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amid [387]
2 years ago
11

XYZ Corp. has filled 100,000 purchase orders during its existence. 1,100 of the purchase orders have had errors. Using an empiri

cal probability, the probability of the next purchase order having an error is
Business
1 answer:
cluponka [151]2 years ago
5 0

Answer:

1.1%

Explanation:

Calculation to determine what the probability of the next purchase order having an error is using

an empirical probability

Using this formula

Probability=Purchase orders errors/Purchase orders filled

Let plug in the formula

Probability=1100/100000

Probability=0.011*100

Probability=1.1%

Therefore using an empirical probability the probability of the next purchase order having an error is 1.1%

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Assume the equilibrium price for a good is $10. If the market price is $5, a:_____________
stellarik [79]

Answer:

c. Shortage will cause the price to rise toward $10

Explanation:

c. Shortage will cause the price to rise toward $10

The equilibrium price is $10 this any price below the equilibrium price will create a shortage in the market because at price lower than equilibrium price, the demand is greater than the supply. Thus, shortage will push the prices upwards or towards equilibrium price.

6 0
2 years ago
Shawn Company had 130 units in beginning inventory at a total cost of $13,650. The company purchased 260 units at a total cost o
Katarina [22]

Answer:

FIFO

cost of the ending inventory = $15,680

cost of goods sold  = $39,570

LIFO

cost of the ending inventory  = $10,290

cost of goods sold  = $44,960

Average Cost Method

cost of the ending inventory = $13,883.37

cost of goods sold  = $41,336.76

Explanation:

The cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost are calculated as follows :

Step 1 : Determine the Number of units sold

Number of units sold = Total units available for sale - Ending units

                                   = 390 units - 98 units

                                   = 292 units

Step 2 : Determine the Number of units in inventory

Number of units in inventory = 98 units (given)

Step 3 : Use the appropriate principles to calculate required values

<u>FIFO</u>

cost of the ending inventory = 98 x $160 = $15,680

cost of goods sold = 130 units x $105 + 162 units x $160 = $39,570

<u>LIFO</u>

cost of the ending inventory = 98 x $105 = $10,290

cost of goods sold = 260 units x $160 + 32 units x $105 = $44,960

<u>Average Cost Method</u>

Unit Cost = ($13,650 + $41,600) ÷ 390 units = $141.667

therefore,

cost of the ending inventory = 98 x $141.667 = $13,883.37

cost of goods sold = 292 units x $141.667 = $41,336.76

3 0
2 years ago
What is the difference between wacc and marginal cost of capital?
kvv77 [185]
<span>Marginal Cost of Capital may involve less calculation than WACC, however marginal cost may be calculated by incorporating tax rates, overhead, insurance or any other cost associated with acquiring the particular capital.</span>
4 0
3 years ago
On December 31, 2022, Monty Company prepared an income statement and balance sheet and failed to take into account three adjusti
irga5000 [103]

Answer:

Salaries and Wages are owed so they are now liabilities. They are also expenses and will reduce the Net Income.

Rent Revenue was in advance for 2 months meaning one of those months will be December which is in the current period so;

= 7,520/2

= $3,760 will be added to net income for the year

The same amount will be removed from Liabilities as the revenue has now been recognized.

Depreciation reduces the value of Fixed assets so will be deducted from Assets.

It is also an expense so it will reduce Net Income.

Whatever happens to Net Income will happen to Stockholders' equity as well because Net Income is an Equity account.

5 0
2 years ago
The manufacturing operations of a company had the following balances for the year: Beginning Balance Ending Balance Raw material
Mekhanik [1.2K]

Answer:

The Adjusted Cost of Goods Sold for the year is $926,000

Explanation:

The formula to compute COGS is:

Ending inventory = Opening inventory + Work in progress - Unadjusted COGS (Cost of Goods Sold)

$ 23,000 = $28,000 + 918,000 - COGS

COGS = $946,000 - $23,000

           = $ 923,000

The formula to compute the Adjusted Cost of Goods Sold is:

Adjusted Cost of Goods Sold = Unadjusted Cost of Goods Sold + Under- applied overhead

= $923,000 + $3,000

= $926,000

3 0
3 years ago
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