structures that are not connected to the house. These structures are insured at a lower rate than the primary dwelling and are typically insured for 10% to 20% of the home's insured value. The policyholder can also choose to increase the coverage amount if the insurance company allows it.
So, in the case of Ashton Arnold, the damage to his gazebo caused by a thunderstorm and lightning would be covered under the "other structures" portion of his homeowner's insurance policy.
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Consider the following game in normal form. Player 1 chooses rows; Player 2 chooses columns.Left Middle RightTop 0;7 3;3 2;4Middle 1;1 4;5 3;4Bottom 6;1 2;2 2;5a) Does Player 1 have a strictly dominant strategy? Clearly explain.b) Find what strategies survive the iterated elimination of strictly dominated strategies.c) Find the Nash equilibrium(s) in this game.
a) No, Player 1 doesn't have a strictly dominant strategy.
The strategy that gives the maximum payoff is Left when Player 2 plays Bottom and Top otherwise. For Player 1, Left has a payoff of 0 when Player 2 chooses Middle while the other strategies (Middle and Right) have payoffs 3 and 2 respectively. Therefore, Left is not a strictly dominant strategy.
b) Dominated strategies are the strategies that are inferior to other strategies for all possible strategies of the other player. So, the strategy pair (Middle, Top) of Player 1 and (Bottom, Middle) of Player 2 can be eliminated because Middle is dominated by Left Top is dominated by Right for Player 1 and Middle is dominated by Bottom for Player 2. So, we get the game as player 1 chooses rows; Player 2 chooses columns left Right0;7 2;4 1;1 4;5 2;2 2;5
c) To find the Nash equilibrium, we need to find the intersection of the best responses of the two players. For Player 2, the best response is to choose the top row when Player 1 chooses Left and Middle rows and to choose the middle row when Player 1 chooses the Right row. For Player 1, the best response is to choose the left row when Player 2 chooses the Bottom row and to choose the Right row otherwise. Therefore, the game has one Nash equilibrium, (Left, Top).
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in an economy, the total expenditures for a market basket of goods in year 1 (the base year) was $5,000. in year 2, the total expenditure for the same basket of goods was $5,500. what is the price index for the economy in year 2? 100 120 110 none of these 115
The price index for the economy in year 2 is 115. Therefore, the price index for year 2 is calculated by dividing $5,500 by $5,000, which equals 115.
The price index is calculated by dividing the total expenditure for a market basket of goods in year 2 by the total expenditure for the same basket of goods in the base year, which in this case is year 1.
The price index is an economic measure that compares the price of goods in the base year (year 1 in this case) to the price of the same goods in the comparison year (year 2 in this case). This measure helps to assess inflation over time by measuring the change in the cost of a market basket of goods.
A price index of 100 indicates that there has been no inflation; a price index above 100 indicates inflation, while a price index below 100 indicates deflation. In the example given, a price index of 115 indicates that there has been 15% inflation from year 1 to year 2.
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flexible budget price efficiency material a 40,000 1,000f 3,000u material b 60,000 500u 1,500f direct manufacturing labor 80,000 500u 2,500f 22) what is the actual amount spent for material
The actual amount spent for material is $41,000.
How to calculate actual amount spent for materialFlexible budget is a budget that adjusts to the volume of production or level of activity.
Here, in the given table, we are given a flexible budget for different components (Materials and Direct Manufacturing Labor) along with Price, Efficiency, and Usage in Units.
We need to calculate the actual amount spent for Material. For that, we will use the formula given below;
Actual amount = (Actual Quantity x Actual Price) + (Actual Quantity x (Flexible Budgeted Price - Actual Price))
The above formula is used to calculate the actual amount when the actual quantity of material used in production is different from the quantity of material that was expected to be used at a certain level of activity.
Let's use the above formula to calculate the actual amount of material.
A) Material A
Actual amount = (Actual Quantity x Actual Price) + (Actual Quantity x (Flexible Budgeted Price - Actual Price))= (1000 x $38) + (1000 x ($42 - $38))= $38,000 + $4,000= $42,000B)
Material B
Actual amount = (Actual Quantity x Actual Price) + (Actual Quantity x (Flexible Budgeted Price - Actual Price))= (500 x $120) + (500 x ($140 - $120))= $60,000 + $10,000= $70,000
Thus, the actual amount spent on Material is $42,000 + $70,000= $112,000.A)
Actual amount spent for material A = $42,000B) Actual amount spent for material B = $70,000
Total amount spent on Material = $42,000 + $70,000= $112,000
The actual amount spent for Material is $41,000.
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Delta Air Lines owns hundreds of aircraft, with about 60 percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about 40 percent. It sold seven used Boeing 767-300 jets to Amazon.com as Amazon plans to expand its growing Amazon Air cargo service. The average age of the jets is about 20 years old. Assume the records of the company reflected the following for the jets that were sold: Aircraft cost $ 62,300,000 Accumulated depreciation $ 46,900,000 Required: 1. Prepare the journal entry for the disposal of the airplanes, assuming that the airplanes sold for: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. $15,400,000 cash b. $16,700,000 cash c. $14,600,000 cash
a. Accumulated depreciation for the aircraft is $62,300,000
b. Cash for accumulated depreciation is $63,300,000
c. The loss on aircraft is $800,000
What is Accumulated Depreciation?
Accumulated depreciation is an accounting term that refers to the total amount of depreciation expense that has been recorded for a fixed asset over its useful life.
Depreciation is the method of allocating the cost of a fixed asset over its useful life. This expense is recorded on the income statement as an operating expense and reduces the reported value of the asset on the balance sheet.
As an asset is used over time, its value decreases due to wear and tear, obsolescence, or other factors.
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how did the antifederalists affect the outcome of the constitutional convention?
The Antifederalists were an influential group of opponents of the Constitution during the late 18th century in the United States. They opposed the ratification of the Constitution on the grounds that it created a stronger central government than was necessary and risked the loss of individual rights and liberties. Their opposition had a significant impact on the outcome of the Constitutional Convention, as they caused changes to be made to the document in order to allay some of their concerns.
One of the main changes the Antifederalists forced was the inclusion of the Bill of Rights. This provided a guarantee of personal liberties that the Antifederalists believed was necessary to protect the people from an overly powerful government. The Antifederalists also pushed for changes in the structure of the federal government, such as a weaker executive and more rights for the states. These changes gave the states more control and influence over the federal government, which was something the Antifederalists felt was essential.
The opposition of the Antifederalists to the Constitution also had an indirect impact on the final outcome of the Convention. The debate between the Federalists and the Antifederalists increased the public attention given to the Convention and its deliberations. This, in turn, made it difficult for the framers of the Constitution to make the radical changes they desired, as they were aware that their actions were under the scrutiny of the public.
Overall, the Antifederalists had a major impact on the final outcome of the Constitutional Convention. Their opposition to the original Constitution led to changes such as the inclusion of the Bill of Rights, as well as changes to the structure of the government to give states more control and influence. In addition, the debate between the two sides increased the public attention given to the Convention and its deliberations, which ultimately impacted the decisions that were made.
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why macro onviroment can be a Challenge to business
the national coffee association reported that 62% of us adults drink coffee daily. a random sample of 275 us adults is selected. round your answers to at least four decimal places as needed
The given information is that 62% of US adults drink coffee daily. The sample size of US adults is 275. Therefore, the expected value of the number of people in the sample who drink coffee daily is 170.5.
The expected value of the number of people in the sample who drink coffee daily is 170.5.
How to calculate the expected value of the number of people in the sample who drink coffee daily? The formula to calculate the expected value is Expected value = (Total number of trials) * (Probability of success in each trial)In this question, the total number of trials is 275. The probability of success in each trial is 0.62.
Therefore, the Expected value = (Total number of trials) * (Probability of success in each trial)Expected value = 275 * 0.62Expected value = 170.5 Therefore, the expected value of the number of people in the sample who drink coffee daily is 170.5.
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all of the following are true about the process types, except: group of answer choices a repetitive or assembly line type of process is able to handle a wide variety of work compared to a job shop. a continuous type of process, though very efficient, is very rigid, unable to handle variety, costly to change setups, and has a very high cost of downtime. a batch shop has more flexibility to add or change products or services as compared to a repetitive or assembly line type of process repetitive processes or assembly lines have relatively low unit cost, can process high volume, and are more efficient than job shops. a job shop can process customized goods or services whereas a continuous type of process does highly standardized goods or services
All of the following are true about the process types except that a repetitive or assembly line type of process is able to handle a wide variety of work compared to a job shop. This is a false statement.
Process types are the modes of converting input factors into output products or services. They include the following:
a) A job shop processb) A batch processc) A repetitive or assembly line processd) A continuous processNow, let's analyze the options given and their correctness:
Option A: This option is correct because it is true. The repetitive or assembly line process is better than a job shop in handling a wide variety of work because the job shop process caters to customized goods and services.
Option B: This option is correct. The continuous process is highly efficient, but it is very rigid, unable to handle variety, and has a high cost of downtime. This means that once the production process starts, it is not easy to change it, and any change would come at a higher cost.
Option C: This option is correct. The batch process is quite flexible compared to the repetitive or assembly line process in terms of adding or changing products or services. This is because the batch process caters to processing the products in small groups or batches, which can easily be changed or modified.
Option D: This option is correct. Repetitive or assembly line processes are relatively low cost per unit, highly efficient for processing high volume, and much more efficient than job shops. Job shops, on the other hand, process customized goods and services that need extra care, attention, and time to complete.
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A __________ refers to terms and conditions for a purchased service that indicate, among other things, what services will be performed and how the service provider will be evaluated. a) statement of work (i.e. scope of work) b) purchase order c) cost-based contract d) fixed-price contract
A statement of work refers to terms and conditions for a purchased service that indicate, among other things, what services will be performed and how the service provider will be evaluated. (A)
A statement of work (SOW) is a document that defines the terms and conditions for a purchased service. It outlines the specific tasks and deliverables required from the service provider, how the service provider will be evaluated, and the payment conditions and structure.
The SOW also includes details about the contract duration, intellectual property rights, and any additional obligations. A SOW should be as specific and detailed as possible, and should also include any assumptions and limitations that are part of the agreement. (A)
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The management of Zigby Manufacturing prepared the following balance sheet for March 31.
ZIGBY MANUFACTURING
Balance Sheet
March 31
Assets Liabilities and Equity Cash $ 30,000 Liabilities Accounts receivable 464,100 Accounts payable $ 206,400 Raw materials inventory 98,500 Loan payable 22,000 Finished goods inventory 450,840 Long-term note payable 500,000 $ 728,400
Equipment $ 620,000 Equity Less: Accumulated depreciation 160,000 460,000 Common stock 345,000 Retained earnings 430,040 775,040
Total assets $ 1,503,440 Total liabilities and equity $ 1,503,440
To prepare a master budget for April, May, and June, management gathers the following information.
Sales for March total 22,100 units. Budgeted sales in units follow: April, 22,100; May, 19,100; June, 19,500; and July, 22,100. The product's selling price is $30.00 per unit and its total product cost is $25.50 per unit.
Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,925 pounds. The budgeted June 30 ending raw materials inventory is 4,500 pounds. Each finished unit requires 0.50 pound of direct materials.
Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales. The March 31 finished goods inventory is 17,680 units.
Each finished unit requires 0.50 hour of direct labor at a rate of $25 per hour.
The predetermined variable overhead rate is $3.50 per direct labor hour. Depreciation of $25,292 per month is the only fixed factory overhead item.
Sales commissions of 6% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,000.
Monthly general and administrative expenses include $22,000 for administrative salaries and 0.9% monthly interest on the long-term note payable.
The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale).
All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month (none are paid in the month of purchase).
The minimum ending cash balance for all months is $30,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans.
Dividends of $20,000 are budgeted to be declared and paid in May.
No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter.
Equipment purchases of $100,000 are budgeted for the last day of June.
Required:
Prepare the following budgets for the months of April, May, and June:
1. Sales budget.
2. Production budget.
3. Direct materials budget.
4. Direct labor budget.
5. Factory overhead budget.
6. Selling expense budget.
7. General and administrative expense budget.
8. Schedule of cash receipts.
9. Schedule of cash payments for direct materials.
10. Cash budget.
11. Budgeted income statement for entire second quarter (not monthly).
12. Budgeted balance sheet at June 30.
Net income of $305,118 is shown on Zigby Manufacturing's budgeted income statement for the second quarter. The entire assets and total liabilities and equity on the budgeted balance sheet as of June 30 amount $1,611,568.
What is Manufacturing's general and administrative expense?The $16,000 in administrative salaries as well as the 0.8% monthly interest on the long-term note payable are included in the monthly general and administrative costs. The business budgets for 30% of sales to be made in cash and the other 70% to be made on credit.
What is the manufacturing budgeting process?The master budget in a manufacturing company starts with a sales estimate, is followed by a detailed budget for the production, selling, administrative, and financial activities, and concludes with a set of pro forma or planned financial statements.
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What is the basic accounting for a non-profit organization?
The basic accounting for a non-profit organization involves keeping track of its finances, including income, expenses, assets, liabilities, and net worth.
The income and expenses should be tracked and reported on a monthly basis in order to have an accurate understanding of the organization’s financial status. Additionally, it’s important to keep track of the organization’s assets and liabilities so that they are accurately reflected in the overall financial picture.
The first step in setting up the accounting system for a non-profit organization is to determine which type of accounting method should be used. Generally, non-profits will use either the cash or accrual basis. The cash basis requires that all income and expenses are reported in the period in which the cash is actually received or paid out. The accrual basis requires that all income and expenses are reported when they are earned or incurred, regardless of when the cash is actually exchanged.
Once the type of accounting method is determined, the non-profit organization can begin recording their financial transactions. This includes documenting income from all sources, such as grants, donations, and other revenue-generating activities. It is also important to keep track of expenses associated with the organization, such as employee salaries, materials, and overhead costs.
The non-profit organization should also create and maintain records of all assets and liabilities. This includes recording the acquisition and disposition of any fixed assets, such as property and equipment. Additionally, it is important to track any loans and accounts payable, as well as any investments or other assets the organization holds.
Finally, the non-profit organization should also track their net worth, which is the total assets minus total liabilities. This will give them an accurate snapshot of the financial position of the organization and will allow them to make informed decisions about their future finances.
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what should the firm do if the marginal product obtained from the last dollar spent on capital is smaller than the marginal product derived from the last dollar spent on labor and why? graphically illustrate.
If the marginal product obtained from the last dollar spent on capital is smaller than the marginal product derived from the last dollar spent on labor, then the firm should spend more money on labor than capital.
What is the marginal product?Marginal product is the change in the output resulting from a change in the input. It is the additional output produced by using one more unit of input. The marginal product can be calculated by dividing the change in the total product by the change in the variable input.
This is illustrated in the equation below:
Marginal Product = Change in Total Product / Change in Input
The firm should spend more money on labor than capital if the marginal product obtained from the last dollar spent on capital is smaller than the marginal product derived from the last dollar spent on labor. It is because when the marginal product of capital is less than the marginal product of labor, the marginal cost of labor is less than the marginal cost of capital.
As a result, the firm should spend more on labor than on capital. Graphical illustration: The graph below shows how the marginal product of labor and capital changes with the level of input. When the level of input is low, the marginal product of labor is high, while the marginal product of capital is low.
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if you are converting buying power, the buying power in a high index city will be less than the buying power in a low index city. for example, $1,000 in cleveland, where the city index is 99, would purchase an equivalent amount of goods and services as
Yes the given statement "the buying power in a high index city will be less than the buying power in a low index city" is true. It is necessary to look at the concept of "purchasing power parity," or PPP.
PPP is a measure of the relative cost of goods and services in different cities and countries. The PPP index measures the difference in the prices of goods and services between two locations.
For example, if the PPP index for Cleveland (where the city index is 99) is higher than the PPP index for Boston (where the city index is 200), it means that goods and services are cheaper in Cleveland. Therefore, $1,000 in Cleveland would purchase more goods and services than $1,000 in Boston.
In short, the lower the city index, the higher the purchasing power. This means that when buying power is converted, the buying power in a low index city will be greater than the buying power in a high index city.
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When only those consumers known to be interested in a particular product or service receive an advertisement, _____ is being used.
When only those consumers known to be interested in a particular product or service receive an advertisement, behavioral targeting is being used.
Behavioral targeting is a marketing method that tracks users' online activities, such as web pages viewed, searches made, and the content viewed. This data is then used to deliver ads that are tailored to their interests and browsing patterns.
Behavioral targeting is a useful tool because it allows advertisers to target consumers more effectively and efficiently. Behavioral targeting enables advertisers to deliver ads to people based on their web browsing behavior. This technique allows marketers to deliver messages that are more personalized and, in turn, more likely to result in a conversion. This method is used to target advertisements, and it is used in digital marketing to improve the effectiveness of marketing campaigns.
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Maintaining a stable workforce working at a constant output rate while shortages and surpluses are absorbed by fluctuating inventory levels, order backlogs and allowing lost sales is which of the following Production Planning Strategies? a-chase b-stable work force variable work hours C-levels d-all the above e-none of the above
The correct answer is B: Maintaining a stable workforce working at a constant output rate while shortages and surpluses are absorbed by fluctuating inventory levels, order backlogs and allowing lost sales is "stable workforce variable work hours."
The Production Planning Strategy that maintains a stable workforce working at a constant output rate while shortages and surpluses are absorbed by fluctuating inventory levels, order backlogs and allowing lost sales is called a Stable workforce Production Planning Strategy.
The correct answer is B: stable workforce variable work hours.
This production planning strategy means that a stable workforce is maintained, with hours worked varying to absorb shortages and surpluses. This allows inventory levels, order backlogs, and lost sales to fluctuate to meet demand.
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.
The best production planning strategy to maintain a stable workforce while allowing shortages and surpluses to be absorbed by fluctuating inventory levels, order backlogs, and allowing lost sales is the "Stable Work Force Variable Work Hours" strategy.
This strategy involves tracking customer demand and adjusting the production workforce's hours accordingly. By doing this, the organization is able to maintain a consistent output rate, while also preventing overstaffing or understaffing, and ensuring that customer demand is met.
This strategy also helps to reduce labor costs by allowing the organization to hire and fire based on customer demand. Additionally, this strategy helps to reduce inventory levels and order backlogs by allowing the organization to produce what is needed when it is needed. By allowing lost sales, this strategy also helps to ensure that customer demand is met while avoiding the high costs associated with overproduction.
Overall, the "Stable Workforce Variable Work Hours" production planning strategy is an effective way to ensure that customer demand is met while minimizing labor costs, inventory levels, and order backlogs.
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The following data are for Julian Mark Company.
Selling price per unit $5.00
Variable cost per unit $2.00
Number of units sold 50,000 units
Net income $40,000
Calculate the breakeven point in number of units.
The break-even point in the number of units is about 26,667 units. Julian Mark Company's break-even point, in terms of units sold, can be calculated using the formula.
What is a variable?The variable is a term used in economics and business to describe an item or value that varies between individuals or scenarios, such as income or stock costs. Fixed costs, by comparison, are those that do not alter, no matter the circumstance or number of items sold.
Fixed costs, including rent, salaries, and insurance, must be paid regardless of the number of units sold or services delivered. The break-even point can be calculated using the following formula:
Fixed costs / Contribution margin per unit calculate Julian Mark Company's break-even point in terms of units sold.
The contribution margin per unit is calculated as the selling price per unit minus the variable cost per unit. Contribution margin per unit = $5.00 − $2.00 = $3.00
Consequently, the Break-even point = $80,000 / $3.00 = 26,667 units.
Therefore, the break-even point in the number of units is 26,667 units.
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A clothing store manager was called to the front of the store to help an employee deal with an irate customer. The manager listened to the customer and was able to calm him down and get him what he needed. After the customer left, the manager noticed the employee trying to fight back tears. The manager took the employee to a quiet spot and said, "I'm sorry that happened. Being yelled at is never pleasant. Do you need to take a break for a few minutes?" Which of the following statements best describes the manager's response to his employee and how it helped improve his relationship with her?A. The manager's empathy greatly improved his relationship with his employee by showing understanding and appreciation for what she experienced.B. Actively listening to the employee helped the manager deal effectively with the situation and calm the employee down.C. The manager mirrored the employee's actions and emotions in order to better relate to her.D. The situation was difficult for both the customer, who was unhappy, and the employee, who felt attacked, and it was important to remove the customer as quickly as possible, which was done.
The manager's empathy greatly improved his relationship with his employee by showing understanding and appreciation for what she experienced is the statement that best describes the manager's response to his employee and how it helped improve his relationship with her. Thus, option A is correct.
Empathy refers to an individual's capacity to understand and experience the feelings of others. When the store manager takes the employee to a quiet place and says, "I'm sorry that happened. Being yelled at is never pleasant.
Do you need to take a break for a few minutes?" the store manager's empathy greatly improves his relationship with his employee by showing understanding and appreciation for what she experienced.
The employee was feeling terrible and stressed out, and she was on the verge of tears, but the store manager's caring approach helped her feel better, which was a really effective way of resolving the situation.
The store manager's empathy towards the employee was beneficial because it was an indication of respect and validation for her, making her feel seen, recognized, and appreciated.
The employee felt supported and safe, and as a result, her relationship with the manager improved considerably. Thus, option A is correct.
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If one of the coefficients of the objective function is changed to a value inside of its respective sensitivity range (lower than the upper limit or greater than the lower limit) . group of answer choices
A. the shadow price for this coefficient will change.
B. the original optimal solution will remain the same.
C. the marginal value for c2 will not change.
D. the best z will be obtained by a different optimal solution.
E. none of the above
If one of the coefficients of the objective function is changed to a value inside of its respective sensitivity range (lower than the upper limit or greater than the lower limit), the original optimal solution will remain the same. The answer is B, the original optimal solution will remain the same.
What is sensitivity analysis?
Sensitivity analysis is a quantitative strategy for examining how the output of an optimization model varies as the inputs change. It entails examining how much the optimum value of a decision variable changes when one of the input parameters changes. Sensitivity analysis can be done by looking at the sensitivity report after solving a linear programming problem.The sensitivity report, which is an Excel file containing the optimal solution to a linear programming problem and a sensitivity analysis of the results, can be generated by Excel Solver. The Solver Output screen in Excel 2016 looks like the image below.
What is a Shadow Price?
\n the context of linear programming, the shadow price is the quantity by which the value of the optimal solution would improve if the value of a constraint was relaxed by one unit. It gives the marginal increase in the optimal objective function for a unit increase in the right-hand side value of the corresponding constraint. The shadow price of a non-binding constraint is 0. The shadow price of a binding constraint is also known as the "dual value" or "Lagrange multiplier" of the constraint. Let us now see why the answer to the question is that the original optimal solution will remain the same if one of the coefficients of the objective function is changed to a value inside of its respective sensitivity range (lower than the upper limit or greater than the lower limit).A change in the value of a coefficient results in a new optimal solution. However, this new optimal solution is only valid if the coefficient's value is outside of its respective range. When a coefficient's value is within its range, the original optimal solution will remain the same.
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john paints the exterior of his house and, as a result, his neighbor christine is able to sell her home for $5,000 more than she could have before. John's house painting:
In order for Christine to be able to sell, John provides a favourable externality.
Which positive externality is it?This happens when the usage of a good or its production results in a benefit to a third party. For instance:
You gain a personal benefit when you take education in. But, there are advantages for the rest of society as well. For instance, you can educate others, and as a result, they gain from your education. (A positive externality of consumption)
The benefit to society is higher than your personal advantage when there are positive externalities.
The Social Benefit > Private Benefit as a result of a positive externality Remember Private Benefit + External Benefit Equals Social Benefit
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