4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both picture frames and baskets. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. Hours Crafting Produced Choice (Picture frames) (Baskets) (Picture frames) A 8 0 4 (Baskets) 0 B 6 2 3 8 C 4 4 2 13 D 2 6 1 15 E 0 8 0 16 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF).

4. Opportunity cost and production possibilities Tim is a talented artist who sells hand-crafted goods on his website. Tim currently crafts and sells both picture frames and baskets. He spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of his time is spent on each good. Hours Crafting Produced Choice (Picture frames) (Baskets) (Picture frames) A 8 0 4 (Baskets) 0 B 6 2 3 8 C 4 4 2 13 D 2 6 1 15 E 0 8 0 16 On the following graph, use the blue points (circle symbol) to plot Tim's initial production possibilities frontier (PPF).

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter2: Basic Managerial Accounting Concepts

Section: Chapter Questions

Problem 59P: Cost Definitions Luisa Giovanni is a student at New York University. To help pay her way through...

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Kyoko is a talented artist who sells hand-crafted goods on her website. Kyoko currently crafts and sells both picture frames and cutting boards. She spends 8 hours a day working on crafts. The following table gives different daily output scenarios depending on how much of her time is spent on each good. Hours Crafting Produced Choice (Picture frames) (Cutting boards) (Picture frames) (Cutting boards) A BCDE 8 6 0 4 0 2 3 8 4 2 14 2 6 16 0 8 17 On the following graph, use the blue points (circle symbol) to plot Kyoko's initial production possibilities frontier (PPF). ? CUTTING BOARDS 30 25 20 15 10 5 0 1 2 3 5 6 7 8 Initial PPF A New PPF
y Questions | bartleby How many units must be in... My Home CengageNOWv2| Online te... eBook Show Me How Pant Risers manufactures bands for self-dressing assistive devices for mobility-impaired individuals. Manufacturing is a one-step process where the bands are cut and sewn. This is the information related to this year's production: Units to Account For Units Materials Conversion Beginning work in process inventory 600 600 250 Started 21,400 Total units to accounted for 22,000 Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $59,840 and the total conversion cost is $37,648. Using the weighted-average method, what are the unit costs if the company transferred out 18,000 units? If required, round final answers to two decimal places. Cost per unit Materials %24 Conversion $ Using the weighted-average method, what is the value of the inventory transferred out and the value of the ending WIP inventory? Inventory…
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Sara makes wedding cakes from her home. A customer has requested two duplicate wedding One Cake $ 50 cakes: one for the wedding and one to be frozen for their anniversary. The couple has offered $400 for both cakes instead of $500 ($250 each). The Direct materials Direct labor 100 Variable overhead 25 Fixed overhead 10 cost information to make one cake is shown. What is the cost for the first cake? What cost would not be included in the second cake? What is the cost of the second cake? What would be the total cost of this order if the offer was аcсepted? How much profit will Sara be recording for this special order? If your company policy is to always have a 15% profit on all order, would you still accept this order? If you would not accept the order, what price would you negotiate?
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Group work problems 1) The Rick Shaw Chair company makes twb types of rocking chairs, a plain chair and a fancy chair. Each rocking chair must be assembled and then finished. The plain chair takes 4 hours to assemble and 4 hours to finish. The fancy chair takes 8 hours to assemble and 12 hours to finish. The company can provide at most 160 worker-hours of assembling and 180 worker-hours of finishing a day. If the profit on a plain chair is $40 and the profit on a fancy chair is $65, how many rocking chairs of each type should the company make per day to maximize profits? What is the maximum profit?
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Cost Definitions Luisa Giovanni is a student at New York University. To help pay her way through college, Luisa started a dog walking service. She has 12 client dogssix are walked on the first shift (6:30 A.M. and 5:00 P.M.), and six are walked on the second shift (7:30 A.M. and 6:00 P.M.). Last month, Luisa noted the following: 1. Purchase of three leashes at 10 each (she carries these with her in case a leash breaks during a walk). 2. Internet service cost of 40 a month. This enables her to keep in touch with the owners, bill them by email, and so on. 3. Dog treats of 50 to reward each dog at the end of each walk. 4. A heavy-duty raincoat and hat for 100. 5. Partway through the month, Luisas friend, Jason, offered her a chance to play a bit role in a movie that was shooting on location in New York City. The job paid 100 and would have required Luisa to be on location at 6:00 A.M. and to remain for 12 hours. Regretfully, Luisa turned it down. 6. The dog owners pay Luisa 250 per month per dog for her services. Required: 1. At the end of the month, how would Luisa classify her Internet payment of 40as a cost on the balance sheet or as an expense on the income statement? 2. CONCEPTUAL CONNECTION Which of the above items is an opportunity cost? Why? 3. What price is charged? What is Luisas total revenue for a month?
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