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3 years ago

13

What does a positive profit indicate? What does a negative profit indicate? Explain what each means to the business and the cons

umer.

1 answer:

Irina-Kira [14]3 years ago

8 0

Maybe 23 I’m not au w

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Grand Lips produces a lip balm used for cold-weather sports. The balm is manufactured in a single processing department. No lip

77julia77 [94]

Answer:

a. see attachment

b.

total equivalent units : Materials = 30,500 units and Conversion Costs = 16,860

cost per equivalent unit : Materials = $0.14 and Conversion Costs = $0.30

c.

(a) units completed and transferred to Finished Goods = $6,732

(b) units still in process at June 30 = $1,196

d.

<u>Journals</u>

Work In Process :Direct Materials $4,305 (debit)

Raw Materials $4,305 (credit)

<em>Being Raw Materials used in Production</em>

Work In Process :Direct Labor $3,320 (debit)

Salaries Payable $3,320 (credit)

<em>Being Labor used in Production</em>

Work In Process ; Overheads $1,738 (debit)

Overheads $1,738 (credit)

<em>Being Overheads Assigned to Production</em>

Finished Goods $6,732 (debit)

Work In Process $6,732 (credit)

<em>Being Units transferred to Finished Goods</em>

Explanation:

<u>Calculation of Equivalent units of Production in respect with Raw Materials and Conversion Costs</u>

1. Materials

Ending Work In Process (5,200 × 100%) 5,200

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Raw Materials 30,500

2. Conversion Costs

Ending Work In Process (5,200 × 30%) 1,560

Completed and Transferred Out (15,300 × 100%) 15,300

Equivalent units of Production in respect with Conversion Cost 16,860

<u>Calculation of Cost per Equivalent unit of production in respect with Raw Materials and Conversion Costs</u>

Unit Cost = Total Cost ÷ Total Equivalent units

1. Materials

Unit Cost = $4,305 ÷ 30,500

= $0.14

2. Conversion Costs

Unit Cost = ($3,320 + $1,738) ÷ 16,860

= $0.30

3. Total unit cost

Total unit cost = Material Cost + Conversion Cost

= $0.14 + $0.30

= $0.44

<u>Calculation of costs assigned to (a) units completed and transferred to Finished Goods and (b) units still in process at June 30.</u>

(a) units completed and transferred to Finished Goods

Total Cost = units completed and transferred out × total unit cost

= 15,300 × $0.44

= $6,732

(b) units still in process at June 30.

Total Cost = Materials Cost + Conversion Cost

= $0.14 × 5,200 + $0.30 × 1,560

= $1,196

8 0

3 years ago

In Kuehn v. Pub Zone, the intermediate appellate court whose decision is featured in the case summary ruled that the Pub Zone __

omeli [17]

Answer:

The correct word for the blank space is: did not.

Explanation:

The Kuehn v. Pub Zone is a court case where Karl Kuehn sued Maria Kerkoulas -the owner of Pub Zone bar in Union, New Jersey- because Kuehn was beaten by a motorcycle gang inside the men's bathroom of Pub Zone. Kerkoulas had knowledge of the irrational behavior of motorcycle gangs in the area though, on the day when the attack took place, the Pagan's gang surpassed security in Pub Zone yet Kerkoulas decided to attend them. Later, the gang was heading towards the back of the pub. Kerkoulas thought they were leaving but they were following Kuehn to the men's bathroom where he was seriously injured.

Kuehn sued Pub Zone and the jury awarded $300,000 in damages but the trial court judge overruled the jury's decision and Pub Zone ended up owing nothing to Kuehn. <em>The owner of a business is not the insurer of the customers and has no duty on any care of one of them until a major event occurs</em>. Then, even if Kerkoulas knew about the behavior of the motorcycle gang, she is not responsible for the care of Kuehn on the gang attacking him.

3 0

3 years ago

Revved Rider Inc., a motorcycle company, is the market leader due to its superior engine technology and service orientation. The

Eddi Din [679]

<u>Answer:</u> Option B

<u>Explanation:</u>

Revved Rider company is the market leader as the company possess a superior engine technology that is not owned by other companies. This proves that the company has competitive advantage of technology over the competitors in the market.

Competitive advantage means having an advantageous quality which the other companies do not have in the market. When a company has competitive advantage it can become a price leader or market leader. It also becomes the consumer's most preferred company when compared to other companies.

5 0

3 years ago

An income property generates $9,200 per month, and is valued at $985,000. What is its gross rent multiplier

Alborosie

Answer:

107.07

Explanation:

Calculation for What is its gross rent multiplier

Gross rent multiplier= Income Property value/income property generated per month

Let plug in the formula

Gross rent multiplier= $985,000/$9,200 per month

Gross rent multiplier=107.07

Therefore its gross rent multiplier will be 107.07

8 0

3 years ago

What is investing best for

Colt1911 [192]

Answer:

Investing is best for Stock Market, Investment Bonds, Mutual Funds, Savings Accounts, and Physical Commodities.

Explanation:

Stock Market has reference to the collection of markets and exchanges where regular activities that take place are buying, selling, and issuance of shares of publicly held companies. These financial activities are being coned by means of formal exchanges that are institutionalized or market places over-the-counter (OTC) operating under a set of defined regulations.

Investment Bonds have reference to the life insurance policies wherein you are investing a lump sum in various available funds. There is a fixed term for some investment bonds, whereas others don’t have any set investment term. Upon encashment of your investments, the amount you get back is outright dependent on how better – or how worse – the investment has been done.

Mutual funds refer to investments pooling your money altogether with other investors for the purchase of shares towards collecting stocks, bonds, or other securities, having reference to as a portfolio, that may have the probability of recreation on your own. A portfolio manager typically oversees Mutual funds. Variety of fees is linked with mutual funds. Some funds are available with transaction charges for purchases and sales or commissions known as loads.

Savings Accounts imply deposit account that is interest-bearing held at a bank or other financial institution. Even if these accounts are paying a modest rate typically, their safety and reliability enable them to become a great choice for parking cash wanted by you that has availability for short-term needs. Savings accounts, though are having some limitations on the frequency of your funds withdrawal, generally they proffer flexibility quite exceptionally, ideal for the construction of emergency fund.

Actual commodities undergoing delivery to the contracted buyer when a commodity contract is completed in the spot market or the futures market are known as Physical Commodities. Different from other financial assets, these commodities are having a physical component for hedging as well as valuation. Physical Commodities have broader classification into energy, metals, agricultural, and livestock with each that are characteristically unique. Even then, similar kinds of commodities are subject to the variability of degrees of quality.

4 0

3 years ago