ACCT6273 ACCOUNTING QUIZ 4 QUESTIONS. MUST BE DONE IN 90 MINUTES!!!
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Quiz
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- You are expected to complete the quiz in 90 minutes.
- Once you start, you can temporarily stop and then continue, but the clock will NOT stop running.
- The quiz will be presented in a Microsoft Word document format. Please be sure to make all necessary accommodations to allow access to this type of document.
- Below each question, there will be an area for your answer. Where calculations are involved, show all of your work, including formulas where they were used.
- Before you begin, have your working tools easily accessible.
- If you prefer to do some of your work in Excel, you must import (for example, copy and paste special (value)) the work to the Quiz 1 document which is in Word. Where calculations are involved, you must show all of your work, including formulas, in the Word document. You must submit the Word Document.
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1
Name: ______________________________
(print or type)
Quiz #1
ACCT 6273
There are 100 points on this quiz. Show your formulas and your work to receive partial
credit. There is no partial credit for multiple choice or True/False.
Problem 1
FunToys is introducing a new game. The expected costs for this game are as follows:
Variable Manufacturing Expenses
Fixed Manufacturing Expenses
Variable Selling and Admin Expenses
Fixed Selling and Admin Expenses
$15 per unit
$10,000 per year
$3 per unit
$5,000 per year
The expected selling price is $20 per unit.
a. Compute the contribution margin per unit. [5 points]
Answer: ______________
b. Compute the breakeven point in units. [10 points]
Answer: ______________
c. Compute the number of units which must be sold to earn $20,000 profit. [5 points]
Answer: _____________
2
d. Due to its excellent brand reputation and brand recognition, FunToys expects that it will
sell 25,000 new games without spending anything on advertising for these games.
However, if FunToys spends $25,000 on advertising for the games, an additional 20,000
games are expected to be sold. Should FunToys spend $25,000 on advertising?
(Circle (or highlight) one) [5 points]
Yes
No
Explain why: [5 points]
e. If FunToys increases the price for this new game to $22 per game, do you expect the
breakeven for the game to be greater than, or less than, the breakeven that you calculated
in question 1b, above?
(Circle (or highlight) one) [5 points]
Greater than
Explain why without using calculations: [5 points]
Less than
3
f. Prepare a Contribution Margin Income Statement assuming that FunToys sets the price
for the new game at $22, and that they sell 15,000 units. [10 points]
4
Problem 2
Contribution Margin Income Statements for Alpha Company and Beta Company are below:
Revenue
Less: Variable Cost
Contribution Margin
Less Fixed Cost
Net Income
Alpha
$100,000
20,000
80,000
75,000
$ 5,000
Beta
$100,000
75,000
25,000
20,000
$ 5,000
Assuming sales increase by $1,000, determine if each of the following statements is True or
False. Circle (or highlight) the correct answer. [5 points each for a total of 20 points]
a. Alpha’s net income will be more than Beta’s net income.
True
False
b. Beta’s net income will increase by $200.
True
False
c. Both companies will experience an increase in profit.
True
False
d. Alpha’s net income will increase by $800.
True
False
5
Problem 3
1. Dodge Company expected to sell 150,000 games during the month of November. The
following budgeted data are based on that level of sales:
Revenue (150,000 games)
Variable cost
Fixed manufacturing cost
Fixed selling and administrative cost
Net operating income
$2,400,000
1,425,000
250,000
500,000
$225,000
Dodge’s actual sales during November were 180,000 games. What should the net
operating income during November have been? (Circle or highlight one) [5 points]
a. $450,000
b. $270,000
c. $420,000
d. $510,000
2. Kritzberg Company sells a product at $60 per unit that has unit variable costs of $40. The
company’s breakeven sales is $120,000.
How much profit will the company make if it sells 4,000 units? (Circle or highlight one)
[5 points]
a. $40,000
b. $80,000
c. $120,000
d. $240,000
6
3. Once sales reach the breakeven point, each additional unit sold will: (Circle or highlight
one) [10 points]
a. increase fixed costs by a proportionate amount
b. reduce the margin of safety
c. increase profit by the contribution margin per unit
d. decrease variable costs per unit
7
Problem 4
Golden Gloves Corporation manufactures and sells boxing equipment. Recent marketing
activity caused a 20% increase in the number of units produced and sold. What is the impact of a
20% increase in volume on fixed cost per unit and total variable cost? (Circle or highlight the
correct answer) [10 points]
Fixed cost per unit
Total variable cost
a.
No change
No change
b.
Decrease
Increase
c.
Decrease
No change
d.
Decrease
Decrease
e.
Increase
No change
f.
Increase
Increase
g.
Increase
Decrease
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First of all, you can open capstone 1 and 2 ,3,4 file. Then you read capstone 1 ,2 ,3,4 projects. last, you can do capstone 5, you just only write same company. You can just only write one pager.1 Choice of Company and PositionMy company of choice is Home Depot. This is because home depot is the largest home improvement retailer in the United States; closely followed by Lowes, the company has retail outlets in the United States, Canada and Mexico (Hernandez, 2013). Headquartered in Atlanta, Georgia, the company is the supplier of building materials to most contractors in North America.Choice of Position and Title in the Organization My position in the company will be vice president, human resources and customer relations. Since I will be reporting to the CEO, my duties will include making the right decisions on customer service and employee welfare. It is quite evident that home depot can be the largest home improvement retailer in the world in a situation where the human resource function and customer service functions are prioritized Campbell, Edgar & Stonehouse (2011). On my moral obligation as the person in charge of customer relations and human resources in the company, I will embark on a strategy that will improve both customer-employee relations while promoting sales. For instance, home depot has been experiencing a very high rate of customer turnover to the competitor. Lowes. Again, the company has been losing the customer base to strong online competitors like lowes, Walmart and Amazon. 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The main clients that the company deals with include construction companies, individual people, Supermarkets, and home developing companies. These companies have required raw materials that they use in the construction projects they have. Some require the goods and services we offer so that they can carry out repair exercises in some of their ongoing projects.Customer fundamental skill and improving employee skillsThe six customer fundamental skills include; good communication with the customers, patience in dealing with different types of customers, proper knowledge of the products that one is selling, excellent time management, ability to multitask, and the ability or desire to learn. These skills may be improved in a number of ways, such as rewarding the best performing employees, training the employees on some of these skills, and coming up with ways to motivate the employees. When these skills are improved, customers will be able to get enough information and quality services. 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Values like respect among all people, excellent customer service, and giving back to communities and society” (Ferguson, 2017). The company’s aspiration highlights the highest level of services offered in the market at a competitive price. Therefore, the company’s employees need to align with the company’s aspiration base on customer retention and sustaining customer loyalty; these include:At Home Depot, we will set up customer expectations such as fast response and inquiries, a simple purchasing process, and interaction.We at Home Depot will build trust through good relationshipsAt Home Depot, we will use modern technology such as automation to re-engage customers (data quality and integration).At Home Depot, we will improve KPIs around the customer service in the organization (conversion rate, response rate, action per engagement).The company will initiate some strategic improvements on retaining customers in the market to enhance the attainment of the company’s aspirations. Here some of the service strategy that Home Depot will deploy:Using the best communication channels convenient for customers such as emails, social media, webchat, and phone calls (Ripton, 2021).Develop a reward program in the organization that would motivate the employees to give their best in service delivery.Enhancing to seek out customer feedback to improve retaining customer loyalty through different channels and surveys.Being flexible with different payment plans and methods to attack and retain customers (Ripton, 2021).Training to enhance customer services skill sets that would enhance retention and customer loyalty in the organization (Ripton, 2021).The company would implement these service strategies of customer loyalty and retention through the following:Engage all the stakeholders (vendors, leaders, managers, employees, customers) based on the policy statement to enhance the organizational culture.Provide training to the employees concerning marketing, communication skills, and PR to improve customers’ loyalty and retention index.Conduct organization surveys and research on the customer’s behaviour and satisfaction with its products and services (Ripton, 2021).Allocate enough resources to enhance training and purchase essential products to enhance customers’ loyalty and retention services.The most critical problem recorded for this company is the slow and inadequate recorded responses to customer inquiries. The customer service representative in this company is critical for its operations. With an increased turnover shown by the customer service representatives, this company faces unpredicted challenges that may negatively influence its performance. The Home Depot Company further has a low customer retention rate which affects its future sales. The other challenge experienced in this company is increased billing errors. The management's failure to create tools that may ensure accuracy in the operations has for a long time affected how this company operates, thus challenging the production and distribution of various products (Leng et al., 2020). Slow response time to the customer inquiries and the low client retention rates in those firm are the main problems faced in the company with a notable effect on how this company attains most of the objectives. The company's realization of most of the goals depends on its relationship with the customers. Due to the slow responses in addressing the customers’ needs and specifications, many customers opted to purchase from other organizations that offer related products. The economic effect associated with this is that the sales volume reduces, thus influencing the financial and other operations. The low client retention rate influences sales and production departments. Among the factors that contribute towards the low retention rate, the failure to make the necessary improvement has led to this challenge.To put this company at the forefront in solving the mentioned issues and realizing the stated goals, the management needs to create quality measures to allow the customers to develop a positive image. One of the approaches that the company needs to embrace is through the provision of the proper training to the employees. The employees are involved with the production of these products and interacting with the customers. With the employees' proper training, they can prioritize the organizational needs and customer specifications with a significant effect and address them. Further, ensuring that the employees have the right resources could make it possible for effective problem management.The customers may use various measures to communicate to the management and pass information concerning their challenges (Prohl & Kleinaltenkamp, (2020). Through the company's involved stakeholders, the company will need to create a communication form that may give the customers chances to interact with the company and raise a concern about the problems experienced with the products they purchase and what they may want the company to do about the issues. Most of the customers who leave the company to purchase products offered by other organizations could be doing it due to the needed products' inaccessibility. 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This week’s assignment builds on the proposal you submitted last week. Using the target audience and product or service ...
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Exploratory Case Study.edited.edited
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First of all, you can open capstone 1 and 2 ,3,4 file. Then you read capstone 1 ,2 ,3,4 projects. last, you can do capston ...
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First of all, you can open capstone 1 and 2 ,3,4 file. Then you read capstone 1 ,2 ,3,4 projects. last, you can do capstone 5, you just only write same company. You can just only write one pager.1 Choice of Company and PositionMy company of choice is Home Depot. This is because home depot is the largest home improvement retailer in the United States; closely followed by Lowes, the company has retail outlets in the United States, Canada and Mexico (Hernandez, 2013). Headquartered in Atlanta, Georgia, the company is the supplier of building materials to most contractors in North America.Choice of Position and Title in the Organization My position in the company will be vice president, human resources and customer relations. Since I will be reporting to the CEO, my duties will include making the right decisions on customer service and employee welfare. It is quite evident that home depot can be the largest home improvement retailer in the world in a situation where the human resource function and customer service functions are prioritized Campbell, Edgar & Stonehouse (2011). On my moral obligation as the person in charge of customer relations and human resources in the company, I will embark on a strategy that will improve both customer-employee relations while promoting sales. For instance, home depot has been experiencing a very high rate of customer turnover to the competitor. Lowes. Again, the company has been losing the customer base to strong online competitors like lowes, Walmart and Amazon. To counteract this problem and propel home depot to greater heights, I will do the following:Ensure all employees in the company are trained on the delivery of quality customer service Reward our skilled and experienced sales specialists with better employee benefits and promotions to available management positionsIncrease the rate of tuition reimbursement for the employees pursuing degree programs from 50 percent to a hundred percent, as long as they pass their academic programsDevelop the online shopping portal and ensure that even customers ordering items from out of the United States can have their merchandise delivered promptlyIncrease the level of safety in the stores by retraining the lot attendants and ensuring the stores are kept clean, free of debris and spills Motivate employees by recognizing employees who go the extra mile in customer service by awarding them an employee of the month awards.2 External customers and their specific needsHome Depot deals in supplies of building materials to the different customers in the United States of America. 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Therefore, the firm's performance would improve as a result ("Foundations of Six Sigma: Customer and processes," 2017).SWOT analysisThe SWOT analysis tool can help improve the services and general performance of the firm (Phadermrod et al., 2019). As a manager, one needs to identify and know the strengths, weaknesses, opportunities, and threats that his or her firm is likely to face and act accordingly. The strengths of the existing structure, such as having a base of loyal customers, will need to build upon. Opportunities such as expanding on the online platform will also be crucial to help keep up with competition and eliminate the threats that competitors pose to the business.3 The policy statement of Home Depot is to maintain profitability in its home improvement business. The company’s vision is to “create a company that would keep alive the values that were important to us. Values like respect among all people, excellent customer service, and giving back to communities and society” (Ferguson, 2017). The company’s aspiration highlights the highest level of services offered in the market at a competitive price. Therefore, the company’s employees need to align with the company’s aspiration base on customer retention and sustaining customer loyalty; these include:At Home Depot, we will set up customer expectations such as fast response and inquiries, a simple purchasing process, and interaction.We at Home Depot will build trust through good relationshipsAt Home Depot, we will use modern technology such as automation to re-engage customers (data quality and integration).At Home Depot, we will improve KPIs around the customer service in the organization (conversion rate, response rate, action per engagement).The company will initiate some strategic improvements on retaining customers in the market to enhance the attainment of the company’s aspirations. Here some of the service strategy that Home Depot will deploy:Using the best communication channels convenient for customers such as emails, social media, webchat, and phone calls (Ripton, 2021).Develop a reward program in the organization that would motivate the employees to give their best in service delivery.Enhancing to seek out customer feedback to improve retaining customer loyalty through different channels and surveys.Being flexible with different payment plans and methods to attack and retain customers (Ripton, 2021).Training to enhance customer services skill sets that would enhance retention and customer loyalty in the organization (Ripton, 2021).The company would implement these service strategies of customer loyalty and retention through the following:Engage all the stakeholders (vendors, leaders, managers, employees, customers) based on the policy statement to enhance the organizational culture.Provide training to the employees concerning marketing, communication skills, and PR to improve customers’ loyalty and retention index.Conduct organization surveys and research on the customer’s behaviour and satisfaction with its products and services (Ripton, 2021).Allocate enough resources to enhance training and purchase essential products to enhance customers’ loyalty and retention services.The most critical problem recorded for this company is the slow and inadequate recorded responses to customer inquiries. The customer service representative in this company is critical for its operations. With an increased turnover shown by the customer service representatives, this company faces unpredicted challenges that may negatively influence its performance. The Home Depot Company further has a low customer retention rate which affects its future sales. The other challenge experienced in this company is increased billing errors. The management's failure to create tools that may ensure accuracy in the operations has for a long time affected how this company operates, thus challenging the production and distribution of various products (Leng et al., 2020). Slow response time to the customer inquiries and the low client retention rates in those firm are the main problems faced in the company with a notable effect on how this company attains most of the objectives. The company's realization of most of the goals depends on its relationship with the customers. Due to the slow responses in addressing the customers’ needs and specifications, many customers opted to purchase from other organizations that offer related products. The economic effect associated with this is that the sales volume reduces, thus influencing the financial and other operations. The low client retention rate influences sales and production departments. Among the factors that contribute towards the low retention rate, the failure to make the necessary improvement has led to this challenge.To put this company at the forefront in solving the mentioned issues and realizing the stated goals, the management needs to create quality measures to allow the customers to develop a positive image. One of the approaches that the company needs to embrace is through the provision of the proper training to the employees. The employees are involved with the production of these products and interacting with the customers. With the employees' proper training, they can prioritize the organizational needs and customer specifications with a significant effect and address them. Further, ensuring that the employees have the right resources could make it possible for effective problem management.The customers may use various measures to communicate to the management and pass information concerning their challenges (Prohl & Kleinaltenkamp, (2020). Through the company's involved stakeholders, the company will need to create a communication form that may give the customers chances to interact with the company and raise a concern about the problems experienced with the products they purchase and what they may want the company to do about the issues. Most of the customers who leave the company to purchase products offered by other organizations could be doing it due to the needed products' inaccessibility. Therefore, the approach that would help this company solve the issue mentioned above and promote its operational and financial performance would be to increase the outlet number. This plan will increase the availability of the products in the market.
AHA Marketing Mix Analysis
This week’s assignment builds on the proposal you submitted last week. Using the target audience and product or service ...
AHA Marketing Mix Analysis
This week’s assignment builds on the proposal you submitted last week. Using the target audience and product or service you identified in your proposal, create a marketing mix for launch. Define your product, price, place, and promotion using the criteria below. Include how you will measure success. This will end up being part of your final marketing plan (due Week 7) so write for your intended professional audience. Marketing Mix Criteria:Product/Service:What need does the product or service satisfy for the customer? What features does it have to meet these needs? How and where will the customer use it?What does it look like? Think size, colors, materials, etc. What will it be called?How is it differentiated versus your competitors?PlaceWhere will buyers get your product or service?How can you access the right distribution channels?Do you need to use a sales force? Or attend trade fairs? Or make online submissions? Or send samples to catalog companies?How can you differentiate from the competition?PriceWhat is the value of the product or service to the buyer?What pricing strategy will you use?How will your price compare with your competitors?PromotionWhere and when can you get your marketing messages across to your target market?Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards? By using direct marketing mailshots? Through PR? On the internet?When is the best time to promote? Is there seasonality in the market? Are there any wider environmental issues that suggest or dictate the timing of your market launch or subsequent promotions?How do your competitors do their promotions? And how does that influence your choice of promotional activity?Source: https://www.mindtools.com/pages/article/newSTR_94....NOTE: This assignment directly related to Product or Service Proposal from last week.
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American Public University Sustainable Business Practices Stonyfield Case Study
Prompt: Review the case entitled "Chapter 13 Case: Strategic Mission-Driven Sustainable Business: "Stonyfield Yogurt" " in the Sustainable Business Case Book. Analyze the case responding to the following questions:
List three to five main contributing factors in Stonyfield's success. Discuss how these factors led to Stonyfield's success. What, if any, specific aspects of Stonyfield's contributing factors, sustainability mission, strategies, and approaches have the greatest potential for transferability to other businesses?
Throughout the case there are several examples where a sustainability action has positive and negative implications. Discuss the powdered milk and PLA cup decisions in terms of features and benefits.
Are Gary Hirshberg's "hard-headed" conclusions little more than moral platitudes or are they really hard-earned, practical, positive (e.g., what is), and normative (e.g., what should be) lessons on how to globally scale sustainable products benefit of the plant, people, and profits? Find two or three examples of how other companies have applied Hirshberg's conclusions on a global scale to benefit the planet.
Corporations are important elements of the communities in which they operate. As a corporate citizen, an organization should be moved to interact with and contribute to its local, regional, national, and global communities, especially as related to environmental, health, and business issues. Describe Stonyfield's resulting corporate partnerships. Note operational strategies, tools, or methods used to foster corporate citizenship within the local and extended corporate community. Explain how sustainability principles are demonstrated by management and encouraged throughout the organization.
FIU Chapter 5 Cornerstones of Managerial Accounting 6th Ed Essay
Read Chapter 5 of your Cornerstones of managerial Accounting 6th ed. and write a 1,000-word essay that covers the followin ...
FIU Chapter 5 Cornerstones of Managerial Accounting 6th Ed Essay
Read Chapter 5 of your Cornerstones of managerial Accounting 6th ed. and write a 1,000-word essay that covers the following topics:-Explain the differences between process costing and job-order costing.-Explain the differences between actual costing and normal costing.-What is the job order cost sheet?-What is a materials requisitions form and a time ticket?MUST INCLUDE A COMPREHENSIVE CONCLUSION.MUST INCLUDE AT LEAST 5 EXTERNAL REFERENCES WITH IN-TEXT CITATIONSDO NOT COPY AND PASTE - PLAGIARISM WON'T BE ACCEPTABLEMUST USE APA STYLE
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