Economy of the Ming Dynasty The economy of the Ming Dynasty (1368-1644) of China was the largest in the world during that period. It is regarded as one of China’s three golden ages (the other two being the Han and Song periods). The period was marked by the increasing political influence of the merch ants‚ the gradual weakening of imperial rule‚ and technological advances. Monetary system Despite issuing paper money in the early part of the dynasty‚ the Ming ended up using silver as a means of
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CHAPTER 9 PROFIT PLANNING AND BUDGETING Questions‚ Exercises‚ Problems‚ and Cases: Answers and Solutions 9.1 See text or glossary at the end of the book. 9.2 A cost center is a responsibility center in which management is responsible only for costs. In a profit center‚ management is responsible for both costs and revenues. 9.3 An investment center is a responsibility center in which management is responsible for managing costs‚ revenues‚ and assets. A profit center is not responsible
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labor is $4.00 per unit‚ variable manufacturing overhead is $6.00 per unit‚ and fixed costs are $12‚000 for the units produced‚ then what would be the cost assigned to 2‚000 of units in ending inventory? If direct materials are $8.00 per unit‚ direct labor is $4.00 per unit‚ variable manufacturing overhead is $6.00 per unit‚ and fixed costs are $12‚000 for 6‚000 units produced‚ what is the total cost per unit under throughput costing? Under throughput costing‚ are product costs higher or lower
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year the Espada had introduced genuine four-seater capacity to the marque. 1970 saw the Islero replaced by the similar Jarama whilst two years later the V8 Urraco entered another market segment‚ that of the ’small’ supercar. Also in 1972 Lamborghini sold 51% of his company to a Swiss businessman‚ with the remaining 49% going to another Swiss in 1974. The latter year saw the Countach revealed in production form complete with 4-litre mid-mounted V12 and brutal‚ angular styling. Production continued until
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You can get a CPU (cost per unit) by dividing your total coat by units sold and you can do the same for revenue then subtract your cost per unit from your revenue per unit to get an average profit per unit as well. A corporation can use this information to determine its course of action to best maximize ROI (return on investment)
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economy. 2. The total expenditure on the economy’s output of goods and services. Why? Because for the economy as a whole‚ income must equal expenditure “for every buyer‚ there must be a seller.” GDP is the market value of al final goods and services produced within a country in a given period of time. I will explain this definition precisely. GDP is the market value “GDP measures all goods in terms of their market value; you can’t compare apples and oranges. If an apple costs twice as much as an orange
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treatment of the slaves‚ slave behavior‚ and the voyages. In contrast to popular opinion‚ the majority of slaves brought to America were sold by other Africans‚ not captured by Europeans. Many of the tribes in Africa’s economy depended souly on the slave trade to provide income. Slaves could have gotten on the ship by committing juvenile crimes like stealing to being sold by their own families for a profit. The main source of slaves‚ though‚ was
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TASK 1: Cost Classification and Ethics The Sorrel Pharmaceuticals Corporation manufactures a variety of drugs that are marketed internationally. Inventories on May 31 and June 30 were as follows: May 31 June 30 Materials Inventory $354‚100 $327‚400 Work in Process Inventory 112‚600 116‚400 Finished Goods Inventory 138‚500 142‚800 Purchases of materials for June were $142‚600. Direct labor costs were incurred and computed on the basis of 27‚000 hours at $8 per hour. Actual overhead costs incurred
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Work-in-process‚ ending 0 Cost of goods sold 12‚000 Finished goods‚ beginning 1‚200 Finished goods‚ ending 1‚400 What is the total amount of conversion costs? a. $5‚500 b. $5‚900 c. $6‚100 d. $6‚500 ANSWER: Choice "d" is correct. Conversion costs (labor and overhead) are equal to $6‚500 and are derived from the relationship between the finished goods and work in process inventory. 1. Beginning ($1‚200) and ending ($1‚400) finished goods inventory and cost of goods sold ($12‚000) are used to squeeze
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Case study #1 1. Prepare a variable- costing income statement to determine the profitability of the Costco opportunity. Costco Wholesale Corporation Variable-costing Income Statement For two months Volume level 30‚000 45‚000 60‚000 Sales @ $4.25 per pound $127‚500.00 $191‚250.00 $255‚000.00 Less: Variable expenses: Salmon fillet cost @ $3/pound $90‚000.00 $135‚000.00 $180‚000.00 Repackaging labor @ $9/hour‚ repackage 75 pound/ hour $3‚600.00 $5‚400
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