Volunteers tasked with serving alcohol at an event must
1) first, they must be of legal age to serve alcohol at any function.
2) Volunteers need to comply with all rules and regulations regarding alcoholic beverages in the state where the event occurs; for instance, some places may require the volunteer to obtain a one-time permit for serving alcohol.
3) Volunteers should recognize signs of intoxication and refuse service to anyone visibly intoxicated in a professional manner.
4) It's important for volunteers to monitor ages of guests. It can be challenging to request ID, but if uncertain, it's wise to check IDs before serving alcohol, and to consult management or a superior if necessary.
5) Crucially, volunteers must not serve alcohol to minors, as this could lead to legal consequences.
1) Month Sales
April $299,000
May $337,000
June $387,000
Schedule of anticipated collections
For June, 202x
Cash sales in June = $387,000 x 40% = $154,800
Collections from June's credit sales = $232,200 x 20% = $46,440
May's credit sales collections = $202,200 x 50% = $101,100
April's credit sales collections = $179,400 x 26% = $46,644
Total cash collections in June = $348,984
Month DM purchases
April $44,000
May $55,000
June $55,000
Schedule of expected cash outflows for direct material purchases
For June, 202x
Cash purchases in June = $55,000 x 50% = $27,500
Cash payments for May's purchases = $27,500 x 40% = $11,000
Cash payments for April's purchases = $22,000 x 60% = $13,200
Total cash payments in June = $51,700
2) Month Sales
April $299,000
May $337,000
June $387,000
Schedule of expected collections
For June, 202x
Cash sales in June = $387,000 x 40% = $154,800
Collections from June's credit sales = $232,200 x 30% = $69,660
May's credit sales collections = $202,200 x 50% = $101,100
April's credit sales collections = $179,400 x 18% = $32,292
Total cash collections in June = $357,852
It would be beneficial to compensate the collector, as the 2% decline in uncollectible accounts outweighs the $1,000 they would earn.
3) Month DM purchases
April $44,000
May $55,000
June $55,000
Schedule of expected cash outflows for direct material purchases
For June, 202x
Cash purchases in June = $55,000 x 40% = $22,000
Cash payments for May's purchases = $33,000 x 40% = $13,200
Cash payments for April's purchases = $26,400 x 60% = $15,840
Total cash payments in June = $51,040
Cash payments will see a slight reduction in June.
Answer:
The answer is $59.50.
Explanation:
The calculations based on the scenario are as follows:
Profit on futures price = After futures price - before futures price
$63.50 - $59
= $4.50
Thus, the effective price that the company pays can be calculated using this formula:
Effective price paid = Spot price in July - Gain on futures price
= $64 - $4.50
= $59.50
