Answer:
As with all probability sampling methods, simple random sampling allows the sampling error to be calculated and reduces selection bias. A specific advantage is that it is the most straightforward method of probability sampling.
Answer and Explanation:
a. The current ratio is
We know that
Current ratio = Current Assets ÷ Current Liabilities
= $440,000 ÷ $200,000
= 2.2
Cash $160,000
Marketable Securities $75,000
Account receivable $65,000
Inventory $140,000
Current Assets $440,000
Account Payable $200,000
current liabilities $200,000
b
Quick ratio =( Current assets - inventory ) ÷ Current Liabilities
= ($440,000 - $140,000 ) ÷ $200,000
= 1.5
Answer:
a) Increase demand through TQM initiatives
b) Offer attractive credit terms
c) Seek excellent product designs, high awareness, and high accessibility
e) Seek the lowest price in their target market while maintaining a competitive contribution margin
g) Reduce labor costs through training and recruitment
Explanation:
Chester by pursuing the top five targets listed above would Have a competitive advantage among it's competitors. First their total quality management strategy(TQM) would increase customer satisfaction and spiral their demand growth. Secondly attractive credit terms would increase demand by encouraging customers that require credit facilities for their purchases. Excellent product designs and more awareness would increase product quality while also bring more awareness to the business. Reducing price would also increase demand and since they'd be able to keep a competitive contribution margin they would be able to stay ahead in the market. Lastly reduction in labour costs will have a ripple effect on the whole business as costs will be reduced and cost of goods will be reduced to ensure lower prices and high demand
Answer:
a. It uses multiple work-in-process accounts for manufacturing firms.
Explanation:
"Companies use process cost systems to apply cost to similar products that are mass-produced in a continuous fashion.
[...] companies track costs through a series of connected manufacturing processes or departments, rather than by individual jobs. Thus, companies use process cost systems when they produce a large volume of relatively homogeneous products"
Reference: Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2009). Managerial accounting: tools for business decision making. John Wiley & Sons. pp 100-101
