Explain why purely competitive markets tend to benefit consumers over producers.

Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one uni

noname [10]

Answer:

DM variances:

Price 2650

Quantity -4,800

Labor Variances:

Rate:-2,000

Efficiency 1400

Explanation:

DM variances:

Price

(std - actual) x actual quantity

(2.4 - 2.2) x 13,250 = 2,650

Quantity

(standard quantity - actual quantity) x std price

(7.5x1,500 - 13,250) x 2.4 = -4,800

Labor Variances:

Rate:

(std rate - actual rate) x actual hours

(7 - 9) x 1,000 = -2,000

actual rate = actual cost/actual hours = 9,000/1,000 = 9

Efficiency

(std hours - actual hours) x std rate

(1,500 x 0.8 - 1,000) x 7 = 1400

7 0

2 years ago

There are professional guidelines that should be observed in a home inspector's operation. These include client confidentiality,

Agata [3.3K]

After a keen research, there's a same question that provides choices. Here are the choices.

a) getting paid before delivering your service
b) providing several different types of test data on the home 
c) providing the highest-quality technical information 
d) asking the homeowner to point out defects in the house

So, the correct answer is letter (C) providing the highest-quality technical information.

There are professional guidelines that should be observed in a home inspector's operation. These include client confidentiality, using a standard inspection procedure, and "providing the highest-quality technical information."

7 0

3 years ago

If total deposits in bank A total $15 million and the required-reserve ratio is 10 percent, than excess reserves equal:_______

victus00 [196]

Answer:

$13.5 million

Explanation:

Fractional Banking System- This is banking system where banks are required by the central banking authority to keep a certain percentage of their total deposit as the minimum reserve which they cannot lend out.

The idea behind this requirement is to help manage liquidity risk- a situation where a bank does not have enough cash to meet its deposit customers demand.

Required-reserve ratio: The minimum percentage that banks are required to keep as reserve is known as the required-reserve ratio. In this question, it is given as 10%. Multiply this ratio by the total deposit and you will get the required reserve in dollar amount.

Therefore the required reserve for this bank = 10% ×$15 million= $1.5 million

Excess reserve; Excess reserve is the balance of the total deposit over and above the required reserve. The bank can lend and create loan asset from this balance.

It is calculated as = Total deposit - Required reserve

So we apply this to our question

Excess reserve = $15 million - (10% × $15 million)

= $15 million - $1.5 million

= $13.5 million

7 0

3 years ago

Match each item with the appropriate description.

DanielleElmas [232]

Answer:

Matching items with the appropriate descriptions:

A. Includes both financial and non-financial information for all areas of the business.

ERP

B. Uses accounting information for external reporting.

General Ledger System

C. Is a subset of the non-financial integrated accounting system.

Managerial Accounting

D. Includes the accounting part of the integrated information system.

General Ledger System

E. Uses accounting information for internal reporting.

Managerial Accounting

Explanation:

- General Ledger System. This system is where the financial accounting records of debit and credit are kept and summarized.

- ERP: "Enterprise Resource Planning” is the consolidated system for gathering and organizing business data, both financial and non-financial.

- Managerial Accounting: This is where internal accounting data are gathered and analyzed.

8 0

3 years ago

Michael owns a machine shop. In reviewing the shop's utility bills for the past 12 months, he found that the highest bill of $2,

Citrus2011 [14]

Answer:

Instructions are below.

Explanation:

Giving the following information:

Highest cost= $2,400 when the machines worked 1,000 machine hours.

Lowest cost= $2,200 when the machines worked 500 machine hours.

To calculate the variable cost per unit and total fixed costs, we need to use the following formulas:

Variable cost per unit= (Highest activity cost - Lowest activity cost)/ (Highest activity units - Lowest activity units)

Variable cost per unit= (2,400 - 2,200) / (1,000 - 500)

Variable cost per unit= $0.4 per hour

Fixed costs= Highest activity cost - (Variable cost per unit * HAU)

Fixed costs= 2,400 - (0.4*1,000)= $2,000

Fixed costs= LAC - (Variable cost per unit* LAU)

Fixed costs= 2,200 - (0.4*500)= $2,000

Total cost= 2,000 + 0.4x

x= machine hour

Finally, the total cost for 1,200 machine hours:

Total cost= 2,000 + 0.4*1,200

Total cost= $2,480

7 0

3 years ago