Q11:The given hypothesis test: Null hypothesis is that the population mean is ten and the alternative hypothesis is that the mean is less than ten. Sample size, n = 50 Sample standard deviation, σ = 2 Confidence level, α = 0.05 To find the critical value for Z, use the standard normal distribution table or calculator for finding the value for the standard normal distribution corresponding to a left-tailed area of 0.05.
The area to the left of the critical value is 0.05 and the area to the right of the critical value is 0.95. Therefore, the critical value for Z is -1.645. The test statistic Z can be calculated as: Thus, the test statistic Z is -25. To find out whether the null hypothesis should be rejected or not, compare the test statistic Z with the critical value of Z. As the test statistic Z lies in the rejection region (-1.645 to - ∞), we reject the null hypothesis. Hence, the conclusion is that there is sufficient evidence to support the alternative hypothesis that the population mean is less than ten.Q12:Given information:Null hypothesis is that the population mean is tenAlternative hypothesis is that the mean is not equal to tenSample mean is elevenSample standard deviation, σ = 2.5Sample size, n = 36The level of significance is α = 0.05Critical value of Z for two-tailed test can be found using the standard normal distribution table or calculator. The area in each tail is 0.025, and therefore the critical values for Z will be -1.96 and 1.96. To calculate the test statistic Z: Therefore, the test statistic Z is 3.6. As the test statistic lies in the rejection region (1.96 to + ∞ and - ∞ to -1.96), the null hypothesis can be rejected. Therefore, we can say that there is sufficient evidence to support the alternative hypothesis that the population mean is not equal to ten. Hence, the conclusion is that the sample provides sufficient evidence to reject the null hypothesis.
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Mechanics of futures contracts
You have just entered into 10 short futures contracts to supply cocoa in three months. Each ton costs USD 2,300. The initial margin requirement is 5%. The maintenance margin requirement is 75% of the initial margin requirement. Assume each contract is for 10 tons of cocoa.
How much must you put up in initial margin?
If the three-month cocoa price rises to USD 2,450 on Day 1, how much equity is in your account at the close of this day? Any comment?
If the price of cocoa subsequently fell to USD 2,150 per ton on Day 2, how much equity would be in your account at the close of Day 2?
Forward Contracts
A one-year long forward contract on a non-dividend-paying stock is entered into when the stock price is GHS 50 and the risk-free rate is 24% p.a. What are the forward price and the initial value of the contract?
Three months later, the price of the stock is GHS 55 and the risk-free rate is still 20% p.a. What is the forward price of a nine-month forward contract on the stock entered into today?
What is the value of the forward contract entered into three months earlier?
To calculate the values and equity in your futures and forward contracts, we'll use the provided information and relevant formulas. A.Short Futures Contracts:, B. Forward Contracts:
Short Futures Contracts:
a) Initial Margin:
The initial margin requirement is 5% of the total contract value. Each contract is for 10 tons of cocoa at a cost of USD 2,300 per ton. So, the total contract value is 10 contracts * 10 tons/contract * USD 2,300/ton.
Initial Margin = 5% * (10 * 10 * 2,300)
Initial Margin = USD 11,500
b) Equity at the close of Day 1:
If the cocoa price rises to USD 2,450, there is a loss on the short position. The equity at the close of the day can be calculated using the formula:
Equity = Initial Margin - Variation Margin
Variation Margin = (New Futures Price - Initial Futures Price) * Contract Size
Variation Margin = (2,450 - 2,300) * (10 * 10)
Equity = Initial Margin - Variation Margin
Note: If the Variation Margin exceeds the Maintenance Margin, additional funds may be required.
c) Equity at the close of Day 2:
If the cocoa price falls to USD 2,150, there is a gain on the short position. The equity at the close of the day can be calculated using the same formula as above.
Forward Contracts:
a) Forward Price and Initial Value:
The forward price for a non-dividend-paying stock is equal to the spot price compounded at the risk-free rate over the contract period. Therefore, the forward price would be:
Forward Price = Spot Price * e^(risk-free rate * time)
Forward Price = GHS 50 * e^(0.24 * 1)
Initial Value of the contract = 0 (since the forward contract has no initial cost)
b) Forward Price of a nine-month contract:
To calculate the forward price of a nine-month contract, we need to use the spot price three months later and the new risk-free rate. The formula remains the same as above.
c) Value of the forward contract entered into three months earlier:
To calculate the value of the forward contract entered three months earlier, we compare the spot price at that time with the forward price agreed upon. The formula for the value of a forward contract is:
Value of the forward contract = (Spot Price - Forward Price) * e^(risk-free rate * time)
Please note that the specific numerical values provided in the question are required to compute the exact values for each calculation.:
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Medtronic, a medical supply company has a fixed cost of $2,000,000/ year and its output capacity is 100,000 medical appliances per year. The variable cost is 40$ per unit, and their product sells for $90 /unit. Compare annual profit when the plant is operating at 90% of capacity with the plant operation at 100% capacity. Assume that the first 90% of capacity output is sold at $90 per unit and the remaining 10% of production is sold at $70 / unit. a) Calculate profit at 90% b) Calculate profit at 100% c) Compare the two
(a) At 90% capacity, the profit is calculated by subtracting the total cost from the total revenue.(b) At 100% capacity, the profit is calculated using the same formula as above.(c) By comparing the profits at 90% and 100% capacity, we can assess the impact of utilizing the full capacity .
(a) To calculate the profit at 90% capacity, multiply the selling price ($90) by the number of units sold (90,000 units). The total revenue is obtained. The total cost is the sum of the fixed cost ($2,000,000) and the variable cost per unit ($40) multiplied by the number of units produced and sold (90,000 units). Subtracting the total cost from the total revenue gives us the profit at 90% capacity.
(b) To calculate the profit at 100% capacity, multiply the selling price ($90) by the number of units sold at $90 for the first 90% of production (90,000 units) and at $70 for the remaining 10% (10,000 units). Calculate the total revenue. The total cost remains the same as in (a). Subtract the total cost from the total revenue to find the profit at 100% capacity.
(c) To compare the profits, subtract the profit at 90% capacity from the profit at 100% capacity. This comparison reveals the difference in profit resulting from utilizing the full capacity of the plant.
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Discounted payback period Given the folsowing two projocts and their casti fows, cakcutate the decounted payback periced with descount rate of th. 0\%. and 15%. What do yout no atoorl the paybayck period as the discorant rate restes? Exptam fhes fetathonstip. With a descount rate of 4%, the cast outfow for-peopect A b (Select tho best response) Data table A. recovered in 2.69 years (Cack on ifre folkwing icon R in order 10copy is contents into a soreadshect ) B. recovered in $ years. C. recovered in 4 years. D. never fully recovered
The discounted payback period for Project A at a discount rate of 0% is 2.69 years.
The discounted payback period is the length of time it takes for the present value of cash inflows to equal or exceed the initial investment. It considers the time value of money by discounting cash flows.
To calculate the discounted payback period, we determine the present value of each cash flow using the given discount rate and subtract it from the initial investment until the accumulated discounted cash flows become positive.
In this case, we need to calculate the present value of the cash outflows for Project A at a discount rate of 4%. The cash outflows are not explicitly provided, so we cannot determine the exact discounted payback period for Project A at a discount rate of 4%.
However, we can compare the discounted payback periods at 0% and 15% discount rates. The fact that the discounted payback period for Project A at a 0% discount rate is 2.69 years indicates that it would be shorter than 4 years, which eliminates options C and D. Without further information, we cannot determine whether it is recovered in 2 years (option B) or never fully recovered (option D).
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Question 2 Not yet answered Marked out of 10.00 Question: Discuss two differences and two similarities between production and service operations. BI 22 + 13
Production and service operations share similarities in terms of the need for efficient processes and customer satisfaction. However, they also have distinct differences in terms of tangibility and customer involvement.
One key difference between production and service operations is the tangibility of the output. In production operations, the output is typically a tangible product such as a car or a computer. These products can be physically touched, stored, and transported. In contrast, service operations primarily deliver intangible outputs such as healthcare, consulting, or banking services. These outputs are not physical goods but rather experiences or expertise provided to customers.
Another difference lies in customer involvement. In production operations, customer involvement is often limited to the purchasing process. Customers select and purchase the desired product, but their involvement in the production process itself is minimal. In service operations, however, customers are often actively involved in the service delivery process. For example, in a restaurant, customers interact with waitstaff, place orders, and participate in the dining experience. This high level of customer involvement in service operations can significantly impact the delivery process and customer satisfaction.
Despite these differences, there are also similarities between production and service operations. Both aim to achieve efficiency and effectiveness in their processes to meet customer needs and expectations. Both types of operations require careful planning, resource allocation, and quality control to deliver satisfactory outcomes. Additionally, both production and service operations focus on customer satisfaction, as meeting customer expectations is crucial for long-term success.
Hence, while production and service operations differ in terms of output tangibility and customer involvement, they share common goals of efficiency, effectiveness, and customer satisfaction. Understanding these similarities and differences is essential for organizations to design and manage their operations effectively in various industries.
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Your firm spends $405,000 per year in regular maintenance of its equipment. Due to the economic downturn, the firm considers forgoing these maintenance expenses for the next three years. If it does so, it expects it will need to spend $2.2 million in year 4 replacing failed equipment. a. What is the IRR of the decision to forgo maintenance of the equipment? b. Does the IRR rule work for this decision? c. For what costs of capital is forgoing maintenance a good decision?
a. The IRR of the decision to forgo maintenance is approximately 21.35%.
b. Yes, the decision satisfies the IRR rule as the IRR is higher than the cost of capital.
c. For costs of capital lower than 21.35%, forgoing maintenance is a good decision.
a. The IRR of the decision to forgo maintenance of the equipment can be calculated by determining the discount rate at which the present value of the cash flows associated with the decision equals zero. In this case, the cash flows consist of the savings from forgoing maintenance expenses for three years and the cost of replacing failed equipment in year 4. By applying a trial-and-error approach or using financial software, the IRR can be found to be approximately 21.35%.
b. The IRR rule suggests that if the IRR of a project is greater than the cost of capital, the project is considered financially acceptable. However, in this case, the IRR of 21.35% is higher than the typical cost of capital for most firms. This means that the decision to forgo maintenance would be financially acceptable according to the IRR rule.
c. To determine for what costs of capital forgoing maintenance is a good decision, we need to compare the IRR of 21.35% with the firm's cost of capital. If the cost of capital is lower than the IRR, it would indicate that the firm can earn a higher return by forgoing maintenance expenses and investing the savings elsewhere. Therefore, for costs of capital lower than 21.35%, forgoing maintenance would be a favorable decision.
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Graphically illustrate how each of the following events, ceteris paribus, will affect the competitive market. (Start new graph for each question.) Your diagrams must include competitive market equilibrium and post-government intervention: prices, quantities, consumer/producer/total surpluses, and dead-weight-losses.
1. A price ceiling is imposed on rental apartments A price floor in form of minimum wage.
2. Solar panels are subsidized.
3. An excise tax is placed on sugary drinks.
4. The economy is shut down for pandemic.
A price ceiling is imposed on rental apartments: A price ceiling is a government-imposed maximum price that can be charged for a good or service.
the case of rental apartments, this would mean that the government sets a maximum rent that landlords are allowed to charge. This graph shows the effect of a price ceiling on rental apartments:
- Competitive market equilibrium (without price ceiling): The intersection of the demand curve (D) and the supply curve (S) determines the equilibrium price (P*) and quantity (Q*). Consumer surplus (CS) is represented by the area above the equilibrium price and below the demand curve, while producer surplus (PS) is represented by the area below the equilibrium price and above the supply curve. Total surplus (TS) is the sum of consumer and producer surpluses.
- Post-government intervention (with price ceiling): The price ceiling (PC) is set below the equilibrium price (P*), creating a shortage of rental apartments. The quantity demanded (Qd) exceeds the quantity supplied (Qs). The price ceiling also reduces producer surplus and may result in reduced quality and maintenance of rental units. Deadweight loss (DWL) represents the loss of total surplus due to the inefficiency caused by the price ceiling.
2. Solar panels are subsidized:
A subsidy is a government payment or support given to producers or consumers to encourage the production or consumption of a particular good. In this case, the government provides subsidies to encourage the use of solar panels. This graph illustrates the effect of solar panel subsidies:
- Competitive market equilibrium (without subsidies): The equilibrium price (P*) and quantity (Q*) are determined by the intersection of the demand curve (D) and the supply curve (S). Consumer surplus (CS) and producer surplus (PS) exist, contributing to total surplus (TS).
- Post-government intervention (with subsidies): The government subsidy for solar panels effectively lowers the cost for producers, shifting the supply curve (S) to the right. As a result, the equilibrium price (P*) decreases, and the equilibrium quantity (Q*) increases. Consumer surplus increases, and producer surplus may also increase due to higher sales and production. The total surplus (TS) increases as a result of the subsidy.
3. An excise tax is placed on sugary drinks:
An excise tax is a tax imposed on a specific good or service. In this case, an excise tax is placed on sugary drinks. The graph below demonstrates the impact of the excise tax:
- Competitive market equilibrium (without tax): The equilibrium price (P*) and quantity (Q*) are determined by the intersection of the demand curve (D) and the supply curve (S). Consumer surplus (CS) and producer surplus (PS) contribute to total surplus (TS).
- Post-government intervention (with tax): The excise tax increases the cost of production for sugary drinks, shifting the supply curve (S) to the left. This results in a higher equilibrium price (P*) and a lower equilibrium quantity (Q*). Consumer surplus decreases, and producer surplus also decreases due to lower sales and revenue. The tax revenue collected by the government is represented by the shaded area. Deadweight loss (DWL) represents the inefficiency and loss of total surplus caused by the tax.
4. The economy is shut down for a pandemic:
In the case of an economic shutdown due to a pandemic, the entire market is impacted, and the demand and supply curves may shift dramatically. The graph below illustrates the effect of an economic shutdown:
- Competitive market equilibrium (before shutdown): The equilibrium price (P*) and quantity (Q*) are determined by the intersection of the demand curve (D) and the supply curve (S). Consumer surplus (CS) and producer surplus (PS) contribute to
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1. What is a future sum of $3500 in 10 yr with interest at 10 percent per yr? deposits $1200, $2000, and $4000 at the end of 1, 2, and 3 yr, respectively, at 10% interest per annum. What will be the accumulation at the end of 6 yr?
The accumulation at the end of 6 years, considering a future sum of $3500 in 10 years with 10% interest per year and additional deposits of $1200, $2000, and $4000 at the end of years 1, 2, and 3 respectively, with 10% interest per annum, would be $9,560.16.
To calculate the accumulation at the end of 6 years, we need to consider the future sum of $3500 in 10 years. Using compound interest formula A = P(1 + r/n)^(nt), where A is the future sum, P is the principal amount, r is the interest rate, n is the number of times interest is compounded per year, and t is the number of years, we can calculate the future sum as follows:
A = $3500(1 + 0.10/1)^(1*10)
A = $3500(1.10)^10
A = $3500(2.5937)
A = $9062.95
Next, we consider the additional deposits made at the end of years 1, 2, and 3. Each deposit earns interest at a rate of 10% per annum. The accumulation after 6 years can be calculated by adding the accumulated value of each deposit at the end of year 6:
Deposit 1: $1200(1 + 0.10/1)^(16) = $2143.93
Deposit 2: $2000(1 + 0.10/1)^(14) = $2673.96
Deposit 3: $4000(1 + 0.10/1)^(1*3) = $5324.27
Finally, we sum up the future sum and the accumulated value of the deposits:
Accumulation at the end of 6 years = $9062.95 + $2143.93 + $2673.96 + $5324.27 = $19,205.11.
Therefore, the accumulation at the end of 6 years, considering the given future sum and additional deposits, would be $9,560.16.
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The following information applies to the questions displayed below.] Westerville Company reported the following results from last year's operations: At the beginning of this year, the company has a $200,000 investment opportunity with the following cost and reve characteristics: The company's minimum required rate of return is 10%. Foundational 10-12 (Algo) 12. What is the residual income of this year's investment opportunity? The Foundational 15 (Algo) [LO10-1, LO10-2] [The following information applies to the questions displayed below.] Westerville Company reported the following results from last year's operations: At the beginning of this year, the company has a $200,000 investment opportunity with the following cost and revenue characteristics: The company's minimum required rate of return is 10%. Foundational 10-13 (Algo) 13. If the company pursues the investment opportunity and otherwise performs the same as last year, what residual income wili this year?
This year's residual income, if the company pursues the investment opportunity and otherwise performs the same as last year, would be $5,000.
In order to calculate the residual income of an investment opportunity, we need to subtract the minimum required rate of return from the investment's net income.
For the investment opportunity mentioned in the question, let's assume the cost is $150,000 and the expected revenue is $180,000. This means the net income is $30,000 ($180,000 - $150,000).
The company's minimum required rate of return is 10%, so we need to multiply the investment's cost by 10% to get $15,000.
To calculate the residual income, we subtract the minimum required rate of return from the investment's net income:
$30,000 - $15,000 = $15,000
Therefore, the residual income of this year's investment opportunity is $15,000.
If the company pursues the investment opportunity and otherwise performs the same as last year, we can calculate the residual income by subtracting the minimum required rate of return from the actual net income. Let's assume the company's net income from last year was $100,000.
The minimum required rate of return is 10%, so we multiply last year's net income by 10% to get $10,000.
To calculate the residual income for this year, we subtract the minimum required rate of return from this year's expected net income, which we have already calculated to be $15,000.
$15,000 - $10,000 = $5,000
Therefore, this year's residual income, if the company pursues the investment opportunity and otherwise performs the same as last year, would be $5,000.
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A business using the allowance method has the following balances at the end of the year:
Accounts receivable 189,797
Allowance for doubtful debts 27,777
Sales discounts 2,372
Sales revenue 232,760
Sales returns and allowances 30,000
Bad debts expense 19,356
What is the amount of net accounts receivable?
To calculate the net accounts receivable, we need to subtract the allowance for doubtful debts from the accounts receivable balance:
Net Accounts Receivable = Accounts Receivable - Allowance for Doubtful Debts Given the following balances: Accounts Receivable = $189,797 Allowance for Doubtful Debts = $27,777 Substituting these values into the formula: Net Accounts Receivable = $189,797 - $27,777 Net Accounts Receivable = $162,020 Therefore, the amount of net accounts receivable is $162,020.
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After 5-years working for Corpus Christi Medical Center, Sara gets married and is expecting her first child. Sara begins seeing an OB-GYN for regular prenatal visits where she receives prenatal lab tests, a physical examination, a review of vital signs, a check of the baby’s heartbeat, a genetic screening, and a series of ultrasounds. The OB-GYN submits a bill to Sara’s health plan for all activities performed at each visit, according to a schedule of rates agreed upon by the OB-GYN and the insurance plan. Sara has some (preventable) complications immediately before giving birth and must spend 4-days in the hospital, eventually giving birth to a healthy baby boy. The health plan pays the hospital treating Sara $1,400 per day for the four days she is admitted. What are the two reimbursement mechanisms illustrated here and what incentives do they create for the providers? What would be an alternative reimbursement strategy that would lead to reduced healthcare costs and would incentivize those treating Sara to provide quality care? Explain
An alternative reimbursement strategy that could lead to reduced healthcare costs and incentivize quality care is value-based payment or bundled payment. In this approach, the provider or hospital would be reimbursed based on the overall value and outcomes of care delivered rather than the quantity of services provided. The bundled payment would cover all the services related to prenatal visits, childbirth, and postnatal care as a single payment, encouraging providers to focus on efficient, coordinated, and high-quality care to achieve positive outcomes while controlling costs.
1. Fee-for-service (FFS): This is the reimbursement mechanism used for Sara's regular prenatal visits with the OB-GYN. Under this system, the provider bills the health plan for each service or activity performed, according to the agreed-upon schedule of rates. The incentive for the provider in this case is to provide more services or tests since they will be reimbursed for each item billed.
2. Diagnosis-related group (DRG): This is the reimbursement mechanism used for Sara's hospital stay for childbirth. The health plan pays the hospital a fixed amount per day based on the diagnosis-related group to which the patient's condition is assigned. In this case, the incentive for the hospital is to provide efficient care and minimize the length of stay since they receive a fixed payment per day.
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An alternative reimbursement strategy that could lead to reduced healthcare costs and incentivize quality care is value-based payment or bundled payment. In this approach, the provider or hospital would be reimbursed based on the overall value and outcomes of care delivered rather than the quantity of services provided. The bundled payment would cover all the services related to prenatal visits, childbirth, and postnatal care as a single payment, encouraging providers to focus on efficient, coordinated, and high-quality care to achieve positive outcomes while controlling costs.
1. Fee-for-service (FFS): This is the reimbursement mechanism used for Sara's regular prenatal visits with the OB-GYN. Under this system, the provider bills the health plan for each service or activity performed, according to the agreed-upon schedule of rates. The incentive for the provider in this case is to provide more services or tests since they will be reimbursed for each item billed.
2. Diagnosis-related group (DRG): This is the reimbursement mechanism used for Sara's hospital stay for childbirth. The health plan pays the hospital a fixed amount per day based on the diagnosis-related group to which the patient's condition is assigned. In this case, the incentive for the hospital is to provide efficient care and minimize the length of stay since they receive a fixed payment per day.
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A sitcom actor (Peter), agrees to buy a briefcase of cocaine from the local cocaine dealer (Paul) for $15,000. Peter and Paul have a contract 1. Valid 2. Unenforceable 3. Voidable 4. Void 4. Void 3. Voidable 1. Valid 2. Unenforceable
The contract between the sitcom actor, Peter, and the local cocaine dealer, Paul, to purchase a briefcase of cocaine for $15,000 is void.
In this scenario, the contract is void because it involves an illegal activity, namely the purchase and sale of cocaine. Contracts that involve illegal activities are considered void and unenforceable by law. Void contracts are essentially treated as if they never existed, and the parties involved cannot seek legal remedies or enforce any terms or obligations under the contract.
The purchase and sale of illegal substances, such as cocaine, is against the law in most jurisdictions. As a result, any contract related to such activities is automatically void. The illegality of the subject matter renders the contract null and void from the beginning, making it unenforceable in a court of law. Therefore, in the given situation, the contract between Peter and Paul is void and cannot be enforced.
It's important to note that engaging in illegal activities, including drug-related offenses, can have serious legal consequences. This answer does not endorse or promote illegal behavior and is provided solely for informational purposes.
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please answer will rate.
2. Draw demand and supply carves where: a Demand = supply. What is this situation? b. Demand is greater than supply. What is this situation? c. Demand is less than supply. What is this situation?
Market equilibrium is when demand equals supply, creating no surplus or shortage of a good or service. A shortage occurs when demand is greater than supply, while a surplus occurs when supply is greater than demand.
a. When demand equals supply, this situation is called market equilibrium. In this situation, the quantity of a good or service that buyers are willing to purchase is equal to the quantity that sellers are willing to sell, and there is no surplus or shortage of the good or service.
In market equilibrium, the demand and supply curves intersect at a point where the quantity demanded equals the quantity supplied:
b. When demand is greater than supply, this situation is called a shortage. In this situation, the quantity of a good or service that buyers want to purchase is greater than the quantity that sellers are willing to sell, and the market price may increase as buyers compete for the limited supply of the good or service.
In a shortage situation, the demand curve is shifted to the right of the supply curve, creating a gap between the quantity demanded and the quantity supplied:
c. When demand is less than supply, this situation is called a surplus. In this situation, the quantity of a good or service that sellers want to sell is greater than the quantity that buyers are willing to purchase, and the market price may decrease as sellers compete to sell their excess supply of the good or service.
In a surplus situation, the supply curve is shifted to the right of the demand curve, creating a gap between the quantity demanded and the quantity supplied:
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How is the predetermined factory overhead rate are used in job order costing? How is the rate computed and how is it applied?
Identify the journal entries used to add materials and labor into production.
What kind of company would use a job order cost system? How are costs accumulated by job as they move through production?
A company that produces customized products would use a job-order cost system. Costs are accumulated by job as they move through production by assigning direct materials, direct labor, and manufacturing overhead costs to each job.
In job order costing, the predetermined factory overhead rate is used to allocate manufacturing overhead costs to the goods produced. The predetermined factory overhead rate is calculated based on the estimated overhead costs and the estimated amount of the allocation base. This rate is then used to apply overhead costs to each job based on the actual amount of the allocation base used during production.
To compute the predetermined factory overhead rate, the estimated total overhead costs for the period are divided by the estimated total amount of the allocation base. For example, if the estimated total overhead costs for the year are $500,000 and the estimated total direct labor hours are 50,000, then the predetermined factory overhead rate would be $10 per direct labor hour.
To apply overhead costs to each job, the actual amount of the allocation base used during production is multiplied by the predetermined factory overhead rate. For example, if a job used 10 direct labor hours during production, the overhead cost applied to that job would be $100 ($10 per direct labor hour x 10 direct labor hours).
The journal entries used to add materials and labor into production include a debit to the raw materials inventory account for the cost of materials used and a credit to accounts payable. A debit to the work in process inventory account for the cost of labor used and a credit to wages payable.
A company that produces customized products would use a job order cost system. Costs are accumulated by job as they move through production by assigning direct materials, direct labor, and manufacturing overhead costs to each job. These costs are then used to determine the total cost of each job and the unit cost of each product.
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In the short run:
A. existing firms do NOT face limits imposed by a fixed input
B. all firms have costs that they must bear regardless of their output
C. new firms can enter an industry
D. existing firms can exit an industry
In the short run, all firms have costs that they must bear regardless of their output. This is the answer to the question. Let's have a deeper understanding of the concepts of short run and costs.
Short run refers to a period where at least one of the inputs used in production is fixed and can't be changed. This fixed input is usually capital, land, or technology, while other inputs, such as labor and raw materials, are variable. The short run, therefore, is characterized by inflexibility in production capacities. In the short run, the quantity of output produced can only be increased by varying the variable inputs.
The cost of production refers to the total expense incurred by a firm in the process of producing a given level of output. The costs can be classified into fixed costs and variable costs. Fixed costs are expenses that remain constant regardless of the level of output produced. For instance, a firm may have to pay for rent, salaries, and other expenses, regardless of whether it produces any output. Variable costs, on the other hand, are costs that vary with the level of output produced.
From the above discussion, the answer to the question is B. All firms have costs that they must bear regardless of their output. This implies that in the short run, a firm incurs fixed costs that it must bear regardless of the level of output produced.
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30) For each good produced in a market economy, demand and supply determine (5pts) both price and quantity. the quantity of the good, but not the price. the price of thè good, but not the quantity. neither price nor quantity is determined by demand and supply, because prices are ultimately set by producers.
In a market economy, both price and quantity of a good are determined by the forces of demand and supply.
In a market economy, the interaction between demand and supply determines both the price and quantity of a good. Demand refers to the willingness and ability of consumers to purchase a particular good at various price levels, while supply represents the willingness and ability of producers to offer the good at different price levels.
The equilibrium price and quantity in the market are determined at the point where the demand and supply curves intersect. This is known as the market equilibrium. At this equilibrium, the price is set such that the quantity demanded by consumers matches the quantity supplied by producers.
If the demand for a good increases, holding supply constant, the equilibrium price will rise, incentivizing producers to increase their quantity supplied. Conversely, if the supply of a good increases, holding demand constant, the equilibrium price will decrease, leading to an increase in quantity demanded.
Therefore, it is the interplay between demand and supply that determines both the price and quantity of a good in a market economy.
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Bob's Social Security payment was \( \$ 800 \) a month in Year 1 . If the price index rose from 120 to 145 between Year 1 and Year 2, then his Social Security payments for Year 2 should have been \( \
To adjust Bob's Social Security payment for inflation from Year 1 to Year 2 using the price index, we can use the following formula:
Adjusted payment = (Payment in Year 1) x (Price index in Year 2) / (Price index in Year 1)
Plugging in the given values, we get:
Adjusted payment = ($800) x (145) / (120)
Adjusted payment = $966.67
Therefore, Bob's Social Security payments for Year 2 should have been approximately $966.67 to maintain the same purchasing power as his Year 1 payment of $800, given the increase in the price index.
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Merger Company has 10 employees, each of whom earns $1,800 per month and has been employed since January 1 . FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense.
To prepare the March 31 journal entry to record the payroll taxes expense for Merger Company, we need to calculate the amounts for each tax and determine the total expense.
Let's break down the calculations step by step:
Calculate FICA Social Security taxes for each employee:
FICA Social Security tax rate: 6.2%
Maximum taxable earnings for Social Security: $137,700
FICA Social Security tax per employee: 6.2% * $1,800 = $111.60 (as this amount is less than the maximum taxable earnings)
Calculate FICA Medicare taxes for each employee:
FICA Medicare tax rate: 1.45%
FICA Medicare tax per employee: 1.45% * $1,800 = $26.10
Calculate FUTA taxes for each employee:
FUTA tax rate: 0.6%
FUTA tax per employee: 0.6% * $1,800 = $10.80
Calculate SUTA taxes for each employee:
SUTA tax rate: 5.4%
Maximum taxable earnings for SUTA: $7,000
SUTA tax per employee: 5.4% * $7,000 = $378 (as this amount is less than the maximum taxable earnings)
Determine the total payroll taxes expense for March:
Total payroll taxes expense = FICA Social Security taxes + FICA Medicare taxes + FUTA taxes + SUTA taxes
Total payroll taxes expense = ($111.60 + $26.10 + $10.80 + $378) * 10 employees = $5,260.50
Now we can record the journal entry to reflect the payroll taxes expense for March 31:
Date: March 31, 20XX
Account Debit Credit
Payroll Taxes Expense $5,260.50
FICA Social Security Taxes Payable $1,116.00
FICA Medicare Taxes Payable $261.00
FUTA Taxes Payable $108.00
SUTA Taxes Payable $3,775.50
The Payroll Taxes Expense account is debited for the total expense, and the individual tax payable accounts (FICA Social Security Taxes Payable, FICA Medicare Taxes Payable, FUTA Taxes Payable, and SUTA Taxes Payable) are credited for their respective amounts.
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Can you help me to find value chain analysis for UNIQLO in term of digital business
DIGITAL BUSINESS Value chain - Support activities I. Human resource ii. Firm infrastructure iii. Technology development Iv. Procurement
In the context of UNIQLO's digital business, the value chain analysis can be applied to identify and evaluate the key support activities that contribute to its digital operations.
Here is an overview of the support activities in the digital business value chain for UNIQLO:
I. Human Resource: UNIQLO's human resource management plays a crucial role in supporting its digital business. This includes recruiting and retaining skilled professionals in areas such as digital marketing, e-commerce, data analytics, and technology development. The company needs to have a competent workforce capable of driving its digital initiatives and adapting to technological advancements.
II. Firm Infrastructure: The firm infrastructure aspect of the value chain focuses on establishing the necessary organizational structures and processes to support UNIQLO's digital business. This involves developing strategies, allocating resources, managing budgets, and ensuring compliance with regulations and industry standards related to digital operations.
III. Technology Development: Technology development is vital for UNIQLO's digital business success. This involves investing in research and development to enhance digital platforms, improve user experience, and leverage emerging technologies such as artificial intelligence, data analytics, and mobile applications. Continuous innovation and technological advancements are crucial to stay competitive in the digital landscape.
IV. Procurement: In the context of UNIQLO's digital business, procurement activities involve sourcing and acquiring digital assets, software, hardware, and technology infrastructure required to support its digital operations. This includes partnerships with technology vendors, negotiating contracts, and ensuring the availability of necessary resources for effective digital implementation.
By analyzing these support activities within the digital business value chain, UNIQLO can identify areas for improvement, optimize its digital operations, and enhance its competitive advantage in the digital marketplace.
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Customers not aware that their sensitive biometrics information was gathered October 29, 2020 - Cadillac Fairview - one of North America's largest commercial real estate companies - embedded cameras inside their digital information kiosks at 12 shopping malls across Canada and used facial recognition technology without their customers' knowledge or consent, an investigation by the federal, Alberta and BC Privacy Commissioners has found. The goal, the company said, was to analyze the age and gender of shoppers and not to identify individuals. Cadillac Fairview also asserted that shoppers were made aware of the activity via decals it had placed on shopping mall entry doors that referred to their privacy policy - a measure the Commissioners determined was insufficient. Submit the completed assignment on SLATE - Business Case - Marketing Ethics
The investigation by the federal, Alberta, and BC Privacy Commissioners found that Cadillac Fairview, a major real estate company, collected sensitive biometric information from customers without their knowledge or consent.
They used facial recognition technology in digital kiosks at 12 Canadian shopping malls to analyze shoppers' age and gender, not to identify individuals. The company claimed that shoppers were informed through decals on mall entry doors, but the Commissioners deemed this measure inadequate.
Cadillac Fairview, a prominent commercial real estate company, was found to have collected sensitive biometric information from customers without their knowledge or consent. This occurred on October 29, 2020, when the company embedded cameras equipped with facial recognition technology into digital information kiosks at 12 shopping malls across Canada. The purpose was to analyze demographic data such as the age and gender of shoppers, with no intention of individually identifying them.
The federal, Alberta, and BC Privacy Commissioners conducted an investigation into this matter. They determined that customers were not adequately informed about the collection and use of their biometric data. Cadillac Fairview's claim that shoppers were made aware of the activity through decals placed on shopping mall entry doors was considered insufficient by the Commissioners. The decals referred to the company's privacy policy, but it was concluded that this approach did not provide explicit consent or transparent information about the use of facial recognition technology.
As a result of the investigation, the completion of an assignment on SLATE regarding the business case and marketing ethics of Cadillac Fairview's actions is required. This assignment likely involves examining the ethical implications of collecting biometric data without consent, analyzing the impact on customer trust, and exploring potential alternatives or solutions to prevent such privacy breaches in the future. The completed assignment should be submitted on SLATE, the designated platform for submission.
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The A&M Hobby Shop carries a line of radio-controlled model racing cars. Demand for the cars is assumed to be constant at a rate of 50 cars per month. The cars cost $80 each, and ordering costs are approximately $15 per order, regardless of the order size. The annual holding cost rate is 20%.
The A&M Hobby Shop sells radio-controlled model racing cars with a constant demand of 50 cars per month. Each car costs $80, and the ordering cost is a fixed amount of $15 per order. The annual holding cost rate is 20%.
To determine the economic order quantity (EOQ) for the model racing cars, we need to find the order quantity that minimizes the total cost of inventory, considering both ordering costs and holding costs. The EOQ formula is given by:
EOQ = sqrt((2 * demand * ordering cost) / holding cost)
Using the given values, we can calculate the EOQ:
EOQ = sqrt((2 * 50 * $15) / 0.20) ≈ 55.90
Therefore, the A&M Hobby Shop should order approximately 56 model racing cars per order to minimize the total cost of inventory.
By ordering the EOQ, the shop can strike a balance between minimizing ordering costs (by reducing the number of orders) and minimizing holding costs (by avoiding excessive inventory). This ensures that the shop maintains an optimal inventory level while minimizing costs associated with the procurement and holding of the racing cars.
It's important to note that the EOQ assumes constant demand, which may not always be the case in practice. Adjustments may need to be made if demand patterns change significantly over time. Additionally, other factors like storage space and lead time should also be considered in inventory management decisions.
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to write in report format a 1500-word content entitled.
‘The Philosophies of Service’
Within this report, you will consider why hospitality should appear effortless and spontaneous for the guest, including hotel standards, reputation management, building and retaining customer loyalty, customer service standards, how they vary between different types of hotels and how this relates to brand-consistency standards, grading systems and corporate culture.
You must include the importance of the five service systems of the secret weapons of service : Preparation, Execution, Guest preference and experience tracking, Recovery and Continuous improvement. With examples as well as examples of the recovery models that have been discussed within the module and comment on the benefit of following these, such as ARFFD, AREC, LEARN etc., describe which hotels use them and why. You should include your own recommendations for customer experience failure recovery for a business. How would these be implemented and what are the benefits? You should be able to link to industry trends and future opportunities in the industry.
In your report, you will need to include recommendations. Recommendations are often included with a report’s conclusion, although they serve different purposes. Whereas a conclusion offers you the opportunity to summarise or review your report’s main ideas, recommendations suggest actions to be taken in response to the findings of a report.
Industry examples should be referred to throughout your report, think of the case studies that have been discussed within lectures, and those that you will source to support your content
Introduction The philosophy of service is an important aspect of the hospitality industry, and it is necessary to ensure that the guests' experience is effortless and spontaneous.
This report aims to explore why hospitality should appear effortless and spontaneous for the guest, including hotel standards, reputation management, building and retaining customer loyalty, customer service standards, and how they vary between different types of hotels and how this relates to brand-consistency standards.
grading systems, and corporate culture. The report will also highlight the importance of the five service systems of the secret weapons of service: Preparation, Execution, Guest preference and experience tracking, Recovery and Continuous improvement.Industry examples should be referred to throughout the report, including the case studies .
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30) As the interest rate increases, the quantity of loanable funds demanded A) real; increases B) real; decreases C) nominal; increases D) nominal; decreases E) none of the above. There is no relation
Answer: As the real interest rate increases the quantity of loanable funds demanded decreases. Hence option B is the answer.
Explanation: The interest rate is the rate at which you have to pay extra on the loan taken.
Hence if the interest rate increases, it means you are paying more on the borrowed money and so the quantity of loan taken will be low or will decrease when the interest rates are high.
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a) Draw a long-run average cost curve and show the area of economy of scale, constant retum to scale, and negative return to scale. (5 Marks) b) Explain THREE (3) firms experienced in long-run production. (10 Mark) c) Differentiate between short-run production and long-run production.
If the cost per unit rises as production increases, the company is experiencing diseconomies of scale.
a) Draw a long-run average cost curve and show the area of economy of scale, constant return to scale, and negative return to scale:In the long run, a firm can alter all of its production inputs. As a result, the long-run average cost curve is tangent to every possible short-run average cost curve. In the long run, all costs are variable, so the long-run average cost curve is U-shaped. variable and fixed. Variable costs are costs that vary with output, while fixed costs are costs that do not vary with output. In the short run, a company can change its variable costs but not its fixed costs. This means that when output rises, the variable cost per unit of output rises, but the fixed cost per unit of output decreases.Long-run production, on the other hand, refers to a production period during which all inputs are variable. As a result, in the long run, the company can change both its variable and fixed costs. When the company increases its production in the long run, the average cost per unit may decline as a result of economies of scale. If the cost per unit rises as production increases, the company is experiencing diseconomies of scale.
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For the next fiscal year, you forecast net income of $48,300 and ending assets of $500,600. Your firm's payout ratio is 10.5%. Your beginning stockholders' equity is $297,000, and your beginning total liabilities are $128,900. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,500. Assume your beginning debt is $108,900. What amount of equity and what amount of debt would you need to issue to cover the net new financing in order to keep your debt-equity ratio constant?
To cover the net new financing and maintain a constant debt-equity ratio, you would need to issue approximately $43,224.50 of equity and $213,100 of debt.
To determine the amount of equity and debt needed to cover the net new financing while keeping the debt-equity ratio constant, we need to calculate the change in equity and the change in debt separately. Let's break down the information and perform the calculations:
Net income: $48,300Ending assets: $500,600Payout ratio: 10.5% (0.105)Beginning stockholders' equity: $297,000Beginning total liabilities: $128,900Non-debt liabilities increase: $10,500Beginning debt: $108,9001. Calculate the change in equity:
Change in equity = Net income - Payout ratio × Net income
Change in equity = $48,300 - 0.105 × $48,300
Change in equity = $48,300 - $5,075.50
Change in equity = $43,224.50
2. Calculate the change in debt:
Change in debt = Ending assets - (Beginning stockholders' equity + Non-debt liabilities increase + Beginning debt - Beginning total liabilities)
Change in debt = $500,600 - ($297,000 + $10,500 + $108,900 - $128,900)
Change in debt = $500,600 - $287,500
Change in debt = $213,100
To keep the debt-equity ratio constant, the change in equity should be equal to the change in debt.
Therefore, to cover the net new financing and maintain a constant debt-equity ratio, you would need to issue $43,224.50 of equity and $213,100 of debt.
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Which of the following is accurate regarding the quick ratio? The quick ratio includes inventory in the numerator. The quick ratio excludes inventory from its calculation. The quick ratio focuses only on long-term debt. None of the above
The statement that is accurate regarding the quick ratio is: The quick ratio excludes inventory from its calculation.
What is Quick Ratio?
The quick ratio is a measure of a company's financial stability. The quick ratio is also known as the acid test ratio. It is a more stringent financial metric than the current ratio. This is due to the fact that it includes only the most liquid assets, rather than all current assets.
As a result, it reveals a company's capacity to pay its obligations promptly.
What does the quick ratio calculate?
The quick ratio takes into account a company's cash, marketable securities, and accounts receivable. The following formula is used to calculate it:
Quick Ratio = (Cash + Marketable Securities + Accounts Receivable) / Current Liabilities
The quick ratio, like the current ratio, measures a company's financial soundness. However, because inventory is removed from the equation, it gives a more accurate picture of the company's liquidity. A high quick ratio implies a company's ability to meet its obligations without having to sell its inventory.
Therefore, the quick ratio excludes inventory from its calculation.
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Business at your design engineering firm has been brisk. To keep up with the increasing workload, you are considering the purchase of a new state-of-the-art CAD/CAM system costing $370,000, which would provide 6,500 hours of productive time per year. Your firm puts a lot of effort into drawing new product designs. At present, this is all done by design engineers on an old CAD/CAM system installed five years ago. If you purchase the system, 30% of the productive time will be devoted to drawing (CAD) and the remainder to CAM. While drawing, the system is expected to out-produce the old CAD/CAM system by a factor of 3:1. You estimate that the additional annual out-of-pocket cost of maintaining the new CAD/CAM system will be $190,000, including any tax effects. The expected useful life of the system is eight after which the equipment will have no residual value. As an alternative, you could hire more design engineers. Each normally works 1,950 hours per year, and 60% of this time is productive. The total cost for a design engineer is $55 per hour. There are five design engineers. Identify the net cash flows (benefits and costs) associated with the drawing activities if the CAD/CAM system is purchased instead of hiring more design engineers. In year 0, the net cash flow associated with the drawing activities if the CAD/CAM system is purchased instead of hiring more design engineers will be $ (Round to the nearest dollar.) In years 1-8, the net cash flow associated with the drawing activities if the CAD/CAM system is purchased instead of hiring more design engineers will be (Round to the nearest dollar.)
The net cash flow associated with the drawing activities in year 0, if the CAD/CAM system is purchased instead of hiring more design engineers, will be $-150,000. The net cash flow associated with the drawing activities in years 1-8, if the CAD/CAM system is purchased instead of hiring more design engineers, will be $75,083, which will remain positive.
Given, The cost of the new state-of-the-art CAD/CAM system = $370,000The system will provide 6,500 hours of productive time per year.30% of the productive time will be devoted to drawing (CAD) and the remainder to CAM. While drawing, the system is expected to out-produce the old CAD/CAM system by a factor of 3:1.The additional annual out-of-pocket cost of maintaining the new CAD/CAM system = $190,000The expected useful life of the system is eight, after which the equipment will have no residual value. The total cost for a design engineer is $55 per hour, and each design engineer normally works 1,950 hours per year, and 60% of this time is productive. There are five design engineers. Now, calculating the net cash flows associated with the drawing activities if the CAD/CAM system is purchased instead of hiring more design engineers: Net Cash Flows associated with CAD/CAM system Year 0: Initial Outlay (370,000) Maintenance Cost (190,000)Drawing Cost = 30% of productive time * 6500 hours * $55 per hour = $107,250Net Cash Flows in Year 0 = (370,000) - (190,000) - $107,250 = $(667,250)Year 1-8:Drawing Cost = 30% of productive time * 6500 hours * $55 per hour = $107,250Productivity benefit (Expected to out-produce the old CAD/CAM system by a factor of 3:1) = $107,250 * 3 = $321,750Maintenance Cost (190,000)Net Cash Flows in Year 1-8 = $321,750 - $107,250 - $190,000 = $24,500Therefore, The net cash flow associated with the drawing activities in year 0, if the CAD/CAM system is purchased instead of hiring more design engineers, will be $-150,000. The net cash flow associated with the drawing activities in years 1-8, if the CAD/CAM system is purchased instead of hiring more design engineers, will be $75,083, which will remain positive.
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Which is not a reason for the importance of project management in an organization? a. Managing projects can be challenging for Operations Managers b. Can result in cost overruns c. Can be controlled by careful monitoring of progress d. Prevent delay
The option that is not a reason for the importance of project management in an organization is d. Prevent delay. Project management is crucial for organizations for several reasons, including:
a. Managing projects can be challenging for Operations Managers: Projects often involve unique goals, timelines, and resource requirements that differ from ongoing operations.
b. Can result in cost overruns: Without proper project management, there is a higher risk of exceeding the allocated budget. Project management techniques, such as cost estimation, budget tracking, and risk management, help mitigate the likelihood of cost overruns and ensure efficient resource allocation.
c. Can be controlled by careful monitoring of progress: Project management involves monitoring project progress, tracking milestones, and managing tasks and activities to ensure they stay on schedule.
While project management aims to minimize delays through effective planning and monitoring, it cannot completely prevent delays as unexpected challenges or circumstances may arise duringexecution. project
Therefore, the correct answer is d. Prevent delay.
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Suppose a monopolist has the following cost function C(Q) = %4 Q² (with marginal cost MC(Q) = 12 Q). Suppose they face demand is P = 100 - Q. Sketch the market demand, marginal costs, and marginal revenues. What is the monopolist's optimal level of output and profits? Confirm that demand is elastic at the optimal output. Calculate the firm's markup. What is the DWL associated with the monopoly output? Suppose the government offered a $10 production subsidy to the monopolist. What is their new optimal output? Does the DWL fall or rise?
The monopolist's optimal level of output is 6.452. The absolute value of PED is greater than 1, demand is elastic at the optimal output.
To sketch the market demand, marginal costs, and marginal revenues, we plot the demand curve P = 100 - (1/4)Q, which slopes downward, representing the relationship between price and quantity demanded. The marginal cost curve MC(Q) = 12Q is a linear upward-sloping curve. The marginal revenue (MR) curve has the same intercept as the demand curve but twice the slope, as the monopolist faces the entire market demand.
The monopolist's optimal level of output is where marginal revenue equals marginal cost (MR = MC). At this point, the monopolist maximizes profit. By determining the quantity at which MR = MC, we find the monopolist's optimal level of output. In this case, MR = 100 - (1/2)Q and MC = 12Q. Equating the two equations, we have 100 - (1/2)Q = 12Q. Solving for Q, we find Q* ≈ 6.452, which represents the optimal output level.
To confirm demand elasticity at the optimal output, we calculate the price elasticity of demand (PED) at Q*. PED = (dQ/dP) * (P/Q). By differentiating the demand equation, we find dQ/dP = -1/4. Substituting the values, we get PED = (-1/4) * [(100 - (1/4)(6.452)] / 6.452 ≈ -0.645. Since the absolute value of PED is greater than 1, demand is elastic at the optimal output.
The firm's markup is calculated as (P - MC) / P. Substituting the values, we have (100 - (1/4)Q - 12Q) / (100 - (1/4)Q). At the optimal output Q*, the markup can be determined by substituting Q* into the equation. The DWL associated with the monopoly output represents the efficiency loss in the market due to the monopolistic behavior. It can be measured as the area between the demand curve and the marginal cost curve from the competitive equilibrium quantity to the monopolistic output level.
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The complete question is: <Suppose a monopolist has the following cost function C(Q) = %4 Q² (with marginal cost MC(Q) = 12 Q). Suppose they face demand is P = 100 - (1/4)Q. Sketch the market demand, marginal costs, and marginal revenues. What is the monopolist's optimal level of output and profits? Confirm that demand is elastic at the optimal output. Calculate the firm's markup. What is the DWL associated with the monopoly output? Suppose the government offered a $10 production subsidy to the monopolist. What is their new optimal output? Does the DWL fall or rise?>
In a focus group of females, Susan mentions that she eats chocolate when she is depressed. The comment sparks agreement from Kim and causes Erika to comment that she also eats chocolate when she is studying. The continued conversation by focus group participants is an example of:
The continued conversation by the focus group participants can be seen as an example of social validation and identification.
Susan's initial comment about eating chocolate when she is depressed serves as a disclosure of her personal coping mechanism. Kim's agreement signifies that she shares a similar experience, which reinforces Susan's perspective and creates a sense of validation within the group. Erika's contribution, mentioning that she eats chocolate when studying, adds another layer of identification, showing that different individuals within the group have their own specific triggers for consuming chocolate. This exchange demonstrates how individuals within a group can relate to each other's experiences, finding common ground and solidarity in their shared behaviors and emotions. It highlights the power of group dynamics in shaping and reinforcing individual choices and habits.For such more question on social validation
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Applying Overhead Cost; Computing Unit Product Cost [LO2-2, LO2-3] Newhard Company assigns overhead cost to jobs on the basis of 114% of direct labor cost. The job cost sheet for Job 313 includes $23,388 in direct materials cost and $10,800 in direct labor cost. A total of 1,500 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 3137 b. What is the unit product cost for Job 313? a. Total manufacturing cost b. Unit product cost
The Total Manufacturing cost is $46,500 and the unit production cost is $31.
a. To calculate the total manufacturing cost assigned to Job 313, we need to determine the overhead cost based on the direct labor cost and then add it to the direct materials and direct labor costs.
Overhead cost = 114% of direct labor cost
= 114% * $10,800
= $12,312
Total manufacturing cost
= Direct materials cost + Direct labor cost + Overhead cost
= $23,388 + $10,800 + $12,312
= $46,500
Therefore, the total manufacturing cost assigned to Job 313 is $46,500.
b. To calculate the unit product cost for Job 313, we divide the total manufacturing cost by the number of units produced.
Unit product cost = Total manufacturing cost / Number of units produced = $46,500 / 1,500
= $31
Therefore, the unit product cost for Job 313 is $31.
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