Sally works for Timber Products, Inc. The basis for her contribution under the Federal Insurance Contribution Act to help pay for benefits that will partially make up for her loss of income on retirement is her annual wage base.
Answer: Option B
<u>Explanation:</u>
The contribution that Sally, who is working for Timber Products incorporation, has to make for federal insurance contribution act is based on the amount of wage that Sally gets on an annual basis or the wage that she gets in a year.
A part of that wage which is a particular percentage is paid to the federal insurance contribution act who is going to benefit her in case she incurs any kind of loss of income.
The what-if analysis tool would be the most adequate choice for intricate calculations that need contrived optimization:
b). Scenario manager
- 'What-if analysis tool' is described as the tools that are employed to alter the values present in the cells.
- It is done to observe the effect of changing the values impact the results produced by the used formula.
- The what-if analysis tools have been categorized into three distinct types:
- a). Scenarios.
- b). Goal Seek.
- c). Data Tables.
- As per the question, in order to opt for complex calculations, 'Scenarios' what-if analysis would be most adequate as they examine a number of variables and set of numbers/values that affect the outcome.
Thus, <u>option b</u> is the correct answer.
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<u>Calculation of Days Payable Outstanding:</u>
Days Payable Outstanding can be calculated using the following formula:
Days Payable Outstanding = (Accounts
Payable *365) / Cost of Goods Sold
= (8,773*365)/45,821
= 69.88
Hence, Days Payable Outstanding is 69.88 days. We can say that it takes on average<u> 69.88 </u>days to the company to pay off its suppliers during the year.
When sales exceed production, the net operating income reported under variable costing generally will be <u>greater than the net operating income reported under absorption costing</u>.
Under variable costing, constant manufacturing overhead fee is handled as product cost. If the range of devices produced exceeds the range of gadgets sold, then net operating income under absorption costing will: be extra than net operating earnings underneath variable costing.
Variable costing is a concept used in managerial and cost accounting wherein the fixed production overhead is excluded from the product price of manufacturing. The technique contrasts with absorption costing, in which the fixed manufacturing overhead is allotted to products produced.
Absorption costing, once in a while known as “full costing,” is a managerial accounting technique for taking pictures of all prices associated with manufacturing a selected product. The direct and oblique costs, together with direct substances, direct exertions, leases, and insurance, are accounted for with the aid of the use of this method.
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