Answer:
111%
Explanation:
Computation to determine its markup percentage using a total-cost approach
First step
Variable cost per unit= Direct materials+Direct labor+Variable manufacturing overhead+Variable selling and administrative expenses
Variable cost per unit= $30+20+16+18
Variable cost per unit= $84
Second step
Fixed cost per unit= Fixed manufacturing overhead+Fixed selling and administrative expenses
Fixed cost per unit= $42+24
Fixed cost per unit= $66
Now let determine the Variable costing markup percentage
Variable costing markup percentage= (Desired ROI+Fixed cost per unit)*100/Variable cost per unit
Variable costing markup percentage= ($27+66)*100/84
Variable costing markup percentage=110.7 %
Variable costing markup percentage=111% (Approximately)
Therefore its markup percentage using a total-cost approach is 111%
The Economic Order Quantity is when: holding costs equal ordering costs total costs are minimized the product cost is not considered to determine the quantity to be purchased all of the above none of the above
Answer: all of the above
Explanation:
At the Economic Order Quantity level, the company is enjoying the lowest cost possible in relation to product ordering and storage because they are ordering just enough quantities that they are able to sell them just in time to order some new goods.
For this to happen, the holding cost must be equal to the ordering costs. At the EOQ, the product cost is irrelevant when the quantity to be bought is to be determined because it is minimized.
Over the years, Hampton Industries' stockholders have provided $40,000,000 of capital when they purchased new issues of stock and allowed management to retain some of the firm's earnings. The firm now has 1,000,000 shares of common stock outstanding, and the shares sell at a price of $52 per share. What is Hampton's MVA(market value added)
Answer:
Hampton Industries
Hampton's Market value added (MVA) is:
= $12,000,000
Explanation:
a) Data and Calculations:
Stockholders' Equity = $40,000,000
Common stock outstanding = 1,000,000
Market price per share = $52
Market capitalization = $52,000,000 ($52 * 1,000,000)
Market value added (MVA) = $12,000,000 ($52,000,000 - $40,000,000)
b) The market value added (MVA) is the difference between the market capitalization of Hampton's stock and the capital contribution of stockholders.
A company purchased a computer system at a cost of $26,000. The estimated useful life is 8 years, and the estimated residual value is $4,000. Assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year
Answer:
the depreciation expense for the second year is $4,875
Explanation:
The calculation of the depreciation expense for the second year is given below:
First the depreciation rate should be
= 1 ÷ 8 × 2
= 25%
Now the first year depreciation is
= $26,000 × 25%
= $6,500
Now the second year depreciation should be
= ($26,000 - $6,500) × 2
= $4,875
Hence, the depreciation expense for the second year is $4,875
Vortex Company operates a retail store with two departments. Information about those departments follows:
Department A Department B
Sales $832,000 $448,000
Cost of goods sold 410,000 291,200
Direct expenses:
Salaries 117,000 86,000
Insurance 13,500 10,900
Utilities 21,000 25,500
Depreciation 18,000 13,500
Maintenance 6,400 5,200
The company also incurred the following indirect costs.
Salaries $29,000
Insurance 6,600
Depreciation 14,800
Office expenses 40,000
Indirect costs are allocated as follows: salaries on the basis of sales; insurance and depreciation on the basis of square footage; and office expenses on the basis of number of employees. Additional information about the departments follows.
Department Square footage Number of employees
A 29,400 66
B 12,600 44
Required:
a. Determine the departmental contribution to overhead and the departmental net income for department A and Department B.
b. Should Department B be eliminated?
Answer:
Vortex Company
Department A Department B
a. Contribution margin $246,100 $15,700
Net income $188,270 ($16,870)
b. Department B should not be eliminated unless the indirect costs allocated to it can be eliminated as well.
Explanation:
a) Data and Calculations:
Department A Department B
Sales $832,000 $448,000
Cost of goods sold 410,000 291,200
Gross profit $422,000 $156,800
Direct expenses:
Salaries 117,000 86,000
Insurance 13,500 10,900
Utilities 21,000 25,500
Depreciation 18,000 13,500
Maintenance 6,400 5,200
Total direct expenses $175,900 $141,100
Contribution margin $246,100 $15,700
Total indirect expenses 57,830 32,570
Net income $188,270 ($16,870)
Department Square footage Number of employees
A 29,400 66
B 12,600 44
Total 42,000 110
Indirect Costs: Costs Rates Department A Department B
Salaries $29,000 $0.02266 $18,850 $10,150 ($448/$1,280)
Insurance 6,600 $0.15714 4,620 1,980
Depreciation 14,800 $0.35238 10,360 4,440
Office expenses 40,000 $363.64 24,000 16,000
Total costs $90,400 $57,830 $32,570
When computer users have trouble with their machines or software, Roland is the first person they call for help. Roland helps users with their problems, or refers them to a more-experienced IT employee. Roland holds the position of __________ in the organization.
Question Completion with Options:
Support Analyst
Systems Analyst
Database Administrator
Network Administrator
Answer:
Support Analyst
Explanation:
Since Roland provides primary technical support to end-users, sorting out hardware and software problems for them, he is an IT Support Analyst. Roland should also respond to, document, and resolve service calls with the hardware or software. Some support analysts specialize in specific areas of the IT department, for example, applications. Others provide general technical support to computer end-users.
During 2017, Benson purchased $1,450,000 of raw materials, incurred direct labor costs of $250,000, and incurred manufacturing overhead totaling $160,000. How much raw materials were transferred to production during 2017 for Benson
Answer:
Raw Materials transferred to production during 2017 $1,466,000
Explanation:
The computation of the raw material transferred to production is given below:
Opening raw material 2016 $80,000
Add : Purchase of Raw material $1,450,000
Less Closing Stock raw material 2017 $64,000
Raw Materials transferred to production during 2017 $1,466,000
Hence, the same should be relevant
The purpose of an analysis of an account is to illustrate - in the account for the period under audit
Answer:
all changes
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
The purpose of an analysis of an account is to illustrate all changes in the account for the period under audit. Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
There are two (2) main types of financial analysis;
I. Vertical analysis.
II. Horizontal analysis.
In Financial accounting, Horizontal analysis can be defined as an analysis and evaluation of a financial statement which illustrates or gives information about changes in the amount of corresponding financial statement items, benchmarks or financial ratio over a specific period of time. It is one of the most important technique that is used to measure how a business is doing financially. Hence, it is also referred to as the trend analysis.
Under the horizontal analysis of financial statement, we use the financial statements of two or more periods; earliest and latter periods.
Generally, the earliest is chosen as the base period while all other items on the statement for a latter period will be compared with the items on the statement of the base period.
HELPPP PLEASE !
1. Write one paragraph about a person who decides that taking an hourly job with
tips is a better choice than accepting a salaried job with benefits.
We want to help the user to understand why it gives more preference to the hourly job as compared to the salaries job with benefits
The reasons why the hourly job is better than accepting the salaried job with benefits are as follows:
Hourly job considered to be the goods job for earning the money in haste or at the time when the insurance & vacation should not be considered as the deciding factor. The question that arises is that you are searching for a job or interested to run a family business that has various benefits.Salary jobs provides the compensation along with the other benefits the company provides like insurance, vacation time, incentives, life insurance. In the case of hourly job, the number of hours they actually work and how much energy they would put into their work. They could choose their time also eligible for overtimeIn the case of salaried job, the same amount of money should be provided but along with it the stress should be there like working on weekends, working 10-12 hours a day, etcTherefore in these ways hourly job is better than accepting a salaried job with benefits
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True or false: Some contemporary models of communications have reconceptualized the classic Think-Feel-Do model to the Do-Think-Feel model to reflect more accurately actual communications effects given a particular type of product or purchase occasion. True Fals
Answer:
true
Explanation:
got it from quizlet.
Riverbend Inc. received a $240,000 dividend from stock it held in Hobble Corporation. Riverbend's taxable income is $2,710,000 before deducting the dividends received deduction (DRD), a $50,500 NOL carryover, and a $153,000 charitable contribution.
Corporate Income Tax Rates
Taxable Income Tax
$50,000 15% of the taxable income
$50,000-$75,000 $7,500 + 25% of taxable income over $50,000
$75,000-$100,000 $13,750 + 34% of taxable income over $75,000
$100,000-$335,000 $22,250 + 39% of taxable income over $100,000
$335,000-$10,000,000 $113,900 + 34% of taxable income over $335,000
$10,000,000-$15,000,000 $3,400,000 + 35% of taxable income over $10,000,000
$15,000,000-$18,333,333 $5,150,000 + 38% of taxable income over $15,000,000
Over $18,333,333 35% of the taxable income
a. What is Riverbend’s deductible DRD assuming it owns 11 percent of Hobble Corporation?
b. Assuming the facts in part (a), what is Riverbend’s marginal tax rate on the dividend?
c. What is Riverbend’s DRD assuming it owns 36 percent of Hobble Corporation?
d. Assuming the facts in part (c), what is Riverbend’s marginal tax rate on the dividend?
e. What is Riverbend’s DRD assuming it owns 89 percent of Hobble Corporation (and is part of the same affiliated group)?
f. Assuming the facts in part (e), what is Riverbend’s marginal tax rate on the dividend?
Define the advantages that the law affords affords to business corporations. In view of the many advantages that the law affords affords to business corporations, what additional responsibilities or obligations if any should a business corporation have to the public. If you were advising a client on picking a business form explain why a corporation would be a good choice. Also explain why a corporation would be a bad choice.
The following are the benefits that the law provides to business corporations:
Personal property protection- because the proprietors will have limited accountability for the debts of the company and commitments, lenders will not go for their property funds if the firm cannot give them the money.It is simple to obtain funds by selling stock, allowing the firm to develop by acquiring additional investors.The following are extra responsibilities that a business entity has to the public:
The business company is required to practise Corporate Responsibility, often referred as CSR, which is defined as the public's legal, moral, or political demand of a corporate enterprise. This indicates that the organisation will engage in certain ethical, moral, and charitable actions to assist better the lives of the people in the communities where they operate.This can take the shape of building roads, clinics, schools, bridges, planting trees, or any other operation that benefits society but does not generate a return for the business.
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MC Qu. 98 Garcia Corporation's April sales forecast... Garcia Corporation's April sales forecast projects that 6,100 units will sell at a price of $10.60 per unit. The desired ending inventory is 10% higher than the beginning inventory, which was 1,100 units. Budgeted purchases of units in April would be:
Answer:
Total budgeted purchases = $65,826
Explanation:
Budgeted purchases
Sales forecast = 6,100 units
Ending inventory 1,100 * 110% = 1,210 units
Required units = 7,310
- Beginning inventory = 1,100 units
Units to be purchased = 6,210
Cost per unit = $10.60
Total budgeted purchases = $65,826
Variable Overhead Spending and Efficiency Variances, Columnar and Formula Approaches Rath Company provided the following information:
Standard variable overhead rate (SVOR) per direct labor hour $3.75
Actual variable overhead costs $222,816
Actual direct labor hours worked (AH) 57,200
Actual production in units 15,000
Standard hours (SH) allowed for actual units produced 60,000
Required:
Using the columnar approach, calculate the variable overhead spending and efficiency variances.
Answer and Explanation:
The computation of the variable overhead spending and efficiency variances is given below:
Actual VOH AH ×SVOR SH × SVOR
222816 57200 × 3.75 = 214500 60000 × 3.75 = 225000
8316 10500
Hence, 8316 is unfavorable
And, 10,500 should be favorable
As capital investments flow from high wage Core countries to low wage Periphery regions, _______________________ shifts take place in both (hint: the narrative is that this is MOBILE)
Answer: Labor
Explanation:
As a result of capital investments flowing, the labor in both the high wage countries and the low wage peripheral regions will shift due to interactions between the two labor systems.
The lower wage peripheral regions for instance, will see a rise in wages paid to their workers on account of the higher capital investment and people from these areas will move to the higher wage countries where they will be paid less which would reduce the wages paid in these higher wage countries.
TRUE OR FALSE?WHY?
The goods that the enterprise wants or intends to add to its capital stock are inventories.
Answer:
True
Explanation:
Because for their profit
Exercise 8-22 Evaluating efficient use of assets LO A1 Lok Co. reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances for total assets are Year 1, $1,686,000; Year 2, $1,800,000; and Year 3, $1,982,000. (1) Compute Lok's total asset turnover for Year 2 and Year 3.
Answer:
Total asset turnover = Net sales / Average total assets
Year 2:
= 5,856,480 / (1,686,000 + 1,800,000) / 2
= 5,856,480 / 1,743,000
= 3.36
Year 3:
= 8,679,690 / (1,800,000 + 1,982,000) / 2
= 8,679,690 / 1,891,000
= 4.59
Flanders Company purchased an asset on January 1, 2021 for $60,000. The asset has an estimated salvage value of $3,000. Its estimated useful life is 8 years. What is the balance in accumulated depreciation using the straight-line method at December 31, 2022?
Answer:
$14,250
Explanation:
Annual depreciation = (Cost - Salvage value) / Useful Life
Annual depreciation = ($60,000 - $3,000) / 8
Annual depreciation = $57,000 / 8
Annual depreciation = $7,125
Accumulated dep. at December 31, 2022 = $7,125 * 2
Accumulated dep. at December 31, 2022 = $14,250
So, the balance in accumulated depreciation using the straight-line method at December 31, 2022 is $14,250.
McGill and Smyth have capital balances on January 1 of $42,000 and $38,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $10,000 for Smyth, (2) interest at 11% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth.
(a) Prepare a schedule showing the distribution of net income assuming net income is (1)$50,000 and (2) $ 36,000.
(b) Journalize the allocation of net income in each of the situation above .
Answer:
McGill and Smyth Partnership
a - 1) Allocation of Net Income of $50,000
McGill Smyth Total
Capital balances, Jan. 1 $42,000 $38,000 $80,000
Income-sharing: $50,000
Annual salaries $18,000 $10,000 ($28,000)
Interest on capital balances 4,620 4,180 (8,800)
Remaining income/loss 9,240 3,960 (13,200)
Total appropriations $31,860 $18,140 $50,000
Capital balances, Dec. 31 $73,860 $56,140 $130,000
a -2) Allocation of net income of $36,000:
McGill Smyth Total
Capital balances, Jan. 1 $42,000 $38,000 $80,000
Income-sharing: $36,000
Annual salaries $18,000 $10,000 ($28,000)
Interest on capital balances 4,620 4,180 (8,800)
Remaining income/loss (560) (240) 800
Total appropriations $22,060 $13,940 $36,000
Capital balances, Dec. 31 $64,060 $51,940 $116,000
b -1) Allocation of net income of $50,000:
Debit Annual salaries $28,000
Credit Capital, McGill $18,000
Credit Capital, Smyth $10,000
To record the allocation of annual salaries to the partners.
Debit Interest on Capital $8,800
Credit Capital, McGill $4,620
Credit Capital, Smyth $4,180
To record the allocation of interest on capital.
Debit Income and Loss $13,200
Credit Capital, McGill $9,240
Credit Capital, Smyth $3,960
To record the allocation of remaining income.
b - 2) Allocation of net income of $36,000:
Debit Annual salaries $28,000
Credit Capital, McGill $18,000
Credit Capital, Smyth $10,000
To record the allocation of annual salaries to the partners.
Debit Interest on Capital $8,800
Credit Capital, McGill $4,620
Credit Capital, Smyth $4,180
To record the allocation of interest on capital.
Debit Capital, McGill $560
Debit Capital, Smyth $240
Credit Income and Loss $800
To record the allocation of remaining income.
Explanation:
a) Data and Calculations:
McGill Smyth Total
Capital balances, Jan. 1 $42,000 $38,000 $80,000
Income-sharing: $50,000
Annual salaries $18,000 $10,000 ($28,000)
Interest on capital balances 4,620 4,180 (8,800)
Remaining income/loss sharing 70% 30%
Calculating the Direct Materials Price Variance and the Direct Materials Usage Variance Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for automobiles and light trucks. On average, Guillermo has found that a typical oil change takes 24 minutes and 6.2 quarts of oil are used. In June, Guillermo's Oil and Lube had 980 oil changes. Guillermo's Oil and Lube Company provided the following information for the production of oil changes during the month of June:
Actual number of oil changes performed: 980
Actual number of quarts of oil used: 6,020 quarts
Actual price paid per quart of oil: $5.10
Standard price per quart of oil: $5.05
Required:
a. Calculate the direct materials price variance (MPV) and the direct materials usage variance (MUV) for June using the formula approach.
b. Calculate the total direct materials variance for oil for June.
Answer:
Results are below.
Explanation:
To calculate the direct material price variance, we need to use the following formula:
Direct material price variance= (standard price - actual price)*actual quantity
Direct material price variance= (5.05 - 5.1)*6,020
Direct material price variance= $301 unfavorable
To calculate the direct material quantity variance, we need to use the following formula:
Direct material quantity variance= (standard quantity - actual quantity)*standard price
Direct material quantity variance= (6,076 - 6,020)*5.05
Direct material quantity variance= $282.8 favorable
Standard quantity= 980*6.2= 6,076
Finally, the total direct material variance:
Total direct material variance= Direct material quantity variance - Direct material price variance
Total direct material variance= 282.8 - 301
Total direct material variance= $18.2 unfavorable
The following data from the just completed year are taken from the accounting records of Mason Company:
Sales $656,000
Direct labor cost $80,000
Raw material purchases $135,000
Selling expenses $105,000
Administrative expenses $41,000
Manufacturing overhead
applied to work in process $201,000
Actual manufacturing
overhead costs $222,000
Required:
a. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.
b. Prepare a schedule of cost of goods sold. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
c. Prepare an income statement.
Answer:
Mason Company
a) Schedule of Cost of Goods Manufactured:
Direct labor cost $80,000
Raw material purchases $135,000
Manufacturing overhead
applied to work in process $201,000
Cost of goods manufactured $416,000
b) Schedule of Cost of Goods Sold:
Cost of goods manufactured $416,000
Under-applied overhead 21,000
Cost of goods sold $437,000
c) Income Statement:
Sales $656,000
Cost of goods sold $437,000
Gross profit $219,000
Selling expenses $105,000
Administrative expenses $41,000
Total expenses $146,000
Net income $73,000
Explanation:
a) Data and Calculations:
Sales $656,000
Direct labor cost $80,000
Raw material purchases $135,000
Selling expenses $105,000
Administrative expenses $41,000
Manufacturing overhead
applied to work in process $201,000
Actual manufacturing
overhead costs $222,000
Under-applied overhead $21,000 ($222,000 - $201,000)
On September 1, Home Store sells a mower (that costs $320) for $620 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year, the mower is brought in for repairs covered under the warranty requiring $43 in materials taken from the Repair Parts Inventory. Prepare the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 3 4 Record the cost of mower sales. Note: Enter debits before credits. General Journal Debit Credit Date Sep 01 Record entry Clear entry View general journal
Answer:
Sep 1
Dr Cash $620
Cr Sales revenue $620
Sep 1
Dr Cost of Goods Sold $320
Cr Inventory $320
Sep 1
Dr Warranty expense $47
Cr Estimated warranty liability $47
Jan 24
Dr Estimated warranty liability $43
Cr Repair parts inventory $43
Explanation:
Preparation of the September 1 entry to record the mower sale (and cost of sale) and the January 24 entry to record the warranty repairs
Sep 1
Dr Cash $620
Cr Sales revenue $620
( To record sale )
Sep 1
Dr Cost of Goods Sold $320
Cr Inventory $320
(To record costs)
Sep 1
Dr Warranty expense $47
Cr Estimated warranty liability $47
($620*8%)
(To record Warranty expense )
Jan 24
Dr Estimated warranty liability $43
Cr Repair parts inventory $43
(To record Warranty incurred)
Answer:
Explanation:
1 September:
Dr Cash $620
Cr Sales revenue $620
(To record cash receipt from mower sale)
1 September:
Dr Cost of goods sold $320
Cr Finished goods inventory $320
(Cost of mower sale recorded)
1 September:
Dr Warranty expense $49.60
Cr Warranty liability $49.60
(To record estimated warranty expense)
24 January:
Dr Warranty liability $43.00
Cr Repair Parts Inventory $43.00
(To record cost of warranty repairs)
Calculation:
Warranty Expense = Sales Revenue × Estimated Warranty Expenses
= $620 × 8%
= $49.60
You wish to retire in 20 years, at which time you want to have accumulated enough money to receive an annual annuity of $30,000 for 25 years after retirement. During the period before retirement you can earn 11 percent annually, while after retirement you can earn 13 percent on your money. What annual contributions to the retirement fund will allow you to receive the $30,000 annuity
Answer:
$3,425.08
Explanation:
The computation of the annual contributions to the retirement fund is shown below:
The Present value of the annuity is
= $30,000 × [1 - (1 ÷ (1 + 13%)^25)] ÷ 13%
= $219,899.55
Now
Future value of annuity = P×[(1+r)^n-1]÷r
$219,899.55 = P×[(1+11%)^20-1]÷11%
Hence, Annual contribution required, P = $3,425.08
Pick a major U.S. industry, such as automobiles or computers, and discuss the lapses in technology and innovation on the domestic front that permitted foreign competitors to get a foothold and, in some cases, a dominant share of the market. Who or what do you think was to blame for this situation?
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Which of these are good ways to find a buyer’s agent?
Answer:
1.Search online.
2.Interview agents.
On StatSim, how does a firm get their market share to increase?
Answer:
I need some points please
Proposed zoning ordinances must undergo tests to determine their validity. These tests include which of the following? Unset starred question Ordinances must not be discriminatory. Ordinances must only apply to private property if the owners agree to them. Ordinances must only apply to public property. The power used to enact the changes can be exercised through whatever means are necessary.
Answer:
Ordinances must not be discriminatory.
Explanation:
Considering the available options, the Proposed zoning ordinances must undergo many tests to determine their validity. Among these is that "Ordinances must not be discriminatory."
This is true because, before the approval of zoning changes, public hearings are held and the proposed zoning ordinances must pass through certain tests to determine validity, these tests include the following:
1. Ordinances must apply to all properties similarly
2. Ordinances must not be discriminatory
3. The provisions of the changes must be clear and specific
4. The power used to enact the change must be used reasonably
5. The ordinances must promote public health and general welfare under the police power concept
The following information relating to a company's overhead costs is available. Actual total variable overhead $ 73,000 Actual total fixed overhead $ 17,000 Budgeted variable overhead rate per machine hour $ 2.50 Budgeted total fixed overhead $ 15,000 Budgeted machine hours allowed for actual output 30,000 Based on this information, the total variable overhead variance is:
Answer: $2,000 favorable
Explanation:
Total variable overhead variance = Budgeted variable overhead - Actual total variable overhead
Budgeted variable overhead = Budgeted machine hours allowed for actual output * Budgeted variable overhead rate per machine hour
= 30,000 * 2.50
= $75,000
Total variable overhead variance = 75,000 - 73,000
= $2,000 favorable
Favorable because the actual amount was less than the budgeted one.
1.Marketing Myopia occurs when the company focuses on the product more than necessary to deliver a certain product.
True
False
2.Marketing offers are only restricted to tangible items like that of pens and notepads you use at class rooms.
True
False
3.Selling focuses on the needs of the buyer; marketing focuses on the needs of the seller. *
True
False
4.The deference in “Marketing Philosophy” and that of “Societal Marketing Philosophy” is that in the later we are concerned about the human welfare. *
True
False
5.Once an opinion leader it is always an opinion leader.
True
False
6.Consumers are individuals or groups who purchase a product for resell. *
True
False
7.It is more than enough for a marketer in a company to know the customer’s need and want in order to produce and deliver a certain product in the market. *
True
False
8.Human wants are the form taken by human needs as they are shaped by culture and individual personalities. *
True
False
9.What makes marketing harder is that it is hard to understand the needs and wants of the customers.

Which of the following are steps in process costing? Select one: A. Visualize the physical flow of units B. Calculate the equivalent units C. Determine the per-unit costs D. Calculate the Cost of Goods Manufactured and the Ending WIP Inventory E. All of the above
Answer: E. All of the above
Explanation:
In process costing, all of the above are used. Process costing is used for the production of goods that a re homogenous so the cost is the same for all the goods.
First one must visualize the flow of the goods to see the costs they incur at each stage. The equivalent units should then be calculated as this would show the number of units that the cost is being assigned to. Next is to divide the costs incurred by the equivalent units to find the cost per unit. Then calculate the cost of goods manufactured based on the manufactured and ending inventory
g provides the following income statement for 20X9: Net Sales $240,000 Cost of Goods Sold 110,000 Gross Profit $130,000 Operating Expenses: Selling Expenses 45,000 Administrative Expenses 12,000 Total Operating Expenses 57,000 Operating Income $73,000 Other Income and (Expenses): Loss on Sale of Capital Assets (29,000) Interest Expense (1000) Total Other Income and (Expenses) (30,000) Income Before Income Taxes $43,000 Income Tax Expense 5000 Net Income $38,000 Calculate the times-interest-earned ratio.
Answer: 44 times
Explanation:
Times interest earned ratio aims to show just how much the company is able to cover its interest obligations using its operating income.
Times interest earned ratio = Net income before interest / Interest expense
Net income before interest = Operating income loss on sale of capital assets
= 73,000 - 29,000
= $44,000
Times interest earned ratio = 44,000 / 1,000
= 44 times
