LLC type of organizational structure is well suited for the construction industry because it provides limited personal liability for debts, yet benefits from pass-through taxation.
The definition of construction is the process of making something, the obsession with building, or the way something is put together. A construction example is the creation and decoration of a new ice cream shop in a former shoe store. The process, art, or method of building something. 2: Constructed or constructed: Building weak structures. 3: Placement of words in sentences and relationships between words.
Building construction means the provision of labor, equipment, materials, or supplies used or consumed in the design, construction, renovation, renovation, repair, or maintenance of a building or structure.
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dake corporation's relevant range of activity is 4,500 units to 8,500 units. when it produces and sells 6,500 units, its average costs per unit are as follows: average cost per unit direct materials $ 6.40 direct labor $ 3.50 variable manufacturing overhead $ 2.00 fixed manufacturing overhead $ 2.20 fixed selling expense $ 0.90 fixed administrative expense $ 0.60 sales commissions $ 0.70 variable administrative expense $ 0.60 if 5,500 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
The total amount of indirect manufacturing cost incurred is closest to $25,300
What are Indirect Manufacturing Costs?Production expenses that can't be immediately linked to a produced unit are referred to as indirect manufacturing costs. These expenses include, for instance, those for supplies, depreciation, utilities, production supervisor salaries, and equipment maintenance. Indirect manufacturing expenses are gathered into a pool of overhead costs for financial reporting and distributed according to the quantity of units produced during a reporting period; this process results in some capitalization of these costs into the inventory asset.Managerial accountants are required to record these expenses in an account and then divide them among the products generated. These expenses are a significant portion of the overall production costs, to put it briefly.Total Indirect Manufacturing Overhead = Depreciation + Repairs and Maintenance + Office Electricity Expense + Salaries + Factory supplies
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What type of skills are general abilities that transfer to many jobs or situations?
The type of skills are general abilities that transfer to many jobs or situations is job content or functional .
What is skill?
Skill can be described as the creativity, critical thinking, as well as analytical ability to carry out a specific work.
A functional job analysis can be regarded as the process which is been used to identify the essential functions with respect to the job, it should be noted that type of skills are general abilities that transfer to many jobs or situations is job content or functional .
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griffin's goat farm, incorporated, has sales of $594,000, costs of $255,000, depreciation expense of $42,000, interest expense of $27,000, and a tax rate of 21 percent. what is the net income for this firm?
The net income for this firm is $207,770.
Net income refers to the amount a person or enterprise makes after deducting expenses, allowances, and taxes. In trade, internet earnings is what the enterprise has left over in any case costs, including salary and wages, a fee for products or uncooked fabric, and taxes.
EBIT = Sales – Costs – Depreciation Expense
EBIT = $594,000 - $255,000 - $52,000
EBIT = $287,000
EBT = EBIT – Interest Expense
EBT = $287,000 - $24,000
EBT = $263,000
Net Income = EBT – EBT*tax rate
Net Income = $263,000 - $263,000 *21%
Net Income = $263,000 - $55,230
Net Income = $207,770
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If you do really well on a test, you credit your preparation, but if you do poorly, you blame the noise in the classroom. this is an example of which attribution error?
If you perform exceptionally well on a test, you attribute it to your preparation; if you perform poorly, you attribute it to the commotion in the classroom. This is an illustration of an attribution error caused by a self-serving bias.
Self-Serving Bias: The self-serving bias occurs when we attribute positive outcomes to our own acts or character while attributing adverse outcomes to external factors unrelated to our character. Self-serving prejudice has long captured the attention of scholars everywhere.
Attribution Error: The basic attribution fallacy or error is the tendency for someone to attribute another person's behavior to their personality or character while attributing their own to external circumstances they have no control over.
If you do really well on a test, you credit your preparation, but if you do poorly, you blame the noise in the classroom. This is an example of a Self-Serving Bias as an attribution error.
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for each of the following scenarios, indicate whether the individual made a correct choice or an incorrect choice when preparing a budget. correct choice incorrect choice nathan is a sales rep who, based on last year, averaged $2,200 of monthly commission before taxes. he should include this in his budget. stella was just notified that her contribution to the company’s health plan is increasing by 3.5%. it’s a company expense, so stella doesn’t include it in her budget. as sam was reconciling his checkbook, he realized that he incurred $13.25 last month for atm withdrawals. he looked back at the last six months and realized that he averaged the same amount each month. this is an unexpected expense and shouldn’t be listed in his budget. every year the wus buy a big item or take a trip with a single annual bonus barb receives. they included this in their budget.
The correct choice is (d) Every year the Wus buy a big item or take a trip with a single annual bonus Barb receives. They included this in their budget.
Businesses use budgets to track revenue and spending in sufficient depth to make operational choices. Budgets are often oriented toward the future. Both income and cost are based on forecasts and predictions for the periods they cover. Because of this, businesses frequently develop both short-term (monthly or quarterly) and long-term (year) budgets, with the short-term budget being routinely modified to keep the long-term budget on course. The majority of companies additionally create a "actual budget" or "actual report" to compare projections with reality after the budgetary term. An organization may use this to identify where their budgeting process went wrong and make corrections going forward.
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the president of an auto parts merchant, deal corp., wrote to boyd, offering to sell the deal factory site for $300,000. the site is comprised of approximately 20 acres of land and a few abandoned building. the written offer was signed by deal's president and sent on june 5. the offer was received by boyd on june 9. the offer stated that it would remain open until december 20. the offer:
Its good until December 20, although Deal may be revoked it at any point prior to that day if Boyd has not agreed to it.
What is Revoke?Recalling or revoking something causes it to be nullified: revoke a will. 2: to deliver or ring back. To break the rules of a card game by failing to follow suit when one is able. revoke.
When you revoke something, you formally cancel it, as when you take away your sister's title as "coolest sibling" since she frequently shares amusing photos of you from your younger years with her friends.
Formally stating that something is no longer in force: The authorities have officially reversed their initial decision to permit development in this rural area. substitute; repeal.
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All of the following are marketing management philosophies except? sales orientation societal marketing orientation market orientation profitability orientation
All of the following are marketing management philosophies except profitability orientation
This is further explained below.
What is profitability orientation?Generally, With a profit-oriented pricing strategy, we will determine the price of our product in accordance with a certain profit objective.
That may be a target return, which means we want to earn a certain percentage on each unit sold, or it could indicate we want to make the most money possible.
In conclusion, Except for profitability orientation, the following are all marketing management philosophies.
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Whihc form of business organization offers the greatest opportunity to raise capital?
Corporations offer the greatest opportunity to raise capital.
What are Corporations?A corporation is a legitimate entity that exists independently of its owners. Many of the same legal rights and obligations that apply to individuals also apply to businesses.
They have legal authority to make agreements, lend and borrow money, file lawsuits, hire staff, possess property, and pay taxes. While a corporation's exact legal definition varies from one jurisdiction to the next, restricted liability is always its most crucial feature. As a result, shareholders are not individually responsible for the debts of the business but may share in the gains through dividends and stock appreciation.
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What inventory account is used for both manufacturing and merchandising companies?
The inventory account is used for both manufacturing and merchandising companies is Cost of Goods Sold.
What is an inventory account?Inventory accounting is known to be a term that connote the body of accounting that handles the issues with regards to the valuing and accounting for alterations in inventoried assets.
Note that A company's inventory is one that entails goods in all the stages of production and as such, the inventory account is used for both manufacturing and merchandising companies is Cost of Goods Sold.
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hich account is used by both manufacturing and merchandising companies? Multiple Choice O Raw Material Purchases. O Work-in-Process Inventory. O Finished Goods Inventory О O Cost of Goods Sold
indicate whether each of the following is identified with one an asset to a liability or three stockholders equity
a) accounts receivable: asset
b) salaries and wages payable: liability
c) equipment: asset
d) supplies: asset
e) owner's capital: owner's equity
f) notes payable: liability
g) accounts payable: asset
h) cash: asset
How are shareholders' equity determined?When a company is established, the shareholders' equity represents the amount of money that has been invested in the business. This also includes any retained earnings or profits that may have been generated since inception. In order to determine shareholder's equity, various factors need to be considered such as:
The value of common stockOption and warrants exercises and other derivative activitiesRegistration rights (such as voting rights)Stage of development (public companies start with more dilute ownership)To learn more about Shareholders' equity, visit;
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for each of the scenarios, calculate the surplus and indicate if it is a producer surplus or a consumer surplus.
The answer is Producer Surplus.
Where is producer surplus?A measure of producer welfare is producer surplus. On a graph, it is shown as the region below the equilibrium price and above the supply curve.By deducting total marginal costs from total revenue, producer surplus is calculated. It can also be calculated based on each sold item by deducting the item's marginal cost from its income. Total Revenue - Total Marginal Costs equals Producer Surplus.The difference between what a consumer is willing to pay and what they actually spent for a product is referred to as the consumer surplus. The difference between the market price and the lowest price a producer will accept to create a good is known as the producer surplus.For each scenario, calculate the surplus and indicate if it is a producer or consumer surplus.
Alice has a
Consumer surplus
Surplus 35-30=$5
Nicole has a
Producer surplus
Surplus=500-500=0
Claire has a
Producer Surplus
Surplus=125-100=$25
Roy has a
Consumer Surplus
Surplus=2.50-2.75=-0.25
Consumer Surplus is the difference between what the consumer is willing to pay and what they actually pay. Consumer surplus can be negative in some cases.
Consumer surplus= Willingness to Pay - Price Actually Paid
Producer surplus is the difference between what producers are willing and able to sell and the price that they actually receive.
Producer Surplus=Price received- Willingness to accept.
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Many economists suggest that absent legal mechanisms of discrimination, the wage paid to whites and blacks will converge because?
Many economists suggest that absent legal mechanisms of discrimination, the wage paid to whites and blacks will converge because it will be in the interest of profit minded employers to hire blacks, thus bidding up their wages.
A wage is the sum of money that an employer pays an employee for work that was completed within a certain time frame. The minimum wage, prevailing rate, annual bonuses, and remunerative rewards like prizes and tip payments are a few examples of wage payments.
The costs associated with operating a business include wages. No matter how profitable the business is, it has a duty to the employee.
Payment by wage contrasts with salaried work, where the employer pays an agreed-upon sum at regular intervals (such as once a week or once a month) regardless of the number of hours worked, with commission, where pay is contingent on individual performance, and with compensation based on the performance of the company as a whole.
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indicate where each item should be presented in the statement of cash flows using these four major classifications
Heading under which each item should be presented in a cash flow statement are a) Payment of interest on notes payable. OPERATING (b) Exchange of land for patent. NON CASH (c) Sale of building at book value. INVESTMENT (d) Payment of dividends. FINANCING (e) Depreciation. OPERATING
More about cash flow statement:
A financial document called the cash flow statement (CFS) outlines the inflow and outflow of a company's cash and cash equivalents (CCE). The CFS gauges how effectively a business manages its cash position, or how successfully it generates cash to cover its debt payments and finance its operating costs.
Data on the cash flows from the company's operations is provided in the section on cash flows from operating activities. The list of cash flows from investing operations includes cash flows from the acquisition and disposition of noncurrent (long-term) assets including investments and property, plant, and equipment.
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_________ rely mainly on active experimentation and concrete experience in order to learn, and they focus on risk taking, opportunity seeking, and action.
Accommodators rely mainly on energetic experimentation and experience revel in with the intention to examine, and they focus on hazard-taking opportunities searching for, and action.
Experience is knowledge or talent in a selected task or pastime that you have received due to the fact you have got carried out that task or hobby for a long time. The beginning of an infant. The delivery of a grandchild. A reconciliation or reunion with a cherished one. Immersing yourself in a brand new tradition or way of existence.
Experience is essential as it allows you to grow and evolve. while you are provided with a new surroundings, you will learn how to adapt to the situation to be triumphant. you can also increase ultra-modern thoughts and techniques because of your experience with different things.
Humans revel in is how employees experience their employment in the course of their tenure from hire to retirement. EMA's humans enjoy presents an environment of help so participants can implement first-rate practices to attract, engage, develop and hold their humans.
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What does research tell us about the impact of ricardian equivalence effects on the economy?
Paying for government expenses using current taxes or future taxes (as well as existing deficits) will have comparable effects on the state of the economy as a whole, according to the economic theory known as Ricardian equivalence.
What is Ricardian equivalence?Government deficit spending is equivalent to spending from current taxes, according to the Ricardian equivalence.In order to pay projected future taxes, taxpayers will set money aside, which tends to offset the macroeconomic effects of increasing government spending.This hypothesis has often been seen as undermining the Keynesian premise that deficit spending can boost economic performance, especially in the near run.This theory was developed by David Ricardo in the early 19th century and later built upon by Harvard professor Robert Barro. Thus, the Barro-Ricardo equivalence proposition, often known as Ricardian equivalence, is frequently used.To know more about Ricardian equivalence visit:
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customer service is important because it gives a positive impression to present and future clientele and keeps customers willing to come back again.
Answer:True
Explanation: cus im on schoology
Customer service is crucial because it creates a great impression for current and prospective clients, keeps consumers wanting to return, and makes customers feel that they are the top priority.
What is service?
The term service refers to the intangible form. The services are the exchange of the money. The expert person are the provided the skills for the another person as the main motive to earn money.
Customer service is critical since it generates a pleasant impression and helps to build the brand's image. The customer is certain to return. The first priority is to make the consumer happy.
As a result, the customer service more important aforementioned.
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Age diversity at work is the inclusion of employees of all age groups in the workplace. select one:
a. true
b. false
It holds completely true that the age diversity at work is the inclusion of employees of all age groups in the place of a work environment. Therefore, the option A holds true.
What is the significance of age diversity?Age diversity can be referred to or considered as the diversity found in a group or an organization on the basis of status of age of people who are a part of such organization. Age diversity is differentiated on the basis of types of age groups present in a close-knitted environment.
Therefore, the option A holds true and states regarding the significance of age diversity.
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Which of these is not an advantage of outsourcing? part 2
a. cost savings
b. accessing outside technology
c. potential creation of future competition
d. gaining outside expertise
Outsourcing let you leverage know-how and abilities at the side of your whole deliver chain. Hence accessing outside technology.
Outsourcing can also help to make your business greater flexible and agile, able to adapt to changing market conditions and challenges at the same time as imparting cost financial savings and service degree enhancements.
Ousourcngalso taps to fice the composition inside the current market, but, growing fire competition I, not an advantage of the obscuring, therefore, the covet option.
Many people are towards outsourcing because it creates many jobs in other places, which reasons fewer jobs inside the u.s.. With unemployment rising already, outsourcing just increases unemployment even more. however, there are folks that guide outsourcing.
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check my work country y is country x's sole trading partner. which of the following would increase the current account of country x? a. country x imposes tariffs on imports from country y, and country y retaliates by imposing an identical tax on imports from country x. b. the currency of country y depreciates against the currency of country x. c. the currency of country x depreciates against the currency of country y. d. the central banks of country x and country y reduce the money supply to increase interest rates.'
So the option c(The currency of Country X depreciates against the currency of Country Y) is the correct answer.
Currency:
A currency is a standardised type of money that is used or circulated as a means of trade, such as banknotes and coins. A currency, in a broader sense, is a system of money in regular use within a given setting over time, particularly for citizens in a nation state. Currencies can be used as a store of value and are traded between nations in foreign exchange markets, which determine the relative worth of the various currencies.
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a. which state has the comparative advantage in producing cheese? (click to select) b. which state has the comparative advantage in producing cherries? (click to select) c. if both states decided to trade with each other, which of the following is a range of terms of trade that would benefit both wisconsin and california (1 ton of cheese
a. California has the comparative advantage in producing cheese.
b. Wisconsin has a comparative advantage in cherry production.
c. This is the area of profitable trade since the opportunity cost of manufacturing cheese in Wisconsin and California, respectively, is 3 tons and 0.50 tons.
20 tons of cheese or 10 tons of cherries may be produced in California using all available resources (or anything in between).Therefore, 10/20 or 0.50 tons of cherries would have to be sacrificed in order to produce 1 ton of cheese.
The potential cost of producing 1 ton of cherries is also equal to 20/10, or 2 tons of cheese.Like Wisconsin, which can produce either 24 tons of cherries or 8 tons of cheese (or anything in between).1 ton of cheese is produced at a cost of 3 tons of cherries or 24/8.The potential cost of producing 1 ton of cherries is 8/24, or 0.33 tons of cheese.The cost of the next best option is what is known as opportunity cost. In order to produce cheese, clearly California just has to give up 0.5 tons of cherries but Wisconsin needs to give up 3 tons. In order to produce cheese, California has a lower opportunity cost or comparative advantage.
Additionally, Wisconsin's cost of cherry production is lower than California's because there is a difference in the amount of cheese that must be sacrificed: 0.33 tons in Wisconsin against 2 tons in California.
The range of terms of trade is equal to the difference between the two opportunity costs of manufacturing 1 tone of cheese in each nation. This is the area of profitable trade since the opportunity cost of manufacturing cheese in Wisconsin and California, respectively, is 3 tons and 0.50 tons.
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picabo, an aggressive skier, spends her entire income on skis and bindings. suppose picabo has $3,600 to spend on skis and bindings each year. find her best affordable bundle of skis and bindings on the basis that (a) she wears out one pair of skis for every pair of bindings she wears out, and (b) she wears out two pairs of skis for every one pair of bindings. skis are $480/pr and bindings are $240/pr.
Ski racer Picabo spends all of her money on bindings and skis.
For every set of bindings that she uses up, she goes through one pair of skis.
a. Visualize the Picabo indifference curves for the skis and bindings.
b. Create her indifference curves based on the presumption that she is such an aggressive skier that she goes through two pairs of skis for every set of bindings. The ideal cost, which includes skis and bindings, is $575.
Skiers who shop at Advance value skis Beginners: 20 * [$250 + $375] = $12,500 Intermediate: 20 * [$350 + $250] 20 * [$175 + $325] = $10,000
$35,00 total revenue
The ideal cost is $575 ($34,500 / 60).
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an e-business revenue model that involves users paying a fee for using protected intellectual property is called .
an e-business revenue model that involves users paying a fee for using protected intellectual property is called licensing.
What is E-business?
The conduct of online business procedures on the web, internet, extranet, or a mix of these is known as e-business (electronic business). The purchasing and selling of goods and services, customer service, payment processing, management of the production and supply chains, collaboration with business partners, information sharing, operation of automated employee services, and hiring of personnel are some examples of these customer-, internal-, and management-focused business processes. E-business and e-commerce are related, but e-business includes much more than just online shopping. Functions and services include everything from creating intranets and extranets to having application service providers deliver e-services online. Businesses use e-business to do joint research, work together on sales promotions, and purchase components and supplies from other businesses.
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the marketing concept holds that above all else, firms must be focused on building the highest quality product possible.
The marketing concept holds that above all else, firms must be focused on building the highest quality product possible.
FALSE
A market is a composition of structures, institutions, methods, social relations or infrastructures whereby events interact in exchange. at the same time as parties may also change items and offerings through barter, most markets rely upon sellers presenting their goods or offerings to consumers in alternate for money.
Marketing refers to how one-of-a-kind industries are labeled and differentiated based totally on their degree and nature of competition for services and goods. The four popular varieties of market systems consist of perfect opposition, oligopoly marketplace, monopoly market, and monopolistic opposition.
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How long will it take to achieve payback on the initial $2,000,000 tqm investment?
It take to achieve payback on the initial $2,000,000 tqm investment- Hence, It would take 14 months to achieve payback on initial $2,000,000 TQM investment
Option "2" ------ 14 Months
Given data
Investing in TQM = $2,000,000
Minimum increase in demand = 3.0 %
Last year’s sales = $163,508,343
As per the given data next year sales is increased by 3.0%. So, 3.0% of last year sales
=> 0.03 * $163,508,343 = $4,905,250.29 ~= $4,905,250
Revenue added to the bottom line = 34.1% of increased demand
=> 0.341 * $4,905,250 = $1,672,690.25~= $1,672,690
Payback on the initial $2,000,000 TQM investment can be achieved in a period can be calculated using the formula
=> (Investment in TQM / Revenue added to the bottom line) * 12
=> ($2,000,000 / $1,672,690)*12 = 14.34 ~= 14 Months
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Students will write a three-page essay about themselves, and their families! This essay can include detailed family history, sharing any struggles that their family has faced. Students should also include their own background, school interests, activities, work, etc., (About 375 words)
In writing an essay you must consider the structure of the essay, Hence, the structure of the essay should be considered;
The Introduction The bodyThe conclusionFor this essay concentrate on yourself and write about what makes you you.
This is further explained below.
What is family?Generally, A family is a group of two or more people who are connected by blood, marriage, or adoption and who live together; all of these people are regarded as belonging to the same family.
In conclusion, Write about yourself as well as the unique features of your family, detailed family history, sharing any struggles that your family has faced.
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Enterprises can acquire the latest business apps and digital services as they are needed and without large upfront investments by switching from owning it resources to?
Enterprises can acquire the latest business apps and digital services as they are needed and without large upfront investments by switching from owning IT resources to Cloud Computing.
What is Cloud Computing?Delivering various services over the Internet is known as cloud computing. These resources include equipment and software, such as servers, databases, networking, and software for data storage.
With cloud-based storage, files can be saved to a remote database as opposed to being kept on a proprietary hard drive or local storage device. A computer or other electronic device may access data and the software needed to run it as long as it can access the internet.
Many factors make cloud computing a popular choice for individuals and companies, including cost savings, enhanced productivity, speed and efficiency, performance, and security.
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In just a few years, thanks to the policies and actions of its undemocratic and authoritarian economy, venezuela has gone from being a prosperous country to a nation with widespread poverty. We use the term ________ to indicate that a country’s political, economic, and legal system are interdependent, and influence the country’s level of economic well-being.
In just a few years, thanks to the policies and actions of its undemocratic and authoritarian economy, Venezuela has gone from being a prosperous country to a nation with widespread poverty. We use the term political economy to indicate that a country’s political, economic, and legal systems are interdependent, and influence the country’s level of economic well-being.
The study of the interactions between political and economic systems is known as political economy. Political economy examines how institutions, rules, and political behavior impact macroeconomic phenomena like growth, distribution, inequality, and trade. The three political economic systems are communism, socialism, and capitalism. Resources are owned by the state or society in communism and socialism, whereas in capitalism, private individuals are the owners.
Political economy examines the people who make up the figures as well as the social consequences of economic decisions. You can be in the world in a variety of ways thanks to political economy. It prepares you for participating in the large public debate regarding the type of society and the type of planet we'll live in.
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If 2,000 units remain unsold at the end of the month and sales total $300,000 for the month, the amount of manufacturing margin that would be reported on the variable costing income statement is:_________
If 2,000 units remain unsold at the end of the month and sales total $300,000 for the month, the amount of manufacturing margin that would be reported on the variable costing income statement is 140,000.
The manufacturing margin is the difference between sales revenue and the variable cost of goods sold. It is calculated at variable cost.
The average producer gross manufacturing margin ranges between 25 and 35%. However, items with higher prices, such as RVs, cars, and even homes, only increase in price by 10-15%.
divide your gross profit by your sales. Multiply the total by 100 and voila, you get your margin percentage. The margin formula measures how much you keep in each dollar of sales after your expenses are paid. The higher the profit, the higher the percentage of revenue you keep on the sale.
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tuart corporation estimated its overhead costs would be $23,700 per month except for january when it pays the $116,580 annual insurance premium on the manufacturing facility. accordingly, the january overhead costs were expected to be $140,280 ($116,580 $23,700). the company expected to use 7,700 direct labor hours per month except during july, august, and september when the company expected 9,500 hours of direct labor each month to build inventories for high demand that normally occurs during the christmas season. the company’s actual direct labor hours were the same as the estimated hours. the company made 3,850 units of product in each month except july, august, and september, in which it produced 4,750 units each month. direct labor costs were $24.40 per unit, and direct materials costs were $10.90 per unit.
The predetermined overhead rate is $4.1, the Total allocated overhead cost for January is ($31570), and March($31570), August ($44650), Cost per unit for January, March, and August is (43.80, 43.80, 45.00), Selling price per unit for January, March, and August is (64.30, 64.30, 65.50)
A predetermined overhead price, also known as a plant-extensive overhead fee, is a calculation used to determine how much of the entire production overhead cost might be attributed to every unit of product synthetic. The price is decided by dividing the constant overhead price by the estimated quantity of direct labor hours.
Predetermined overhead rate = total overhead / total labor hours
Total overhead = ( 23700 * 12 ) + 116580 = $400980
Predetermined overhead rate = ( 7700 * 9 ) + ( 9500 * 3 ) = 97800
Predetermined overhead rate = 400980 / 97800 = $4.1
Total overhead allocated cost:
January = 7700 * 4.1 = $31570
March = 7700 * 4.1 = $31570
August = 9500 * 4.1 = $44650
Cost per unit of January, March, and August
January March August
Direct material per unit 10.90 10.90 10.90
Direct labor per unit 24.70 24.70 24.70
Overhead per unit 8.20 8.20 9.40
Cost per unit 43.80 43.80 45.00
January ( 31570/3850 = 8.2 ), March ( 31570/3850 = 8.2 ), August ( 44650/3850 = 9.4 )
Selling price for the product assuming the gross margin to be 20.50
January March August
Cost per unit 43.80 43.80 45.00
Gross margin per unit 20.50 20.50 20.50
Selling price per unit 64.30 64.30 65.50
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What is the connection between incentives and consumer sovereignty in a free market economy?.
Consumer sovereignty refers to the ability of consumers to decide what they will purchase, giving them influence over what is produced by encouraging businesses to provide high-quality goods and services.
Why does the free market allow for consumer sovereignty?
The importance of consumer sovereignty Because it guarantees that consumers have the freedom to make their own decisions, consumer sovereignty is a crucial component of our economy and society. As a result, products can be sold on a free market at prices set by supply and demand.
When businesses invite consumers to test products or hear pitches for new ideas, this is an example of consumer sovereignty in action. It grants consumers control over the decision-making process before goods are produced.
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