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Galina-37 [17]
3 years ago
12

Glen wants to take a holiday that costs $8,850, but currently he only has $2,750 saved. if he invested his money at 8 percent in

terest compounded annually, how long will he have to wait to take his holiday? use a financial calculator to make the calculation.
Business
1 answer:
Katarina [22]3 years ago
4 0
<span> <span>Solution:

A = P(1+r)^n

where,
A = amount
P = principal
r = rate of interest
n = number of years

Putting values in the formula,

8850 = 2750(1+0.08)^n

8850/2750 = (1+0.08)^n
log will be used to solve "n" as it is in the exponent form, which gives,

log(8850/2750) = n log(1+0.08)

By solving, we get n = log(8850/2750) / log(1+0.08)

Using financial calculator, value comes as 15.187 rounded to 15.19.

So, he will have to wait for 15.19 years to take holidays as it will take 15.19 years to make $8850 from $2750 @ 8% annual compounding.</span> </span>
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Characteristics of Production Process, Cost Measurement Vince Melders, of EcoScape Company, designs and installs custom lawn and
Ugo [173]

Answer:

1) Job-order costing

2)$ 7.2 per direct labor hour

3)$ 7.941 per direct labor hour

4)Cost of installation= $ 4108.23

Explanation:

In job order costing the cost accounting procedures are designed to assign costs to each job. Then the costs assigned to each job are averaged over the units of production in the job to obtain an average cost per unit.

A process costing system accumulates all production costs for a large number of units of outputs and then these costs are averaged over all the units.

1) As each job is different, requiring different materials and labor for installing the systems Job-order costing will be used.

2) If normal costing is used then the  Overhead cost are $50,328

Number of direct labor hours are 6,990

The overhead rate=Overhead costs/ Number of direct labor hours

The overhead rate=$50,328/6,990= $ 7.2 per direct labor hour

3) The average actual wage rate = Actual Overhead costs / Number of direct labor hours

The average actual wage rate = $48,043.05/ 6,050=$ 7.941 per direct labor hour

4) Direct materials=$3,540

Direct labor hours= 30

Actual Direct Labor rate =  ($66,550/6,050 )= $ 11

Direct Labor = ($66,550/6,050 )*30 =11*30=$ 330

Overheads 30 *7.941= $ 238.23

Cost of installation= $3,540 +$ 330+$ 238.23= $ 4108.23

5 0
2 years ago
Which of the following illustrates Forward Vertical Integration? a. Subway sandwich company buying a bakery to make the bread fo
Shalnov [3]

Answer:

a

Explanation:

Vertical integration is when a firm acquires a business further in its production chain. For example, a sandwich company purchasing a bakery

4 0
3 years ago
Market equilibrium is: Select one: a. the point at which a nation reaches full employment b. the time period used to determine t
fenix001 [56]

Answer:So far we have learned to measure real GDP, but how do we end up with that real GDP? Of all of the different amounts of national income and price levels that might exist, how do we gravitate toward the one that gets measured each year as real GDP?

In short, it is the interaction of the buyers and producers of all output that determines both the national income (real GDP) and the price level. In other words, the intersection of aggregate demand (AD) and short-run aggregate supply (SRAS) determines the short-run equilibrium output and price level.

Once we have a short-run equilibrium output, we can then compare it to the full employment output to figure out where in the business cycle we are. If current real GDP is less than full employment output, an economy is in a recession. If current real GDP is higher than full employment output, an economy is experiencing a boom. If the current output is equal to the full employment output, then we say that the economy is in long-run equilibrium. Output isn’t too low, or too high. It’s just right.

Explanation: hope this helps

6 0
2 years ago
"When Jiffy-Pop packaged its popcorn in an aluminum skillet, complete with attachable handle, it designed the package to become
user100 [1]

<u>Answer:</u>

Jiffy-Pop’s popcorn, in this case, is an example of <u>innovative packaging.</u>  

<u>Explanation:</u>

The days have passed when packaging is merely a means to secure and label an item. These basic tasks must be performed by packaging in a successful product, however the effect of packaging is progressively higher. It's often appropriate to create many design elements in tandem, so that they are the best and most efficient packages within the project's objectives and limitations.

A new update or innovation may attract customers who are searching for economic benefit or who think they have an unsatisfied need or want. In the case of Jiffy-Pop, the customer need not to buy a skillet and a bowl to cook and place the popcorn, in fact both these functions are performed by the outer innovative packaging done by the Jiffy-Pop’s popcorn itself. Thus, customers tend to buy this product more compared to others.

8 0
3 years ago
Smart Stream Inc. uses the total cost method of applying the cost-plus approach to product pricing. The costs of producing and s
gogolik [260]

Answer:

Smart Stream Inc.

a) Total costs:

Variable costs:

Direct materials = $1,500,000 ($150 x 10,000)

Direct labor = $250,000 ($25 x 10,000)

Factory overhead = $400,000 ($40 x 10,000)

Selling and Administrative = $250,000( $25 x 10,000)

Total variable costs = $2,400,000 ($240 x 10,000)

Fixed Costs:

Factory overhead = $350,000

Selling and admin = $140,000

Total fixed costs = $490,000

I) Total costs = variable plus fixed costs = $2,890,000 ($2,400,000 + 490,000)

II) Total cost per unit = $289 ($2,890,000/10,000)

Explanation:

The total cost method includes all the costs in arriving at the unit cost before adding the desired profit to arrive at the selling price of a product.

Total costs include the cost of goods sold and the expenses incurred in running the business for the period.

It is unlike the product cost-plus and variable cost-plus approaches to product pricing.  For the product cost-plus approach, only the costs of production is taken into consideration for arriving at the selling price.  In that case, the costs of direct materials and labor, and factory overheads would be considered, while variable and fixed selling and administrative costs are excluded.   The unit cost would have been $250.

The variable cost-plus approach considers only the variable elements of costs to arrive at the selling price.  These include the direct materials and labor costs, and variable element of the factory overhead and selling and administrative expenses.  The unit cost would have been $240 as stated in the question.

These different cost-plus pricing approaches are more suitable for some industries than others.  No matter the choice made, it must be noted that they result in different selling prices and can affect the competitiveness of a company.

4 0
3 years ago
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