The Leisure Products (LP) Company manufactures lawn and patio furniture Essay Example for Free

The Leisure Products (LP) Company manufactures lawn and patio furniture Essay These costs are allocated to each unit of output based on the projected annual production of 500,000 chairs. A 10 percent markup ($ 0. 65) was added to the cost per unit in arriving at the firms selling price of $ 7. 15 (plus shipping). In May, LP received an inquiry from Southeast Department Stores concerning the possible purchase of folding chairs for delivery in August. Southeast indicated that they would place an order for 30,000 chairs if the price did not exceed $ 5. 50 each (plus shipping). The chairs could be produced during the slow period using the firms existing equipment and workforce. No overtime wages would have to be paid to the workforce in fulfilling the order. Adequate materials were on hand (or could be purchased at prevailing market prices) to complete the order. LP management was considering whether to accept the order. The firm’s chief accountant felt that the firm should not accept the order because the price per chair was less than the total cost and contributed nothing to the firm’s profits. The firm’s chief economist argued that the firm should accept the order if the incremental revenue would exceed the incremental cost. The following cost accounting definitions may be helpful in making this decision Direct labor: Labor costs incurred in converting the raw material into the finished product. Material: Raw materials that enter into and become part of the final product. Plant overhead: All costs other than direct labor and materials that are associated with the product, including wages and salaries paid to employees who do not work directly on the product but whose services are related to the production process (line managers, maintenance, and janitorial personnel); heat; light; power; supplies; depreciation; taxes; and insurance on the assets employed in the production process. Selling and distribution costs: Costs incurred in making sales (e. g. , billing and salespeople’s compensation), storing the product, and shipping the product to the customer. (In this case the customer pays all shipping costs. ) Administrative costs: Items not listed in the preceding categories, including general and executive office costs, research, development, engineering costs, and miscellaneous items. Answer the following questions: 1. Calculate the incremental, or marginal, cost per chair to Leisure Products of accepting the order from Southeast? 2. What assumptions did you make in calculating the incremental cost in Question 1? What additional information would be helpful in making these calculations? 3. Based on your answers to Questions 1 and 2, should Leisure Products accept the Southeast order? 4. What additional considerations might lead Leisure Products to reject the order? Solution 1. Marginal cost per chair to Leisure Products = $4. 55 (Direct labor + Direct Materials) 2. While calculating incremental cost in Q1, I made following assumptions: a. The cost of labor would remain same i. e. there will no overtime wages. b. LP will be able to produce 30,000 chairs to fulfill the order from Southeast with its existing capacity. c. The cost of materials will remain same. There is additional information given in the case to support my calculation in Q1. Since the customer is bearing the shipping cost, the selling and distribution costs is ignored for decision making. Administrative cost and plant overhead are indirect costs and are allocated to estimate size of production. Since these costs do not change irrespective of production, such cost is not considered for calculation of marginal cost per chair. 3. Since selling price per chair exceeds the marginal cost per chair, LP should accept the order. This order will have positive impact on the profitability of LP. 4. Following considerations may lead Leisure Products to reject the order: a. The existing capacity is not adequate and new capacity would be required to complete the order. b. Overtime and more labor resources affecting the labor cost would be required to complete the order. c. LP will have to bear the selling and distribution costs. d. Changes in market affecting material or labor cost can affect the decision.

Drinking Water Treatment Improves Water Quality :: Drinking Water Quality

My topic for this paper is on water treatment and in this paper the places where i will be getting my info is www.aguauninternational.com and I'm getting info from and encyclopedia an a book. In a modern society, water is one of the things in life we often take for granted. When we turn on the tap, we expect water that is clean, safe and suitable for all household tasks. But in recent years, there has been a growing concern about contamination of our water supplies. We hear unsettling news accounts that make us question the safety of our water. I know that Water covers 75% of our planet's surface. It's everywhere! And it's all the same, isn't it? yes the reason it is because we use water for so many different things. like to take baths and wash clothing and other things. So what is water softening? well water softening is the process of removing(Ca)2 ,(Mg)2 , or (Fe)3 from water. Filtration? is through sand and gravel removes nearly all suspended matter from the water. Well in fact, water is definitely not all the same. It will pick up many impurities and contaminants, both natural and synthetic. And since water is so widely used in so many different ways, treatment is often necessary. Whether it's clean water for manufacturing, high purity water for medical applications or just safe drinking water, the treatment process is a vital part of our daily lives. As the 20th century draws to a close, managing our planet's resources has emerged as humanity's greatest challenge. And of all the Earth's resources, none is more precious than water. Water taken from boreholes is already clean because it is filtered as it trickles through soil and rocks. Normally it is only necessary to disinfect this water with chlorine to make it safe to drink. Water taken from rivers and reservoirs usually needs more treatment. Water Treatment Works treat water so that it is safe to drink. This involves a number of processes, both physical and chemical, and will vary depending on the quality of the raw water to be treated. I know there are several methods of treatment of water to kill living organisms the application of chlorine compounds is the most common. But another thing I know is that boiling is the favorite household emergency measure. Municipal water softening is common where the natural water has a hardness in excess of 150 parts per million .

QNT Final

What will be the probability that z is greater than 1. 75? 0. 0401 z end up in the higher than 1. 75. 22) A null hypothesis will make a claim about what? A Population parameter Explanation: A null hypothesis is the general default position in a survey and requires a claim off population parameter. 23) Describe the level of significance? Probability off Type I error Explanation: A type 1 error happens when the null hypothesis is true, but rejected at he same time. 24) Let's perform a statistical test of the difference between two proportions at the 0. 05 level of significance.If the computed z is -1. 07, what will be the correct decision? Do not reject the null hypothesis. Explanation: The z is of -1. 07 is acceptable within the range of a . 05 level of significance. 25) What condition must be met to perform a test for the difference of two sample means? Data must be at least of interval scale and populations must be normal. 26) Consider a hypothesis test that compares two population means. The combined degrees of freedom equal 24. What statement about the sample sizes is NOT true? Let's assume the population standard deviations are equal. Sample A = 11.Sample B = 13 Explanation: This must NOT be true because it is outside the limits set by the degree of freedom. 27) What type of chart do we call it when paired data is plotted? Scatter diagram Explanation: Paired data must be plotted in a way that shows the relationship 28) When a variable is used to predict the value of another variable, it is called: Independent variable Explanation: The independent variable is useful for determining the values of variables that are not explicitly known. 29) 20 randomly selected online students were given 1 5 multiple-choice problems ND 15 open-ended problems that cover the same topics.The teacher wanted to know which questions the students scored better on. What kind of test is this? A paired t-test Explanation: The paired t-test evaluates the mean values that result form a s et of data. 30) The weights of 100 units of a product created by two identical processes have same mean, but the standard of process A is 15 while that of B is 7. What is true about this scenario? Unit weights in process B will be grouped closer than in process A. Explanation: A wider standard of process is going to create greater deviation in the end products.

The Republic, By Plato - 2826 Words

In Plato’s, â€Å"The Republic,† Socrates mediates conversation, as he challenges himself, and those around him to arbitrate the value of justice and conceptualize the significance that it holds for both the individual and the state. Throughout books I to VI, Socrates, Glaucon, and Adameitus constructively develop a sense of justice through argument and the formation of an ideal state. However, this embodiment reaches a deadlock in the middle of book V when Socrates pronounces that everything discussed thus far is nothing but an ideology, unless a philosopher king is manifested. â€Å"The society we have described can never grow into a reality or see the light of day, and there will be no end to the troubles of states, or indeed, my dear Glaucon, of humanity itself, till philosophers becomes kings in this world, or till those we now call kings and rulers really and truly become philosophers, and political power and philosophy thus come into the same hands, while the many natures now content to follow either to the exclusion of the other are forcibly debarred from doing so. This is what I have hesitated to say so long, knowing what a paradox it would sound; for it is not easy to see that there is no other real road to happiness either for society or the individual.†(The Republic, 376de) Socrates is adamant that only philosophers have the ideal state of mind to rule because they are able to grasp the theory of the forms, which allows them to make rational decisions without beingShow MoreRelatedThe Republic By Plato1341 Words   |  6 PagesIn book X of The Republic, Plato uses Socrates as his voice to discuss the topic of poetry in his ideal society. While he sees music and gymnastics as vital parts of society, he sees poetry as something that’s not only unnecessary, but also harmful. Glaucon is surprised by this and questions the reasons Socrates has this way of thinking. Socrates states that â€Å"all such poetry is likely to distort the thought of anyone who hears it, unless he has the knowledge of what it is really like†. Here, SocratesRead MoreThe Republic, By Plato2010 Words   |  9 Pages In The Republic, Plato presents a dialogue of Socrates, in which he seeks to uncover truths about what constitutes a just society, and what kind of men would rule such a society. As such a society would require a sound government, Plato, through Socrates, presents five possible types of governments, which involve varying levels of liberty and justice. Although the arguments demonstrate that aristocracy is the ideal form of government, all forms of government have fatal flaws that lead to continualRead MoreThe Republic, By Plato1412 Words   |  6 PagesIn Plato’s book, â€Å"The Republic†, there are many examples of rhetoric. In regards to the controversial topic of women and eugenics in which Plato is almost forced into mentioning because of Adeimantus and Glaucon, he uses various rhetorical statements to portray his view on the matter. His readers believe women should be equal, so Plato attempts to persuade his readers into thinking he believes the same. For example, in the passage on women and family Plato states, â€Å"we shall assign these to each accordingly;Read MoreThe Republic by Plato1645 Words   |  7 Pages In Plato’s Republic Book 1, Thrasymachus argues that morality is the advantage of the stronger. To support his view, Thrasymachus first claims that the governments, which are the stronger parties, always pass laws based on their own interest, and th en argues that subjects must always obey these laws, therefore morality is the advantage of the stronger. Socrates gives two sets of counter arguments. First, by differentiating apparent advantage and actual advantage to the stronger, SocratesRead MoreThe Republic by Plato1202 Words   |  5 Pagesupon, as explained by Socrates in Plato’s Republic. Throughout the eight books of Socratic dialogue the ideal state and ideas of justice are debated, on both individual and state levels. The guidelines for a perfect state and how it will come about are thoroughly described. Socrates covers every aspect of political life and how it should work stating that â€Å"until power and philosophy entirely coincide†¦ cities will have no rest form evils† . In Plato’s Republic Socrates emphasizes the superiority of theRead MoreThe Republic by Plato1411 Words   |  6 PagesAfter reading The Republic there are three main points that Plato had touched on. The first of these t hree points is that Plato is disheartened with democracy. It was due to Socrates’ untimely death during Athens’ democracy that led to his perception of the ideal state as referred to in The Republic. Plato perceived that the material greed was one of the many evils of politics; in Plato’s eyes greed was one of the worst evils of political life. Thus economic power must be separated from politicalRead MoreThe Republic, By Plato1250 Words   |  5 Pages In his text, The Republic, Plato leads us through an elaborate thought experiment in which he creates the ideal city. Throughout The Republic Plato constructs the laws and societal structures of what he deems will lead to a high functioning society. He names this city Kallipolis. A cornerstone of Kallipolis’ structure is Plato’s principle of specialization. The Principle of Specialization argues that each member of society must do the job in which he is best suited. Plato explains â€Å"The result ,Read MoreThe Republic By Plato1385 Words   |  6 Pages In Book IV of The Republic, written by Plato, Socrates makes an argument for why an individual should strive to be just, or more importantly, why being just is more profitable than being unjust to the individual. The three parts of an individual: rational, spirited, and appetitive, must all strive to pursue truth in the just individual, but it is possible that this requirement may not be met while still profiting the individual. Through an analogy between justice in the city and justiceRead MoreThe Republic, By Plato1500 Words   |  6 PagesThis textual analysis will be based on the book â€Å"The Republic† by Plato, specifically the passage 475d-477a. The purpose of this essay is to analyze and evaluate the main concepts explored in the passage and their relation to the platonic political philosophy presented in â€Å"The Republic†. The essay will provide a summary of the passage, emphasizing the breakthroughs reached in the Socratic dialogue. The main points will then be singled out for a more in-depth review in order to see if the argumentsRead MoreThe Republic, By Plato1255 Words   |  6 Pageswas just beginning to surface as a notable substance within various societies. Athens, was perhaps, the greatest nesting ground of intellectual thought, and it hosted many great minds, such as Plato. While Plato is famous for many of his works, The Republic is the most read and circulated. In the Republic, Plato lays out two philosophical questions through a character named Socrates. Both questions re-occur as the foundation of dialogue amongst other characters, such as Glaucon, Adeimantus, and Polemarchus