Answers
Under the Uniform Transfers to Minors Act (UTMA), a custodian may invest in all of the following except blue-chip stocks on margin.
Securities in an account may not be acquired by a custodian on margin or used as collateral for loans.
The majority of states enacted the Uniform Transfers to Minors Act (UTMA), which extended the Uniform Gifts to Minors Act by authorizing the transfer of all types of property to minors, including bonds, real estate, and works of art. UTMA permits the transfer of property to a minor without the need for a formal trust.
When a UTMA custodial account's minor beneficiary achieves the age of maturity, the custodianship ends and they are granted full legal ownership of the account's contents. It's significant to remember that each state has a somewhat different maturity age. Typically, it is either 18 or 21.
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Related Questions
What is a bushiness opportunity?
Answers
Answer: You said it yourself, an opportunity.
Explanation:
A business opportunity is often used to describe a way for a business to make more money. It can also mean many other things such as hiring more employees, creating more roles, partnering with another company, etcetera.
But mainly used to make more money.Majer Corporation makes a product with the following standard costs: Standard Quantity or HoursStandard Price or RateStandard Cost Per Unit Direct materials 6.3ounces$4.00per ounce$25.20 Direct labor 0.9hours$14.00per hour$12.60 Variable overhead 0.9hours$4.00per hour$3.60 The company reported the following results concerning this product in February. Originally budgeted output 5,200units Actual output 5,900units Raw materials used in production 33,300ounces Actual direct labor-hours 2,050hours Purchases of raw materials 33,800ounces Actual price of raw materials$37.10per ounce Actual direct labor rate$27.60per hour Actual variable overhead rate$5.50per hour The company applies variable overhead on the basis of direct labor-hours. The direct materials purchases variance is computed when the materials are purchased. The variable overhead efficiency variance for February is:
Answers
Answer:
Variable overheads efficiency variance = $13,040 favorable
Explanation:
Variable overheads efficiency variance is the difference between the standard hours of actual output and actual hours valued at the standard variable overhead rate per hour
Hours
5,900munits should have taken (5,900× 0.9) 5,310
but did take 2050
efficiency variance in hours 3,260 favorable
Standard rate per hour $4.00
Variable overheads efficiency variance 13,040 favorable
Variable overheads efficiency variance = $13,040 favorable
A POS merchant system is __
Answers
Answer:
POS means point of sale
Explanation:
The point of sale or point of purchase is the time and place where a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice for the customer, and indicates the options for the customer to make payment.
explain sole proprietorship
Answers
Explanation:
A sole proprietor is someone who owns an unincorporated business by himself or herself. However, if you are the sole member of a domestic limited liability company (LLC), you are not a sole proprietor if you elect to treat the LLC as a corporation.sole proprietorship is a business that can be owned and controlled by an individual, a company or a limited liability partnership. There are no partners in the business. The legal status of a sole proprietorship can be defined as follows: It is not a separate legal entity from the business owner.
Hope this helps you!!
Ming is visiting her company's headquarters in Germany, which has a highly assertive culture. She is likely to observe her coworkers
Answers
Answer:
D: using competitive language when evaluating ideas
Explanation:
Choices seem to be ...
A: using subtle, indirect language in meetings.
B: allowing silence to linger in meetings.
C: expressing respect for others but letting issues go unresolved.
D: using competitive language when evaluating ideas.
E: expressing themselves in controlled, measured ways.
__
"Assertive" meaning "showing a confident or forceful personality", we don't expect subtle, or controlled language; nor do we expect lingering silence or unresolved issues. We expect choice D to be most likely.
Step 2. Search to find any summary about the company that mentions funds for starting the business. Try to find any information containing employee data in this section.
Step 3. Find the section where the product or service is detailed. Look to see what kinds of products or services will be involved with the business. Compare this with what other similar business plans are offering.
Record the information you found for steps 2 and 3. Make sure you discuss how the company got money to start the business, employee data, and what products or services the company provides in comparison with what other similar business plans are offering.
Answers
We can see here that such company gotten after searching for company that mentions funds for starting the business is Go-o-gle.
Funds for starting the business: $1 million in funding from Andy Bechtolsheim.
Employee data: over 160,000 employees worldwide.
What is a company?A company is a legal and organizational entity formed by individuals or a group of individuals with the purpose of conducting business activities. It is an association of individuals who come together to engage in commercial, industrial, or professional activities in order to generate revenue and make a profit.
Their products are digital and online services.
Comparing this company, we see Microsoft.
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A rational decision maker
Answers
Answer:yes
Explanation:because yes
Why do you think it is important to consider both salary and benefits when applying for a job?
Answers
Answer: It is important because an employee needs to have other rights beyond a salary.
Explanation: Although it is true that a person who applies for a job in return receives a salary, many times the work to do for the development and well-being of the company is greater than what he receives. Many people work tirelessly so that the place where they are working can continue to function properly. In many cases, the salary you receive is a salary that may be little and that does not compensate for many things. The benefits give the employee the opportunity to enjoy certain things and thus lighten the burden of him since not everything has to come from salary.
Bruckner Trusses wants to predict future operating costs and has learned that a cost equation can be derived using historical information. Bruckner’s Comptroller has gathered the following monthly operating costs from 2021 and her perceived understanding of what drives those costs follow each cost:
Month Maintenance Costs Machine Hours Health Insurance Number of Employees Shipping Costs Units Shipped
January $4,510 170 $8,570 63 $28,240 7,060
February $4,473 110 $8,570 73 $32,920 8,230
March $4,660 239 $8,570 89 $31,600 7,900
April $4,870 304 $8,570 102 $25,760 6,440
May $5,120 459 $8,570 84 $23,760 5,940
June $4,745 285 $8,570 85 $36,960 9,240
July $4,927 338 $8,570 88 $34,800 8,700
August $4,916 363 $8,570 80 $33,720 8,430
September $5,055 429 $8,570 90 $26,960 6,740
October $5,226 476 $8,570 101 $28,440 7,110
November $5,370 500 $8,570 91 $22,000 5,500
December $4,795 281 $8,570 101 $38,400 9,600
Required:
1. Which of the preceding costs is variable? Fixed? Mixed? Explain.
2. For any mixed or variable costs, plot those costs and determine if there is a cause-and-effect relationship with its perceived driver.
2. Using the high-low method, determine the cost function for each cost.
3. Combine the preceding information to get a monthly operating cost function for the Smith Corporation.
4. Next month, Smith expects to use 350 machine hours, have 90 employees, and ship 8,600 units. Estimate the total operating cost for the month.
Answers
1) Looking at the given data, maintenance costs, machine hours, shipping costs, and units shipped are variable costs.
2) Plotting the variable costs against their perceived drivers can help identify whether there is a cause-and-effect relationship between them.
1) The cost that varies based on changes in the level of activity is called a variable cost. Fixed costs remain constant regardless of the level of production or activity. Mixed costs contain elements of both variable and fixed costs like health insurance and shipping costs may be mixed costs as they have some fixed costs, such as salaries and rent, but also variable costs, such as insurance claims and shipping fees.
2) The Comptroller has identified four costs as variable, and it would be appropriate to plot these costs against their perceived drivers to determine if there is a cause-and-effect relationship. For example, maintenance costs could be plotted against machine hours, and shipping costs could be plotted against units shipped. If a strong correlation is found, it would suggest that these drivers have a direct impact on the costs. This would enable Bruckner Trusses to forecast costs more accurately and adjust production levels accordingly.
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The complete question is:
Bruckner Trusses wants to predict future operating costs and has learned that a cost equation can be derived using historical information. Bruckner’s Comptroller has gathered the following monthly operating costs from 2021 and her perceived understanding of what drives those costs follow each cost:
Required:
1. Which of the preceding costs is variable? Fixed? Mixed? Explain.
2. For any mixed or variable costs, plot those costs and determine if there is a cause-and-effect relationship with its perceived driver.
assets, $100 million in liabilities, and 70 million shares outstanding. Your initial lockout period is 3 years.
a.How many shares did you purchase?
b.If the share price after 3 years increases to $15.28, what is the value of your investment?
c.What is your annualized return over the 3-year holding period?
Answers
Consider investing $500,000 to buy stock in a company that has $800 million in assets, $100 million in cash, and 100 million .
The equal yearly rate of return on the investment or deposit is known as the annualized return. To determine the viability and return of two or more investments, the annualized rate of return is calculated.
Take into account that you spent $5000 to buy shares of a support stock. Your basic lockout period is three years. Amount invested: $500,000
Trading pairs in A
A.long/short stock hedgeB.convergence playC.statistical arbitrageD.
Hardiness: Medium
The price of a one-year oil futures contract is $74.50.
If $100 million in "extra earnings" are assumed per year, the return (IRR) is Share price, shares outstanding, and equity value are used in valuation.
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When you decided to start your consulting company, you were previously earning $ 50,000/year working forthe large private consulting company Accenture. When you started the business it cost $ 100,000 to rent anoffice building, purchase computers, furniture and other office equipment. What was your opportunity costof opening your own consulting company
Answers
Answer:
Opportunity costs are the extra costs or benefits lost associated to choosing one activity or investment over another alternative. In this case, the opportunity cost will equal the $50,000 salary that is not earned anymore and the amount of interest that you could earn by investing the $100,000 in another project.
use a well labelled group to explain why the introduction of maximum prices in the petrol industry will not be an ideal decision for the country's economy??
Answers
Implementing maximum prices in the petrol industry may not be an ideal decision for the country's economy.
Consumer Group:
Implementing maximum prices may initially benefit consumers as it could lead to lower fuel costs. However, it can have negative consequences in the long run. With lower prices, there may be increased demand for petrol, leading to shortages and long queues at gas stations. Additionally, if prices are kept artificially low, it can discourage investment in the industry, hampering exploration, production, and infrastructure development. This could result in limited supply and dependence on imports, potentially leading to fuel shortages and price fluctuations.Business Group:
For businesses in the petrol industry, maximum prices can restrict their ability to cover costs and maintain profitability. Fuel companies have various expenses such as exploration, refining, distribution, and employee wages. If prices are capped, it can lead to reduced profit margins, making it challenging for companies to invest in new technologies, research, and development, which are crucial for improving fuel efficiency and reducing environmental impacts.Government Group:
From a government perspective, implementing maximum prices can have adverse effects on tax revenues. Taxes on fuel sales contribute significantly to government revenue. If prices are capped, tax income will decrease, impacting the government's ability to fund public services and infrastructure projects. It can also limit the government's ability to incentivize renewable energy sources and reduce environmental pollution.Considering these factors, the introduction of maximum prices in the petrol industry may have unintended consequences such as supply shortages, reduced investment, profitability challenges for businesses, and decreased tax revenue for the government. It is crucial to strike a balance between consumer affordability, industry sustainability, and government revenue to ensure a stable and efficient petrol market.
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You are thinking of purchasing a house. The house costs $350,000. You have $50,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30-year mortgage that requires annual payments and has an interest rate of 7% per year. You can afford to pay only $23,500 per year. The bank agrees to allow you to pay this amount each year, yet still borrow $300,000. At the end of the mortgage (in 30 years), you must make a balloon payment; that is, you must repay the remaining balance on the mortgage. How much will this balloon payment be?
Answers
Answer:
$63,852
Explanation:
The computation is shown below:
a) PV of payments is
= $23,500 × (1.07^30 - 1) ÷ (0.07 × 1.07^30)
= $2,91,612
b) The Loan PV of payments is $3,00,000
c) And, the Balloon payment required is
= (Borrowed amount - loan PV payments) × (1 + rate of interest)^number of years
= ($300,000 - $291,612) × 1.07^30
= $63,852
if the licensee has agreed to a delinquency plan but fails to complete the requirements, all of the following shall occur except
Answers
If a licensee accepts a delinquency plan but doesn't follow the conditions, KREC may suspend their license for up to a year.
What is delinquency process?When a borrower fails to make a loan payment on time, delinquency develops and might lower their credit score. Delinquency rates are used to display the proportion of past-due accounts in a financial institution's portfolio. Borrowers who are persistently late default.How do I pay off delinquency?Payment in full. You should settle the debt if you have the funds available.Utilize your pro rata plan to negotiate a payment schedule. Let them know that you can make a monthly payment and demonstrate how.Request payment for the account.If a licensee accepts a delinquency plan but doesn't follow the conditions, KREC may suspend their license for up to a year.
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(a) Argue whether or not a firm should continue production if its MR is lower than its AVC. (b) Support your argument with explanations.
Answers
Answer: A firm should not continue production when its MR is lower than its AVC.
Explanation:
The goal of every firm is to minimize cost and also maximize profits and therefore the firm will operate at the output level where the marginal revenue and the marginal cost equates.
A firm should not continue production when its MR is lower than its AVC. Here, the firm will incur a higher loss during production as producing will not offset the variable cost. Therefore, it's better to shut down.
What are the 4 phases in doing research?describe each phase
(for psychology)
Answers
Answer:
•Discovery
• Data
• Analyze
• Ethical
Explanation:
• Discovery . Here, there are observations of events or actions which bring about new knowledge that will be further exposed to new hypothesis.
• Data . Raw data(qualitative- non numerical and quantitative -numerical) are collected in this stage and then processed to become information.
• Analyze . This is a stage where the processed data and information are analyzed. It is where the data are cleaned, inspected, transformed and then modeled with the aim of making meaningful insights, drawing conclusion and then support further decision making.
• Ethical. In this stage, researchers check to determine whether their procedures are ethical or not. This is where the data analysed are checked whether they conform with the correct rule of conduct.
Suppose there are four firms that are each willing to sell one unit of a good. Each firm has a different minimum price that they are willing to sell for: firm w $6, firm x $7, firm y $10, and firm z $12. If the market price is $9 then the market supply for this good will be.
Answers
The market supply for this good will be 2.
What will be the market supply?Firms would sell their goods or services as long as the market price is greater or equal to the minimum price they are willing to sell their goods or service.
Thus, Firms w and x would supply their goods because their minimum prices are $6 and $7 respectively. On the other hand, firms Y and Z would not supply their goods because their minimum prices is greater than the market price.
This means that the market supply for the good would be 2.
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Metallica Bearings, Inc., is a young start-up company. No dividends will be paid on the stock over the next 9 years because the firm needs to plow back its earnings to fuel growth. The company will then pay a dividend of $15.75 per share 10 years from today and will increase the dividend by 5 percent per year thereafter.
If the required return on this stock is 13 percent, what is the current share price?
Answers
Answer 45k ...
Explanation:
what are some ways the financial crisis in 2008 could've been avoided
Answers
The financial crisis in 2008 could've been avoided in some ways by Regulating the housing market, Proper regulation banks and financial institutions, Introduction of better accounting standards, Encouraging greater transparency, and Regulating credit rating agencies.
The global financial crisis of 2008 was a significant economic event that had a far-reaching impact on the worldwide economy. The crisis resulted in the collapse of numerous leading financial institutions, which led to unprecedented losses in the stock market, a decline in economic growth, and high levels of unemployment. It is commonly believed that the crisis could have been avoided if appropriate measures had been taken at the right time.
Here are some ways the financial crisis in 2008 could have been avoided:
1. Regulating the housing market: The financial crisis of 2008 originated from the housing market collapse. Banks and financial institutions had given loans to people who could not afford them, and when the housing bubble burst, a massive number of mortgages went into default. If the government had regulated the housing market more effectively, the financial institutions would not have been able to give out loans to risky borrowers, and the housing market would not have collapsed.
2. Proper regulation of banks and financial institutions: If banks and financial institutions were regulated more effectively, they would not have been able to engage in risky financial practices that led to the crisis. Regulators would have spotted the risky activities early on and would have been able to take corrective action before it was too late.
3. Introduction of better accounting standards: During the financial crisis of 2008, banks and financial institutions engaged in creative accounting practices to hide their losses. This deception made it difficult to ascertain the real situation of the banks and financial institutions, leading to a lack of confidence in the market. If better accounting standards had been introduced, this could have been avoided.
4. Encouraging greater transparency: The financial crisis of 2008 was partly caused by a lack of transparency in the market. If regulators had encouraged greater transparency, there would have been more information available to investors, which could have led to greater confidence in the market.
5. Regulating credit rating agencies: Credit rating agencies played a significant role in the financial crisis of 2008. They gave high ratings to toxic financial products, which misled investors and led to the collapse of the market. If credit rating agencies were regulated more effectively, they would not have been able to give high ratings to risky products, and the market would have been more stable.
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A company had net income of $40,000, net sales of $300,000, and average total assets of $200,000. Its profit margin and total asset turnover were respectively:
Select one:
a. 13.3%; 0.2.
b. 13.3%; 1.5.
c. 2.0%; 1.5.
d. 1.5%; 0.2.
e. 1.5%; 13.3.
Answers
Answer:
a. 13.3%; 0.2.
Explanation:
Profit margin can be expressed as a ratio or a percentage. It is also called the gross profit ratio
The formula for gross margin
= net income/ net sales x 100
= $40,000/ $300,000 x 100
=13.33%
The formula for calculating asset turnover ratio is net sales divide by
average total assets.
=Net sales/ average total sales
=$40,000/$200,000
=0.2
The 15-year average return for the S&P 500 from January 1973 to December 2016 (29 separate 15 year periods) was as high as a 20% average annual return and as low as a 3.7% average annual return. Additionally, the average dividend yield for the S&P is 4.11% and the average annual dividend growth rate is 6.11%.
Using this information, please compare the investment in the 5% 15-year corporate bond with a $100,000 investment in a stock with a 3.7% dividend yield (10 percent less than the S&P 500 average yield) and a 3% dividend growth rate (50 percent of the S&P 500 dividend growth rate).
The annual investment returns are as follows:
Year 1 (13.40%) Year 2 (23.37%) Year 3 26.38% Year 4 8.99%
Year 5 3.00% Year 6 13.62% Year 7 3.53% Year 8 (38.49%)
Year 9 23.45% Year 10 12.78% Year 11 0.00 Year 12 13.41%
Year 13 29.60% Year 14 11.39% Year 15 (0.73%)
The bond interest payment of 5 percent is paid annually and not reinvested. To compare accurately with the bond investment, the stock dividend will not be reinvested, but paid annually as well.
Please calculate the value of the stock account at the end of each year and the dividend income from the stock on an annual basis.
Once you have performed the calculations, please let me know if you prefer to invest in a 5% corporate bond for 15 years or the stock and why.
What is the value of the stock after year 2? Year 8? Year 11? When does the annual dividend income of the stock exceed the annual interest income of the bond?
Answers
1. The value of the stock account after Year 2 is $155,401.626.
2. The value of the stock account after Year 8 is $96,110.0674.
3. The value of the stock account after Year 11 is $96,110.0674.
4. The annual dividend income of the stock exceeds the annual interest income of the bond at the end of Year 15.
Bond interest rate: 5%
Stock dividend yield: 3.7% (10% less than S&P 500 average yield)
Stock dividend growth rate: 3% (50% of S&P 500 dividend growth rate)
We'll assume an initial investment of $100,000.
Year 1:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $100,000 + ($100,000 * 0.2337) = $123,370
1. Year 2:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $123,370 + ($123,370 * 0.2638) = $155,401.626
2. Year 8:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $155,401.626 + ($155,401.626 * (-0.3849)) = $96,110.0674
3. Year 11:
Bond interest income: $100,000 * 0.05 = $5,000
Stock dividend income: $100,000 * 0.037 = $3,700
Value of stock account: $96,110.0674 + ($96,110.0674 * 0) = $96,110.0674
4. At the end of Year 15, the dividend income of the stock exceeds the interest income of the bond.
Stock dividend income: $100,000 * 0.037 = $3,700
Bond interest income: $100,000 * 0.05 = $5,000
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DO
include a signature.
Don't
include lots of exclamation marks to get your point across.
DO
include the thread of previous messages.
Do
make e-mail messages brief.
Don't
mark messages as urgent so your e-mails will be read first.
Do
use a relevant subject line.
Do
use all capital letters when the message is urgent.
Answers
Answer:ok
Explanation:
Debit cards and credit cards are which type of currency?
commodity money
representative money
fiat money
fake money
Answers
g If the price level rises and the money wage rate stays the same, what effect will this have upon labor demanded and production
Answers
Answer:
The quantity of labour demanded increases ad production increases
Explanation:
When price level rises and the money wage rate stays the same, the real money wage rate falls. This makes it cheaper for firms to hire labour. As a result, their demand for labour increases and this leads to an increase in production.
How to account for this $45,000? I think, this could be as Salary or dividend.
When Scott and Allison are in the store, they are the only ones who operate the register. Scott admits that, because he is in too much of a hurry, he sometimes puts the cash in his pocket rather than take the time to ring up the sale. Having cash in hand allows him to pay his babysitter and other personal expenses. Though it was difficult for him to be certain, Scott estimated that transactions worth about $45,000 each year have been handled in this way. Scott confirmed that he has not filed a personal tax return since he started GPP because he has not taken a salary.
Answers
Answer:
Scott should file Personal tax return since he is running his expenses through the money he takes in hand.
Explanation:
Scott will have to file the tax return because he is taking $45,000 as a salary. It does not matter that the salary is run through bank account or through cash but personal tax return filing is necessary. He uses the money to fund his routine expenses and this is to be reported in personal tax filing.
Jimmy export copra to Australia for A $5000 when exchange rate IS KI= A$0.50 What is the total revenue earn from the export?
Answers
The total revenue earned from export is 10,000KI.
To calculate the total revenue earned from the export, multiply the amount of copra exported by the exchange rate.
Given:
Amount of copra exported = A$5000
Exchange rate: 1 KI = A$0.50
Total revenue = Amount of copra exported * Exchange rate
Total revenue = A$5000 * KI/A$0.50
Simplifying the expression:
Total revenue = A$5000 / (A$0.50/KI)
To divide by a fraction, we can multiply by its reciprocal:
Total revenue = A$5000 * (KI/A$0.50)
Calculating the product:
Total revenue = 5,000 * 2KI
Total revenue = 10,000KI
Therefore, the total revenue earned from the export of copra to Australia is 10,000KI.
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The complete income acquired from trade is 10,000KI. To work out the absolute income acquired from the product, duplicate how much copra traded by the swapping scale.
Exchange includes the exchange of labor and products starting with one individual or substance then onto the next, frequently in return for cash. Financial experts allude to a framework or organization that permits exchange as a market.
An early type of exchange, trade, saw the immediate trade of labor and products for different merchandise and services,[1] for example exchanging things without the utilization of money.
Current income merchants by and large haggle through a mode of trade, like cash. Subsequently, purchasing can be isolated from selling, or acquiring. The innovation of cash (and letter of credit, paper cash, and non-actual cash) incredibly streamlined and advanced exchange.
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On July 31, 2017, Crane Company had a cash balance per books of $6, 245.00. The statement from Dakota State Bank on that date showed a balance of $7, 795.80. A comparison of the bank statement with the Cash account revealed the following facts.
1. The bank service charge for July was $16.00.
2. The bank collected $1, 625.00 for Crane Company through electronic funds transfer.
3. The July 31 receipts of $1, 307.30 were not included in the bank deposits for July. These receipts were deposited by the company in a night deposit vault on July 31.
4. Company check No. 2480 issued to L Taylor, a creditor, for $384.00 that cleared the bank in July was incorrectly entered in the cash payments journal on July 10 for $348.00.
5. Checks outstanding on July 31 totaled $1, 965.10
6. On July 31, the bank statement showed an NSF charge of $680.00 for a check received by the company from W. Krueger, a customer, on account.
Prepare the bank reconciliation as of July 31.
Answers
Answer and Explanation:
The preparation of the bank reconciliation is presented below:
cash balance per books $6,245.00
Less Bank Service Charge $16
Less error correction for check No.2480 $36 ($384 - $348)
Add: note receivable collected $1,625
Less: NSF check $680
Adjusted cash book balance $7,138
bank statement balance $7,795.80
Less: Outstanding checks $1,965.10
Add: Deposits in transit $1,307.30
Adjusted bank statement bal. $7,138
True or False: The term “academic training” refers primarily to formal classes taken in school.
Answers
Answer:
False
Explanation:
how is the aggregate supply curve for the economy related to the supply curves of individual producers?
Answers
Answer:
The aggregate supply curve depicts the quantity of real GDP that is supplied by the economy at different price levels. Increases in the price level will increase the price that producers can get for their products and thus induce more output. ...
Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.40 per card, and the cost of printing is $0.10 per card. The company receives $3.75 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Their customers are from the four areas: Los Angeles, Santa Monica, Hollywood, and Pasadena. Based on past data, the number of customers from each of the four regions is normally distributed with mean 2,300 and standard deviation 200. (Assume these four are independent.)
What is the optimal production quantity for the card?
Answers
Answer:
≈ 9644 quantity of card
Explanation:
given data:
n = 4 regions/areas
mean demand = 2300
standard deviation = 200
cost of card (c) = $0.5
selling price (p) = $3.75
salvage value of card ( v ) = $ 0
The optimal production quantity for the card can be calculated using this formula below
= u + z (0.8667 ) * б
= 9200 + 1.110926 * 400
≈ 9644 quantity of card
First we have to find u
u = n * mean demand
= 4 * 2300 = 9200
next we find the value of Z
Z = ( \(\frac{p-c}{p-v}\) )
= ( 3.75 - 0.5 ) / 3.75 = 0.8667
Z( 0.8667 ) = 1.110926 ( using excel formula : NORMSINV (0.8667 )
next we find б
б = 200\(\sqrt{n}\) = 400