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3 years ago

Although ultimate responsibility for implementing and executing strategy falls upon the shoulders of senior executives,

1 answer:

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Answer: top-level managers still have to rely on the active support and cooperation of middle and lower-level managers in pushing needed changes in functional areas and operating units

Explanation:

The senior executives in organizations are responsible for the implementation and execution of directives to achieve organizational goals. For them to achieve this, top-level managers have to rely on the cooperation and active support of the middle and lower-level managers for organizational success.

The top level managers are in charge of planning and directing the group of individuals as they monitor their work and implement needed changes.

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Cost flow relationships The following information is available for the first year of operations of Creston Inc., a manufacturer

valina [46]

Answer:

a. Cost of goods sold = Sales - Gross profit

Cost of goods sold = $12,755,000 - $5,359,700

Cost of goods sold = $7,395,300

b. Direct Material Cost = Materials purchased - Indirect materials - Materials inventory

Direct Material Cost = $4,251,600 - $185,500 - $298,900

Direct Material Cost = $3,767,200

c. Direct labor cost = Total manufacturing costs for the period - Direct materials cost - Other factory overhead - Indirect labor

Direct labor cost = $8,122,000 - $3,767,200 - $834,900 - $422,600

Direct labor cost = $3,097,300

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3 years ago

In his book, The Art of the Long View, Peter Schwartz identified the process of constructing multiple stories of what could happ

Natali5045456 [20]

Author Peter Schwartz in his book "The Art of the Long View" referred to scenarios, when identifying the process of building stories that could happen and following an important step for companies.

<h3 /><h3>What is the purpose of the book?</h3>

The author creates a scenario approach to assist in the development of the strategic vision, through the analysis of possibilities that help to create a broad and systematic vision in the decision-making process.

Therefore, the strategic vision is essential for every organization, as it helps in making more effective decisions to deal with different situations and inherent risks of the internal and external environment, making the business more positioned and competitive in the market.

Find out more about strategic vision here:

brainly.com/question/24967768

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3 years ago

Assume the following data concerning a purchase of merchandise by Icon Co. on April 2:

Eduardwww [97]

The purchase amount that Icon Co. would record on April 2 would be: <u>c. $4,000</u>.

<h3>What is the purchase amount to be recorded?</h3>

The purchase amount that should be recorded on the date of purchase is the amount of the transaction. This does not take into account the return and discount which happened later.

This implies that Icon Co. will reduce the purchase amount on April 4 when half of the goods were returned with a contra entry. And discount will be based on the balance of $2,000 instead of $4,000.

<h3>Data and Calculations:</h3>

Purchase on April 2 = $4,000

Purchases Return on April 4 = $2,000

Thus, the purchase amount that Icon Co. would record on April 2 would be: <u>c. $4,000</u>.

Learn more about recording credit purchases at brainly.com/question/5651500

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2 years ago

List three causes of a favorable direct materials price variance. (Select three possible answers.)

ankoles [38]

Answer:

A, B , and E

Explanation:

<u>A. Budgeted purchase prices were set without careful analysis of the market</u>

Budgets are prepared using estimated prices. As much as possible, the budget prices should be the same as market prices. It may happen that during price estimation, some aspects could have been ignored, leading to incorrect purchase prices. It could be possible that the budget prices are overstated. In such a scenario, there would be a favorable price variance to the business.

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<u>B. Materials prices decreased unexpectedly due to industry oversupply</u>

The supply and demand forces determine the prices of raw materials. Low supply will lead to an increase in price as many buyers chase few goods. Constant demand and supply create stable prices. A sudden increase in supply will lead to reduced prices, which will cause favorable variances to the business.

<u>E. The materials purchasing officer negotiated more skillfully than was planned in the budget.</u>

The purchasing manager does the actual buying in any organization. Should the manager be a skilled negotiator, the business stands a better chance of buying goods at low prices. In this case, the purchasing manager negotiated for better prices. The results will be a positive price variance for the company.

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3 years ago

Artisan Inspiration, Inc. is a merchandiser of stone ornaments. The company sold 6 comma 500 units during the year. The company

Ivanshal [37]

Answer:

The operating income for the year is $190,000

Explanation:

The Computation of the operating income is shown below:

= Sales revenue - cost of good sold - Selling and Administrative Expenses

where,

Sales revenue is $577,000

The cost of good sold = Beginning Merchandise Inventory + Purchases (excluding Freight In) + Freight In - Ending Merchandise Inventory

= $45,000 + $300,000 + $15,000 - $42,000

= $318,000

And, the Selling and Administrative Expense is $69,000

Now put these values to the above formula

So, the value would equal to

= $577,000 - $318,000 - $69,000

= $190,000

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3 years ago