The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.

Answer:

Contribution margin equals $15

Explanation:

Provided details:

Sales for May in units:

Budget:

Tulips= 4,950

Geraniums= 3,300

Actual:

Tulips= 4,420

Geraniums= 4,080

Contribution margin:

Budget:

Tulips= $11

Geraniums= $21

Actual:

Tulips= $12

Geraniums= $19

To determine the anticipated contribution margin per composite unit, we first calculate the sales percentage for each plant.

Total units equal 8250 units

Tulips= 4950/8250= 0.6

Geraniums= 3300/8250= 0.4

Contribution margin calculation yields (0.6*11)+(0.4*21)= $15

Response:

When price ceilings are enforced:

• demand will rise as consumers perceive the product as "affordable"; for instance, rent control leads to increased demand for rental properties.
• the supply will diminish due to suppliers feeling they won't achieve sufficient profit from the goods or services, as seen when rent control results in fewer rental units.

In the case of price floors:

• demand will decrease since consumers might find products "too costly"; an example being how a high minimum wage can lower employment rates.
• the supply will increase because suppliers can expect higher-than-average profits; for instance, if the minimum wage is excessively high, more individuals may be inclined to join the workforce and seek jobs.

Answer:

See below

Explanation:

1.

Actual manufacturing overhead costs incurred

$473,000

Subtract applied manufacturing overhead costs $25 × 19,400

($485,000)

Over-applied overhead

$12,000

2.

Beginning raw materials

$20,000

Plus raw materials purchased

$400,000

Raw materials available for use

$420,000

Minus ending raw materials

($30,000)

Raw materials utilized in production

$390,000

Less indirect materials

($15,000)

Add direct labor costs

$60,000

Add applied manufacturing overhead

$485,000

Total manufacturing costs

$920,000

Add beginning work in process inventory

$40,000

Total work in process inventory

$960,000

Less ending work in process

($70,000)

Cost of goods manufactured.

$890,000

If Ty selects a smartphone solely based on its highest megapixel rating, which he deems the most critical feature, he is employing a lexicographic heuristic in his buying decision. The field of heuristics studies how individuals make choices when it is impossible to optimize. It delves into two inquiries: the first is descriptive, while the second is normative.

Answer:

The total required amount is $7,056.46

Explanation:

Given the following details:

You aim to accumulate enough savings to produce an annual cash flow of $55,000 for 25 years during retirement. How much should you save each year, assuming a return of 7.5 percent on your savings?

Final value = 55,000 * 25 = 1,375,000

Using the formula: FV = {A*[(1+i)^n-1]}/i

A represents the annual contribution.

To isolate A:

A = (FV*i)/{[(1+i)^n]-1}

A = (1,375,000*0.075)/[(1.075^38)-1]= $7,056.46