Assembly Line Balancing in a coffee shop involves optimizing the flow of tasks and resources to ensure efficient and timely coffee preparation. The process can be represented using a presence diagram, indicating the allocation of tasks and time for each step in making a coffee.
Assembly Line Balancing in a coffee shop aims to streamline the coffee-making process by assigning tasks and resources in a way that minimizes idle time and maximizes efficiency. To create a presence diagram, we can consider the various steps involved in making a coffee and allocate the time required for each task.
For example, the coffee-making process may include tasks such as grinding coffee beans, brewing coffee, frothing milk, assembling the coffee drink, and serving it to the customer. Each of these tasks would have a specific time requirement.
In the presence diagram, we would represent each task as a separate station along the assembly line. The length of the station would indicate the time required for that particular task. The presence diagram would illustrate the sequence of tasks and the allocation of time for each step, ensuring a smooth flow of work and minimizing bottlenecks or delays.
By analyzing the presence diagram, coffee shop owners and managers can identify opportunities to optimize the coffee-making process, adjust staffing levels, and ensure an efficient workflow that results in consistent and timely coffee preparation.
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For IKEA, think about its customers and customer networks then
answer the following questions.
Are IKEA’s customers passive contributors or active contributors?
Explain.
IKEA's customers are primarily active contributors. IKEA is known for its participatory business model, which relies heavily on customer input in the product design and development process. The company seeks feedback from its customers through various channels, including customer service, online forums, and social media platforms.
Additionally, IKEA offers various tools to help customers customize their products, which further enhances their involvement in the product development process.
Customers are also an essential part of IKEA's marketing strategy. IKEA uses customer networks to spread the word about its products, relying on customer referrals and recommendations to drive sales. Customers share their experiences with IKEA products on social media, blogs, and other online platforms, providing valuable insights to potential customers.
In summary, IKEA's customers are active contributors in various aspects of the business, including product development, marketing, and customer service. By involving customers in these areas, IKEA can create products that better meet their needs, build stronger relationships with them, and drive long-term business growth.
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an investment adviser is looking to offer advisory services to new clients. which statement is true regarding delivery of form adv parts 2a and 2b? A. They must be delivered only if the individual becomes a client of the investment adviser
B. They must be delivered regardless of whether the individual becomes a client of the investment adviser
C. They must be delivered only upon written request of the individual that is considering becoming a client
D. They must be delivered only upon receiving a check for the initial investment amount from the client
An investment adviser is looking to offer advisory services to new clients. The true statement regarding delivery of Form ADV parts 2A and 2B is that they must be delivered regardless of whether the individual becomes a client of the investment adviser.
Part 2A is required to be delivered to clients and prospective clients before or at the time the adviser enters into an advisory agreement with them. Part 2B is also required to be delivered to clients and prospective clients, but only when the adviser's supervised persons (such as employees) will have direct contact with the client. In addition, if there are material changes to either Part 2A or 2B, the adviser must provide a summary of the changes to clients on an annual basis.
The delivery of Form ADV is an important regulatory requirement. It ensures that clients and prospective clients have access to information about the adviser's services, fees, and investment strategies. This helps clients make informed decisions about whether to work with the adviser.
By requiring advisers to update Form ADV annually and provide updated copies to clients upon request, regulators ensure that clients have access to current information about the adviser.
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7. Select a product you are familiar with and know a great deal about. (This may be an item you have shopped for, or a tangible service purchased in the last 6 months.) No iPhones are to be used for this question Under each of the categories listed, fill in the required information about the product in your own words. (20 marks total) a. For the product you have chosen, describe and explain each of the four parts of the value-added product selling model. You must explain using the product you have chosen for full marks. ( 8 marks) (Respond in complete sentences) b. How does the product or service perform? Is there any data on the product's performance? What are they? (3 marks) (Respond in complete sentences) c. What kind of maintenance and care does the product require? How often? (4 marks) (Respond in complete sentences) d. Could you, as a sales representative, sell the product you have written about in categories (a) through (d)? Why or why not? (5 marks)
Let's consider a laptop as the chosen product.
a. The four parts of the value-added product selling model are:
1. Core Product: The core product of a laptop is its functionality as a portable computing device. It allows users to perform various tasks such as browsing the internet, creating documents, playing games, and more.
2. Actual Product: The actual product includes the physical components and features of the laptop. This may include the brand, specifications (processor, RAM, storage, etc.), design, display size, keyboard, touchpad, ports, and other hardware features.
3. Augmented Product: The augmented product refers to additional features and services that enhance the overall value of the laptop. This may include warranties, customer support, bundled software, accessories, and other value-added services like free cloud storage or software updates.
4. Potential Product: The potential product represents the future improvements or innovations that can be made to the laptop. This may include advancements in technology, software updates, new features, and compatibility with emerging technologies.
b. The performance of the laptop can vary depending on its specifications. There may be data available that measures performance, such as benchmarks that compare processing speed, graphics capabilities, battery life, and overall performance. This data can be found on manufacturer websites, technology review websites, and customer reviews.
c. The maintenance and care required for a laptop may include regular software updates, virus protection, and cleaning the keyboard and screen. It is recommended to clean the laptop's vents and fan to prevent overheating. It is also important to handle the laptop with care, avoid spills, and store it in a safe and dry place when not in use.
d. As a sales representative, you could sell the laptop by highlighting its core features, such as its computing capabilities and portability. You could also emphasize the actual product by discussing the specific specifications, design, and hardware components. Additionally, you could mention the augmented product by explaining the warranty and customer support services provided by the manufacturer. It would be beneficial to have knowledge about the potential product, including any upcoming features or advancements, to attract potential customers.
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You sell one December futures contracts when the futures price is $1,010 per unit. Each contract is on 100 units and the initial margin per contract that you provide is $3,000. The maintenance margin per contract is $2,000. During the next day the futures ptice rises to $1,017 per unit. What is the balance of your margin account at the end of the day?
a. $3,700
b. $3,300
c. $2,300
d. $1,800
Option C is correct.
Initial margin = $3,000
Maintenance margin = $2,000
Futures price at the time of selling the futures contracts = $1,010 per unit
Rise in the futures price = $1,017 - $1,010 = $7
Balance of margin account = Initial margin - Variation margin
Variation margin = (Settlement price - Futures price at the time of selling the futures contracts) × Size of the contract
Variation margin = ($1,017 - $1,010) × 100 = $700
Therefore, Balance of margin account = Initial margin - Variation margin = $3,000 - $700 = $2,300
Therefore, the balance of margin account at the end of the day is $2,300.
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1. CH1: Review the fundamental overlap that exists between the marketing, finance, and operations function and briefly describe how these three areas work together to produce goods and services.
2 CH1: Brad's Cleaning Service cleaned 85 rugs in October, consuming the resources listed below. For this question, please address (a) what is labor productivity per dollar, and (b) what is multifactor productivity. Round final answers to four decimal places
• Labor: 550 hours at $15 per hour
• Solvent: 125 gallons at $5 per gallon
• Machine Rental: 20 days at $75 per day
3. CH4: Name and onefly describe TWO types of qualitative forecasting techniques
4. CH 5: Briefly describe the two facilitating techniques of (1) delayed differentiation and (2) modular design used by businesses for mass customization.
5. CH 5: What are some reasons why developing designs for the delivery of services can be more challenging than developing designs for manufacturing products?
The marketing, finance, and operations functions have a fundamental overlap in producing goods and services.
Marketing identifies customer needs and preferences, finance manages the financial resources, and operations ensures efficient production processes to meet customer demands.
(a) Labor productivity per dollar is calculated by dividing the total number of rugs cleaned by the labor cost. In this case, labor productivity per dollar is 85 rugs cleaned divided by ($15 per hour x 550 hours), resulting in the labor productivity per dollar value.
(b) Multifactor productivity is calculated by dividing the total number of rugs cleaned by the combined cost of labor, solvent, and machine rental. The formula is 85 rugs cleaned divided by the total cost of labor, solvent, and machine rental. The resulting value represents the multifactor productivity.
Two types of qualitative forecasting techniques are:
(a) Expert Opinion: In this technique, experts with relevant knowledge and experience provide their opinions and insights to forecast future trends or outcomes. These experts may include industry specialists, market researchers, or consultants.
(b) Delphi Method: The Delphi method involves collecting anonymous input from a panel of experts. The experts provide their forecasts independently, and the results are summarized and shared with the group for further discussion. This iterative process continues until a consensus is reached.
Delayed Differentiation: Delayed differentiation is a technique used in mass customization where the customization of a product is postponed until closer to the time of sale. This allows businesses to produce a base product in advance, reducing inventory costs, and then customize it based on specific customer requirements. It enables flexibility and responsiveness to customer demands while minimizing inventory risks.
Modular Design: Modular design involves creating products or services using standardized modules or components that can be easily combined or interchanged. This approach facilitates customization by allowing businesses to assemble different modules to meet individual customer needs. It enhances flexibility, reduces production time, and enables faster response to market changes.
Developing designs for the delivery of services can be more challenging than designing products due to several reasons. Services are intangible and often involve a high degree of customer interaction, making it difficult to standardize and replicate the service experience consistently. Service delivery relies heavily on human resources and their capabilities, making it harder to control quality and ensure consistent performance.
Services are also highly dependent on the customer's perception and subjective experience, which can vary greatly from person to person. Additionally, services are often consumed immediately after production, leaving limited opportunities for rectifying errors or making improvements. The intangible nature, customer involvement, reliance on human resources, and the subjective nature of services make their design and delivery more complex and challenging compared to manufacturing products.
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6 1 point Niraj Corporation is considering an investment proposal with the following cash flows: Initial investment tepreciable assets. Net cash inflow: operations (per year for 10 years). $227,500 Disinvestment - depreciable assets. $22,750 $32,500 Calculate the accounting rate of return on average investment. 6.0% 26.0% 15.9% 14.3% 9.6%
The accounting rate of return on average investment (ARR) is a financial ratio that compares the average net income expected from an investment to the average amount invested in it.
In the question at hand, we are required to calculate the accounting rate of return on average investment. Here are the steps to follow when calculating ARR:
Calculation of average investmentAverage investment = (Initial investment + Disinvestment) ÷ 2
Average investment = ($227,500 + $22,750) ÷ 2
Average investment = $125,125
Calculation of Average net income
Expected net income per year = $32,500
Average net income = Expected net income per year x Number of years ÷ 2
Average net income = $32,500 x 10 ÷ 2Average net income = $162,500
Calculation of ARR
ARR = (Average net income ÷ Average investment) x 100
ARR = ($162,500 ÷ $125,125) x 100ARR = 129.8%
Since the answer options are not in line with our calculated ARR value of 129.8%, we can conclude that none of the options are correct. Thus, the answer is not among the options provided.
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How can a process behavior chart help a manager avoid making
incorrect adjustments to the process after a special variation?
A process behaviour chart (PBC) can help a manager avoid making incorrect adjustments to the process after a special variation in the following ways:
Understanding special causes: Understanding the type of variation that occurs in a process is crucial in identifying and correcting the problem. A PBC allows the manager to identify patterns in the data and determine if they are due to common causes or special causes. Common cause variation is a normal part of the process, while special cause variation is caused by external factors that are out of the manager's control.
It is crucial to differentiate between the two types of variation to avoid making incorrect adjustments to the process. Providing a framework for improvement: PBCs provide a framework for improving processes by identifying and reducing variation. Managers can use the data to analyze the process and identify areas for improvement. A PBC helps managers identify whether changes made to the process are leading to improvements or not.
This helps avoid making incorrect adjustments that could further negatively impact the process.
Eliminating guesswork: A PBC helps managers avoid making incorrect adjustments to the process by eliminating guesswork. With a PBC, managers can monitor the process and identify problems before they occur. They can identify when the process is working within normal variations and when there are deviations from the normal.
This helps managers to determine the root cause of the problem and take the necessary corrective action. Hence, aprocess behaviour chart can help a manager avoid making incorrect adjustments to the process after a special variation by providing a framework for improvement, understanding special causes, and eliminating guesswork.
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7000 dollars is invested in a bank account at an interest rate of 7 percent per year, compounded continuously. Meanwhile, 30000 dollars is invested in a bank account at an interest rate of 2 percent compounded annually. To the nearest year, When will the two accounts have the same balance? The two accounts will have the same balance after years.
The two accounts will have the same balance after 64 years.
Let us find the function for each account first, where P is the principal, r is the annual interest rate, t is the time in years, and A is the amount or balance in the account.
Account 1 (continuously compounded):
[tex]A1 = Pe^(rt)Account 2 (annually compounded):[/tex]
[tex]A2 = P(1 + r/n)^(nt)[/tex]
where n is the number of times compounded per year
Since the interest rates and principal amounts for both accounts are given, we can substitute the values into the above equations. Account 1:
P = 7000,
r = 0.07,
[tex]t = tA1 = 7000e^(0.07t)[/tex]
Account 2:
P = 30000,
r = 0.02,
[tex]t = tA2 = 30000(1 + 0.02/1)^(1t)[/tex]
[tex]Simplify: A2 = 30000(1.02)^tA1 = A2[/tex]
We substitute A2 into the equation for A1:
[tex]7000e^(0.07t)[/tex]
= 30000(1.02)^t
We can simplify the equation by dividing both sides by 3000:
[tex]23.33e^(0.07t) = (1.02)^t[/tex]
Now we can use logarithms to solve for t. Taking the natural logarithm of both sides, we get:
[tex]ln(23.33e^(0.07t)) = ln((1.02)^t)[/tex]
Using the properties of logarithms, we can simplify the left side of the equation:
[tex]ln(23.33) + ln(e^(0.07t))[/tex]
= tln(1.02) + ln(e)
ln(e) is equal to 1, so we can eliminate it:
[tex]ln(23.33) + 0.07t = tln(1.02)[/tex]
To solve for t, we will subtract 0.07t and divide by ln(1.02):
[tex]ln(23.33) = (t - 0.07t)/ln(1.02)[/tex]
Simplify:ln(23.33)
= 0.93t/ln(1.02)
[tex]t = (ln(23.33) ln(1.02))/0.93t ≈ 64.4[/tex]
The two accounts will have the same balance after 64 years (to the nearest year).
Answer: The two accounts will have the same balance after 64 years.
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1 point If the Factory Overhead account has a debit balance at the end of a period, it means that: The overhead applied to work-in-process is less than the estimated overhead costs. The overhead applied to work-in-process is greater than the estimated overhead cost: Actual ove... sad costs were less than overhead costs applied to jobs. Actual overhead costs were greater than overhead costs applied to jobs.
The Factory Overhead account has a debit balance, it implies that the actual overhead costs were greater than the overhead costs applied to jobs.
If the Factory Overhead account has a debit balance at the end of a period, it means that the actual overhead costs were greater than the overhead costs applied to jobs.
Debit balances in the Factory Overhead account indicate that the actual overhead costs incurred during the period were higher than the overhead costs applied to the work-in-process. This situation can occur when there are unexpected increases in overhead costs, such as higher utility expenses, maintenance costs, or other indirect costs associated with the production process.
As a result, the applied overhead is insufficient to cover the actual overhead expenses.
In summary, if the Factory Overhead account has a debit balance, it implies that the actual overhead costs were greater than the overhead costs applied to jobs.
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An external auditor analyses the financial information of a company and reports on finding. Elaborate the functions of external auditor and provide reference from report. Who is the external auditor of Central Bank of Kuwait?
I need answer with page number from annual report of Central Bank of Kuwait 2021
The function of an external auditor is to analyze the financial information of a company and provide an independent opinion on its accuracy and compliance with accounting standards. They play a crucial role in ensuring the reliability and transparency of financial reports.
In the case of the Central Bank of Kuwait, the external auditor is appointed to review the bank's financial statements and report on their findings. The external auditor's report is usually included in the annual report of the Central Bank.
To find the specific information about the external auditor of the Central Bank of Kuwait in its 2021 annual report, you would need to refer to the report itself. Unfortunately, I am unable to access the specific content of the report, such as page numbers or the name of the external auditor.
However, you can refer to the annual report of the Central Bank of Kuwait for 2021 to obtain the relevant information about the external auditor. The report should include a section discussing the auditors and their findings. By searching for the term "external auditor" or "auditor's report" within the annual report, you should be able to locate the relevant information you are looking for.
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1. (10 points) Suppose that the price elasticity of demand for tennis shoes is −0.5 and the crossprice elasticity of demand between tennis shoes and the price of tennis rackets is −0.8. If the price of tennis rackets decreases by 20%, what would have to happen to the price of tennis shoes to exactly offset the drop in the price of tennis rackets and leave the quantity of tennis shoes demanded unchanged?
Given,The price elasticity of demand for tennis shoes = -0.5The cross-price elasticity of demand between tennis shoes and the price of tennis rackets is -0.8.The price of tennis rackets decreases by 20%.The demand for tennis shoes is negatively correlated with the price of tennis rackets.
The cross-price elasticity of demand is -0.8. It means a 1% decrease in the price of tennis rackets leads to a 0.8% decrease in the quantity demanded of tennis shoes. Therefore, the quantity demanded of tennis shoes increases when the price of tennis rackets increases and vice versa.
Suppose, the price of tennis shoes is P. Now, the price of tennis rackets decreases by 20%. Then, the price of tennis rackets will be 0.8P.After this, we have to calculate the percentage change in the price of tennis shoes that must offset the effect of a 20% decrease in the price of tennis rackets.
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We consider an auction on eBay. Suppose that the ticking price is $2 for all prices. The starting price is $10. On Monday, bidder 1 places a bid of $30. On Tuesday, bidder 2 arrives and places a bid of $14. On Thursday, bidder 3 arrives and places a bid of $17. On Friday, bidder 4 arrives. What is the minimum bid bidder 4 would see on Friday?
O 18
O 21
O 32
O 19
Bidder 4 would see a minimum bid of $19 on Friday.
In eBay auction, the ticking price is $2 for all prices and the starting price is $10. Bidder 1 placed a bid of $30 on Monday, bidder 2 placed a bid of $14 on Tuesday, and bidder 3 placed a bid of $17 on Thursday. So, the current highest bid is of bidder 1 which is $30.If bidder 4 wants to become the highest bidder, he needs to place a bid of $32. The minimum bid bidder 4 would see on Friday would be $19 as the ticking price is $2 for all prices. Therefore, the correct answer is option O 19.
Bidder 4 would need to place a bid of $32 to become the highest bidder and the minimum bid he would see on Friday would be $19 (as the ticking price is $2 for all prices).
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Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Incorporated, has been experiencing financial difficulty for some time. The company's contribution format income statement for the most recent month is given below: Required: 1. Compute the company's CM ratio and its break-even point in unit sales and dollar sales. 2. The president believes that a $6,500 increase in the monthly advertising budget, combined with an intensified effort by the sales staff, will increase unit sales and the total sales by $89,000 per month. If the president is right, what will be the increase (decrease) in the company's monthly net operating income? 3. Refer to the original data. The sales manager is convinced that a 10% reduction in the selling price, combined with an increase of $32,000 in the monthly advertising budget, will double unit sales. If the sales manager is right, what will be the revised net operating income (loss)? 4. Refer to the original data. The Marketing Department thinks that a fancy new package for the laptop computer battery would grow sales. The new package would increase packaging costs by $0.70 per unit. Assuming no other changes, how many units would have to be sold each month to attain a target profit of $4,100 ? 5. Refer to the original data. By automating, the company could reduce variable expenses by $3 per unit. However, fixed expenses would increase by $55,000 each month. a. Compute the new CM ratio and the new break-even point in unit sales and dollar sales. b. Assume that the company expects to sell 20,900 units next month. Prepare two contribution format income statements, one assuming that operations are not automated and one assuming that they are. (Show data on a per unit and percentage basis, as well as in total, for each alternative.) c. Would you recommend that the company automate its operations (Assuming that the company expects to sell 20,900 units)?
Yes, it is recommended that the company automate its operations because net operating income would increase by 220,800 (1,547,300 - 1,326,500).
Given the contribution format income statement for PEM Inc. is as follows:
Sales ($200 per unit) 500,000Variable expenses 325,000Contribution margin 175,000 Fixed expenses 180,000 Net operating loss -5,0001. Compute the company's CM ratio and its break-even point in unit sales and dollar sales.
Assume that the company expects to sell 20,900 units next month. Prepare two contribution format income statements, one assuming that operations are not automated and one assuming that they are. (Show data on a per unit and percentage basis, as well as in total, for each alternative.)
Without automation Automated operations
Sales 4,180,000 4,180,000Variable expenses 2,673,500 2,397,700 Contribution margin 1,506,500 1,782,300 Fixed expenses 180,000 235,000 Net operating income 1,326,500 1,547,300c.
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1. (6 points) Consider two firms compete in the international market but are located in two different countries (Firm 1 in Home and Firm 2 in Foreign). Both firms manufacture the same goods, but each firm's profits depends on the actions of the other. Each firm decides to produce or not depending on profit levels. Foreign decides to provide subsidies to Firm 2 through a strategic export policy of 3 . How does the equilibrium change?
The subsidy provided by Foreign to Firm 2 through a strategic export policy of 3 leads to increased profitability for Firm 2 and potentially disadvantages Firm 1 in the new equilibrium.
In the given scenario, Firm 1 and Firm 2 compete in the international market, with Firm 1 located in the home country and Firm 2 located in the foreign country. The profits of both firms are interdependent, meaning each firm's decision to produce or not depends on the profit levels of the other. Additionally, the foreign country (Foreign) decides to provide subsidies to Firm 2 through a strategic export policy of 3. Let's examine how this subsidy affects the equilibrium.Before the subsidy:Each firm's decision to produce or not is based on profit levels.If both firms choose to produce, they compete with each other, leading to a certain level of profits for each firm.
If one firm chooses not to produce while the other firm produces, the producing firm captures the entire market and earns higher profits, while the non-producing firm earns zero profits.After the subsidy:The subsidy provided by the foreign country to Firm 2 introduces an additional factor affecting the profit levels.Firm 2, being the recipient of the subsidy, experiences a decrease in its production costs due to the financial assistance received.
As a result, Firm 2's profits increase, even if it faces competition from Firm 1.Firm 1, on the other hand, now faces tougher competition from Firm 2 due to its reduced production costs and increased profitability.
Equilibrium changes:
The subsidy alters the relative profitability of the two firms, creating a new equilibrium.
Firm 2, with the subsidy, has a competitive advantage over Firm 1 in terms of production costs and profits.
In the new equilibrium, Firm 2 may decide to produce even if it wouldn't have done so in the absence of the subsidy.
Firm 1 may face a disadvantageous situation where it struggles to compete with Firm 2's lower production costs, potentially leading to a decrease in its profits or even exiting the market.
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Consider the following information for Presidio Incorporated's most recent year of operations.
Number of units produced 2,200
Number of units sold 1,400
Sales price per unit $ 610.00
Direct materials per unit 55.00
Direct labor per unit 85.00
Variable manufacturing overhead per unit 35.00
Fixed manufacturing overhead per unit ($258,940 ÷ 2,200 units) 117.70
Total variable selling expenses ($12 per unit sold) 16,800.00
Total fixed general and administrative expenses 72,000.00
Required:
2-a. Complete a full absorption costing income statement for Presidio. Assume there was no beginning inventory.
2-b. Complete a contribution margin income statement for Presidio. Assume there was no beginning inventory.
3. Compute the difference in profit between full absorption costing and variable costing.
2-a. Full Absorption Costing Income Statement for Presidio Incorporated: $355,420
2-b. Contribution Margin Income Statement for Presidio Incorporated: $520,200
3..Difference in Profit between Full Absorption Costing and Variable Costing:$164,780.
2-(a).Sales Revenue:Number of units sold (1,400 units) x Sales price per unit ($610.00) = $854,000
Cost of Goods Sold:
Direct materials per unit (55.00) x Number of units sold (1,400 units) = $77,000
Direct labor per unit (85.00) x Number of units sold (1,400 units) = $119,000
Variable manufacturing overhead per unit (35.00) x Number of units sold (1,400 units) = $49,000
Fixed manufacturing overhead per unit (117.70) x Number of units sold (1,400 units) = $164,780
Total Cost of Goods Sold = $409,780
Gross Profit:Sales Revenue ($854,000) - Cost of Goods Sold ($409,780) = $444,220
Operating Expenses:Total variable selling expenses = $16,800
Total fixed general and administrative expenses = $72,000
Total Operating Expenses = $88,800
Net Income:Gross Profit ($444,220) - Total Operating Expenses ($88,800) = $355,420
2-(b). Contribution Margin Income Statement for Presidio Incorporated:
Sales Revenue:Number of units sold (1,400 units) x Sales price per unit ($610.00) = $854,000
Variable Expenses:Direct materials per unit (55.00) x Number of units sold (1,400 units) = $77,000
Direct labor per unit (85.00) x Number of units sold (1,400 units) = $119,000
Variable manufacturing overhead per unit (35.00) x Number of units sold (1,400 units) = $49,000
Total variable selling expenses = $16,800
Total Variable Expenses = $261,800
Contribution Margin:Sales Revenue ($854,000) - Total Variable Expenses ($261,800) = $592,200
Fixed Expenses:Total fixed general and administrative expenses = $72,000
Net Income:Contribution Margin ($592,200) - Total Fixed Expenses ($72,000) = $520,200
(3)..Difference: Full Absorption Costing Net Income ($355,420) - Variable Costing Net Income ($520,200) = ($164,780)
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a monopolist is inefficient from society’s point of view because
A monopolist is inefficient from society's point of view because it restricts output and raises prices.
A monopolist is inefficient from society's point of view because it restricts output and raises prices. Since monopolies are the only producers in the market, they can set their own prices and restrict output to maximize profits. As a result, consumers are forced to pay higher prices for fewer goods and services, and resources are not being utilized efficiently. Moreover, monopolies tend to have less incentive to innovate and improve products and services since they face no competition. This can ultimately lead to a decline in overall economic welfare, as consumers and businesses are unable to take advantage of the benefits of a competitive market.
In conclusion, monopolies are inefficient from society's point of view as they restrict output, raise prices, reduce incentives for innovation, and ultimately lead to a decline in overall economic welfare.
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Betsy Flyer operated a travel agency. To obtain lower airline fares for her nonmilitary clients, she booked military-rate travel by forwarding fake military identification cards to the airlines. The government charged Flyer with identity theft, which is the "use" of another’s identification. The trial court has two cases that represented precedents:
In the first case, David Miller obtained a loan to buy land by representing that certain investor had approved the loan when, in fact, they had not. Miller’s conviction for identity theft was overturned because he had merely said that the investors had done something when they had not. According to the court, this was not the "use" of another’s identification.
In the second case, Kathy Medlock, an ambulance service operator, had transported patients when there was no medical necessity to do so. To obtain payment, Medlock had forged a physician’s signature. The court concluded that this was "use" of another person’s identity.
Which precedent—the Miller case or the Medlock case—is similar to Flyer’s situation?
A court with original jurisdiction where trials are conducted is known as a trial court or tribunal of the first instance. Higher courts with the ability of appellate review typically hear appeals from the judgments of trial courts.
Any court that hears a case first is referred to as a trial court, often known as a court of original jurisdiction. Through a thorough trial that explores all of the relevant evidence, the trial court renders judgments of fact and law. An appeal of the legal conclusions may be made to a higher court with review authority.
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TRUE/FALSE. Leaders in an adhocracy culture are creative, unconventional, and entrepreneurial; they value innovation and being adaptive to changing environments.
True. Leaders in an adhocracy culture are creative, unconventional, and entrepreneurial; they value innovation & being adaptive to changing environments.
In an adhocracy culture, leaders are indeed characterized as creative, unconventional, and entrepreneurial. They value innovation and have a strong emphasis on being adaptive to changing environments.
Adhocracy cultures are typically found in organizations or teams that operate in dynamic and uncertain environments, where there is a need for flexibility, quick decision-making, and the ability to respond effectively to new opportunities or challenges.
In such cultures, leaders play a crucial role in fostering a climate of innovation, encouraging employees to think outside the box, and promoting experimentation and risk-taking.
They embrace change, promote creativity, and encourage employees to challenge the status quo in order to drive innovation and adapt to the ever-changing business landscape. This type of leadership is essential in an adhocracy culture to ensure the organization remains agile and competitive.
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Kerr Co's accounts payable balance at December 31, 2010 was $1,500,000 before considering the following transactions:
⚫ Goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011.
⚫ Goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2011, Kerr. filed a $50,000 claim against the common carrier.
In its December 31, 2010 balance sheet, Kerr should report accounts payable of
$1.620,000.
$1,570,000.
$1.550,000.
O$1.500,000.
The accounts payable balance at December 31, 2010, should be $1,520,000.
Calculation of Accounts payable: Accounts payable = $1,500,000 + $70,000 - $50,000Accounts payable = $1,520,000 Therefore, Kerr should report accounts payable of $1,520,000 on December 31, 2010.
Accounts payable is a liability that arises when a company obtains goods or services on credit from its suppliers. They must be paid within a specific time frame, often within 30, 60, or 90 days. It is an essential part of a company's working capital. Kerr Co's accounts payable balance at December 31, 2010 was $1,500,000 before considering the two transactions. The first transaction was that goods were in transit from a vendor to Kerr on December 31, 2010. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2010. The goods were received on January 4, 2011. The second transaction was goods shipped to Kerr, f.o.b. shipping point on December 20, 2010, from a vendor were lost in transit.
The invoice price was $ 50,000. On January 5, 2011, Kerr. filed a $50,000 claim against the common carrier. The accounts payable balance must be adjusted to reflect these transactions. For the first transaction, goods in transit at the end of the accounting period must be included in accounts payable. As a result, $70,000 should be added to accounts payable. For the second transaction, the invoice price for the lost goods should be deducted from accounts payable, which is $ 50,000. Calculation of Accounts payable: Accounts payable = $ 1,500,000 + $ 70,000 - $ 50,000Accounts payable = $ 1,520,000Therefore, Kerr should report accounts payable of $ 1,520,000 on December 31, 2010.
The accounts payable balance at December 31, 2010, should be $1,520,000.
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Smooth Skin Care Products Inc. Income Statement-Aloe Vera Hand Lotion For the Month Ended October 31. The production costs and selling and administrative expenses, based on production of 400,000 units in October, are as follins: Seles for November are expected to drop 204 below those of October to 320,000 units (400,000 x.80% ). No significant changes are anticipated in the fixed costs of verioble costs per unit. No extra costs wa be incurred in divcontinuing operations in the portion of the plant associated with aloe vera hand iotion. The inventory of aloe vere hand lotion at the beginning and end of November is expected to be inconsequential. Smooth Skin Care Products Inc. Smooth Skin Care Products Inc.
The provided information seems to be incomplete and contains some errors. However, based on the available details, it appears to be an excerpt from the income statement for Smooth Skin Care Products Inc. for the month ended October 31, specifically for their Aloe Vera Hand Lotion product. The statement likely includes production costs, selling expenses, and administrative expenses associated with the production and sale of 400,000 units in October.
The information further states that sales for November are expected to decrease by 204 units to a total of 320,000 units (400,000 x 80%). It mentions no significant changes in fixed costs or variable costs per unit. It also states that no additional costs will be incurred in discontinuing operations related to the aloe vera hand lotion portion of the plant. The inventory of aloe vera hand lotion at the beginning and end of November is expected to be inconsequential.
To provide a more accurate analysis or answer, additional information is needed, such as specific cost breakdowns, revenue figures, and any other relevant details regarding the income statement for Smooth Skin Care Products Inc.
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What weight does Consumption have in the GDP of the USA? And in
China?
In the USA, consumption constitutes a significant portion of the GDP, accounting for approximately 68-70% of total GDP.
This is due to the fact that the US is primarily a consumption-driven economy, with consumer spending being a major driver of economic growth.
In contrast, in China, consumption has historically represented a smaller proportion of GDP, although it has been increasing over time. As of my knowledge cutoff in 2021, consumption accounted for around 55-60% of China's GDP. China's economy has been transitioning from being heavily investment and export-led to being more balanced with increased domestic consumption. The Chinese government has been implementing policies to encourage consumer spending as part of this transition.
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Propose four (4) of your own circular economy strategies for this Coles Local store. Propose also how each strategy could be good/profitable for the business. Do it this way: → You must use the ‘R0 Refuse’ principle, the ‘R1 Rethink’ principle, and any other two R principles of your choice from the list of 10Rs below (for a total of four strategies): Figure taken from Kirchherr, J., Reike, D., Hekkert, M. (2017) Conceptualizing the circular economy: an analysis of 114 definitions Resources, Conservation & Recycling 221-232. If needed, see full article here. Tips: apply the circular economy principles correctly. Provide enough detail. Your strategies must be specific to this business; creative, interesting, or, if possible, original; and feasible (something this business could realistically implement without much trouble).
Coles Local store can adopt four circular economy strategies: 1) Implement 'R0 Refuse' by promoting reusable bags, reducing plastic waste, and generating revenue. 2) Rethink packaging design and materials to attract environmentally-conscious customers, enhancing the store's reputation and customer loyalty.
Circular Economy Strategies for Coles Local Store:
R0 Refuse: Implement a Plastic-Free Initiative - Coles Local can refuse single-use plastics by offering alternative packaging options or encouraging customers to bring their own containers.
This strategy aligns with consumer demands for sustainable choices and reduces the store's reliance on plastic packaging. It can be profitable for the business by attracting environmentally conscious customers, enhancing brand reputation, and potentially reducing packaging costs in the long run.
R1 Rethink: Introduce Food Waste Reduction Program - Coles Local can rethink its approach to food waste by implementing measures to reduce food waste throughout its operations.
This can include strategies such as optimizing inventory management, donating surplus food to local charities, or implementing composting systems. By minimizing food waste, the store can reduce costs associated with disposal, improve operational efficiency, and demonstrate a commitment to sustainability.
R2 Redesign: Implement Reusable Packaging System - Coles Local can redesign its packaging system by introducing a reusable packaging program. This can involve offering refill stations for common household products, promoting reusable shopping bags and containers, and partnering with suppliers to provide products in reusable packaging formats.
By embracing reusable packaging, the store can attract eco-conscious customers, foster customer loyalty, and potentially reduce packaging costs in the long term.
R4 Repair: Launch Repair and Recycling Center - Coles Local can establish a dedicated space within the store where customers can bring their damaged electronic devices, small appliances, or clothing for repair or recycling.
This initiative promotes a culture of repair and recycling, extends the lifespan of products, and reduces the environmental impact of waste. It can be profitable for the business by offering repair services as an additional revenue stream and positioning the store as a hub for sustainable consumer practices.
Implementing these circular economy strategies can benefit Coles Local by aligning with sustainability trends, attracting environmentally conscious customers, improving operational efficiency, reducing waste-related costs, and enhancing the store's reputation as a responsible and eco-friendly retailer.
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One challenge of social media marketing is that: O a. it is used for real-time marketing O b. it is cost-effective c. social networks are largely user controlled O d. it can create brand communities
The correct option for this question would be option C. Social networks are largely user-controlled.One of the main challenges of social media marketing is that social networks are largely user-controlled. Although social media has its advantages such as the capability to contact your target market, and in real-time marketing, it also poses some serious problems for marketers. Users have the capacity to voice their opinions, whether negative or positive, on any social platform, which can be problematic for companies.
This can cause a lot of harm to the brand, and can sometimes lead to a decrease in revenue. Social media marketing has its own set of difficulties, as do all other types of marketing. The user's opinions are among the most pressing difficulties faced by social media marketers. Users can express their views on any social media platform, whether positive or negative.
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Alice Longtree has decided to invest $460 quarterly for 4 years in an ordinary annuity at 8%. As her financial adviser, calculate for Alice the total cash value of the annuity at the end of year 4. (Please use the following provided Table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)
Alice Longtree plans to invest $460 quarterly for 4 years in an ordinary annuity at an 8% interest rate. The total cash value of Alice's annuity would be approximately $9,647.60.
To calculate the total cash value of the annuity at the end of year 4, we can use the formula for the future value of an ordinary annuity:
FV = P * [(1 + r)^n - 1] / r
Where:
FV = Future value of the annuity
P = Quarterly payment amount
r = Interest rate per period
n = Number of periods
In this case, Alice invests $460 quarterly for 4 years, which means there will be a total of 16 quarterly payments. The interest rate is 8% per year, but since the payments are made quarterly, we need to adjust the interest rate per period by dividing it by 4.
So the interest rate per period (r) is 0.08 / 4 = 0.02.
Plugging the values into the formula, we have:
FV = $460 * [(1 + 0.02)^16 - 1] / 0.02
Calculating the value, we find:
FV = $460 * [(1.02)^16 - 1] / 0.02
Using a financial calculator or spreadsheet software, the result is approximately $9,647.60.
Therefore, at the end of year 4, the total cash value of Alice's annuity would be approximately $9,647.60.
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For IKEA, think about its customers and customer networks then answer the following questions.
If you could not find an example of active contribution, what is one way in which IKEA could use this strategy to motivate its customers to collaborate in the improvement of its products or services?
IKEA is a world-renowned furniture retailer that focuses on providing consumers with a wide range of ready-to-assemble furniture pieces. IKEA's customers are usually people that are looking for affordable, durable, and stylish home furnishings. To engage with customers, IKEA uses customer network marketing to promote their products and services.
This involves a group of loyal customers who share positive experiences and feelings about the brand. IKEA takes this a step further by creating a website, IKEA Place, which allows customers to virtually visualize IKEA furniture in their homes. Customers are encouraged to share their experience with this new feature on social media and, in turn, encourage others to do the same.This form of customer engagement and loyalty could be improved if IKEA allowed customers to have an active contribution to the design and features of their products. By doing so, customers will feel like they are a part of the brand and will have a greater sense of loyalty.
One way to motivate customers to collaborate with IKEA is to establish a design competition in which customers would have the chance to submit their designs or ideas for IKEA furniture pieces. The winner would be awarded a prize or would have their product design sold in IKEA stores, allowing them to get their name out there and feel like they have contributed to the success of the brand. This form of customer engagement would also allow IKEA to get an insight into what their customers want, allowing them to tailor their product offerings to meet the needs of their customers.
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"
1.
what has been done Strategic recommendations and effects on Airbnb?
Airbnb's strategic recommendations include diversifying offerings, improving safety, enhancing customer experience, and expanding into new markets, boosting revenue and brand reputation.
To address the challenges and opportunities in the market, strategic recommendations have been made for Airbnb.
One key recommendation has been to diversify its offerings beyond traditional home-sharing, including the introduction of experiences, luxury accommodations, and business travel solutions.
This diversification has allowed Airbnb to attract a wider range of customers and generate additional revenue streams.
Another important recommendation has been to prioritize safety and trust. Airbnb has implemented various safety measures, such as enhanced host and guest screening, secure payment systems, and improved customer support.
These efforts have helped to build trust among users and improve the overall experience on the platform.
Furthermore, strategic recommendations have focused on expanding Airbnb's presence in new markets and regions. The company has pursued partnerships and acquisitions to strengthen its foothold in key markets and tap into emerging economies.
These expansions have resulted in increased user base and revenue growth for Airbnb.
However, alongside the positive effects, Airbnb has also faced regulatory challenges and criticism in certain markets.
Local regulations and concerns related to housing affordability, neighborhood disruption, and compliance have required Airbnb to adapt its operations and engage in dialogue with authorities.
Overall, the strategic recommendations implemented by Airbnb have had a significant impact on the company, driving growth, improving customer experience, and addressing key challenges in the market.
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Due to a lack of funds, Zaina went to Bahrain Islamic Bank in an attempt to obtain financing so that she could purchase a shop from the developer.
a. Determining the appropriate Islamic financial Instruments [3 Marks]
b. Evaluate one of the risks and the risks mitigate [3 Marks]
a. Determining the appropriate Islamic financial Instruments Islamic financial instruments refer to contracts that represent a shariah-compliant investment opportunity.
Islamic financial instruments can be categorized as equity-based or debt-based instruments. The following are some of the Islamic financial instruments that Zaina could have considered in order to acquire financing for the shop purchase: Ijarah Muntahia Bittamleek (Lease-to-own financing) Mudarabah (Profit-sharing)Murabaha (Cost-plus financing)Bai' Bithaman Ajil (Deferred payment sale)Bai' Al-'Inah (Sale and buyback agreement)
b. Evaluate one of the risks and the risks mitigate The following are some of the risks that Zaina may encounter when using Islamic financing to acquire a shop purchase, as well as some of the ways she could mitigate those risks: Market Risk: The market value of the property purchased with Islamic financing may fluctuate, resulting in a decrease in Zaina's potential profits. Zaina can mitigate this risk by conducting extensive market research and analysis before acquiring the property. Legal Risk: If there are any legal problems or disputes, the property's title may be jeopardized. Zaina can mitigate this risk by ensuring that the property's title is clear and free of any disputes. Credit Risk: Zaina may not be able to repay the financing on time, resulting in additional penalties and charges. Zaina can mitigate this risk by ensuring that she borrows only the amount she can comfortably repay. Financing Risk: If the property's financing conditions are not clearly defined, Zaina may be subject to additional financing charges or penalties. Zaina can mitigate this risk by ensuring that she understands all of the financing conditions before accepting the financing.
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When the housing prices are expected to fall in the near future, this expected change can become a reality due to a downward movement along the original demand curve. Select one: True False
When the housing prices are expected to fall in the near future, this expected change can become a reality due to a downward movement along the original demand curve. The given statement is True.
In economics, demand refers to the quantity of goods and services that consumers are willing and able to purchase at a given price in a given time period. A demand curve is a graphical representation of the relationship between the price of a good and the quantity demanded of that good. Demand curves slope downward because as the price of a good increases, the quantity demanded of that good decreases.
Conversely, when the price of a good falls, the quantity demanded of that good increases. This pattern can be observed when the housing prices are expected to fall in the near future, as it results in a downward movement along the original demand curve.Thus, the given statement is true.
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2. Suppose there are two consumers, A and B.
The utility functions of each consumer are given by:
UA(X,Y) = X1/2*Y1/2
UB(X,Y) = 4X + Y
The initial endowments are:
A: X = 4; Y = 4
B: X = 4; Y = 12
a) Using an Edgeworth Box, graph the initial allocation (label it "W") and draw the indifference curve for each consumer that runs through the initial allocation. Be sure to label your graph carefully and accurately.
b) What is the marginal rate of substitution for consumer A at the initial allocation?
c) What is the marginal rate of substitution for consumer B at the initial allocation?
d) Is the initial allocation Pareto Efficient?
a) The graph shows the initial allocation ("W") in the Edgeworth Box. The indifference curves for each consumer are plotted, with consumer A's curve concave and consumer B's curve linear.
b) The marginal rate of substitution (MRS) for consumer A at the initial allocation is the negative ratio of the partial derivatives of the utility function with respect to X and Y, i.e., MRS_A = -∂UA/∂X / ∂UA/∂Y.
c) The marginal rate of substitution (MRS) for consumer B at the initial allocation is the ratio of the partial derivatives of the utility function with respect to X and Y, i.e., MRS_B = ∂UB/∂X / ∂UB/∂Y.
d) To determine if the initial allocation is Pareto Efficient, we need to check if there is any other feasible allocation where one consumer can be made better off without making the other worse off.
a) In the Edgeworth Box, the initial allocation "W" is shown as a point inside the box. The indifference curves for consumer A and consumer B are plotted, representing combinations of X and Y that give them the same level of utility. Consumer A's indifference curve is concave, indicating a diminishing marginal rate of substitution, while Consumer B's indifference curve is linear, indicating a constant marginal rate of substitution.
b) The marginal rate of substitution (MRS) for consumer A at the initial allocation can be calculated by taking the partial derivatives of UA(X,Y) with respect to X and Y and evaluating it at the initial allocation (4,4). The MRS_A is the negative ratio of these partial derivatives.
c) Similarly, the marginal rate of substitution (MRS) for consumer B at the initial allocation can be calculated by taking the partial derivatives of UB(X, Y) with respect to X and Y and evaluating it at the initial allocation (4,12). The MRS_B is the ratio of these partial derivatives.
d) To determine if the initial allocation is Pareto Efficient, we need to analyze if there is any feasible allocation where one consumer can be made better off without making the other worse off. This involves comparing the MRS values of each consumer. If the MRS_A is equal to MRS_B at the initial allocation, it indicates Pareto Efficiency, as no exchange can benefit one consumer without harming the other.
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Identify and discuss an instance when ambush marketing IN SPORTS
that has occurred. At what stage, how it was conducted and the
effect it had should all be discussed in this week's post.
Ambush marketing is a practice that is typically used by businesses to promote their products or services during an event or show without having to pay the sponsor of the event.
Ambush marketing aims to gain an unfair competitive advantage by capitalizing on the publicity generated by the sponsored event. An instance of ambush marketing in sports occurred during the 2010 FIFA World Cup in South Africa.A Dutch brewery company, Bavaria, had set up a viral marketing campaign that featured orange-clad fans at the World Cup matches. These fans were wearing short dresses that had the Bavaria brand name on them. FIFA officials became aware of the campaign and arrested several of the orange-clad fans for violating the terms of FIFA's licensing agreement with official sponsors.
As a result of this, the Dutch women were jailed in South Africa, and FIFA fined the Bavaria brewery company.This ambush marketing campaign was conducted during the World Cup matches, at the stadium, where the Dutch women were wearing dresses with the Bavaria brand name on them. The effect of this campaign was that it created a lot of publicity for Bavaria, but it also resulted in negative publicity for the Dutch women who were arrested and jailed in South Africa. It also led to a legal battle between FIFA and the Bavaria brewery company over the legality of ambush marketing.The FIFA World Cup is a significant sporting event that attracts millions of viewers worldwide, and its sponsors invest a lot of money to be associated with it.
Ambush marketing, therefore, poses a significant threat to the sponsors who pay for the rights to be associated with the event. Ambush marketing tactics have been used in other sporting events such as the Olympics, where businesses have used creative campaigns to promote their brands without having to pay the sponsorship fees.
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