BUSINESS COLLEGE

The Museum of America is preparing for its annual appreciation dinner for contributing members. Lastâ year, 525 members attended the dinner. Tickets for the dinner were $ 24 per attendee. The profit report for lastâ year's dinner follows. Ticket sales $12,600

Cost of dinner 15,300

Gross Margin 2,700

Invitations and paperwork 2,500

Profit (loss) $ 5,200

This year the dinner committee does not want to lose money on the dinner. To help achieve itsâ goal, the committee analyzed lastâ year's costs. Of the â$15,300 cost of theâ dinner, â$9,000 were fixed costs and â$6,300 were variable costs. Of the â$2,500 cost of invitations andâ paperwork, â$1,975 were fixed and â$525 were variable.

Requirement:

1. Prepare last year's profit report using the contribution margin format.

Answers

Answer 1
Answer:

Answer:

Contribution Margin                                       $ 5775

Net Loss                                                          ( $ 5,200 )

Explanation:

Ticket sales                                                    $12,600

Less

Variable Costs

Cost of dinner

Variable Costs ( 15,300- 9000)                     $ 6,300

Invitations and paperwork (variable costs)  $ 525

Less Fixed Expenses

Cost of dinner   (fixed  costs)                       $ 9000

Invitations and paperwork (fixed  costs)      $ 1975

Net Loss                                                          ( $ 5,200 )

Contribution Margin is obtained by deducting variable costs from sales and then the profit or loss is obtained by deducting fixed costs from the contribution margin.

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Answers

Answer:

The correct answer here is option b.

Explanation:

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With the shift in the demand curve, the quantity of labor hired would increase as well. With no change in labor supply, the wage rate will increase as well.

Which type of real option allows the output and/or inputs in the production process to be altered, depending on how market conditions change during a project’s life? a. Flexibility option b. Timing option c. Abandonment option

Answers

Answer:

correction option is A i.e. Flexibility option

Explanation:

correction option is A i.e. Flexibility option

flexibility option make easier for corporation unit to decide on production or raw material on the basis of market condition.

Abandonment option - As the name indicate this option initiate when corporation suffered huge lost or when there is a conditioned of  minimum cash flow due to any reason.

Answer:

B

Explanation:

Timing option makes it possible to alter inputs or outputs in production process.

Suppose there is a policy debate regarding the United States’ imposing trade restrictions on imported steel rods. Read the following scenario and answer the question that follows.
The president of the United States argues that the United States should threaten to impose a tariff on Chinese steel rods in order to induce the Chinese to remove its tariff on American cars.
Which of the following justifications is the pundit using to argue for the trade restriction on steel rods?

a. National-security argument
b. Infant-industry argument
c. Jobs argument
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Answers

Jobs argument justifications is the pundit using to argue for the trade restriction on steel rods

Explanation:

A main argument often put forward to curb trade would be that trade decreases the amount of jobs domestically available.

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Answers

Answer:

Direct material= $340

Explanation:

Giving the following information:

Direct labor $540

Beginning work in process inventory $330

Ending work in process inventory $420

Cost of goods manufactured $1620

Manufacturing overhead $830

To calculate the direct material used in production, we need to use the following formula:

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

1,620= 330 + DM + 540 + 830 - 420

Direct material= $340

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Answers

Answer:

b. short-term business decisions.

Explanation:

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Answers

Answer:

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Explanation:

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