Answer:
It seems clear from Senator Higdon's comments that he rejects the concept of the "invisible hand" introduced by Adam Smith.
Explanation:
- Senator Jimmy Higdon has a background in business and possesses extensive understanding of the marketplace and how it operates.
- The belief system that Senator Higdon advocates revolves around visible factors influencing business operations leading to profits, which ultimately supports other related business activities.
Answer:
c. $455.75
Explanation:
The calculations for the quarterly payments are as follows:
= Remaining balance ÷ PVIFA factor for 2.5% over 12 years
Here,
Remaining balance is
= $5,500 - $5,500 × 15%
= $5,500 - $825
= $4,675
And the PVIFA factor for 2.5% across 12 years is 10.2578.
Refer to the PVIFA table.
<pthus the="" quarterly="" payment="" amounts="" to="">
= $4,675 ÷ 10.2578
= $455.75
Considering quarterly payments, the rate is divided by four and the time frame becomes four times as long.
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Required information Problem 20-1A Production cost flow and measurement; journal entries LO P1 [The following data pertains to the questions below.] Sierra Company produces soccer balls in two sequential processes: Cutting and Stitch production starting at the beginning of the Cutting process. Here's the data available: Raw materials inventory Work in process inventory-Cutting Work in process inventory Stitching Finished goods inventory Beginning Inventory $16,000 63,500 83,300 24, leo Ending Inventory $17,950 70,500 66,700 12,250 The following additional information elaborates on the production activities of the company for May Direct materials Raw materials purchased on credit Direct materials used in cutting Direct materials used in stitching 5 35.000 22,250 Direct Tab 12 of 2 Next > Saved Check my work mode: This indicates correctness or errors in your work The subsequent information describes production activities in the company: Direct materials Raw materials purchased on credit Direct materials used in Cutting Direct materials used in stitching $ 35,000 22,250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,699 66,490 138, 40e Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 10,800 55,400 49,000 Raw materials purchased on credit Direct materials used in Cutting Direct materials used in stitching $ 35,00 22,250 Direct labor Direct labor-Cutting Direct labor-Stitching Total factory payroll paid (in cash) $ 16,689 66,480 138,400 Factory Overhead (Actual costs) Indirect materials used Indirect labor used Other overhead costs $ 10,800 55,400 49,000 Factory Overhead Rates Cutting (150% of direct materials used) Stitching (120% of direct labor used) Sales $336,000 Piex1 2 of 2 Completeu su Tor. It does Required information RM - April 30 RM purchases RM - May 31 Raw Materials (RM). 16.000 Indirect materials employed 35.000 Direct materials - Cutting 17.950 22 250 10.800 35.900 219 430 WIP - April 30 Direct materials - Stitching Direct labor - Cutting Overapolled overhead - Cutting % $ Work in Process (WIP) Stitching 83,300 Cost of goods sold 66,400 56,750® 79,680 66,700 Factory Overhead 1 2 of 2 Next > id Windows to be a 9 W WORMode
Response:
Minimum selling price= $28
Reasoning:
Based on the information provided:
Direct materials $8
Direct labor $9
Variable manufacturing costs= $7
Landor has received a special order for 25,000 fans destined for an overseas buyer.
The only incurred selling cost for this order will be $4 per fan for shipping.
Given that this is a special request and there is available capacity, fixed costs will not be considered in this analysis.
The minimum price needed equals the total variable cost per unit. It is not a sustainable price long-term.
Variable cost per unit= 8 + 9 + 7 + 4= $28
[[TAG_55]]Minimum selling price= $28[[TAG_56]]
