The South African Mining Industry is very crucial to it's economy. Transnet is one of it's major players. Given that it had a set budget for the 2021/22 financial year, much of which was supposed to be financed by the mining sector, unfortunately, the sector delivered a shortfall.
If Transnet had performed on its nameplate capacity of 78 million tons rather than the 58 million tons delivered in 2021, the industry would have gained R32 billion in revenue. The sector lost R16 billion in sales by failing to meet its objective of 68 million tons.
Because of the above shortfall, assuming current market prices, more than a third of the R140 billion in tax scheduled to be paid from all South African mining firms.
Who is Transnet?
Transnet SOC Ltd is a significant South African rail, port, and pipeline corporation located in Johannesburg's Carlton Centre.
It was established as a limited business on April 1, 1990. The South African government's Department of Public Enterprises, or DPE, owns the majority of the company's equity.
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The Haines Corporation shows the following financial data for 20X1 and 20X2:
20X1 20X2
Sales $ 3,480,000 $ 3,140,000
Cost of goods sold 2,530,000 2,260,000
Gross profit $ 950,000 $ 880,000
Selling & administrative expense 255,000 261,000
Operating profit $ 695,000 $ 619,000
Interest expense 44,800 49,700
Income before taxes $ 650,200 $ 569,300
Taxes (35%) 227,570 199,255
Income after taxes $ 422,630 $ 370,045
For each year, compute the following ratios and indicate how the change in each ratio will affect profitability in 20X2.
Note: Input your answers as a percent rounded to 2 decimal places.
20X1 20X2 Profitability
a. Cost of goods sold to sales % %
b. Selling and administrative expense to sales % %
c. Interest expense to sales % %
Based on the financial data for Haines Corporation in 20X1 and 20X2, the ratios given of cost of goods sold and selling and administrative expenses are:
20X1 20X2
Cost of goods sold to sales 72.70% 71.97%Selling and administrative expense to sales 7.33% 8.31% Interest expense to sales 1.29% 1.58%How to calculate ratios to sales?20X1
To find the Cost of goods sold to sales, the formula is:
= Cost of goods sold to sales / Sales
= 2,530,000 / 3,480,000
= 72.70%
The Selling and administrative expense to sales:
= 255,000 / 3,480,000
= 7.33%
Interest expense to sales:
= 44,800 / 3,480,000
= 1.29%
20X2:
Cost of goods sold to sales:
= 2,260,000 / 3,140,000
= 71.97%
The Selling and administrative expense to sales:
= 261,000 / 3,140,000
= 8.31%
Interest expense to sales:
= 49,700 / 3,140,000
= 1.58%
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What happens to the equilibrium price and quantity of sugar when consumers learn that sugar
prices will increase next month?
When the equilibrium price of sugar increases, the equilibrium quantity will decrease. This is because price and quantity have an inverse relationship.
A market-clearing price often referred to as an equilibrium price, is the consumer cost associated with a good or service when supply and demand are equal or nearly equal. The manufacturer or vendor is free to transfer as many units as they like, and the consumer is free to access as many units as they like.
It is possible to utilize a mathematical formula to determine the equilibrium price. The equilibrium pricing formula is based on amounts of supply and demand; to find the price, put the quantity demanded (Qd) equal to the quantity supplied (Qs) (P). Here is an illustration of the equation: Qs = -125 + 20P when Qd = 100 - 5P.
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In business writing, one should use third person for presenting pleasant ideas and second person for presenting unpleasant ideas
False. Always use third person for presenting unpleasant ideas.
An effective message communicator develops the message from the receiver's perspective, which is a "you attitude" rather than a "me attitude." The deductive pattern is followed by both good news and routine news messages. Avoid using the second person when stating negative ideas in a written message to project a positive, tactful tone. When presenting unpleasant ideas, always use the third person.
Second-person narration is a relatively uncommon narrative technique in which the action is driven by a character ascribed to the reader, known as you. Writing in third person refers to writing from the perspective of an outsider looking in, and it employs pronouns such as he, she, it, or they.
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Outline the initiative that Woolworths , use to lessen their impact on environment
Woolworths understands that it can have a positive impact on the retail supply chain to make it more sustainable and reduce its carbon footprint. Woolworths' Sustainability Strategy 2007-2015 established a number of targets and commitments for the company to improve its sustainability and reduce its environmental impact by 2015.
Woolworths has launched a number of initiatives and joined a number of programs that promote and aim to have a low environmental impact. Woolworths retail businesses have signed the Kyoto Protocol, an international agreement established by the Framework Convention on Climate Change. The can be defined as an organization that is seen to be using various techniques to reduce their impact on the environment. This initiative helps to make the world a greener place by reducing emissions that are harmful to people's and animals' health. Woolworths uses the following initiatives to reduce its environmental impact: growing greener by lowering emissions, reducing plastic, and sourcing responsibly.
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ASAP Please help and thank you!
Charles, age 45, would like to determine how much life insurance to purchase using the human life value approach. He assumes his average annual earnings will remain at $40,000. Of this amount, $20,912 is available annually for the support of his family. Charles will generate this income for 24 more years and he believes that 5.37 percent is the appropriate interest (discount) rate. What is Charles' human life value? (Round your answer to 2 decimal places)
Charles' human life value will be $249,200.
What is the process of calculating life value?The process of calculation of life value in an insurance is that first of all determine the current income and than subtract the expense, premiums of insurance, and payment of income tax. The third step is recall the number of years of earning which are remaining before the age of retirement .The life value is an economic value which is used to judge the benefit for the reason of avoiding the rate of fatality.
The third step is recall the number of years of earning which are remaining before the age of retirement and than find the discounting factor rate including inflation.The life value is an economic value which is used to judge the benefit for the reason of avoiding the rate of fatality.
Therefore, Charles' human life value will be $249,200.
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critically explain the difference between global objectives and national objectives in business with examples
Every company must aim to achieve national aims and goals. By increasing its operations, business can achieve an objective purpose of reducing global inequities between rich and poor nations.
With examples, critically describe the distinction between global and national corporate objectives. Business's global objectives - By extending its operations, business should contribute to the reduction of inequities between wealthy and developing nations. Businesses should produce goods and services that are highly sought-after in international marketplaces and are globally competitive.Business's national objectives- Every company must aim to achieve societal aims and goals. Create possibilities for people to work in lucrative positions. Give everyone the same opportunities. Produce and supply items in conformity with the government's goals and policies' established priority.What is a business goal?Business objectives are a formal statement of your aspirations as an organization. Business goals typically focus on the key operational elements that contribute to a company's success, such as revenue, operations, productivity, and growth.
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What was sweeten company cost of goods sold for march? (Do not round)
Sweeten Company's Cost of Goods Sold for March was $130,200.
How is the cost of goods sold determined?The cost of goods sold is made up of the costs of direct materials, direct labor, variable manufacturing overhead, and fixed manufacturing overhead.
Data and Calculations:Molding Fabrication Total
Estimated total manufacturing hours 4,000 2,400 6,400
Estimated Fixed manufacturing overhead $16,000 $24,000 $40,000
Estimated variable manufacturing overhead
per machine hour $1.40 $2.20
Job P Job Q
Direct materials $20,800 $12,800
Direct labor 33,600 12,000
Actual Machine Hours:
Molding 2,740 1,280
Fabrication 960 1,420
Total machine hours 3,700 2,700
Units produced 20 30
Predetermined Overhead Rates:Molding Fabrication
Estimated total manufacturing hours 4,000 2,400
Estimated Fixed manufacturing overhead $16,000 $24,000
Predetermined Overhead Rates $4 $10
($16,000/4,000) ($24,000/2,400)
Determination of Applied Overhead Costs:Job P Job Q
Variable Overhead $5,180 ($1.40 x 3,700) $5,940 ($2.20 x 2,700)
Fixed Overhead:
Molding $10,960 (2,740 x $4) $5,120 (1,280 x $4)
Fabrication $9,600 (960 x $10) $14,200 (1,420 x $10)
Fixed Overhead $20,560 $19,320
Total overhead $25,740 $25,260
Determination of Cost of Goods Sold:Job P Job Q Total
Direct materials $20,800 $12,800 $33,600
Direct labor 33,600 12,000 45,600
Variable Overhead 5,180 5,940 11,120
Fixed Overhead 20,560 19,320 39,880
Cost of goods sold $80,140 $50,060 $130,200
Cost per unit $4,007 $1,669
Thus, Sweeten Company's Cost of Goods Sold for March was $130,200.
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You want to open a new checking account and can deposit $150 dollars into the account to open it. You also plan on writing
about 6 to 8 checks a month from the account. Which of the following banks would you choose to open the account with?
Why?
Bank A charges a $6 per month fee when the balance is below $500.00, there are no check fees.
Bank B has no monthly fee and charges 50 cents for each check over three.
Bank C charges a $3 per month fee and charges 25 cents for each check you write.
Answer:
So you deposit $150 in January and 10% more as each month passes by, which if you count, that would be 7 months. When it comes to compound interest, the formula for it is P(1 + r)^t. That means r = interest rate, P = principal, and t = time. In this case, we add 1 to 10% in decimal for. 10% is 0.1 in decimal form. 1 + 0.1 is 1.1. Now, compound 1.1 to the 7th power, because you repeat this 7 times. 1.1^7 is 1.9487171. Don't delete the decimal from your calculator. Now, multiply that decimal by 150 to get the new amount. When you do, you get 292.307565 or 292.31 when rounded to the nearest hundredth. You deposit $292.31 in August.
Explanation:
Which of the following best describes "economic thinking?"
A. How young children are when they learn about spending.
B. The way highly educated people predict the stock market.
C. How people choose what to do with their own money.
D. How people choose to lose their money.
Answer:
b
Explanation:
Answer:
ambitosbhhhhhhhyyyty
In what ways does Tesla address the interests of its stakeholders through its corporate social responsibility strategy? What ethical issues has Tesla faced? What ethical issues is Tesla likely to face in the future? What environmental issues do Tesla products work to address?
Tesla serves the interests of its stakeholders through its corporate social responsibility strategy by demonstrating through its products such as electric cars, its responsibility towards sustainability and reduction of fossil fuels in the atmosphere, these being the environmental issues in which Tesla Tesla is focused.
Regarding the ethical problems that Tesla has faced and will face in the future, it will possibly be in respect of its other processes, as if its sustainability strategy was just a form of green marketing, as the company faced problems with fraud, environmental issues and cool.
What is Corporate Social Responsibility?It is the set of actions developed by a company to promote the development of a place through investments in socio-environmental programs and actions.
Therefore, CSR aims to exceed the socio-environmental measures complied with by law, but rather to create positive value for stakeholders through its processes that transform it into an active agent of society's development.
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why do you think the parents are willing to play such a significate and risky role in there kids admission process.
Answer:
The answer is simple... They want their child to succeed. And if that means paying thousands upon thousands of dollars for their child to go to their dream college to pursue their career, than they are willing to do it.
I also think that in some ways, parents live through their child. By that, I mean providing their kid with the life they themselves never had.
Explanation:
On January 1, Year 2, LCJ Rental Cars purchased a car that is to be used to produce rental income. The car cost $35,000. It has an expected useful life of five years and a $5,000 salvage value. The car produced rental income of $9,000 per year throughout its useful life. Assume LCJ started the Year 2 accounting period with a beginning cash balance of $40,000.
Required:
a-1. Prepare an income statement and a statement of cash flows for Year 2.
a-2. Prepare an income statement and a statement of cash flows for Year 3.
a-3. Prepare an income statement and a statement of cash flows for Year 4.
b. Determine the book value of the car for Year 2, Year 3, and Year 4.
Answer:
On January 1, Year 2, LCJ Rental Cars purchased a car that is to be used to produce rental income. The car cost $35,000. It has an expected useful life of five years and a $5,000 salvage value. The car produced rental income of $9,000 per year throughout its useful life. Assume LCJ started the Year 2 accounting period with a beginning cash balance of $40,000.
Required:
a-1. Prepare an income statement and a statement of cash flows for Year 2.
a-2. Prepare an income statement and a statement of cash flows for Year 3.
a-3. Prepare an income statement and a statement of cash flows for Year 4.
b. Determine the book value of the car for Year 2, Year 3, and Year 4.
A series of advertisements about a certain product or deal
Question 1 options:
A Commercials
B Investment Campaign
C Marketing Campaign
Answer:
investment Campion is your right answer
Angie has two choices for living arrangements when she goes to college. She can choose to live in the dorm, which costs about $450 per month. She can walk to her classes and won’t need a car. She will also have one roommate she doesn’t know. Her other choice is to live in an apartment with two friends from high school. The apartment will cost about $500 per month, and there will be additional expenses like electricity and cable television. It is also about five miles from campus. Use the PACED decision process to decide what Angie should do. Show each step.
To use the PACED decision process and help Angie make her choice between the two living arrangement options when she goes to college, means she must take the following steps:
1. Declare the problem
2. List alternatives
3. Identify criteria
4. Evaluate alternatives
5. Make a decision
The acronym PACED therefore stands for problem, alternatives, criteria, evaluation and decision. So we will use this decision process according to Angie's information and needs.
Problem
Choosing between two living arrangement options when going to college.
Alternatives
She can live in the college dorm that costs $450 a month and can walk to her classes. The other option is to rent an apartment with friends, which will cost U$ 500 and will generate extra expenses with transport, electricity and cable TV.
Criteria
Step used to identify what makes one option better than another. In the option of living in the student dormitory, she would not have extra expenses with transportation, electricity and cable TV, in addition to the rent being cheaper than renting an apartment.
In the option of renting an apartment with friends, the benefits would be related to greater privacy, greater reliability in being with known people and greater comfort.
Evaluation
The option of living in the dormitory can be more advantageous, as it generates a reduction in expenses with rent, transport, food, electricity and time to get to classes.
Decision
The best decision for Angie at the moment would therefore be to live in the student dormitory, as it would be an opportunity to reduce her costs, meet new people and be closer to her college.
Therefore, the PACED method can be advantageous in helping to make more objective and effective decisions for different situations.
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How does the use of these skills help organizations to outperform others in their industry?
Assess how the four functions of management (e.g., planning, organizing, leading, and controlling) are effective in helping organizations meet their goals.
The skills to relate to coworkers and deal well with subordinates provides for the smooth flow of business operations inside the organization. For any organization to prosper and accomplish its goals and objectives, effective management skills are essential.
What are the importance of skills?Leadership qualities contribute to improving an organization's performance. The forerunners of new ideas that can help the organization come up with fresh ones to boost productivity are managers who are strong leaders.
It should be noted that the four functions include:
Planning has to do wifh the planning of decision making.
Organizing has to do with appropriate coordination between planning and resources.
Leading involves motivating employees to achieve organizational goals.
Controlling is simply elated to monitoring and evaluation.
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Bus101 Chapter 5-6 critical thinking questions
Critical thinking questions:
What characteristics made Vic Ahmed a successful entrepreneur?
How did Ahmed and Steven Case’s partnership and shared vision of “Rise of the Rest” serve their business goals?
Is focusing on smaller cities rather than areas like silicon valley a good strategy, why?
The process of actively and successfully conceiving, applying, analyzing, synthesizing, and/or evaluating knowledge as a basis for belief and action is known as critical thinking. It requires intellectual discipline.
Any topic, piece of content, or issue can be thought about using the critical thinking method, which involves expertly analyzing, evaluating, and reconstructing one's own ideas. Self-directed, self-disciplined, self-monitored, and self-corrective thinking are all characteristics of critical thinking.
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Felicia is interviewing a candidate for a supply chain position. What is she most likely looking for in a candidate?
Answer:
“I have worked in supply chain for a number of years now and I feel the experiences I have gained have brought me to the position I am in today, where I am a perfect match for your company.
"I am conscientious, determined, resilient and professional in my approach to my supply chain duties, and I also understand that, without someone performing their duties in this position to a high standard, your organization cannot function effectively.
With me, you will get someone who has a thorough understanding of the supply chain process, an ability to work effectively as part of a team, and also a proven track record of achievement whilst completing difficult tasks whilst under pressure. You should hire me simply because, based on my experience, skills and passion, I am the best person for this job.”
Explanation:
This is something Felicia should look for when interviewing . She needs someone who will have passion and skill and work effectively !
The Faulk Corp. has a bond with a coupon rate of 5 percent outstanding. The Gonas Company has a bond with a coupon rate of 11 percent outstanding. Both bonds have 18 years to maturity, make semiannual payments, and have a YTM of 8 percent. a. If interest rates suddenly rise by 2 percent, what is the percentage change in the price of these bonds? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) b. What if rates suddenly fall by 2 percent instead? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Answer:
5% is your right answer please answer
True or false Five out of seven members of the Board of Cosmetology must have been licensed cosmetologists for at least five years.
Five members of the board must hold valid cosmetology licenses and shall have been working as cosmetologists for at least five years in this state. This statement is TRUE.
A seven-member Board of Cosmetology is established inside the department. Its members will be selected by the governor and confirmed by the Senate, and its job will be to carry out the terms of this act.The rest of the unexpired terms on the board may be filled by the Governor at any time.Each appointee must take the constitutional oath of office and submit it to the Department of State before beginning their duties as board members.The board will choose a chair and vice chair from among its members in the month of January.The board will hold as many meetings as it considers necessary throughout the year, one of which will be the annual meeting.To know more about Cosmetology refer:
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a global economist hired by telecomp, the US-based computer manufacturer in problem in problem
Answer:
Introduction which tells about what is going to be talking about
Entrepreneurs and business owners need to think about and plan for threats like terrorist attacks, economic instability, and even changes in consumer preferences. Fortunately, opportunities are also a constant that the entrepreneur needs to consider. Think of your entrepreneurial endeavor. What opportunities might be on the horizon? How can us best prepare for opportunities in your field? Write a short paragraph explaining your answer.
The opportunities that may be on the horizon are:
Website designingOnline tutoringOnline business, etc.How can us best prepare for opportunities in your field?
The way i can best prepare for the new opportunities is that:
I will research Growth Trends. I will need to fine the Potential area that fit me mostI will also Talk to Other ProfessionalsLearn. Volunteering, Interning, or other and then start mine.Therefore, The opportunities that may be on the horizon are:
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321 ASSIGNMENT 1: Individual Assignment. Discuss the contribution of transportation to the development of the developing countries at a global level with specific focus on the South African economy. {100} In essay format
In emerging countries, transportation is extremely important. The world's richest and most powerful nations have effective transportation infrastructure. Maciulis (2009) cited as an example:
Increasing reliability, improving service quality, and increasing transport capacity are the goals of investments in transportation infrastructure. As a result, transportation expenses were reduced, and transit times were shortened. Additionally, a stronger transportation infrastructure is a must for business growth. Summarizing the previously discussed concepts, we now have increased productivity and competitiveness, which are the foundation of economic growth.
As human needs change, so do transportation facilities. Today, people, food, and finished goods may all be transported using a variety of modes of transportation, including the car, bus, truck, subway, train, ship, and airplane. Transportation has a lot of advantages, but it also has some drawbacks. According to Litman (2012), greenhouse gases from automobiles are responsible for some consequences on human health and the environment, such as climate change.
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I’m doing Economics but I’m not sure of this question.
A terminology which is given to consumers who were willing to pay for a higher price, but don't have to because the equilibrium price has been set lower is: C. consumer surplus.
What is price?Price can be defined as an amount of money which is primarily set by the seller of a good (product), and it must be paid by a buyer (consumer) to the seller, so as to enable the acquisition of this good (product).
What is consumer surplus?Consumer surplus can be defined as an economic measure of the difference between the willingness of consumers to pay for a good (product) at higher price and the equilibrium price or actual price paid by the consumers.
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Complete Question:
What is the term given to consumers who were willing to pay for a higher price, but don't have to because the equilibrium price has been set lower?
A. Market failure.
B. Quantity excess.
C. Consumer surplus.
D. Consumer drop.
How do you differentiate a letter from a memo?
Answer:
memo refers to a short message, written in a informal tone for interoffice circulation of the information. letter are a verbal communication , that contains a compressed message, conveyed to the party external to the business, departments, units or superior-subordinate within the organization.
assignments. If you have questions about how to cite written course material from Canvas, please visit this
page.
Review the rubric for grading details before you begin. Clearly answer each question in complete sentences.
Answer the following:
1. What are the Satisfactory Academic Progress (SAP) standards at EGCC? Provide the specific
benchmarks.
2. Why is SAP important?
3. Explain what it means to drop a course during the drop period. When can this be done?
4. Explain what it means to withdrawal from a course. What is the withdrawal process and how
does it affect SAP?
5. Explain the procedure for non-attendance drops during the drop period.
6. How does not attending a course after the drop period affect SAP if the proper withdrawal
procedure is not followed?
Submit Assignment
According to the Standard for Qualitative Satisfactory Academic Progress, a student is said to be meeting the qualitative component of SAP, which is a "C" average, if they have earned a 2.0 cumulative grade point average (CGPA).
What is the Standard for Qualitative Satisfactory Academic Progress about?A certificate or degree candidate who successfully completes all required coursework has made satisfactory academic progress (SAP). The Office of Student Financial Aid is required by federal requirements to keep tabs on the academic performance of students who are receiving financial aid.
Standards for Satisfactory Academic Progress (SAP) make sure you're effectively finishing your education so you can keep receiving financial help. All students who receive financial aid must adhere to SAP requirements.
Dropping a course during the drop period refers to dropping out of a course by a specific date. The majority of universities will provide you precise dates for adding and dropping classes.
It should be noted that once you droppel a class, you no longer have to attend it, and you will no longer receive a grade in that course.
All financial aid obtained for the semester or summer term must be repaid in full by students who never showed up for any of their classes and did not turn in any homework. Once a student has registered for a class, their obligation to pay the tuition is not absolved by their absence.
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Do you think installing an experienced female CEO would help the company change its culture and workplace environment?
Answer:
yes
Explanation:
Woman have much more to offer and have better understanding than men
More loans can be made by lenders things to the availability of
Answer:
Secondary mortgage market
Explanation:
If this helps, please sub to Urfavshawtii on yt it would mean a lot thank you
Consider the difference between “supply” and “quantity supplied.” Select the change in only quantity supplied: (select all that apply)
More store-brand cereals were sold during 2020 when income decreased due to the pandemic-induced recession
More laptop computers were sold when technological innovation lowered the cost of producing batteries
More gasoline was sold when buyers and sellers expected higher gas prices in the near future
More Uber rides were taken when people switched from driving taxis to driving for Uber in NYC
More veterinary services were consumed during 2020-2021 as people acquired “pandemic dogs and cats”
The following would lead to a change in quantity supplied :
More store-brand cereals were sold during 2020 when income decreased due to the pandemic-induced recession.
More veterinary services were consumed during 2020-2021 as people acquired “pandemic dogs and cats”
What is a change in quantity supplied?
There is a change in quantity supplied if the price of that good either increases or decreases. The quantity supplied increases when price increases and decreases when price decreases.
This indicates that there is a positive relationship between price and the quantity supplied. A change in quantity supplied leads to a movement along the supply curve - either upward or downward.
There is a change in supply when other factors other than the price of the good changes. For example, a change in the number of suppliers, change in the cost of production would lead to a change in supply. When there is a change in supply, the supply curve should shift either inwards or outwards.
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The Labour Relations Act provides that every employee has the right not to be unfairly dismissed. Discuss this statement (Refer to section 185 of the LRA) (20)
The National Labor Relations Act ("NLRA"),
National labor relation act approved by Congress in 1935,made it plain that the United States' objective is to promote collective bargaining by upholding employees' complete freedom of organization. By giving workers in private-sector companies the fundamental right to demand better working conditions and choice of representation without fear of punishment, the NLRA safeguards workplace democracy. Section 1. Strikes and other forms of industrial conflict or unrest have the intention or necessary effect of impeding or obstructing commerce by (a) affecting the effectiveness, safety, or operation of the instruments of commerce; (b) occurring as a result of (a) the denial by some employers of the right of employees to organize and the refusal by some employers to accept the procedure of collective bargaining in the flow of commerce; (c) materially affecting, restricting, or controlling the flow of raw materials or manufactured or processed goods from or into the channels of commerce, or the prices of such materials or goods in commerce; or (d) causing a decline in employment and wages in a quantity that significantly affects or disrupts the market for goods flowing from or into the channels of commerce.
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Sharp Company manufactures a product for which the following standards have been set:
Standard Quantity of Hours Standard Price or Rate Standard Cost
Direct materials 3 feet $ 11 per foot $ 33
Direct labor ? hours ? per hour ?
During March, the company purchased direct materials at a cost of $111,300, all of which were used in the production of 3,200 units of product. In addition, 4,900 direct labor-hours were worked on the product during the month. The cost of this labor time was $95,550. The following variances have been computed for the month:
Materials quantity variance $ 4,400 U
Labor spending variance $ 450 F
Labor efficiency variance $ 2,000 U
Required:
1. For direct materials:
a. Compute the actual cost per foot of materials for March.
b. Compute the price variance and the spending variance.
2. For direct labor:
a. Compute the standard direct labor rate per hour.
b. Compute the standard hours allowed for the month’s production.
c. Compute the standard hours allowed per unit of product.
The actual cost per foot of materials for March is $11.13
The standard hours allowed for the month’s production is $1,300 U
The standard hours allowed per unit of product is 4,796 hours
What is material quantity variance?
Material quantity variance can be determined as the difference between actual quantity and standard quantity multiplied by the standard price of material
Material quantity variance = (Standard quantity - Actual quantity) * Standard rate
material quantity variance=-$4,400
standard quantity for 3,200=3200*3 feet=9,600
actual quantity=x
standard rate=$11 per foot
-$4,400=(9600-x)*$11
-$4,400/$11=9600-x
-400=9600-x
x=9600+400
x=actual quantity=10,000
actual cost per foot of materials for March=$111,300/10,000
actual cost per foot of materials for March=$11.13
Direct material price variance = (Standard price - Actual price) * Actual quantity
Direct material price variance = ($11-$11.13)*10000
Direct material price variance = -$0.13*10,000
Direct material price variance =$1,300 U
Direct material spending variance = (Units produced * Standard cost) - Total cost of direct materials
Direct material spending variance = (3,200*33)-$111,300
Direct material spending variance =$105,600-$111,300
Direct material spending variance =$5,700U
Labor rate variance = Labor spending variance - Labor efficiency variance
Labor rate variance =$450-$2000
Labor rate variance =$1,550U
Labor rate variance = (Standard labor hour rate - Actual labor hour rate) * Actual hours worked or
-$1550 = (Standard labor hour rate - $95,550/4900)*4,900
-$1550=(Standard labor hour rate-$19.50)*4900
-$1550/4900=Standard labor hour rate-$19.50
Standard labor hour rate=$19.50-($1550/4900)
Standard labor hour rate =$19.18
Labor efficiency variance = (Standard hours allowed for actual production - Actual hours worked) * Standard hourly rate
-$2000 = (Standard hours allowed for actual production-4900)*$19.18
-$2000/$19.18=Standard hours allowed for actual production-4900
-104=Standard hours allowed for actual production-4900
Standard hours allowed for actual production=-104+4900
Standard hours allowed for actual production=4796 hours
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