The Cost of Goods Manufactured for Faaberg Corporation during the year was 64,500.
Faaberg Corporation had a busy year of manufacturing. To summarize the transactions, the company had a beginning balance of 4,900 in Raw Materials, 4,000 in Work in Process, and 2,100 in Finished Goods.
Throughout the year, the company had additional purchases of 8,800 for Raw Materials, 22,100 for Work in Process, and 8,200 for Finished Goods. Manufacturing Overhead totaled 2,700, Wages & Salaries Payable totaled 20,300, and Cost of Goods Sold totaled 20,300.
To calculate the Cost of Goods Manufactured, we need to add the beginning balances of Raw Materials, Work in Process, and Finished Goods, as well as the total purchases of each item. The resulting sum is the total cost of goods manufactured:
Raw Materials: 4,900 + 8,800 = 13,700
Work in Process: 4,000 + 22,100 + 6,100 + 8,400 = 40,500
Finished Goods: 2,100 + 8,200 = 10,300
Total Cost of Goods Manufactured: 13,700 + 40,500 + 10,300 = 64,500
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what are sunk costs? why do some economists argue they should be ignored when considering future decisions?
Sunk costs are expenses that cannot be recovered because they have already occurred. Sunk costs are not included in decision-making going forward since they will remain the same cost irrespective of the outcome.
Why shouldn't a project's sunk costs be taken into account?An expense that has already been paid for and cannot be recovered is known as a sunk cost. Sunk costs are costs that cannot be recovered and should not be taken into account when deciding whether to continue investing in a project.
Why is it difficult to disregard sunk costs?Sunk costs are challenging to overlook since some, if not all, decision-makers think that sunk costs are still important in the decision-making process, despite the fact that sunk costs are disregarded while making investment decisions.
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In terms of strategic positioning, which two general strategies may be chosen by a company?
A. Revenue production and cost enhancement
B. Activity-based costing and value chain emphasis
C. Cost leadership and product differentiation
D. Increasing customer value and decreasing supplier orientation
E. Product differentiation and cost enhancement
In terms of strategic positioning, companies may choose to pursue one of two general strategies: cost leadership or product differentiation. Here option C is the correct answer.
The cost leadership strategy focuses on reducing costs and being the low-cost producer in the industry. This allows companies to offer lower prices than their competitors, which can be a major advantage in attracting price-sensitive customers.
Product differentiation strategy focuses on creating a unique product or service that offers superior value to customers compared to competitors. This can be achieved through features, design, quality, performance, or other factors that set a product or service apart.
Increasing customer value means that the company aims to understand and exceed customer expectations through the design, delivery, and continuous improvement of products and services.
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What is the importance of communication in selling process?
Answer:
more buyers
Explanation:
it advertises a product to people
economic growth is an increase in a nationals output of goods and services over time.A. TrueB. False
Answer:
True yes very correct its grows slow and stead
What restriction would the government impose in a closed economy what restriction would the government impose in a closed economy?
In a closed economy, the government would impose the limitation of forbidding trade with other countries.
To limit commerce, a government may try to impose protectionist measures like tariffs and quotas. Although these measures may halt or curtail trade with a specific nation, a closed economy would require a total prohibition on trade with all other nations.
A closed economy is characterized as being very resource independent and self-sufficient. This sort of economy uses local resources to manufacture its goods and services rather than engaging in international trade. Because they rely mostly on themselves, governments of closed economies are more prone to ban commerce with other countries.
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What are the 3 uses of profits?
The 3 uses of profits are that, they tend to provide a measure of success of a business which is important for the new businesses. They are also known to be the best source of finance/capital in order to invest.
Economic profit is said to be crucial as it tends to help in order to asses a company's profitability and as well as its financial performance. Thus, it tends to show that whether a particular business can cover its expenses and bring revenue to stakeholders.
However, the profit is also called as the net income and is the amount of the earnings which tends to exceed expenses for the period. Thus, profits are also known to be the best source of finance/capital in order to invest.
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a reserve requirement set by the federal reserve is the select one: a. maximum amount of currency banks are allowed to hold in their vaults. b. maximum ratio of reserves to bank deposits that commercial banks are allowed to maintain. c. minimum ratio of reserves to bank deposits that commercial banks are allowed to maintain. d. minimum amount of currency banks must hold in their vaults.
A reserve requirement set by the Federal Reserve is the minimum ratio of reserves to bank depots that commercial banks are allowed to maintain. Therefore, the option C holds true.
The reserves are held by the commercial banks and are kept aside as per the direct orders received under the gazetted notifications made by the Federal Reserve. These regulations are to be compulsorily followed by all the commercial banks and financial institutions that are being regulated by the Federal Reserve under its jurisdiction.
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New managers often think that they will have to do what they think is best for the organization.a. Trueb. False
New managers often think that they will have to do what they think is best for the organization is True.
The organization is a group of skilled people with a same goal to perform business or government agencies. The organization is also known as company in which the people comprising more than 100 people which having the particular purpose.
The role of manager in an organization is to take the responsibility or leadership role and manages a team or groups of employee to perform the task.
The New managers often think that they will have to do what they think is best for the organization that they will have doubts about their competencies and ability to handle the responsibilities of their new role.
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What's wrong with the gig economy?
The problem associated with the gig economy is that the workers often receive low wages and face economic insecurities at high rates.
A gig economy refers to a free market system where temporary positions are common and enterprises hire independent employees for short-term commitments. The term 'gig' is a slang word for a job that lasts for a certain period of time.
The problem associated with the gig economy is that the workers often are paid low pay, in some cases less than the minimum wage; they encounter economic insecurity at high rates; and they frequently report losing earnings due to technical difficulties with digital platforms.
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Has anyone received money from equifax settlement?
The concept given is Equifax , Equifax is a credit reporting agency and dependent on the data that they have on shoppers, they concoct a financial assessment. The answer is, yes.
In 2017, Equifax reported a data breach that exposed the personal information of an estimated 147 million people. Payments for claims submitted for threatened losses, time spent, and other monetary benefits are now sent.
If you have submitted a complaint, please keep track of your payment. Under the terms of the agreement, Equifax has agreed to create a fund that will provide customers with free credit monitoring, identity theft protection and cash payments of up to $20,000 to affected individuals.
Consumers who made claims under the Equifax Data Breach Settlement and were eligible for benefits received Settlement Payments from a court-appointed Settlement Administrator beginning December 19, 2022.
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purchasing a building for $95,000 by paying cash of $5,000 and signing a note payable for $90,000 will question content area bottom part 1 a. decrease both total assets and total liabilities by $5,000. b. decrease total assets and increase total liabilities by $5,000. c. increase both total assets and total liabilities by $90,000. d. increase both total assets and total liabilities by $95,000.
Out of the alternatives provided, it is to be ascertained that purchasing a building for $95,000 by paying cash of $5,000 and signing a note payable for $90,000 will increase both total assets and total liabilities by $90,000. Therefore, the option C holds true.
The assets and liabilities of an accounting firm determines and represents the financial position that it has. When a capital is being brought in it leads to an increase in its assets, however, when it is being brought on credit, the liabilities also tend to increase.
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the ending balance of the retained earnings account appears in
The ending balance of the retained earnings account appears in the equity section of the balance sheet.
Retained earnings refer to the portion of a company's net income that is kept by the business rather than being distributed as dividends to shareholders. The retained earnings account is a component of a company's equity, which is reported on the balance sheet. The ending balance of the retained earnings account represents the cumulative amount of net income that has been retained by the company since its inception, minus any dividends that have been paid out.
This balance can also be affected by any changes in the company's net income or dividends during the reporting period. In summary, the ending balance of the retained earnings account is an important metric as it shows how much profit a company has retained to reinvest back into the business or use for future growth.
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what was an economic reason for texas wanting independence from mexico?responses the united states had stronger economic ties to texas than mexico did due to geography. the united states had stronger economic ties to texas than mexico did due to geography. the mexican government showed little interest in building relationships with texas. the mexican government showed little interest in building relationships with texas. the mexicans controlled the price of crops that texans sold, hurting texan farmers. the mexicans controlled the price of crops that texans sold, hurting texan farmers. the united states forced texans to sell crops to americans.
An economic reason for Texas wanting independence from Mexico was the united states had stronger economic ties to Texas than Mexico did due to geography.
In a nutshell, the Mexican-American War resulted from the United States' persistent encroachment on Mexican territory, notably its annexation of Texas, which Mexico refused to recognize as autonomous. As a result, Mexico has likewise refused to recognize the two countries' purported boundary.
The Texas Declaration of Independence was ratified by 59 delegates, each representing one of Texas' colonies, on March 2, 1836, establishing a free and independent Republic of Texas.
The American and French Revolutions influenced the Mexican War for Independence. The other factor was more internal, and it was tied to the Mexicans receiving weapons.
Therefore, the correct option is "the united states had stronger economic ties to Texas than Mexico did due to geography."
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The requirement is to compute the fixed, variable, total and the average cost per cup at different levels of sales. Given that, Fixed costs is $ 800 Variable cost per cup is $ 0.54
The average cost for each cups of coffee per weeks are:
2,000 cups per week = $0.942,100 cups per week = $0.922,200 cups per week = $0.90The average cost per cup of coffee decreases as the cups of coffee increases.
Based on the case, we know that:
Fixed cost = $800
Variable cost = $0.54 per cup
Q1 = 2,000
Q2 = 2,100
Q3 = 2,200
Total cost ?
Average cost ?
To find the total cost of each cups of coffee per week, we can use the total cost formula:
Total cost = Fixed cost + (Variable cost x Quantity per week)
Q1 = 2,000
Total cost = $800 + ($0.54 x 2,000)
Total cost = $1,880
Q2 = 2,100
Total cost = $800 + ($0.54 x 2,100)
Total cost = $1,934
Q3 = 2,200
Total cost = $800 + ($0.54 x 2,200)
Total cost = $1,988
Average cost can be calculated by dividing total cost with the cups of coffee per week.
Average cost = Total cost : Quantity per week
Q1 = 2,000
Average cost = $1,880 : 2000
Average cost = $0.94
Q2 = 2,100
Average cost = $1,934 : 2,100
Average cost = $0.92
Q3 = 2,200
Average cost = $1,988 : 2,200
Average cost = $0.90
The average cost per cup of coffee decreases as the cups of coffee per week increases.
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Complete Question:
Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $800 and the variable cost per cup of coffee served is $0.54.
Required:
Fill the following table with your estimates of the company's total cost and average cost per cup of coffee at the indicated levels of activity. Q1 = 2,000; Q2 = 2,100; Q3 = 2,200.Does the average cost per cup of coffee served increase, decrease, or remain the same as the number of cups of coffee served in a week increase?what is the difference in the future value of $100 at 7 percent interest for 5 years if the interest is compounded semiannually rather than annually? multiple choice question. $.80 $.67 $1.03 $.91
The difference in future Value is $0.80.
Future Value: What is it?Future value is really the value of an asset now based on an anticipated growth rate in the future. For financiers and financial planners, the future value is crucial because they use it to predict what an investment now will worth in the future.
Is value in the future preferable to value now?Future value, that is determined after a given amount of time, determines the returns on future investments, whereas present value determines the current of future cash flows. It is a much more trustworthy metric and an analyst may be almost positive about it, present value is important.
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Is there government in a closed economy?
The closed economy is self-sufficient; therefore, neither imports nor exports are permitted.
An economy that only runs its home sector and is self-sufficient is said to be closed. International trading is prohibited there. When the economy is closed and there are no exports or imports, there are often only 3 sectors: businesses, households, and government. To limit commerce, a government may try to impose protectionist measures like tariffs and quotas.
The government would have to forbid commerce with all other economies in order to establish a truly closed economy, even though these measures would block or slow down trade with a specific nation. A closed economy seeks to meet all of the needs of domestic consumers within its borders.
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because eels are highly endangered as a species, many governments enact laws prohibiting fishing along their migration route. initially, eel fishers complain about this restriction on the locations they can fish, but after a while they notice that the number of eels swimming outside regulated areas is much higher than it was before. with the laws in place, eel fishers end up catching a greater quantity of eels than they did prior to the enactment of the laws. Which of the following principles of economic interaction best describes this scenario? A/ Markets allocate goods effectively. B.Markets usually lead to efficiency. C.There is a tradeoff between equality and efficiency. D.When markets do not achleve efficiency, government intervention can improve overall welfare.
When markets do not achieve efficiency, government intervention can improve overall welfare.
Why are Eels Endangered?There are several reasons why eels are under risk. The primary factor is overfishing, however there are others as well:
Illegal exporting and fishing.
Buildings built by humans, such as pumping stations and hydropower turbines. Get swept into these structures to stop the eel's motions and kill them.
Chemical contamination in waterways (heavy metals and pesticides).
Eel migration patterns are impacted by climate change, which also harms their sensory capabilities (water temperature and acidity).
Plastic waste poses a growing threat to their breeding grounds.
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What kinds of goods tend to have inelastic supply?
The most common goods with inelastic demand are serviceability, tradition medicines, and tobacco products.
In general, musts and medical treatments tend to be inelastic, while luxury goods tend to be most elastic. One illustration of a good with inelastic force is housing. However, it's delicate and time consuming for businesses to make further homes or for landlords to find further parcels to rent, If casing prices increase.
Impeccably inelastic products would be commodity like air or water, and no bone can really circumscribe that at this point in time. The most common products that are inelastic would be food, tradition medicines, and tobacco products. Another product that could be considered close to impeccably inelastic would be gas.
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what is tqm? what must a project quality plan address? what does the cost of quality refer to? what is six sigma? compare and contrast quality control and quality assurance.
TQM stands for Total Quality Management, a management approach that seeks to optimize the quality of an organization's products and processes through a continuous improvement philosophy.
A project quality plan must address the processes, standards, and tools for ensuring the quality of the project deliverables. It should include defining quality standards, creating checklists, and outlining processes for inspection and testing.
The cost of quality refers to the financial costs incurred by an organization to prevent defects, produce high-quality products, and ensure customer satisfaction.
Six Sigma is a data-driven methodology for improving processes by reducing defects to a maximum of 3.4 defects per million opportunities.
Quality control is focused on detecting and correcting defects in products, while quality assurance is focused on ensuring processes are in place to prevent defects from occurring. Quality control is a reactive approach, while quality assurance is proactive.
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The term economists use to remind us that the production of anything requires the use of some scarce resources is?
The term economists use to remind us that the production of anything requires the use of some scarce resources is the economic principle of "opportunity cost."
This principle states that when resources are used to produce one good or service, they cannot be used to produce something else. Therefore, the production of anything requires us to sacrifice something else we could have produced, and this is the opportunity cost of using those resources.
When a farmer decides to grow wheat, there is an opportunity cost associated with not doing so or using the resources in another way (land and farm equipment).
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How would economists go about analyzing the likely influence of a forecast of heavy snow on the quantity of tickets sold for the nutcracker ballet? what other changes could influence ticket sales?.
Economists would analyze the forecast of heavy snow by measuring the expected decrease in the ticket sales due to the decrease in demand for the show, as well as the opportunity cost of attending due to weather conditions.
In addition to it, the economists would examine any potential changes in ticket prices, discounts or promotions, or other changes that could influence the ticket sales. Additionally, economists would analyze the impact of any external events such as a competing show or event, changes in public transportation, or any other factors that could influence the quantity of tickets sold for the nutcracker ballet.
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What are the three goals of a command economy?
In a command economy, government officers set public profitable precedences, including how and when to induce profitable growth, how to allocate coffers, and how to distribute the affair.
The purpose of a command frugality is to insure that the government can meet its profitable pretensions. These pretensions may include icing that there's full employment, controlling affectation, or developing specific diligence. This means that a command frugality isn't inescapably about maximizing profitable affair.
A command economy is a system where the government has total control over the frugality it reigns over. Characteristics of this frugality include governmental control of stipend and pricing, limited property rights, government power of crucial businesses and diligence, and robust black requests.
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are used in the pharmaceutical industry to assess the risk of introducing a new drug. a. simulations b. data dashboards c. charts d. spreadsheet models
Simulations, data panels, graphs and spreadsheet models are tools used in the pharmaceutical industry to assess the risk of introducing a new drug. Simulations are used to run experiments and test potential outcomes, while data dashboards are used to provide visualizations of data and trends.
Charts are used to display information in a graphical format and show relationships between different variables. Spreadsheet models are used to create detailed financial models that can help the pharmaceutical industry assess the impact of introducing a new drug. All of these tools are used to assess the risk of introducing a new drug and help industry make informed decisions about the development, manufacture and marketing of new products.
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How do communist command economies answer the economic questions?
A command economy, inside its purest form, answers these three economic problems by allocating resources as well as goods through markets where prices were established.
A command economy, inside its purest form, addresses the three economic questions through determining allocation decisions centrally even by the government.
Government planning answers the problems of what products and services have been produced, the way they seem to be produced, as well as for who they have been produced in such a command economy. Financial activity are made by the government for such benefit of society.
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how much does the average american pay in taxes annually
Answer:
the average american pays 28.4% in 2021
what are two potential rewards of being an exceptional manager?
a. The ability to earn more than most workers
b. Fringe benefits, such as a large office or stock options
The two potential rewards of being an exceptional manager are the ability to earn more than most workers and Fringe benefits, such as a large office or stock options.
A manager who excels in this area is someone who has mastered the art of inspiring others to reach their objectives. Outstanding managers do duties including planning, organizing, leading, managing, and coaching much better than average managers. A group of people can be inspired and led toward a common goal by them.
Communication abilities are improved in managers who listen well. They allow people to express themselves. Because they are well aware of the organization's goal, they can communicate it to their team in a way that motivates them. They update their coworkers on corporate happenings.
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The complete question is:
what are two potential rewards of being an exceptional manager?
a. The ability to earn more than most workers
b. Fringe benefits, such as a large office or stock options
c. The ability to make decisions without being questioned
d. A guarantee of employment in one's chosen field
How do you calculate Massachusetts sales tax?
In Massachusetts, tangible personal property, including some communications services sold or rented, are subject to a 6.25% sales tax or rental fee. The seller typically collects sales tax.
Tax compliance refers to both governmental activities and individual behavior in order to guarantee that taxpayers are paying the appropriate amount of tax at the appropriate time and receiving the appropriate tax allowances and tax reliefs. A tax is a compulsory charge or other type of levy that the taxpayer must pay in order for the government to carry out certain administrative and societal obligations. Between 3000 and 2800 BC, the first known taxation was instituted in ancient Egypt. The legislation prohibits both evading taxes and refusing to pay them. Taxes can be paid in cash or the equivalent in labor and can be direct or indirect. Most nations have a system of taxes in place.
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every point in the edgeworth box is... select one: a. not pareto efficient b. pareto efficient c. egualitarian d. a feasible allocation respecting the 'no-goods-to-be-discarded' rule. e. a feasible allocation; all feasible allocations are displayed in the edgeworth box.'
An allocation is at any point in the Edgeworth Box.
An Edgeworth box, also known as an Edgeworth-Bowley box, is a visual representation of a market with just two consumers and two items, X and Y.
Francis Ysidro Edgeworth introduced the Edgeworth box in his 1881 book Mathematical Psychics: An Essay on the Application of Mathematics to the Moral Sciences, which bears his name. Edgeworth's original two-axis illustration was transformed by Pareto into the well-known box diagram in his 1906 Manual of Political Economy, and Bowley later popularised it in an explanation. The Edgeworth-Bowley box is the name given to the diagram in modern times.
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a licensed sales associate decides to have personalized key rings made. which statement is true regarding the key rings?
The name of the real estate brokerage firm for which the associate works must be printed on the key rings.
A licensed sales associate is a professional who is licensed to sell products and services in a retail setting. They are responsible for providing excellent customer service, helping customers find the right product for their needs, and ensuring that all transactions and sales are completed in a timely and accurate manner.
They must also be knowledgeable about the products they are selling, and be able to answer any questions that customers may have. Licensed sales associates must also be able to work in a fast-paced environment and be able to handle multiple tasks at once.
--------The following question is incomplete, the complete question is:
"A licensed sales associate decides to have personalized key rings made. What should be the most important detail about the key ring."----------
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a firm conducting an ipo of common stock sold 12 million new shares in the offering at an offer price of $27 per share. after the offering, the firm had 7 million shares outstanding, and the price of those shares in the secondary market was $32. the total proceeds from the firm's ipo were
We won't get any money from the selling stockholders' sale of their shares. As of right now, there is no public market; this is the initial public offering.
Who are shareholders?One who holds at least a share of a company's capital stock is referred to as a stockholder, shareholder, or stockholder. The majority of the owners of a company are its stockholders, who often benefit from its success inside the form of rising stock prices.
What part do stockholders play?In addition to receiving dividend payments on a regular basis and having a claims to some of the business's remaining assets in the event of a liquidation, stockholders also have certain rights related to ownership of the firm, such as voting rights to determine whom joined the board or directors.
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