A set of formalized rules and standards that describes what a company expects of its employees is called a code of ethics.
<h3>What is Ethics?</h3>
This refers to the code of rules that guides the behavior and actions of a person, both individually and within a group.
Hence, we can see that A set of formalized rules and standards that describes what a company expects of its employees is called a code of ethics.
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Answer:
Accounting profit = $60000
Economic profit = $38000
Explanation:
Accounting profit is the net income of a company, it is the difference between revenue and expenses. This expenses are wages, transportation cost, cost of raw materials and so on. It makes use of only explicit cost.
Economic profit makes use of both implicit cost (opportunity) and explicit costs. It does not only considers expenses but also considers opportunity costs for making one decision instead of the other
Given that revenue = $350000
Explicit cost = Administrative cost + Feed + Equipment and maintenance + Labor + Transportation + Miscellaneous + owners salary = $35,000 + $40,000 + $55,000 + $90,000 + $20,000 + $35,000 + $15000 = $290000
Implicit cost = opportunity cost = Cost of her daughter’s time that helps on weekends + Foregone rent for the land used for cattle grazing = $18000 + $4000 = $22000
Accounting profit = Revenue - Explicit cost = $350000 - $290000 = $60000
Economic profit = Revenue - Explicit cost - Implicit profit = $350000 - $290000 - $22000 = $38000
Answer:
Days sales in raw materials inventory = 17.03 days
Explanation:
Given that;
Sales = $750,000
Raw materials used = $300,000
Ending raw materials inventory = $14,000
Beginning inventory = $10,000
Days sales in raw materials inventory =
Ending raw materials inventory ÷ raw materials used × 365
= ($14,000 ÷ $300,000) × 365
= 17.03 days