If On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022. The necessary adjusting entries at its year-end of December 31, 2021. is: Debit Deferred Service Revenue $4,000, Credit Revenue $4,000.
Journal entriesDebit Deferred Service Revenue $4,000
Credit Revenue $4,000
(To record Revenue recognized)
Debit Advertisement Expense $2,300
Credit Prepaid Advertisement $2,300
($4,600/40×20)
(To record expense recognized)
Debit Employees Salaries $16,000
Credit Outstanding Employees Salaries $16,000
(To record expense and liability )
Debit Interest expense $1,600
Credit Interest Liability $1,600
[($60,000×8%) / 12× 4]
Therefore If On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022. The necessary adjusting entries at its year-end of December 31, 2021. is: Debit Deferred Service Revenue $4,000, Credit Revenue $4,000.
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The complete question is:
The Jamesway Corporation had the following situations on December 2021.On December 10, 2021, Jamesway received a $4,000 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited.On December 1, 2021, the company paid a local radio station $4,600 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debitedEmployee salaries for the month of December totaling $16,000 will be paid on January 7, 2022.On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022.Prepare the necessary adjusting entries at its year-end of December 31, 2021. No adjusting entries were recorded during the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Why is internal control over cash important? Check all that apply.
- the elevated risk of theft
- the high volume of cash transactions
- the inherent lack of segregation of duties
- the infeasibility of document procedures
Except for option C. All that apply Internal controls must be in place to protect these assets and ensure that only authorized individuals have access to them.
What is Internal Control?Internal control is a procedure implemented by a company's board of directors, management, and other staff members and intended to give reasonable assurance that the information is trustworthy, accurate, and timely. of adherence to relevant laws, rules, contracts, policies, and procedures.
Thus, Internal control is crucial when it comes to cash because it is susceptible to theft or loss. Because of the enormous volume of cash transactions, there is always always a very high risk of theft, which is prevented by the separation of roles and the impossibility of document procedures.
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latonya owned a house for which she paid $300,000. she added a backyard patio deck at a cost of $5,000, making her adjusted basis $305,000. she later sold the house for $330,000 and paid a $20,000 sales commission. what is latonya's gain or loss?
Latonya's gain or loss, given the basis in the house, and the sales commission paid, is $ 5, 000
How to find the gain or loss ?The gain or loss to Latonya can be found by the formula :
= Selling price - Commission - Basis in house
Selling price = $ 330, 000
Commission = $ 20, 000
Basis in house = $ 305, 000
The gain or loss is:
= 330, 000 - 20, 000 - 305, 000
= $ 5, 000
In conclusion, there is a gain of $ 5, 000.
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60 points please help
Review Questions
1. What is logistics?
2. What is hospitality? What is one career in hospitality?
3. What are three locations or sites that people in hospitality or tourism careers work?
4. If you were an innkeeper, what would do for work?
5. What is mobile equipment maintenance?
Critical Thinking Questions
1. Imagine you want to become a chef and restaurant owner. What education and skills would you need?
2. Think about a city bus system. What goes into getting buses where they need to be on time to get people where they need to be?
3. Imagine that you run an amusement park. You have to hire people to work in your park. What skills or characteristics would you look for? Why?
4. Why are transportation jobs important?
5. If you were putting together a bus route in your town, what would you need to think about to make it run well?
Answer:
Logistics is generally the detailed organization and implementation of a complex operation. In a general business sense, logistics is the management of the flow of things between the point of origin and the point of consumption to meet the requirements of customers or corporations.
Which of the following questions is not helpful in identifying an industry's key success factors? Which one of the five competitive forces must any company in the industry absolutely be able to cope with and defend against successfully in order to survive and have a reasonable chance at earning a profit? What shortcomings are almost certain to put a company at a significant competitive disadvantage? On what basis do buyers of the industry's product or service choose between the competing brands of sellers? Given the nature of competitive rivalry and the competitive forces prevailing in the marketplace, what resources and competitive capabilities must a company have to be competitively successful? All of the other four question options are helpful--none are incorrect or unhelpful.
The industry's growth potential, the anticipated strength of competitive forces, and whether the industry and the company are being favorably or unfavorably impacted by macro-environmental factors.
The definition of industryA set of businesses that are connected by their main lines of business are referred to as an industry. Numerous industrial classifications exist in contemporary economies. Sectors are generally used to combine together industry classifications into bigger groups.
What does "industry" mean in a job context?Generally speaking, an industry describes the kind of business that a person works for. The North American Industry Classification System divides businesses into groups based on the production process rather than final goods or services.
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The Fed buys $10 million of securities from AIG. AIG has a desired reserve ratio of 0.05, and there is no currency drain.
As soon as the open market purchase is made, the bank's excess reserves are at $___ million
Answer:
$200,000,000
Explanation:
Given that:
Amount of securities purchased = $10 million
Desired reserve ratio = 0.05
The bank's excess reserve :
Money multiplier * amount of securities purchased
Money multiplier = 1 / reserve ratio
Money multiplier = 1 / 0.05 = 20
Excess reserve = 20 * $10,000,000
Excess reserve = $200,000,000
Mr. Coffey bought a house for $195,000. He made a 20% down payment. The interest
rate is 5.25% for 30 years. Use the loan payment calculator to answer the following
questions. (do not use commas or dollar signs in your answer)
What is his monthly payment?
Answer: $861.44
Explanation:
Given the following :
Purchase price = $195,000
down payment = 20%
Interest rate = 5.25%
Period = 30 years
Down payment = 0.2 × $195,000 = $39,000
Therefore, loan amount will be :
$(195,000 - 39,000) = $156,000
The payment per period (monthly payment) can be calculated using the annuity calculator.
Present value = $156,000
Number of periods = 30yrs = 30× 12 = 360 months
Interest = 5.25% / 12= 0.4375% = 0.004375
Future value = 0 (Amount when entire loan has been paid)
Therefore, the payment per period is $861.44 using the financial calculator.
Which of the following is true if a bank
offers an "introductory
rate" of 0%
APR?
A. The late fees may exceed 0%.
B. 0% interest will be part of that loan forever.
C. 0% is for a limited time only.
D. The total fees for the loan will always be 0%.
A 0% APR on a credit card means that you won't be charged interest on purchases, balance transfers or both, for a fixed period of time.
What does 0% APR on purchases mean?
There are never any interest charges during the introductory term with a 0% intro APR. Only the balance that is still owed after the intro APR period has expired is subject to the standard interest rate.
What is APR in plain English?
When you have a balance on your credit card, you will be charged an annual percentage rate (APR). Certain credit cards feature variable APRs, which means that your rate could go up or down over time.
The current average APR for credit cards is around 16%, which is considered to be a respectable APR. The only credit cards available to those with poor credit can be those with higher APRs.
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if a group of people form a cooperative housing corporation, they will each buy:
If a group of people forms a cooperative housing corporation, they will each buy shares in the corporation rather than purchasing individual units or properties. In a cooperative housing model, the corporation owns the entire property or building, and each member of the cooperative holds shares in the corporation, representing their ownership stake.
When individuals join the cooperative, they typically purchase shares proportional to the size or value of the unit they wish to occupy within the property. The price of the shares may vary depending on factors such as the location, amenities, and market conditions.
By purchasing shares, cooperative members acquire the right to occupy a specific unit within the property and participate in the decision-making processes of the cooperative. They typically pay monthly fees or "carrying charges" that contribute to the maintenance, operation, and common expenses of the cooperative.
It is important to note that cooperative housing differs from traditional homeownership or condominium models, as the focus is on collective ownership and decision-making rather than individual ownership of specific units.
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What are some benefits of using computers for accounting purposes?.
9 Advantages to Using Computerised Accounting Systems
Automation. To make sure that all calculations are correct and accurate it is important to use something other than pen and paper. ...
Data Access. ...
Accuracy. ...
Reliability. ...
Speed. ...
Security. ...
Scalable. ...
Visuals.
Q. 2:- Choose the correct answer :-
1-The muslim must belive that the seal of the Prophets and the
Messenger of Allah is
a) Musa (A.S.)
b) lyaas (A.S.)
c)Muhammed (S.A.W.)
2-The dominating book over all other heavenly Books is
a) At-Taurat
b) Al- Quran
C) Al- Injeed
3- Whoever believes that the Quran is not the last heavenly book sent
down is regarded as
a)An Outsider of the religion of Islam.
b)A muslim.
c)A weak of faith.
Answer:
1) Muhammad (S.A.W)
2) Al- Quran
3) A muslim
40% of sales at supermarkets in the carry the stores' own brand names. 20% of all supermarket sales in carry the stores' own brand names. And in the United States, 14% carry the stores' own brand names. These stores use a __________ strategy to sell other manufacturers' products with their own brand names. generic branding multibranding co-branding private branding multiproduct branding
Answer:
Private branding
Explanation:
Private branding is defined as the strategy used by mostly retail stores where they put their own brand on products that they sell. It is used on wide variety of products sold by retailers from cosmetics to food.
They are also called store brands or own brands.
In the given scenario the stores are selling other manufacturers' products with their own brand names. This is private branding
The classical view of social responsibility is that a for-profit organization's responsibility is ________.
Answer:
to maximize profits only
Explanation:
If the organization is profit based so it mainly focused on maximizing the profits only so that there goals and objectives could be attained but at the same time they will be less focused to the social responsibility
So as per the given situation, the above should be the answer
Which education and qualifications would a high-level National Security Officer most likely need? Check all that apply.
design skills
customer-service skills
leadership skills
bachelor’s degree
discipline
high school degree
The education and qualifications that a high-level National Security Officer would most likely need are :
leadership skillsbachelor’s degreedisciplineBecoming a National Security OfficerThrough a competitive, national, merit-based annual competition, successful applicants distinguish themselves as highly motivated in their academic and career goals and in their strong commitment to public service. In return for support, award recipients agree to work in qualifying national security positions for at least one year.
Thus, the education and qualifications that a high-level National Security Officer would most likely need are :
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Answer:here's the answer for this question
Explanation:edge2023
What are the 3 key questions that every economy/society must answer?
Answer: what will be produced, how will it be produced, and how will the output society produces be distributed
Explanation: Just took the quiz.
A college professor with advanced degrees, moderate salary, and little power to shape national events can be described as having:
Answer:
Low status consistency
Explanation:
A college professor with advanced degrees, moderate salary, and little power to shape national events can be described as having low status consistency.
HEY guys can yall help me im trying to get caught up on school work before november 30.
What techniques are required to accept constructive criticism? Select all that apply.
A. not interrupting or speaking until the other person is finished making a point
B. filing a formal complaint with human resources to make sure your point of view is documented
C. not frowning, sneering, or defensively folding arms in front of you
Answer:
i think its letter A and C
________ structures are, in effect, many functional departments grouped under a division head.
Divisional structures are, in effect, many useful departments grouped underneath a division head.
Structures are something of many parts which are put together. A structure may be a skyscraper, an outhouse, your body, or a sentence. The structure is from the Latin phrase structure which means "a fitting collectively, constructing." even though it's absolutely used to describe buildings, it could do more than that.
A structure is used to symbolize facts approximately something more complicated than an unmarried number, man or woman, or boolean can do (and more complicated than an array of the above statistics sorts can do).
Buildings, aircraft, skeletons, anthills, beaver dams, bridges, and salt domes are all examples of load-bearing structures. The consequences of construction are divided into buildings and non-constructing systems, and make up the infrastructure of human society. There are 3 ways to arrange substances to guide a load or to comprise and protect something: mass systems, body systems, and shell structures.
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the negative impact of the coronavirus as one of the socio- economic issues on businesses
Answer: reducuced workforce across all economic sectors and caused many jobs to be lost.
Explanation:
PLEASE HELP! IN A TEST! A salesperson may sell from a distance except when it involves _____.
A. contacting people through email messages
B. contacting people who have opted
out of receiving sales messages
C. letting customers place orders on a company's website
D. contacting people through telemarketing
Answer:
b
Explanation:
A salesperson may sell from a distance except when it involves contacting people who have opted out of receiving sales messages. Thus option (b) is correct.
Who is a salesperson?A salesperson is a person who is employed by a company or organization to sell products or services to customers. The primary role of a salesperson is to identify potential customers, establish relationships with them, and persuade them to purchase the company's products or services.
They may use a range of techniques to sell, including advertising, direct marketing, and personal selling. Successful salespeople typically have strong communication, interpersonal, and negotiation skills, and are able to build trust and rapport with customers.
If a person has opted out of receiving sales messages, the salesperson is not allowed to contact them for marketing purposes. Therefore, option (b) is correct.
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Whom does the government and public administration career clutter serve?
A. Private citizens
B. Army and navy
C. Government employees and the military
D. National security and the foreign service
Answer:
it is A. Private citizens
Explanation:
edge 2020 :)
What are assets?
a) Items in your belonging.
b) Where you save your money.
c) How old you are.
d) How many years before you retire.
Answer:
items in your belongings
B. A customer sees a house they want, but it's not for sale because it's owned by someone else. How would you go about approaching the current home owner about possibly selling their home to your buyer?
Answer:
conditional offer is an agreement between two parties that an offer will be made if a specific condition is met. Conditional offers are used in real estate transactions whereby a buyer's offer on a home is contingent on something getting done for the purchase to go through
a(n) ________ is a marketing mix that customers see as better than a competitor's mix and that cannot be quickly or easily copied.
A competitive advantage is a marketing mix that customers perceive as superior to a competitor's mix and cannot be easily replicated.
It is a unique feature or attribute that sets a company apart from its competitors and gives it an edge in the market. Competitive advantages can take many forms, including a strong brand reputation, innovative products or services, exclusive distribution channels, cost efficiencies, and superior customer service.
The key to developing a competitive advantage is to understand what customers want and need, and to deliver it better than anyone else. Companies that have a sustainable competitive advantage are able to maintain their market position over the long term, while those without it are vulnerable to being overtaken by competitors.
Therefore, it is crucial for businesses to continuously assess and improve their marketing mix to stay ahead of the competition.
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How do you think your interests and experiences could turn into your future career?
Answer:
Well if you like doing something and/or you like watching someone that you look up to do things then you would most likely be more than happy to do that job in the future. For example if you like playing games and learning about how they are made you might become a pro gamer or a game developer.
Explanation:
DF7- Discuss the vulnerabilities linked to sex trafficking of minors.
A. Based on available data, develop a profile of youth who are more vulnerable to sex trafficking. Explain the rationale behind your profile. Which factors to you believe have the most influence in increasing sex trafficking victimization?
B. What are some of the challenges in recognizing male victims of sex trafficking? How can organizations attempt to overcome these challenges faced by male victims?
A. Vulnerabilities and Profile of Youth Vulnerable to Sex Trafficking:
Youth who are more vulnerable to sex trafficking can be profiled based on certain factors and characteristics. These profiles are not exhaustive but provide insights into potential vulnerabilities. Some factors that may increase vulnerability include:
1. Age: Minors, particularly those in their early to mid-teens, are more vulnerable due to their limited life experience, susceptibility to manipulation, and dependence on adults.
2. Economic Disadvantage: Youth from low-income backgrounds or marginalized communities may be more vulnerable due to economic desperation and limited access to resources, making them susceptible to promises of financial stability.
3. Lack of Support Systems: Youth lacking stable family environments, strong social support networks, or positive role models are more susceptible to traffickers who exploit their emotional vulnerabilities and offer a false sense of love, attention, and belonging.
4. History of Abuse or Neglect: Victims of child abuse or neglect may seek validation and escape from their traumatic past, making them more vulnerable to traffickers who exploit their emotional vulnerabilities.
5. Runaway/Homeless Youth: Homeless or runaway youth, often escaping difficult circumstances, are at increased risk as they may lack protection and turn to exploitative situations for survival.
6. Substance Abuse: Youth struggling with substance abuse issues are more vulnerable as traffickers may exploit their dependency, providing drugs in exchange for compliance and control.
Factors with the most influence in increasing sex trafficking victimization are subjective and can vary. However, the vulnerabilities mentioned above are commonly associated with increased risk. Poverty, lack of education, and gender inequalities also play significant roles in perpetuating vulnerabilities.
B. Challenges in Recognizing Male Victims and Overcoming Them:
Recognizing male victims of sex trafficking can be challenging due to societal stereotypes and misconceptions that portray trafficking as predominantly affecting females. Some challenges include:
1. Stereotypes and Stigma: Society often views males as less likely to be victims, leading to underreporting and reluctance to seek help. Overcoming these biases requires raising awareness and promoting a more inclusive understanding of trafficking.
2. Limited Awareness: Professionals in law enforcement, social services, and healthcare may lack awareness and training on identifying male victims. Enhancing education and training programs can help address this issue.
3. Lack of Specific Services: Existing support services are often designed with a female-centric approach, making it difficult for male victims to access appropriate care. Expanding specialized services tailored to the needs of male victims is crucial.
4. Masculinity and Shame: Male victims may face challenges in disclosing their victimization due to societal expectations around masculinity and shame. Creating safe spaces and providing trauma-informed support can encourage male victims to come forward.
Organizations can overcome these challenges by:
1. Training and Education: Providing comprehensive training to professionals across sectors to enhance their knowledge and understanding of male victimization, including identifying signs, trauma-informed care, and appropriate response protocols.
2. Awareness Campaigns: Conducting public awareness campaigns to challenge stereotypes, reduce stigma, and encourage reporting and support for male victims.
3. Collaboration and Networking: Establishing partnerships between law enforcement, service providers, and community organizations to enhance coordination, share resources, and improve responses to male victims.
4. Tailored Support Services: Developing specialized support services that address the unique needs of male victims, including safe housing, counseling, and reintegration programs.
By addressing these challenges and implementing targeted strategies, organizations can improve the recognition and support for male victims of sex trafficking.
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One slice of pizza costs $4, but an entire
pizza with 8 slices does not cost $32. Explain why you think this
is the case, making reference to the principle of marginal utility.
Answer:
If a slice of pizza costs $4, an entire pizza with 8 slices may cost $30 due to the law of diminishing marginal utility.
Explanation:
The marginal utility of goods and services refers to the additional satisfaction that a consumer derives from consuming or buying an additional unit of a good or service.
In Economics, The law of diminishing marginal utility states that as the unit of a good or service consumed by an individual increases, the additional satisfaction he or she derives from consuming additional units would start decreasing or diminishing as the units of good or service consumed increases.
For example, buying a pizza and eating a slice may satisfy your cravings but eating another slice of pizza wouldn't give you as much satisfaction as the first due to diminishing marginal utility.
Hence, the pizza seller would place a discount on the price of a complete pack of pizza containing eight (8) slices so as to entice his or her customers while offering them value for money being paid.
Therefore, if a slice of pizza costs $4, an entire pizza with 8 slices may cost $30 due to the law of diminishing marginal utility.
How do you find the point estimate of lower and upper bound?
To find the point estimate of the lower and upper bound, you need to have a range or interval of values. The point estimate is the single value within that range that is considered the best estimate or most likely value.
To find the point estimate of the lower bound, you take the lowest value in the range. This is the estimate that represents the minimum or bottom value of the range.
To find the point estimate of the upper bound, you take the highest value in the range. This is the estimate that represents the maximum or top value of the range.
For example, let's say you have a range of values for the sales forecast of a product, with a lower bound of $100,000 and an upper bound of $150,000. The point estimate of the lower bound would be $100,000, which represents the best estimate or most likely value for the minimum sales forecast. The point estimate of the upper bound would be $150,000, which represents the best estimate or most likely value for the maximum sales forecast.
It's important to note that the point estimates of the lower and upper bounds are single values and may not reflect the full range of uncertainty within the interval.
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Why is it important to use the right strategies to beat competition?:
Answer:
Therefore, competitive strategy is essential for the survival of the product in the market. Having a new competitive strategy to beat rival companies or their products by renaming or redesigning their products will help the company to be more profitable and create an image new on the market.
Describe two ways you can demonstrate desirable qualities on the job.
Answer:
Leadership
Even in entry-level positions, most employers look for evidence of leadership qualities. Successful companies need self-starters who are not afraid to take responsibility.
Teamwork
Many occupations require to work efficiently with others on work on projects or towards a common goal.
Communication and Interpersonal Skills
According to recruiters, the ability to communicate effectively with others and get along with a variety of different types of personalities are two of the most desirable qualities in job candidates.
Analytical Skills
The ability to recognize problems, distill and define the pertinent issues, and determine and propose effective solutions is invaluable to any employer.
Dependability and a Strong Work Ethic
Employers want reliable employees so candidates should demonstrate dependability, responsibility, and consistency in their job performance.
Maturity and a Professional Attitude
Even new hires should demonstrate poise, maturity and professionalism.
Adaptability and Flexibility
Employers need to know that the people they hire can expand and change as their companies do.
Good Personality
At the interview stage, you possess the qualifications necessary for the job. It comes down to whose personality fits better with the culture of the company.
Related Work Experience
Previous employment in part-time jobs and internships is highly desired by employers.
Initiative and Motivation
Signs of initiative are very compelling for the interviewer. The ideal employee knows when to take action without prodding by management.
Creativity and Intelligence
People who are constantly thinking of new ways to accomplish tasks make excellent job candidates.
Strong Grades
Recruiters often use GPA as a way of screening job candidates. If your academics are less than exemplary, use the interview to demonstrate your knowledge and skills
Differential Analysis for Sales Promotion Proposal Kankakee Cosmetics Company is planning a one-month campaign for December to promote sales of one of its two cosmetics products. A total of $150,000 has been budgeted for advertising, contests, redeemable coupons, and other promotional activities. The following data have been assembled for their possible usefulness in deciding which of the products to select for the campaign:
Moisturizer Perfume
Unit selling price $35 $55
Unit production costs:
Direct materials $(12) $(20)
Direct labor (8) (10)
Variable factory overhead (3) (6)
Fixed factory overhead (2) (6)
Total unit production costs $(25) $(42)
Unit variable selling expenses (2) (3)
Unit fixed selling expenses (2) (8)
Total unit costs $(29) $(53)
Operating income per unit $6 $2
No increase in facilities would be necessary to produce and sell the increased output. It is anticipated that 40,000 additional units of moisturizer or 30,000 additional units of perfume could be sold from the campaign without changing the unit selling price of either product.
Required:
Prepare a differential analysis as of November 2 to determine whether to promote moisturizer (Alternative 1) or perfume (Alternative 2). If an amount is zero, enter "0"
The differential analysis compares the cost and revenue for two products, moisturizer and perfume, to determine which one to promote during the December campaign. The analysis shows that promoting the moisturizer is more profitable with a net income of $240,000 compared to perfume with a net income of $60,000.
Differential Analysis
Alternative 1: Moisturizer
Additional units to be sold: 40,000
Total additional revenue (40,000 x $35) = $1,400,000
Variable costs
Direct materials $480,000
Direct labor 320,000
Variable factory overhead 120,000
Unit variable selling expenses (2 x 40,000) 80,000
Total variable costs $1,000,000
Contribution margin $400,000
Fixed costs:
Fixed factory overhead 80,000
Unit fixed selling expenses (2 x 40,000) 80,000
Total fixed costs $160,000
Net operating income $240,000
Alternative 2: Perfume
Additional units to be sold: 30,000
Total additional revenue (30,000 x $55) = $1,650,000
Variable costs:
Direct materials $600,000
Direct labor 300,000
Variable factory overhead 180,000
Unit variable selling expenses (3 x 30,000) 90,000
Total variable costs $1,170,000
Contribution margin $480,000
Fixed costs:
Fixed factory overhead 180,000
Unit fixed selling expenses (8 x 30,000) 240,000
Total fixed costs $420,000
Net operating income $60,000
Decision
The differential analysis indicates that Alternative 1 (promote Moisturizer) would result in a higher net operating income of $240,000 compared to Alternative 2 (promote Perfume) with a net operating income of $60,000. Therefore, Kankakee Cosmetics Company should choose to promote Moisturizer.
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