Carbamate Manufacturing produces a pesticide chemical and uses process costing. There are three processing departmentslong dashMixing, Refining, and Packaging. On January 1, the Refining Department had 2,000 gallons of partially processed product in production. During January, 30,000 gallons were transferred in from the Mixing Department, and 29,000 gallons were completed and transferred out. At the end of the month, 3,000 gallons of partially processed product remained in the Refining Department. The weightedminusaverage method is used. See additional details below.
Refining Department, ending balance at January 31
Percent completed for materials cost: 92%
Percent completed for conversion cost: 76%
What was the total number of equivalent units of production for conversion costs for the month of January for the Refining Department?
Answers
Answer:
Equivalent unit for conversion cost= 31,280 units
Explanation:
Under the weighted average method of valuation, to account for completed units, it is assumed that the entire degree of work required is done in the period under consideration. So there is no separation of the completed units into opening inventory and fully worked.
Equivalent units are notional whole units which represent incomplete work and are used to apportion cost between work progress and completed work
Equivalent unit = Degree of completion × number of units
Equivalent unit for conversion cost
Item units Equivalent unit
transferred 29,000 100%× 29,000 = 29,000
Closing inventory 3,000 76%× 3,000 = 2280
Total equivalent unit 31,280
Equivalent unit for conversion cost= 31,280 units
Related Questions
Twenty-five percent of the company's sales are for cash and 75% are on account. Collections for sales on account follow a stable pattern as follows: 50% of a month's credit sales are collected in the month of sale, 30% are collected in the month following sale, and 15% are collected in the second month following sale. The remainder are uncollectible. Given these data, cash collections for December should be:
Answers
Answer: $136,375
Explanation:
Going by the collections pattern of the company, there will be collections for 3 months in December being October, November and December.
December collections will be:
= (50% * December credit sales) + (30% * November Credit sales) + (15% * October credit sales) + December cash sales
December credit sales = 75% * 130,000 = $97,500
November credit sales = 75% * 170,000 = $127,500
October credit sales = 75% * 150,000 = $112,500
December collections are:
= (50% * 97,500) + (30% * 127,500) + (15% * 112,500) + (25% * 130,000)
= $136,375
Which statements describe junction tables? Check all that apply.
They create orphaned data in tables.
They link two tables into a new table.
They create a one-to-one relationship.
They exclude all nonkey fields in a table.
They contain the primary key fields of two tables.
They connect tables with many-to-many relationships.
Answers
Answer:
B E F
Explanation:
They link two tables into a new table.
They contain the primary key fields of two tables.
They connect tables with many-to-many relationships.
Thus options B, E, and F are correct.
What are junction tables?The referential integrity values of the two you really want to relate are contained in a junction table. Finally, you establish a connection between the junction table's relevant columns that each of those rows' primary key columns.
To create a new panel, they join two existing ones. They include the fields for two tables' primary keys. Tables with very many relations are connected by them.
When there is an item that can be replicated over numerous new entries, such a birthday or a period, the junction table should indeed be utilized to get your facts to the smallest value of normalization possible. Therefore, option B, E, and F is the correct option.
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Wally's Walleyes wants to introduce a new product that has a start-up cost of $7,800. The product has a 2-year life and will provide cash flows of $4,500 in Year 1 and $4,300 in Year 2. The required rate of return is 15 percent. Should the product be introduced? Why or why not?
Answers
The calculated NPV is negative, indicating that the present value of expected cash flows does not exceed the start-up cost of the project. In other words, the project is expected to generate a net loss.
To determine whether Wally's Walleyes should introduce the new product, we can calculate the net present value (NPV) of the project. The NPV measures the present value of expected cash flows, taking into account the required rate of return.
To calculate the NPV, we need to discount the cash flows using the required rate of return (15 percent). The formula for calculating NPV is:
NPV = Cash Flow Year 1 / (1 + Required Rate of Return)^1 + Cash Flow Year 2 / (1 + Required Rate of Return)^2 - Start-up Cost
\(NPV = $4,500 / (1 + 0.15)^1 + $4,300 / (1 + 0.15)^2 - $7,800\)
\(NPV = $4,500 / 1.15 + $4,300 / (1.15)^2 - $7,800\)
NPV = $3,913.04 + $3,537.41 - $7,800
NPV = -$350.55
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Jacqul makes $35 an hour working as an accounting assistant. She works 40 hours each month.
Answers
Answer:
35x40=1,400
Explanation:
jacqul will make 1,400 dollars per month or 16,800 a year
Answer:
9800
Explanation:
35x40=1400
1400x7=9800
How can you relate the careers in Finance as Bachelor of Science in Information Systems (BSIS) students?
Answers
Answer: can prepare you for an exciting career in a rapidly -expanding field. As an information science major, you'll study the creation and management of information content, the characteristics and needs of people who create, consume, and utilize information, and the technologies that support the creation, management , preservation , and dissemination of information .
Explanation:(none)
Wisconsin Snowmobile Corp. is considering a switch to level production. Cost efficiencies would occur under level production, and aftertax costs would decline by $30,000, but inventory would increase by $250,000. Wisconsin Snowmobile would have to finance the extra inventory at a cost of 13.5 percent.
a. Should the company go ahead and switch to level production?
b. How low would interest rates need to fall before level production would be feasible?
Answers
byyyyyyyyyyyyyyyyyyyyy
Suppose you have $1,000 to invest over a 10-year period. Explain under what circumstances you would buy penny stocks or junk bonds as an investment. In your answer, explain why an investment with greater risk, such as a penny stock, will likely have a lower market price but an uncertain rate of return.
Answers
Answer:
Explanation:
There is only one circumstance in which I (personal opinion) would be willing to place my money in penny stocks and that is If the money is extra money that is only an extremely small percent of my overall portfolio and I am ok loosing it completely. That is because penny stocks are stocks from new companies that basically have an idea and are just starting out. The rate of return can be massive on these stocks but they can also go bankrupt and you can loose all your money just as fast. Therefore, they are incredibly risky investments.
The accounting treatment of owner-occupied properties and that of investment properties is prescribed by IAS 16: Property, Plant and Equipment and IAS 40: Investment Property respectively.
Required:
Define property, plant and equipment under IAS 16 and explain why its accounting treatment is different from that of investment property.
Explain how the treatment of owner-occupied property carried under the revaluation model differs from an investment property carried under the fair value model.
Answers
A property, plant, or piece of equipment must be depreciated separately for each component that has a cost that is significant relative to the total cost of the item.
How is property, plant, and equipment measured?Property, plant, and equipment are initially valued at their cost, then revalued or measured using a cost model. Finally, they are depreciated so that the depreciable amount is distributed systematically over the course of their useful lives.
Property, plant, and equipment are tangible items that are held for use in the manufacture or provision of goods or services, for rental to third parties, or for administrative needs, and that is anticipated to be used over a prolonged period of time.
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According to the extract, the entrepreneurial activity includes developing and launching new businesses and marketing them, often with the end goal of selling the business to turn a profit. Based on this, indicate a product or service you plan to start a business with. Explain how you generated the business idea and determined the feasibility of the idea.
Answers
Tthe business idea is banking agent operating POS machine. the idea is as a result of absence of financial institution in the area and the demand for money.
How can one generate a business idea?1. Identify a problem or a need in a specific market or industry. For example, absence of financial institution in my area.
2. Research the market to understand its size, growth potential, and competition.
3. Brainstorm potential solutions to the problem or ways to address the need. e.g. provision of POS machine in my own case.
4. Evaluate the feasibility of the solutions based on factors such as market demand, resources required, and potential profitability. People need cash everytime in my area where cashless economy is not in place.
5. Select the most viable solution as your business idea. e.g. withdrawal point like in my case.
To determine the feasibility of your business idea, you can consider the following factors:
1. Market demand: Is there a real need for your product or service? Is the market large enough to support your business?
2. Competition: Who are your competitors, and how will you differentiate your business from theirs? What are the barriers to entry in the market?
3. Resources required: What resources will you need to launch and grow your business? Can you obtain these resources?
4. Financial viability: What are the startup costs, and what is the potential revenue and profitability of your business?
5. Legal and regulatory considerations: Are there any legal or regulatory requirements that you need to comply with to operate your business?
On this basis, if you have a specific business idea in mind, you can evaluate its feasibility by considering these factors. If you don't have a specific idea yet, you can start by identifying a problem or need in a market or industry that interests you and conducting research to identify potential solutions.
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What is wrong with this sentence? The report applies to western Europe, where people are interested in these exports.
Answers
The issue with the sentence is that : The sentence is grammatically correct, but it is unclear what "these exports" refer to
What is wrong with this sentence?The sentence is grammatically correct, but it is unclear what "these exports" refer to. To improve clarity, the sentence should be revised to provide more context or specificity about the exports in question.
For example: "The report applies to western Europe, where people are interested in buying cars from Japanese manufacturers."
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How does the way that a search engine gets and organizes information help you understand why Googling alone is not enough?
Answers
Answer:
The search engine works through three primary functions,
Crawling, Indexing and Ranking
Explanation:
Crawling is the process in which the server works as a spiders and finds out information relevant for the user. Indexing is the way to store the web page. Ranking is the priority through which websites are displayed. The most matched text with the URLs are displayed first. The content in the website is matched with the relevance and then displayed to the user.
Work with a partner. An art collector buys two paintings. The value of each painting after t years is y dollars. Complete each table. Compare the values of the two paintings. Which painting's value has a constant growth rate? Which painting's value has an increasing growth rate? Explain your reasoning.
Answers
In general, if a painting's value increases by the same amount each year, it may have a stable growth rate, or if it increases by a bigger amount each year, it may have an increasing growth rate.
How can you compare exponential and linear functions?Review: linear growth. For both linear and exponential relationships, the y-values change in several ways when the x-values increase by a specific amount: In a linear relationship, the difference between the y-values is equal. The y-values have equal ratios in an exponential relationship.
How are the pictures created?It can be done using nearly any medium, including painting, photography, sculpture, and others. In addition to making portraits for clients, some painters also do it merely for artistic purposes.
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On May 7, Jernigan Company purchased on account 640 units of raw materials at $15 per unit. During May, raw materials were requisitioned for production as follows: 224 units for Job 200 at $13 per unit and 294 units for Job 305 at $15 per unit.
Required:
Journalize the entry on May 7
Answers
Answer:
Date Account Title Debit Credit
May 7 Materials $9,600
Accounts Payable $9,600
Working:
= Units purchased * cost per unit
= 640 * 15
= $9,600
As the goods were purchased on account, they will be sent to accounts payable. Materials are assets so they will be debited when acquired.
In a binomial distribution, n = 4 and π=0.27 . Find the probabilities of the following events. (Round your answers to 4 decimal places.)
a. x = 2.
b. x ≤ 2.
c. x ≥ 3.
Answers
Answer:
Explanation:
a. Using the formula for the probability mass function of a binomial distribution:
P(x=2) = (4 choose 2) * (0.27)^2 * (0.73)^2 = 0.3185
b. Using the cumulative distribution function:
P(x ≤ 2) = P(x=0) + P(x=1) + P(x=2) = (4 choose 0) * (0.27)^0 * (0.73)^4 + (4 choose 1) * (0.27)^1 * (0.73)^3 + (4 choose 2) * (0.27)^2 * (0.73)^2 ≈ 0.7575
c. Using the complementary probability:
P(x ≥ 3) = 1 - P(x ≤ 2) = 1 - [(4 choose 0) * (0.27)^0 * (0.73)^4 + (4 choose 1) * (0.27)^1 * (0.73)^3 + (4 choose 2) * (0.27)^2 * (0.73)^2] ≈ 0.2425
1. A formal report that shows what an individual owns, what an individual owes, and the difference between the two.
Answers
Answer:
A net worth statement
Explanation:
A net worth statement is a financial report/ document that shows the assets and liabilities - both short and long-term - of an individual or company. The net worth is the result of deducting liabilities from assets.
The net worth statement paints a picture of a person or an entity's current financial position. Assets represent what a person owns, while liabilities are what they owe.
In a closed economy, what remains after paying for consumption and government purchases is:________
a. public saving.
b. private saving.
c. national disposable income.
d. national saving.
Answers
Answer: d. national saving.
Explanation:
In a closed economy, GDP is calculated by adding Consumption, Investment and Government purchases. The investment in this instance can be thought of as National Saving.
National saving is the difference between the income in the country and the consumption and government purchases. It represent what households and the government save up from their income sources which can be used for investment.
What regulates employee exposure to potentially toxic substances and informs employees about the possible hazards of materials used in the workplace?
Answers
Answer:
Occupational Safety & Health Administration (OSHA)
Explanation:
Visit California is responsible for promoting tourism in the state and recently ran a successful ad called "Average Joes" to share lifestyle attributes that are popular there. This an example of which type of advertising
Answers
Answer: reminder institutional advertising
Explanation:
From the question, we are informed that Visit California is responsible for promoting tourism in the state and recently ran a successful ad called "Average Joes" to share lifestyle attributes that are popular there.
This is an example of reminder institutional advertising. In reminder institutional advertising, an organization rather than promoting its product, seeks to buy goodwill.
(Economics)
In an essay of at least two well-developed paragraphs, explain the global benefits of international trade and multinational corporations.
Answers
International trade refers to the exchange of goods and services across national borders. It plays a significant role in promoting economic growth and providing several global benefits.
One of the primary advantages of international trade is that it allows countries to specialize in producing goods and services in which they have a comparative advantage. This means that countries can focus on producing goods that they can produce more efficiently and at a lower cost compared to other countries. As a result, resources are allocated more efficiently, leading to increased productivity and higher standards of living.Furthermore, international trade enables countries to access a wider variety of goods and services that may not be available domestically. This increases consumer choices and provides opportunities for individuals to enjoy a higher quality of life. For example, consumers in a landlocked country can still enjoy fresh seafood by importing it from coastal countries. Similarly, individuals in colder climates can purchase tropical fruits from countries where they are grown.Multinational corporations (MNCs) also contribute to the global benefits of international trade. These are companies that operate in multiple countries, with business activities ranging from production to distribution. MNCs play a crucial role in facilitating international trade by establishing global supply chains, investing in foreign markets, and creating jobs. They bring capital, technology, and managerial expertise to host countries, which can lead to economic development and improved living standards.Moreover, MNCs often engage in research and development (R&D) activities, driving innovation and technological advancements. This can have far-reaching benefits for both the host country and the global economy. For instance, a multinational pharmaceutical company conducting R&D in a developing country may discover new drugs or medical treatments that can benefit people worldwide.In conclusion, international trade and multinational corporations provide numerous global benefits. They promote specialization, resource allocation efficiency, and access to a wider variety of goods and services. Additionally, MNCs contribute to economic development, job creation, innovation, and technological advancements. Overall, international trade and MNCs play a crucial role in fostering economic growth and improving the well-being of individuals and nations around the world.
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it is the process of enabling people to increase control and to improve their health.
Answers
Answer:
Health Promotion
Explanation:
Health promotion is the process of enabling people to increase control over, and to improve, their health. This is accomplished by building healthy public policies, creating supportive environments, and strengthening community action and personal skills. ...
Hope this helps!
For this question you need to read the document “Media Monitoring – What is it all about?”, found in “Additional Resources/Supplementary Portfolio”. Then, using the information provided in the article as a means of inspiration and guidance, consider the following scenario:
As a public relations consultant for McDonald's, you are tasked with developing and
implementing a media monitoring campaign to evaluate the success of the new Shisha Nyama burger that is being launched for South African consumers. In an essay
about 2-3 pages,
discuss the following:
The mission, vision, and objectives of the media campaign. (10)
The media platforms that will be used to monitor the campaign, as well as the
advantages and disadvantages of using these media platforms for monitoring purposes.
(15)
Your operational plan for monitoring the campaign – Basically, how will you go about monitoring the media campaign, and what do you consider as important aspects to monitor for determining whether or not the new burger flavour is a success. (15)
Answers
To monitor the media campaign, a combination of traditional and digital media platforms will be used. Traditional media platforms such as newspapers, radio, and television will be monitored for mentions of the new burger flavor. Digital media platforms such as social media, blogs, and forums will also be monitored for mentions of the new burger flavor. The advantages of using traditional media platforms are that they can reach a wider audience and provide more in-depth coverage. The disadvantages are that they can be slower to report news and may not provide real-time feedback. The advantages of using digital media platforms are that they can provide real-time feedback and reach a wider audience. The disadvantages are that they can be difficult to monitor and may not provide in-depth coverage.
The operational plan for monitoring the campaign will involve using media monitoring tools to track mentions of the new burger flavor across various media platforms. The tools will be used to track the volume of mentions, the sentiment of the mentions, and the key themes and topics surrounding the new burger flavor. The media monitoring tools will also be used to identify key influencers and brand ambassadors, as well as to track the reach and impact of the campaign across various media platforms. Additionally, surveys and focus groups will be conducted to gather feedback from consumers on the new burger flavor.
Important aspects to monitor for determining whether or not the new burger flavor is a success include the volume of mentions, the sentiment of the mentions, and the key themes and topics surrounding the new burger flavor. Additionally, it is important to monitor the engagement and reach of the campaign across various media platforms, as well as to identify key influencers and brand ambassadors. Surveys and focus groups will also be conducted to gather feedback from consumers on the new burger flavor.
In conclusion, the media monitoring campaign for the new Shisha Nyama burger flavor will be critical in determining its success in the South African market. A combination of traditional and digital media platforms will be used to monitor the campaign, and media monitoring tools will be used to track the volume of mentions, the sentiment
Ruiz Engineering Contractors incurred service salaries and wages of $37,700 ($27,300 direct and $10,400 indirect) on an engineering project. The company applies overhead at a rate of 27% of direct labor. Record the entries to assign service salaries and wages and to apply overhead. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Answers
Explanation:
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Munyah Ltd. is an expanding company and the following accounts relate to its operations for the years 1999 and 2000
Answers
1999 2000
Sh. Sh.
Sales 3,000,000 4,800,000
Less: cost of goods sold 1,650,000 2,700,000
Gross profit 1,150,000 2,100,000
Less: trading expenses 675,000 825,000
Trading profit 675,000 1,275,000
Less: Debenture interest 37,500 37,500
Net profit before taxation 637,500 1,275,000
Less: Corporation tax 240,000 480,000
Net profit after taxation 397,500 757,500
Less: Ordinary share dividend 187,500 262,500
Undistributed profit for the year 210,000 495,000
Balance sheet as at 30 June 1999 2000
Sh. Sh. Sh. Sh.
Fixed assets at cost 1,500,000 2,100,000
Less: Depreciation 300,000 1,200,000 375,000 1,725,000
Current assets:
Stock 600,000 825,000
Debtors 375,000 525,000
Cash 120,000 1,350,000
Less: current liabilities 1,095,000
Creditors 217,500 300,000
Taxation 240,000 480,000
Proposed dividend 187,500 262,500
Bank overdraft _______ 97,500
(645,000) (1,140,000)
1,650,000 1,935,000
Financed by:
Ordinary share capital
(Authorised and issued) 750,000 750,000
Undistributed profits 525,000 1,020,000
10% debentures 375,000 165,000
1,650,000 1,935,000
Required:
(i) Compute six accounting ratios for both 1999 and 200(1 which you feel would be of particular value in assessing the Profitability and Liquidity of Munyah Ltd. (12 marks)
(ii) Comment on the current position of the company with the aid of the accounting ratios computed in (i) above and any other information that you consider to be relevant. (3marks)
QUESTION THREE
Mr. Otuom Polo is the sole proprietor of a small business. The following trial balance was extracted from his books at 31 March 2000.
Sh. ‘000’ Sh. ‘000’
Capital 4,896
Freehold land and buildings (at cost) 3,600
Plant and machinery at cost 3,480
Provision for depreciation – plant and machinery 1,680
Delivery vans 960
Provision for depreciation – delivery vans 672
Loose tools at valuation on 1 April 1999 288
Stocks 1 April 1999 2,232
Purchases 4,440
Loose tools 192
Sales 15,840
Wages and Salaries 5,288
Rates and Insurance 384
Repairs and maintenance of buildings 240
Sales expenses including vehicle running costs 344
Electricity and power 1,440
Industrial training levy 72
Administration expenses 672
Provision for doubtfuldebts 240
Debtors and Creditors 1,984 1,928
Drawings 480
Bank 864
Cash in hand 24 _____
26,120 26,120
What is the purpose of blockchain technology?
Answers
The purpose of blockchain technology is to provide a decentralized and transparent system for recording and verifying transactions or information. It is a distributed ledger technology that allows multiple parties to maintain a shared database without the need for a central authority. Overall, blockchain technology provides a robust and secure framework for businesses to enhance security, transparency, efficiency, and trust in their operations, leading to improved processes and better customer experiences.
The main purpose of blockchain technology is to create a distributed and secure ledger of transactions. Some key aspects of blockchain technology include:
Distributed - The blockchain is distributed across a network of computers instead of being stored in a centralized location. This makes it more resistant to data tampering and hacking.
Secure - Blockchain uses cryptographic techniques to ensure the integrity and security of the data. Once a transaction is recorded, it is very difficult to change or hack the data.
Transparent - All transactions recorded on the blockchain are publicly visible to anyone with access to the network. This transparency helps prevent fraudulent activities.
Automatic - Blockchain uses a distributed consensus mechanism to automatically validate transactions. There is no need for a central authority or intermediary.
Immutable - Once a transaction is recorded on the blockchain, it is almost impossible to change. This immutability provides a high degree of certainty for transactions.
The main applications of blockchain technology are:
Digital currency - Blockchain underlies cryptocurrencies like Bitcoin which are decentralized digital currencies.
Financial transactions - Blockchain can be used to record financial transactions in an efficient, secure and transparent manner.
Supply chain management - Blockchain can track materials, payments and documents throughout supply chains.
Smart contracts - Self-executing contracts can be embedded in the blockchain to automatically execute terms of agreements.
Asset registry - Assets like land titles, jewelry, artwork, etc. can be recorded on a blockchain to prove ownership and authenticity.
In summary, the key purpose of blockchain technology is to create an incorruptible digital ledger of data that is distributed across a network. This makes the data secure, transparent and permanent.
1. Which statement about leaders and managers is most likely false?
a)
Managers are concerned with the efficiency of results, whereas leaders are
primarily concern with results.
b)
Leaders focus on risk taking whereas managers focus on planning
c)
Leaders accept the status quo, managers challenge it.
d)
Leaders develop but managers maintain.
Answers
Answer:
I'd say A!
Explanation:
hope this helps! sorry if it's wrong
Determining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System
From the following partial spreadsheet, indicate the dollar amount of beginning and ending merchandise inventory to be used to compute cost of goods sold.
ACCOUNT TITLE
Merchandise Inventory
Estimated Returns Inventory
Supplies
Prepaid Insurance
Customer Refunds Payable
Income Summary
Sales
Sales Returns and Allowances
Beginning inventory
Ending inventory
Feedback
T Chack My Word
ADJUSTMENTS
DEBIT
X
60,000.00
6,000.00
55,000.00
5,500.00
2,200.00
CREDIT
55,000.00
5,500.00
4,700.00
1,600.00
2,200.00
60,000.00
6,000.00
ADJUSTED TRIAL BALANCE
DEBIT
60,000.00
6,000.00
3,300.00
3,800.00
55,000.00
5,500.00
16,700.00
CREDIT
7,200.00
60,000.00
6,000.00
525,140.00
Answers
The indication of the dollar amounts of beginning and ending merchandise inventory, which will be used to compute the cost of goods sold, is as follows:
Beginning inventory = $60,500Ending inventory = $66,000.What is the cost of goods sold?The cost of goods sold is the sum of the beginning inventory and purchases minus the ending inventory.
The cost of goods sold can also be computed by subtracting the ending inventory from the cost of goods available for sale under the periodic inventory system.
Under the periodic inventory system, the cost of goods sold is determined at the end of the period and not during the inventory transactions.
ACCOUNT TITLE Adjustments Adjusted Trial Balance
Debit Credit Debit Credit
Merchandise Inventory 60,000 55,000 60,000
Estimated Returns Inventory 6,000 5,500 6,000
Supplies 4,700 3,300
Prepaid Insurance 1,600 3,800
Customer Refunds Payable 2,200 7,200
Income Summary 55,000 60,000 55,000 60,000
5,500 6,000 5,500 6,000
Sales 525,140
Sales Returns and Allowances 2,200 16,700
Beginning inventory = $60,500 ($55,000 + $5,500)
Ending inventory = $66,000 ($60,000 + $6,000)
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Product Development Plan
If you can remember back to Marketing 1a, in Unit 7 you created a mind map for a fictitious product or service that you might like to one day turn into a reality…well, this activity is somewhat inspired by that activity! You’ll be creating a detailed flow chart (or something similar) that lays out your step-by-step plan for coming up with, developing, creating, and releasing a new product or service!
You are welcome to go back to the work that you did in Marketing 1a for Unit 7 and use that same product or service, or you can come up with a new product/service just for this activity. Either way, make sure that you save the work you do in this activity in a safe place for use in later units throughout this course.
After you have decided on a fictitious product/service to use for this activity, use a combination of information from the unit, online research, and your own creativity and innovation to create a flow chart of sorts that maps out a step-by-step plan for the development of this product/service.
Before we get into the formatting details of this visual plan, let’s go over all of the information that you will need to include:
Describe your product/service.
What is the unique value of this product/service?
What will your market information management strategy be? Who is your target market?
Evaluate the types of product/service management and assess the needs of product/service management as they relate to your project choice. What is the nature and scope of the product/service management function?
How will you address quality assurance?
Why is it important to understand and prioritize the quality of your product/service?
What, if any, are the grades and industry standards that you will need to consider with your product?
What will be included in your product mix? What is the importance of a product mix? Address as many of the following items as possible at this point in the development process of your product/service:
Product: the product or service sold by the company
Price: how much it will cost the customer
Place: where the business will sell its product or service and how the customer will receive it
Promotion: the communication techniques the company will use to tell the public about their business
People: the staff required to create a competitive advantage
Process: the systems used to deliver the final product or service
Physical Evidence: the packaging and presentation of the finished product or service
What is your positioning statement?
Make sure to address and assess as many of the four critical elements as you can at this point in your product/service development process.
Identify and explain any other market product considerations, as well.
Now, considering that you are at the beginning stages of this product/service development and will be working on it and adding to it in future units, it is important to keep in mind that much of this information will likely change or be tweaked along the way. In other words, you are not locked-in to whatever you decide in this product/service development chart. Do your best to answer and address all of the required information.
With regard to how this chart/visual plan should be formatted or organized, really the sky is the limit! The information should be laid out in a chronological manner, and it must include specific, detailed information about your product/service. Other than that, you can truly organize this however you feel works best. Make it as creative and innovative as the product/service you are developing!
Here are some examples for inspiration (you do NOT have to format your chart to look like these, or you can if you want to!):
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Project managers, marketers, and creatives all use mind maps as powerful motivators for their teams. Mind maps organize "timelines, dependencies, and duties" in addition to inspiring employees' creativity.
What does a product mean exactly?An item or service that you offer to fulfill a customer's need or desire is referred to as a product. Both real and virtual ones are possible. Physical objects come in two varieties: nondurable products and durable things, such as computers, furniture, and automobiles (like food and beverages).
What qualities does the product possess?The qualities of a product that need to be regulated are its characteristics. Size, form, weight, color, quality, hardness, etc. are a few examples of product attributes. Your product and how its functional design criteria have been created will determine the list of product attributes.
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In response to Iraq’s invasion of Kuwait in 1990, the United States and its allies-imposed trade and financial sanctions on Iraq. Imports of Iraqi oil were terminated as were exports of machinery, parts, and the like, to Iraq. Bank loans to Iraq and business investment in Iraq were also curtailed. Illustrate the effects of the economic sanctions on Iraq’s production possibilities curve for textiles and oil. Under what conditions would the sanctions have been most likely to cause Iraq to withdraw from Kuwait?
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The economic sanctions imposed on Iraq in response to its invasion of Kuwait in 1990 had significant effects on Iraq's production possibilities curve for textiles and oil.
The production possibilities curve (PPC) represents the maximum combination of goods or services an economy can produce given its resources and technology.
How did it effect?Textiles:
The sanctions would have negatively impacted Iraq's textile industry. The termination of imports of machinery, parts, and related goods would have limited Iraq's ability to upgrade and modernize its textile manufacturing capabilities. This could lead to a decline in textile production, as outdated machinery and technology would hinder efficiency and quality.Oil:
Iraq heavily relies on oil exports for revenue, and the sanctions had a severe impact on its oil industry. The termination of oil exports severely limited Iraq's ability to generate income and access foreign markets. The lack of investment and technology due to curtailed business activities would have hindered oil exploration, extraction, and production. As a result, Iraq's oil production would have likely decreased significantly.The combined effects of the sanctions on both textiles and oil would have shifted Iraq's production possibilities curve inward.
The reduced access to machinery, technology, and investments would have limited Iraq's productive capacity in both sectors, leading to a decline in overall output.
Regarding the conditions that would have caused Iraq to withdraw from Kuwait, the economic sanctions alone might not have been sufficient. The United States and its allies also launched a military intervention known as the Gulf War in 1991 to compel Iraq to withdraw from Kuwait. The military pressure, combined with the economic sanctions, created a situation where Iraq faced increasing international isolation, military confrontation, and severe economic strain.Ultimately, the withdrawal of Iraq from Kuwait was influenced by a combination of military and economic factors, along with international diplomatic efforts.
The military intervention played a crucial role in achieving the desired outcome, while the economic sanctions contributed to weakening Iraq's economic and military capabilities.
Migration plays an important role in economic development and as a strategy for poverty reduction.
a. True
b. False
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Oil spill case study
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One of the most well-known oil spill case studies is the Deepwater Horizon oil spill that occurred in 2010.
What is oil spill?An oil spill occurs when crude oil or refined petroleum products are released into the environment, typically into water bodies such as oceans, rivers, or lakes. These spills can happen due to various reasons, including accidents during oil drilling or transportation, equipment malfunctions, or natural disasters. Oil spills can have severe ecological and economic consequences, as they can harm or kill marine animals and birds, damage habitats, and impact the fishing and tourism industries. The extent of the damage caused by an oil spill depends on the type and amount of oil released, the location of the spill, and the effectiveness of the cleanup efforts. Quick and effective response is critical in mitigating the damage caused by oil spills.
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Complete Question is: What is the most well know Oil spill case study?