Answer:
$0.40 ; $1 and $71.43%
Explanation:
The computation is shown below:
Excess cost is
= Unit cost - Salvage Value
= $1 - $0.60
= $0.40
The shortage cost is
= Selling value - unit cost
= $2 - $1
= $1
And, the optimal service level is
= Shortage cost ÷ (Shortage cost + excess cost)
= $1 ÷ $1.60
= 71.43%
Basically we applied the above formulas
Answer:
An error is unintentional, whereas fraud is intentional.
Explanation:
Financial accounting is an accounting technique used for analyzing, summarizing and reporting of financial transactions like sales costs, purchase costs, payables and receivables of an organization using standard financial guidelines such as Generally Accepted Accounting Principles (GAAP).
An auditor refers to an authorized individual who review, examine and verify the authenticity and accuracy of business financial records or transactions.
Thus, an audit of historical financial statements most commonly includes the balance sheet, income statement, statement of cash flows, and the statement of changes in stockholders' equity.
Hence, the statement which is the most correct regarding errors and fraud is that, an error is an unintentional that can happen to any financial expert, whereas fraud is intentional.
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Answer:
D) South American cocoa bean producers refuse to ship to chocolate producers in the US.
Explanation:
A nonbinding rice ceiling means that the equilibrium price is below the price ceiling, so it will have no effect in real life. In order for the price ceiling to become binding and start to negatively affect the market, the equilibrium price must increase.
The only option that would increase the equilibrium price is option D, since the shortage of a key input will probably result in an increase in the price of the key input. If the price of a key input increases, the cost of producing chocolate will increase, resulting in a leftward shift of the supply curve.
A leftward shift of the supply curve will decrease the total quantity supplied and it will increase the price of chocolate at every level of quantity demanded. This will result in an increase in the equilibrium price which might ultimately change the price ceiling from nonbinding to binding.
