Answer:
Executive Director, Non Executive Director
Explanation:
Landon is a senior manager for the firm Anderssen Inc. Because of his experience, he has been appointed to the board of EEC Inc., even though he doesn't work for this firm. He also serves on the boards of several other companies. Landon is an Executive Director for Anderssen and a Non Executive Director for EEC.
An executive director has operational responsibilities in a firm but a non executive director does not have operational responsibilities in a firm but is involved in planning and policy formation which are strategic activities.
Operational refers to the daily running of a business.
It is true that a perfectly competitive industry faces a horizontal straight line demand curve whereas a monopoly faces a downward sloping demand curve.
<h3>What is competitive market?</h3>
A perfect competitive market has a straight line graph on the demand of goods and services this means that the goods are sold at the market price. Monopoly market price are not regulated hence the curve is not straight.
Therefore, It is true that a perfectly competitive industry faces a horizontal straight line demand curve whereas a monopoly faces a downward sloping demand curve.
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Answer:
Results are below.
Explanation:
Giving the following information:
Predetermined overhead rate= $18.00 per direct labor-hour
Direct labor wage rate= $12.00 per hour.
Job A-500
Direct materials $220
Direct labor $60
<u>First, we need to calculate the direct labor hours:</u>
Direct labor hours= 60/12= 5
<u>Now, we can allocate overhead:</u>
Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base
Allocated MOH= 18*5
Allocated MOH= $90
<u>Finally, the unit cost:</u>
<u></u>
Total cost= 220 + 60 + 90= $370
Unit cost= 370/60
Unit cost= $6.17
The Cost of Good Sold is $36,000 lower than it should have been and the net income is $36,000 higher than it should have been.
There are two formulas that are important to know for this question. The first is Beg. Inventory + Purchases - Ending Inventory = COGS. The second formula is Sales - Cost of Good Sold = Gross Profit.
If you reported a higher ending inventory it is going to result in a lower value for Cost of Good Sold. In this case the company had too high of an ending inventory by $36,000, which mean that the COGS is $36,000 lower than actual.
When you have a COGS that is lower than it should be you are going to have a gross profit which is overstated. The Income is overstated by $36,000.
