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larisa86 [58]
3 years ago
15

You have received a proposal for an RFP that was sent to suppliers. One of the vendors has proposed doing the project for $12,50

0. The cost for the project is $10,000, and their profit will be $2,500. Which type of contract is most suitable if the type of work is predictable and the requirements are well-defined and not likely to change?
Business
1 answer:
Ber [7]3 years ago
6 0

Answer:

FIXED PRICE CONTRACT

Explanation:

The type of contract that is most suitable if the type of work is predictable and the requirements are well-defined and not likely to change is FIXED PRICE CONTRACT because it looks as if the vendor is asking for a cost-plus-fixed-fee contract. However, by asking for a fixed $12,500, the vendor is actually asking for a FIXED PRICE CONTRACT. The cost and fee are just the components the vendor has estimated to come up with a final price.

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At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be manufactured in June at standard direct mate
Snowcat [4.5K]

Answer:

Instructions are below.

Explanation:

Giving the following information:

<u>Standard quantity:</u>

Direct materials (pounds)= 50,000/4= 12,500 pounds

Direct materials (pounds)= 12,500/5,000= 2.5 pounds per unit

Direct labor (hours)= 36,000/18= 2,000 hours

Direct labor (hours)= 2,000/5,000= 0.4 hours

A<u>ctual quantity:</u>

Actual direct materials= (49,600/4)= 9,920 pounds

Actual direct labor= 34,020/18= 1,890 hours

Production= 4,850

T<u>o calculate the direct labor quantity variance, we need to use the following formula:</u>

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Standard quantity= 2.5*4,850= 12,125

Direct material quantity variance= (12,125 - 9,920)*4

Direct material quantity variance= $8,820 favorable

<u>To calculate the direct labor time variance, we need to use the following formula:</u>

Direct labor time (efficiency) variance= (Standard Quantity - Actual Quantity)*standard rate

Standard quantity= 0.4*4,850= 1,940

Direct labor time (efficiency) variance= (1,940 - 1,890)*18

Direct labor time (efficiency) variance= $900 favorable

8 0
3 years ago
to have ____ advantage means to be able to produce more using the same resources. To have _____ advantage means to have a lower
Anestetic [448]

Answer:

Absolute, Comparative, Opportunity cost, Gains of trade, Not possible

Explanation:

The terms that will be filled in these blanks are economic terms that are used often in the business. The completed sentences have been written below -

  • To have absolute advantage means to be able to produce more using the same resources.
  • To have comparative advantage means to have a lower opportunity cost.
  • Comparative advantage is the basis for gains of trade.
  • It is not possible for one producer to have a comparative advantage for every good.
3 0
3 years ago
High Country, Inc., produces and sells many recreational products. The company has just opened a new plant to produce a folding
ANTONII [103]

The difference in the ending inventory relates to a difference in the handling of fixed manufacturing overhead costs.

Under variable costing, these costs have been expensed in full as period costs.

Under absorption costing, these costs have been added to units of a product at the rate of $10 per unit ($100,000/10,000 units produced = $10 per unit).

Thus, under absorption costing a portion of the $100,000 fixed manufacturing overhead cost for the month has been added to the inventory account rather than expensed on the income statement:

Added to the ending inventory:

(2,000 units x $10 per unit)                                                $ 20,000

Expensed as part of the cost of goods sold:

(8,000 units $10 per unit)                                                   $ 80,000

Total fixed manufacturing overhead cost for the month:    $100,000

Because $20,000 of fixed manufacturing overhead cost has been deferred in inventory under absorption costing, the net operating income reported under that costing method is $20,000 higher than the net operating income under variable costing(refer to the first image)

And for question refer to the second image.

Hence, The difference in the ending inventory relates to a difference in the handling of fixed manufacturing overhead costs.

Learn more about absorption costing:

brainly.com/question/22079536

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4 0
1 year ago
________ involves breaking into a network to steal data such as customer lists, product inventory data, employee data, and other
emmasim [6.3K]

Hacking  involves breaking into a network to steal data such as customer lists, product inventory data, employee data, and other proprietary and confidential data.

<h3>Who is a hacker?</h3>

This is the term that is used to refer to a person that would consciously steal data across computer systems. This person would use certain programs and software to break into the personal computers of individuals and organizations in order to get sensitive data.

Hence we can say that Hacking  involves breaking into a network to steal data such as customer lists, product inventory data, employee data, and other proprietary and confidential data.

Read more on Hacking here: brainly.com/question/24956493

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4 0
1 year ago
A company doing marketing research finds that a 10 percent increase in its product's price would create a 5 percent decrease in
gizmo_the_mogwai [7]

Answer:

a. Inelastic, b. Raise

Explanation:

a. When the price rises by 10%, the quantity demanded falls only by 5%, that is, falls by less than proportionate amount. It is proof that the demand is inelastic.

b. If the company wants to raise its revenue, it must raise its price. It will lead to less than proportionate fall in demand, leading to an increase in total revenue.

7 0
2 years ago
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