Answer:
A)equilibrium price
Explanation:
From the question we are informed about Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the equilibrium price. The equilibrium price can be reffered to as only price in which both desires of consumers and that of producers agree, this can be explained as a situation where by quantity demanded is been equal to quantity supplied. The theory stressed that movement of market tends toward this price, it can also be regarded as "market-clearing price"
A country has an absolute advantage in trade when it:
A.is the only country that produces a particular good.
B.has a lower opportunity cost producing a good than another country.
C.can produce a good more efficiently than another country.
D.produces all the essential goods its citizens require.
Answer:
B
Explanation:
You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $275,000
Answer:
To answer is 73.6 months(approximately 74 days)
Explanation:
Future value (FV) = $275,000
Annual interest rate(i) = 7%
Monthly interest rate = 0.58%(7/13)
Periodic cash outflow (PMT) = $3,000
Number of months (N) = ?
Using a texas BA II Plus calculator
FV = 275,000; PMT = -3,000; I/Y = 0.583 CPT N= 73.6
Therefore the number of months is 73.6 months. Approximately, 74 days
The Molding Department of Sunland Company has the following production data: beginning work in process 25200 units (70% complete), started into production 474000 units, completed and transferred out 449700 units, and ending work in process 49500 units (30% complete). Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are:____.
a. 459150.
b. 499200.
c. 464550.
d. 449700.
Answer:
b. 499200
Explanation:
Calculation to determine what the equivalent units of production for materials are:
Using this formula
Equivalent units of production for materials=Completed and transferred out units+ Ending work in process units
Let plug in the formula
Equivalent units of production for materials=449700units+ 49500units
Equivalent units of production for materials=499200
Therefore Assuming all materials are entered at the beginning of the process, equivalent units of production for materials are:499200
When a perfectly competitive firm decides to shut down, Group of answer choices marginal cost is above average variable cost.
Answer:
price is below average variable cost
Explanation:
A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry.
In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.
Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.
firms should shutdown when price is less than average variable cost and exit when price is less than average total cost
The College Bookstore sells a unique calculator to college students. The demand for this calculator is constant at 20 units per day. The lead time for this calculator is variable at an average of 9 days with a standard deviation of 2 days. Compute the statistical reorder point that results in a 95 percent in-stock probability. Choose the closest answer.
a. 182 units
b. 226 units
c. 246 units
d. 26 units
e. 46 units
Answer:
c. 246 units
Explanation:
Daily demand, d = 20 units
Service Level = 95 % = 0.95. Z (according to Standardized Normal Curve) = 1.65
Average Lead Time, LT-bar = 9 days
Standard deviation of Lead Time, σLT = 2 days
Reorder Point = Expected Demand during Lead time + Safety Stock
Reorder Point = d*LT-bar + z*d*σLT
Reorder Point = (20*9) + (1.65*20*2)
Reorder Point = 180 + 66
Reorder Point = 246 units
Albatross Company purchased a piece of machinery for $60,000 on January 1, 2019, and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and no salvage value. On January 1, 2021, Albatross decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life did not change. Ignore income taxes.
Required:
a. What type of accounting change is this, and how should it be handled?
b. Prepare the journal entry to record depreciation for 2017. Show all calculations clearly.
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Answer:
Currently, the income statement for company reflects a total period cost for depreciation of $7,876,000
Megan Corp. recognizes revenue over time to account for long-term contracts. At the date the contract is signed, the price is $600,000 and the expected costs to complete the contract are $400,000. The following information is available:
Year 1 Year 2 Year 3 Costs incurred to date $200,000 $350,000 $500,000 Estimated costs to complete 200,000 150,000 0 Progress billings 200,000 200,000 200.000
What is the amount of gross profit or loss that is recognized in year 2?
a. $30,000 loss
b. $40,000 gross profit
c. $150,000 loss
d. $200,000 gross profit
Answer:
a. $30,000 loss
Explanation:
Calculation to determine What is the amount of gross profit or loss that is recognized in year 2
First step is to calculate the Year 1 Cost to cost ratio using this formula
Year 1 Cost to cost ratio = 200,000 / ( Costs incurred + Cost to complete)
Let plug in the formula
Year 1 Cost to cost ratio= 200,000 / (200,000 + 200,000)
Year 1 Cost to cost ratio= 50%
Second step is to calculate the Gross profit or loss using this formula
Gross profit/Loss = 50% * ( Price - estimated cost to complete)
Let plug in the formula
Gross profit/Loss= 50% ( 600,000 - 400,000)
Gross profit/Loss= $100,000
Third step is to calculate the Year 2 Cost to cost ratio
Using this formula
Year 2 Cost to cost ratio = 350,000 / ( Costs incurred + Cost to complete)
Let plug in the formula
Year 2 Cost to cost ratio = 350,000 / (350,000 + 150,000)
Year 2 Cost to cost ratio = 350,000 / 500,000
Year 2 Cost to cost ratio = 70%
Now let calculate the gross profit or loss using this formula
Gross profit = 70% * ( Price - estimated cost to complete) - Previous Gross
Let plug in the formula
Gross profit= 70% ( 500,000 - 400,000) - 100,000
Gross profit= -$30,000
Gross Loss of $30,000 in Year 2
Instead of issuing securities, Artificial Intelligence Inc. pursues other sources of funds. To obtain venture capital financing, the firm will most likely:_______.a. pool funds to invest in a business venture. b. give up a share of its ownership. c. borrow funds to be returned on a designated maturity date. d. pay periodic dividends.
Answer:
The answer is B.
Explanation:
The correct option is B. - give up a share of its ownership. Venture capitalist invest in a start up ventures or small businesses that they believe have high future prospects.
Because venture capitalists are exprienced business wise and have enough money, they tend to make or provide managerial decisions. The business will be in form of partnership, hence, Artificial Intelligence Inc. giving up part of its ownership.
It is not a must venture business pay a periodic dividend but business capitalist share in the profit or loss of the business.
The discount rate is the interest rate banks charge their best customers. the interest rate banks charge each other for overnight loans. the interest rate the U.S. Treasury pays on Treasury Bills. the interest rate the Fed charges to banks for loans from the Fed.
Describe the key stages in integrating total quality management into the strategy of an international petrochemical company
Answer:
Total quality management (TQM) describes a management approach to long-term success through customer satisfaction. In a TQM effort, all members of an organization participate in improving processes, products, services, and the culture in which they work.Explanation:
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Gardner Corporation manufactures skateboards and is in the process of preparing next year's budget. The pro forma income statement for the current year is presented below. Sales $ 1,500,000 Cost of sales: Direct Material $ 250,000 Direct labor 150,000 Variable Overhead 75,000 Fixed Overhead 100,000 575,000 Gross Profit $ 925,000 Selling and G&A Variable 200,000 Fixed 250,000 450,000 Operating Income $ 475,000 The break-even point (rounded to the nearest dollar) for Gardner Corporation for the current year is:
Answer:
$636,364
Explanation:
Calculation to determine what The break-even point for Gardner Corporation for the current year is
First step is to calculate the Variable costs
Variable costs = $250,000 + $150,000 + $75,000 + $200,000
Variable costs = $675,000
Second step is to calculate the Contribution margin ratio
Contribution margin ratio = (Sales - Variable costs) / Sales
Contribution margin ratio= ($1,500,000 - $675,000) / $1,500,000
Contribution margin ratio= 0.55*100
Contribution margin ratio = 55%
Now let calculate the Break-even point
Break-even point = Fixed costs / Contribution margin ratio
Break-even point= ($100,000 + $250,000) / 0.55
Break-even point = $636,364
Therefore The break-even point (rounded to the nearest dollar) for Gardner Corporation for the current year is:$636,364
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Answer:
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