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2 years ago

The most important fundamental component of an entity's internal control is:

Business

1 answer:

rosijanka [135]2 years ago

6 0

Answer:

b) People who operate and function within the control system.

Explanation:

Internal controls are the process and mechanisms that an organization puts in place to ensure the integrity of its accounting and financial information. Internal control helps a business achieve operational efficiency and effectiveness. It ensures that a company financial reporting complies with the relevant laws, policies, and regulations.

The people working in internal control determines whether the mechanisms will succeed or fail. Employees assigned in internal control must be of high integrity and be able to discharge their duties without fear or favor. Internal control protects company resources from theft, wastage, or misuse. For internal control to achieve its purpose, the Individuals in that department must not comprise in any situation.

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Hula’s Heavyweights, Inc., is a company that manufactures forklifts. During the year, Hula’s purchased $1,450,000 of direct mate

ki77a [65]

Answer:

Ending Inventory = $ 270,000

Explanation:

Hula’s Heavyweights, Inc.

Forklifts Manufacturers

Ending Balance In Inventory Account

Hula's beginning Balance = $ 320,000

Add Direct Materials Purchased = $ 1,450,000

Material Available for use= $ 1770,000

Less Direct Material issued for production = $ 1500,000

Ending Balance in Inventory Account = $ 270,000

The ending inventory of Hula's Heavyweight , Inc., is $ 270,000

5 0

3 years ago

What is meant by cot plus pricing

KatRina [158]

Answer:

Its technically just a mark up on goods.

Explanation:

Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling price.

3 0

2 years ago

Read 2 more answers

Mary's Mugs produces and sells various types of ceramic mugs. The business began operations on January 1, year 1, and its costs

vova2212 [387]

Answer:

Explanation:

Direct Material cost per unit = Cost of Direct materials/ units produced = $3400/17000 mugs = $0.20 per mug

Direct material used per mug = 0.40 pounds

Direct material cost per pound = $0.20 / 0.40 = $0.50 per round

Direct material inventory = 3400 * $0.50 = $1700

b. Compute the finished goods ending inventory in units on December 31, year 1.

Finished Goods inventory (in units) = Finished goods inventory / manufacturing cost per unit

Manufacturing cost per unit = (Direct material + Direct Labour + Indirect manufacturing cost)/Units Produced

= ($3400+$25280+$1140+$4180)/17000 = $2 per unit

Finished Goods inventory (in unit) :

Year 1 = $6,000/$2 = 3000 units

c. Compute the selling price per unit.

Selling price per unit = Revenues / units sold

Units sold = Units produced - units in the ending finished goods inventory = 17000-3000 = 14000

Selling price per unit = $52,500/14000 = $3.75

d.Compute the operating profit (loss) for year 1

Operating income for the year :

Revenues $52,500

Cost of goods sold (14000*$2) (28000 )

-----------------------------------------------------------------

Gross Margin $24,500

Less marketing and administrative cost:

Variable cost ($2,350)

Fixed cost ($11,800)

-----------------------------------------

($14,150)

Operating Profit $10,350

7 0

3 years ago

A suburban specialty restaurant has developed a single drive-thru window. Customers order, pay, and pick up their food at the sa

andrew11 [14]

Solution :

The average number of the arrivals, λ = 6 per hour

Average service rate, $\mu = \frac{60 \times 2}{15}$

= 8

Average number of the customers in the system is given by,

$= \frac{\lambda}{\mu - \lambda }$

$= \frac{6}{8 - 6 }$

= 3

Average number of the customers that are waiting in the line behind the person who are being served is,

$=\frac{\left(\frac{\lambda}{\mu}\right)^2}{1-\frac{\lambda}{\mu}}$

$=\frac{\left(\frac{6}{8}\right)^2}{1-\frac{6}{8}}$

$=\frac{(0.75)^2 }{0.25}$

= 2.25

Proportion of the time the server is busy,

$=\frac{\lambda}{\mu}$

$=\frac{6}{8}$

= 0.75

7 0

2 years ago

The outstanding bonds of Winter Time Products provide a real rate of return of 3.00 percent. The current rate of inflation is 2.

Delicious77 [7]

Answer:

The nominal rate of return on these bonds is 5%

Explanation:

The Formula for the Real Rate of Return is

Real rate of return =Nominal interest rate - Inflation rate

So,

Nominal interest rate=Real rate of return+Inflation rate

Nominal interest rate=3%+2%

Nominal interest rate=5%

4 0

3 years ago