For the following questions, refer to the below Table. Complete the table in Excel and select the correct answer to the series of questions. If Sherry produces zero earrings, her total fixed costs are: Number of Earrings TVC MC AVC TFC TC AFC ATC 100 1 50 2 95 3 46.67 4 300 5 270 O $50 $100

For the following questions, refer to the below Table. Complete the table in Excel and select the correct answer to the series of questions. If Sherry produces zero earrings, her total fixed costs are: Number of Earrings TVC MC AVC TFC TC AFC ATC 100 1 50 2 95 3 46.67 4 300 5 270 O $50 $100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Joey Bag-o-donuts owns an ice cream shop. Looking at last year's utility bills, the highest utility bill was $4000 for 2000 machine hours. The lowest utility bill was $2500 for 1200 machine hours. Calculate the variable rate per machine hour and the total fixed utility cost. Show the equation for determining total utility costs. If Joey plans on using 1500 machine hours, what will the total utility bill be using the equation in part 2.
Elizabeth and William are considering offering a doggy day-care service. After some research, they found several pet day-care facilities in their area, but they were expensive! Further, the facilities were sterile and didn't provide a "homey" or fun environment for pets. Elizabeth and William felt they could easily fix these shortcomings. Elizabeth's home would be the location for their business, since it already has a fenced-in yard and is located two blocks from a dog park. Estimated costs for building an outdoor shelter, plus other licensing and business start-up costs, are as follows. Shelter (depreciated over 7 years) Licensing and other annual costs Hourly wage for hired labor; planned for only 200 hours per year Variable costs for food Estimated volume of dogs per day (open for business 5 days per week, 50 weeks per year; average length of stay 8 hours per day) $600 per year $700 per year $16 per hour $16 per day per dog. 24 per day
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SHORT PROBLEMS. Answer the following problems. Show all solutions. 1. Liza’s On-Line Shop sells custom-made leather bags at a selling price that is 150% of the cost. If the markup is P325, find the 1.1 markup rate based on cost 1.2 cost 1.3 selling price 2. What is the cost of a shirt sold at P150 if the markup rate is 35% of the selling price? 3. What is the markup rate based on selling price if markup rate on cost is 10%? 4. Matt, the owner of B1 and B2 Fruit Stand knows that 10% of the bananas they bought from a wholesaler will spoil and will be thrown out. If he buys 200 kilos of bananas for P15 per kilo and he wants a markup of 40% based on selling price, how much is the selling price of 5 kilos of bananas?
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