The statement "The way we measure risk with standard deviation considers better-than-average periods of returns as risky" is false.
The statement that is NOT true is option d) When Krispy Kreme's stock price reached its peak in August 2003, none of the analysts were recommending sell on the stock.
When measuring risk using standard deviation, the focus is on the variability or dispersion of returns around the average. Standard deviation measures the extent to which individual data points deviate from the mean. It quantifies the volatility or uncertainty of returns. Higher standard deviation indicates greater risk, as it suggests larger fluctuations in returns.
This statement is not true because during that time, when Krispy Kreme's stock price was at its peak, several analysts actually did recommend selling the stock. The stock experienced a significant increase in price during that period, leading some analysts to believe that it was overvalued and recommended selling to take profits.
Learn more about profits here:
https://brainly.com/question/29987711
#SPJ11
Abner Corporation's bonds mature in 23 years and pay 11 percent interest annually. If you purchase the bonds for $825, what is your yield to maturity? Question content area bottom Part 1 Your yield to maturity on the Abner bonds is enter your response here%.(Round to two decimal places.)
Abner Corporation's bonds mature in 23 years and pay 11 percent interest annually. If you purchase the bonds for $825Formula used to calculate Yield to Maturity (YTM).
YTM is the yield promised by the bond, considering the total amount of interest and the present value of the bond.For example, if an investor purchases a bond for $100 and receives $5 of interest each year, the bond’s yield is 5%.
However, if the bond is purchased for $110 instead of $100, the yield would drop to 4.55%.In order to calculate YTM, an investor would need to know the bond’s current price, the par value of the bond, the coupon interest rate, and the time to maturity.
Using the above formula for calculating Yield to Maturity (YTM)
Yield to Maturity = ((Annual Interest Payment + ((Par Value - Purchase Price) / Years to Maturity)) / ((Par Value + Purchase Price) / 2)) * 100
Where,
Par Value of Bond = $1000
Purchase Price of Bond = $825
Annual Coupon Rate = 11%
Time to Maturity = 23 years
Calculation of Annual Interest Payment:
Annual Interest Payment = (Coupon Rate * Par Value) / 100
= (11/100) * $1000= $110
Calculation of Yield to Maturity:
YTM= ((Annual Interest Payment + ((Par Value - Purchase Price) / Years to Maturity)) / ((Par Value + Purchase Price) / 2)) * 100
= (($110 + (($1000 - $825) / 23)) / (($1000 + $825) / 2)) * 100
= (($110 + $6.52) / ($912.5)) * 100
= (116.52 / 912.5) * 100
= 12.78%
Therefore, your yield to maturity on the Abner bonds is 12.78%. (Round to two decimal places.)
Learn more about Interest Rates on Bonds:
brainly.com/question/32585867
#SPJ11
According to Porter's model, what strategy is Southwest Airlines using?
• Broad Differentiation
• Overall Low Cost
• Focused Differentiation
• Best Cost
According to Porter's model, the strategy that Southwest Airlines is using is "Overall Low Cost." Southwest Airlines is known for its low-cost operations, offering affordable air travel to customers.
The airline focuses on cost reduction in various aspects of its operations, such as efficient fleet utilization, point-to-point routes, high aircraft productivity, and minimized non-essential services. By adopting an overall low-cost strategy, Southwest Airlines aims to provide affordable fares while maintaining profitability and gaining a competitive advantage in the airline industry.
Learn more about customers here;
https://brainly.com/question/31192428
#SPJ11
Both cash and accrual basis' taxpayers will be taxed on a dividend
when it is actually received. true or false?
False, Cash basis taxpayers are taxed on dividends when they are actually received, while accrual basis taxpayers are taxed on dividends when they are earned or accrued, regardless of whether they are actually received.
For cash basis taxpayers, they are taxed on dividends when they are actually received. This means that the dividends are included as taxable income in the tax year when the taxpayer physically receives the dividend payment.
On the other hand, accrual basis taxpayers are taxed on dividends when they are earned or accrued, regardless of whether they are actually received. This means that the dividends are included as taxable income in the tax year when the right to receive the dividend is established or when the dividend is declared by the company, even if the actual payment is received in a different tax year.
In summary, cash basis taxpayers are taxed on dividends when they are received, while accrual basis taxpayers are taxed on dividends when they are earned or accrued, irrespective of the actual receipt of the dividend payment.
To learn more about accrual basis taxpayers, Visit:
https://brainly.com/question/32688259
#SPJ11
Analysts are expecting that a firm will make a dividend payment of $2.45. The dividends have experienced a rate of growth equal to 4.1%. Given that the stock is selling for $29.40, what expected return would be consistent with those parameters? Answer in percentage without the symbol.
The expected return that would be consistent with the given parameters is 12.7% (Answer in percentage without the symbol).
We know that the expected dividend is $2.45 and the growth rate is 4.1%. Therefore, the dividend next year would be:Next year’s dividend
= Current year’s dividend × (1 + growth rate)
= $2.45 × (1 + 0.041)
= $2.55Given that the stock is selling for $29.40 and the expected dividend is $2.55, we can calculate the expected return as follows:Expected Return
= (Dividend / Price) + Growth Rate Expected Return
= (($2.55 / $29.40) + 0.041) x 100%Expected Return
= (0.0867 + 0.041) x 100%Expected Return
= 0.127 x 100%Expected Return
= 12.7%.The expected return that would be consistent with the given parameters is 12.7% (Answer in percentage without the symbol).
To know more about expected visit:
https://brainly.com/question/32070503
#SPJ11
Critically discuss the empirical tests and
evidence relating to efficient market hypotheses.
The efficient market hypothesis (EMH) is a concept that advocates that the financial market consistently assimilates all available information into asset prices and that asset prices always mirror their fundamental value. This is because the securities in the market are perfectly priced, and it is impossible to beat the market through informed investing strategies. The following are some of the empirical tests and evidence that relate to the efficient market hypotheses:
1. Random Walk Theory
The random walk hypothesis is used to explain the efficiency of the financial market. This theory advocates that prices in the market fluctuate randomly due to unpredictable events, and that there is no discernible trend in the prices of securities.
2. Event Studies
Event studies are conducted to determine whether investors' reaction to news is immediate and appropriate, and whether this reaction is fully priced into the securities. The tests of efficient market hypotheses are usually done using an event study. This is because event studies can assess the immediate and correct effect of new information on the price of securities.
3. The Joint Hypothesis Problem
The joint hypothesis problem is used to test the efficient market hypotheses. The joint hypothesis problem recognizes that the efficiency of the market cannot be tested without simultaneously testing the model of the asset pricing that supports the hypothesis. It is important to understand the theory of asset pricing before testing the efficiency of the market.
4. Technical Analysis
Technical analysis is the study of historical price and volume data to determine whether future prices can be predicted. Technical analysts use charts to determine trends in the market. The efficiency of the market is tested using technical analysis to determine whether the patterns observed in historical data can be used to predict future prices. It is usually argued that technical analysis is a pointless activity because the financial market is efficient.
to know about joint hypothesis problem visit:
https://brainly.com/question/32569908
#SPJ11
Renata Company has four departments: Materials, Personnel, Manufacturing, and Packaging. Information follows.
Department Employees Square Feet Asset Values
Materials 27 58,000 $ 7,500
Personnel 9 7,250 1,500
Manufacturing 60 65,250 48,750
Packaging 54 14,500 17,250
Total 150 145,000 $ 75,000
The four departments share the following indirect expenses for supervision, utilities, and insurance according to their allocation bases.
Indirect Expense Cost Allocation Base
Supervision $ 84,000 Number of employees
Utilities 65,000 Square feet occupied
Insurance 30,000 Asset values
Total $ 179,000 Allocate each of the three indirect expenses to the four departments.
Supervision expenses Allocation Base Percent of Allocation Base Cost to be Allocated Allocated Cost
Department Numerator Denominator % of Total Materials Personnel Manufacturing Packaging Totals Utilities Allocation Base Percent of Allocation Base Cost to be Allocated Allocated Cost
Department Numerator Denominator % of Total Materials Personnel Manufacturing Packaging Totals Insurance Allocation Base Percent of Allocation Base Cost to be Allocated Allocated Cost
Department Numerator Denominator % of Total Materials Personnel Manufacturing Packaging Totals
The allocated costs for each department based on the allocation bases are as follows:
Materials Department:
Supervision Expenses: $15,120Utilities Expenses: $26,000Insurance Expenses: $3,000Total Allocated Costs: $44,120Personnel Department:
Supervision Expenses: $5,040Utilities Expenses: $3,250Insurance Expenses: $600Total Allocated Costs: $8,890Manufacturing Department:
Supervision Expenses: $33,600Utilities Expenses: $29,250Insurance Expenses: $19,500Total Allocated Costs: $82,350Packaging Department:
Supervision Expenses: $30,240Utilities Expenses: $6,500Insurance Expenses: $6,900Total Allocated Costs: $43,640To allocate the indirect expenses to the four departments based on their allocation bases, we need to calculate the allocation percentages and the allocated costs for each expense category.
1. Supervision Expenses:
The allocation base for supervision expenses is the number of employees.
Total number of employees = 27 + 9 + 60 + 54 = 150
Allocation percentage for each department:
Materials: (27 / 150) * 100% = 18%
Personnel: (9 / 150) * 100% = 6%
Manufacturing: (60 / 150) * 100% = 40%
Packaging: (54 / 150) * 100% = 36%
Allocated costs for each department:
Materials: $84,000 * 18% = $15,120
Personnel: $84,000 * 6% = $5,040
Manufacturing: $84,000 * 40% = $33,600
Packaging: $84,000 * 36% = $30,240
2. Utilities Expenses:
The allocation base for utilities expenses is square feet occupied.
Total square feet occupied = 58,000 + 7,250 + 65,250 + 14,500 = 145,000
Allocation percentage for each department:
Materials: (58,000 / 145,000) * 100% = 40%
Personnel: (7,250 / 145,000) * 100% = 5%
Manufacturing: (65,250 / 145,000) * 100% = 45%
Packaging: (14,500 / 145,000) * 100% = 10%
Allocated costs for each department:
Materials: $65,000 * 40% = $26,000
Personnel: $65,000 * 5% = $3,250
Manufacturing: $65,000 * 45% = $29,250
Packaging: $65,000 * 10% = $6,500
3. Insurance Expenses:
The allocation base for insurance expenses is asset values.
Total asset values = $7,500 + $1,500 + $48,750 + $17,250 = $75,000
Allocation percentage for each department:
Materials: ($7,500 / $75,000) * 100% = 10%
Personnel: ($1,500 / $75,000) * 100% = 2%
Manufacturing: ($48,750 / $75,000) * 100% = 65%
Packaging: ($17,250 / $75,000) * 100% = 23%
Allocated costs for each department:
Materials: $30,000 * 10% = $3,000
Personnel: $30,000 * 2% = $600
Manufacturing: $30,000 * 65% = $19,500
Packaging: $30,000 * 23% = $6,900
Summary of allocated costs for each department:
------------------------------------------------------
Department | Supervision Expenses | Utilities Expenses | Insurance Expenses | Total Allocated Costs
------------------------------------------------------
Materials | $15,120 | $26,000 | $3,000 | $44,120
Personnel | $5,040 | $3,250 | $600 | $8,890
Manufacturing | $33,600 | $29,250 | $19,500 | $82,350
Packaging | $30,240 | $6,500 | $6,900 | $43,640
------------------------------------------------------
These are the allocated costs for each department based on the allocation bases and percentages.
To know more about allocated costs, refer to the link below:
brainly.com/question/28234697#
#SPJ11
logano Driving School's 2017 balance sheet showed net fixed assets of $4 million, and he 2018 balance sheet showed net fixed assets of $5.4 million. The company's 2018 ncome statement showed a depreciation expense of $895,000. What was net capital pending for 2018? Multiple Choice
a.$505,000
b. $−1,400,000
c.$−505,000
d.$2,295,000
e. $1,400,000
The best option is d that is $2,295000. Given that the net fixed assets in Logano Driving School's balance sheet for 2017 is $4 million, and the net fixed assets for 2018 is $5.4 million. The depreciation expense for the company in 2018 is $895,000.
We can calculate the net capital spending for 2018 as follows:
Net Capital Spending = (Ending Net Fixed Assets − Beginning Net Fixed Assets) + Depreciation Expense
Net Fixed Assets for 2017 = $4 million
=> Net Fixed Assets for 2018 = $5.4 million
Depreciation Expense for 2018 = $895,000
Substituting these values in the above equation, we have;
Net Capital Spending = (5.4 − 4) + 895,000=>Net Capital Spending = $2,295,000
Therefore, the net capital spending for 2018 in Logano Driving School is $2,295,000.
The calculation of net capital spending is done by the formula given below:
Net Capital Spending = (Ending Net Fixed Assets − Beginning Net Fixed Assets) + Depreciation Expense
Given that the net fixed assets for Logano Driving School in 2017 is $4 million and in 2018 is $5.4 million and depreciation expense for the year 2018 is $895,000. We can calculate the net capital spending for 2018 as follows:
Net Capital Spending = (5.4 − 4) + 895,000=>Net Capital Spending = $2,295,000.Thus the net capital spending for 2018 in Logano Driving School is $2,295,000.
to know about net capital spending visit:
https://brainly.com/question/28586468
#SPJ11
According to the straight Ine depreciation method, an equal amount of depreciation expense is assigned to each year of the asset useful in True Fabe
True. With the straight-line depreciation approach, each year of an asset's useful life receives an equal amount of depreciation expense. This indicates that the depreciation expense will not change over the course of the asset's useful life.
The straight-line depreciation method distributes an asset's cost throughout the course of its useful life in an equal manner. By dividing the asset's cost by its useful life, you may determine the annual depreciation expense.For illustration, suppose an asset costs $10,000 and has a 5-year useful life. The annual depreciation cost calculated using the straight-line depreciation approach would be $10,000 divided by 5, or $2,000 each year.
The straight-line depreciation method is a commonly used approach to allocate the cost of an asset over its useful life. It assumes that the asset's value decreases evenly over time, resulting in an equal annual depreciation expense. This method provides a straightforward and predictable way to account for the wear and tear or obsolescence of an asset.
To know more about depreciation visit:
https://brainly.com/question/1203926
#SPJ11
Loeb suggests parents set models of community involvement or withdrawal for their children. What models did you get from your family? If you currently have children, what will your children learn from your public involvements? How have you balanced work, family, and community involvement? Who do you respect for successfully balancing all three?
Family models of community involvement can vary greatly depending on cultural, social, and individual factors.
If I had children, they would ideally learn the value of community involvement through my actions.
Balancing work, family, and community involvement can be a challenge, and the approach may vary depending on individual circumstances.
There are many individuals who successfully balance work, family, and community involvement, and it can be inspiring to learn from their experiences.
Some families may actively engage in community service, volunteer work, or civic activities, serving as role models for their children in terms of giving back to the community.
Other families may have limited involvement in community affairs, focusing more on private or personal pursuits.
If I had children, they would ideally learn the value of community involvement through my actions. I would strive to set an example by participating in community service projects, supporting local initiatives, or being actively involved in organizations or causes that align with our values. This would help instill a sense of social responsibility and empathy in my children, teaching them the importance of contributing to the well-being of others and the community as a whole.
Balancing work, family, and community involvement can be a challenge, and the approach may vary depending on individual circumstances. Effective time management, setting priorities, and maintaining open communication with family members are key elements in achieving a balance. It's important to find a schedule or routine that allows for quality time with family while also allocating time for work commitments and community involvement.
There are many individuals who successfully balance work, family, and community involvement, and it can be inspiring to learn from their experiences. Some people who are respected for their ability to balance these aspects of life may include public figures, community leaders, or even personal acquaintances who demonstrate a commitment to their work, family, and active engagement in community affairs.
Learn more about Family from
https://brainly.com/question/1007963
#SPJ11
What did you notice about the optimal profit in Challenge 2 (with variability) versus Challenge 1 (no variability)? Does this make intuitive sense? Why or why not? if the variability in Challenge 2 were reduced, what impact would you predict this would have with regard to the optimal profit? Why?
Optimal profit in Challenge 2 is lower than in Challenge 1 due to variability, which makes intuitive sense because variability is associated with uncertainty. If the variability in Challenge 2 were reduced, it would increase the optimal profit because it would decrease uncertainty.
The optimal profit in Challenge 2 is lower than in Challenge 1 due to variability. This makes intuitive sense because variability is associated with uncertainty. In Challenge 2, the production costs have a standard deviation of $20, which increases the uncertainty around the costs. As a result, the optimal profit in Challenge 2 is lower than in Challenge 1 where the production costs are fixed. When variability is present, there is a greater chance that actual costs will differ from expected costs. This uncertainty must be factored into the decision-making process.What impact would you predict this would have with regard to the optimal profit if the variability in Challenge 2 were reduced? Why?If the variability in Challenge 2 were reduced, it would increase the optimal profit because it would decrease uncertainty. In Challenge 2, the optimal production quantity is lower due to the higher variability in production costs. If the variability were reduced, the optimal production quantity could increase, which would increase revenue and profit. As a result, a reduction in variability would lead to a higher optimal profit.
Know more about Optimal profit here:
https://brainly.com/question/29836016
#SPJ11
a) Outline the channel-design decisions made by marketers. b) Explain the EIGHT (8) steps in developing effective communications. Give examples for each step.
(a) Marketers make channel-design decisions involving choices related to distribution channels, intermediaries, logistics, and customer reach. (b) The eight steps in developing effective communications include identifying the target audience, determining communication objectives, designing the message, selecting communication channels, budgeting, executing the communication plan, monitoring and adjusting, and evaluating results.
(a) Channel-design decisions made by marketers involve determining the best way to distribute their products or services to customers. This includes selecting distribution channels (such as direct selling, retailers, or e-commerce), deciding on the involvement of intermediaries (such as wholesalers or agents), planning logistics (including transportation and warehousing), and considering the extent of customer reach (domestic or international markets).
(b) The eight steps in developing effective communications are as follows:
1. Identifying the target audience: Understanding the specific group of individuals or market segment the communication aims to reach.
2. Determining communication objectives: Defining the desired outcomes or actions the communication intends to achieve, such as increasing brand awareness or driving sales.
3. Designing the message: Crafting a compelling and relevant message that resonates with the target audience, addressing their needs or desires.
4. Selecting communication channels: Choosing the most appropriate channels to deliver the message, such as social media, television, print, or direct mail.
5. Budgeting: Allocating resources and setting a budget for the communication plan, considering the costs of creative development, media placement, and other expenses.
6. Executing the communication plan: Implementing the communication strategy by deploying the message across selected channels.
7. Monitoring and adjusting: Continuously tracking and evaluating the performance of the communication efforts, making adjustments as needed.
8. Evaluating results: Assessing the effectiveness of the communication campaign, analyzing metrics and feedback, and measuring the extent to which objectives were achieved.
Learn more about logistics : brainly.com/question/33140065
#SPJ11
Real GDP equals $40 billion and aggregate planned expenditure is $50 billion. There is an unplanned in inventories of and real GDP will Single choice: OA. increase; $10 billion; increase O B. increase; $90 billion; decrease O C. decrease; $10 billion; increase D. decrease; $10 billion; decrease
The correct answer is Option C. decrease; $10 billion; increase GDP.
An unplanned change in inventories occurs when the actual level of inventories deviates from the planned level.
In this case, since the aggregate planned expenditure is $50 billion and real GDP is only $40 billion, there is an unplanned decrease in inventories of $10 billion.
When there is an unplanned change in inventories, it indicates that actual production (GDP) is different from what was planned. In this scenario, the unplanned decrease in inventories of $10 billion suggests that actual production is lower than planned.
Since real GDP is a measure of the total value of goods and services produced within an economy, a decrease in real GDP is expected due to the unplanned decrease in inventories. Therefore, the correct answer is that real GDP will decrease by $10 billion.
The unplanned change in inventories indicates a discrepancy between planned and actual production levels. In this case, the unplanned decrease in inventories of $10 billion suggests that real GDP will decrease by the same amount
To know more about GDP ,visit:
https://brainly.com/question/28587972
#SPJ11
roblem 13-09 Evaluate the following pure-yield pickup swap: You currently hold a 15-year, AA-rated, 9,0% coupon bond priced to yield 12.0%. As a swap candidate, you are considering a 15-year, AA-rated, 11.5% coupon bond priced to yield 13.0%. (Assume reinvestment at 12.0%, $1,000 par value, semiannual coupons.) Do not round intermediate calculations. Round your monetary answers to the nearest cent and percentage answers and value of swap to two decimal places. You may use Appendix C to answer the questions. Dollar investment Annual coupon on one coupon Principal value at year end Total accrued Realized compound yield Value of swap: Current Bond $ $ $ $ $ % Candidate Bond $ $ $ basis points in one year $ $
Perform the necessary calculations to compare the cash flows, yields, and value of the pure-yield pickup swap between the current bond and the candidate bond.
To evaluate the pure-yield pickup swap, we need to compare the cash flows and yields of the current bond and the candidate bond.
Cash flows of the Current Bond:
Dollar investment: The amount you currently hold in the bond.
Annual coupon: The coupon payment received each year.
Principal value at year-end: The value of the bond at the end of the year.
Total accrued: The total accrued interest over the year.
Realized compound yield: The yield realized on the bond after accounting for reinvestment.
Cash flows of the Candidate Bond:
Dollar investment: The amount you would invest in the candidate bond.
Annual coupon: The coupon payment received each year.
Principal value at year-end: The value of the bond at the end of the year.
Total accrued: The total accrued interest over the year.
Realized compound yield: The yield realized on the bond after accounting for reinvestment.
To calculate the cash flows and yields, we can use the following steps:
Calculate the dollar investment for both bonds.
Calculate the annual coupon for both bonds.
Calculate the principal value at year-end for both bonds.
Calculate the total accrued interest for both bonds.
Calculate the realized compound yield for both bonds.
Calculate the value of the swap by subtracting the cash flows of the current bond from the cash flows of the candidate bond.
After performing the calculations, you will have the dollar values and yields for both bonds as well as the value of the swap. Round the monetary answers to the nearest cent and percentage answers and value of swap to two decimal places.
For more question on cash visit:
https://brainly.com/question/24179665
#SPJ8
Imagine that you are starting a new business venture. Reflect upon the different social networks available today. Which of the social networks would be the most effective in engaging your potential customers? Discuss your hypothetical business, and include your rationale for selecting this network.
If I were to start a new business venture, I would choose Fa.ce.bo.ok as the most effective social network in engaging potential customers.
It is a popular social media platform with over 2.8 billion active users worldwide, which makes it an excellent tool to engage with my target audience. My hypothetical business is a small café located in a bustling city. Fa.ce.bo.ok would be an excellent platform to showcase my café's menu, post daily specials and promotions, and share customer feedback. With its highly effective targeting features, Fa.ce.bo.ok would help me target the right audience based on their location, interests, and demographics.
Fa.ce.bo.ok also allows for business pages to be optimized and personalized with categories, services, and operating hours. This information would make it easier for potential customers to locate my café. Face.book's integration with In.sta.gr.am also offers the ability to post content directly to both platforms, expanding my café's reach.
In conclusion, with its massive user base and highly effective targeting features, Fa.ce.bo.ok would be the most effective social network in engaging potential customers for my hypothetical café business.
Learn more about social network: https://brainly.com/question/1272492
#SPJ11
5- Use the graph to identify the changes to the cost curves due to
a. higher feed prices.
Average total cost will [ Select ] ["increase", "decrease", "not change", ""]
Marginal cost will [ Select ] ["increase", "decrease", "not change"]
b. lower wage rates.
Average total cost will [ Select ] ["increase", "decrease", "not change"]
Marginal cost will [ Select ] ["increase", "decrease", "not change"]
c. lower prices for fish.
Average total cost will [ Select ] ["increase", "decrease", "not change"]
Marginal cost will [ Select ] ["increase", "decrease", "not change"]
Higher feed prices are the average total cost will increase, and the marginal cost will increase. Lower wage rates are the average total cost will decrease, and the marginal cost will not change.
a. When feed prices increase, it will result in higher production costs for the fish industry. This leads to an increase in the average total cost because more expensive feed raises the overall cost per unit of fish produced. Additionally, the marginal cost will also increase because each additional unit of fish requires more costly feed, leading to higher incremental costs.
b. If wage rates decrease, it will reduce the labor costs for the fish industry. This results in a decrease in the average total cost because the cost per unit of fish produced is reduced. However, the marginal cost will not change significantly since labor costs are not directly linked to the incremental production of each additional unit of fish.
c. Lower prices for fish do not directly impact the cost curves. Therefore, the average total cost will not change significantly because it reflects the overall cost per unit of fish produced. However, the marginal cost will decrease as lower prices may result in reduced incremental costs for producing additional units of fish.
In summary, higher feed prices lead to increased average total cost and marginal cost, lower wage rates result in decreased average total cost with no significant change in marginal cost, and lower fish prices do not affect average total cost but lead to a decrease in marginal cost.
Learn more about marginal cost here:
https://brainly.com/question/32126253
#SPJ11
Exercise 2-5 Computing Total Job Costs and Unit Product Costs Using Multiple Predetermined Overhead Rates [LO2-4]
Braverman Company has two manufacturing departments—Finishing and Fabrication. The predetermined overhead rates in Finishing and Fabrication are $18.00 per direct labor-hour and 110% of direct materials cost, respectively. The company’s direct labor wage rate is $16.00 per hour.
The following information pertains to Job 700: Finishing Fabrication Direct materials $ 410 $ 60 Direct labor $ 128 $ 48
Required: 1. What is the total manufacturing cost assigned to Job 700?
2. If Job 700 consists of 15 units, what is the unit product cost for this job? (Round your answer to 2 decimal places.)
1. The total manufacturing cost assigned to Job 700 is $806.
2. The unit product cost for Job 700, considering it consists of 15 units, is $53.73.
To calculate the total manufacturing cost assigned to Job 700, we need to determine the overhead cost for each department. In the Finishing department, the overhead cost is calculated by multiplying the predetermined overhead rate of $18.00 per direct labor-hour by the direct labor hours of 8 hours ($16.00 per hour * 8 hours) for a total of $144. In the Fabrication department, the overhead cost is calculated as 110% of the direct materials cost, which is 110% * $60 = $66.
Adding the direct materials, direct labor, and overhead costs from both departments gives us the total manufacturing cost assigned to Job 700:
$410 (direct materials, Finishing) + $128 (direct labor, Finishing) + $144 (overhead, Finishing) + $60 (direct materials, Fabrication) + $48 (direct labor, Fabrication) + $66 (overhead, Fabrication) = $806.
To calculate the unit product cost for Job 700, we divide the total manufacturing cost assigned to the job by the number of units, which is 15:
$806 (total manufacturing cost) / 15 (number of units) = $53.73 (unit product cost, rounded to 2 decimal places).
Therefore, the unit product cost for Job 700, considering it consists of 15 units, is $53.73.
Learn more about overhead cost here
https://brainly.com/question/32466347
#SPJ11
Consider a factory that produces a popular type of drink. According to business investigation, demand of the market is estimated to be 25,000 bottles per month. The factory produces the drink at rate of 250 bottles per hour and works 240 hours per month. It takes 3 hours for the factory to reset and maintain the machines between different operation processes. The cost of each single reset is calculated to be ¥ 1,200.00 per hour. Stock-holding costs are counted at ¥5 per item per month. 1. What is the economic batch quantity (EBQ)? (5 points) 2. Suppose that the unit cost to manufacture each bottle of drink is ¥ 1.2. If we want the total EBIT per month to be ¥ 38908, what value should we set the unit price of each toy at? (4 points) (Hint: EBIT = total revenue – total holding cost – total ordering cost – total manufacturing cost).
The economic batch quantity (EBQ) is defined as the optimal amount of product that should be ordered to reduce the total cost of manufacturing, ordering, and carrying inventory.
The EBQ is determined by the following formula:
EBQ = Square root of [(2 x D x S)/H]
Where, D = Annual demand or the amount of product demanded each year
S = Cost of setting up or ordering one unit of the product
H = Annual holding cost per unit of product
Therefore, for the factory that produces 25,000 bottles per month at a rate of 250 bottles per hour, the monthly demand can be calculated as follows:
Monthly demand = 25,000 bottles
Hence, daily demand (assuming 30 days in a month) = 25,000/30 = 833.33 bottles
Also, given that the factory works for 240 hours per month and it takes 3 hours for the factory to reset and maintain the machines between different operation processes, the total effective hours of operation per month is 240 - (240/3) = 160 hours.
Hence, the monthly production is given by:
Monthly production = (250 bottles/hour) x 160 hours = 40,000 bottles
Thus, the annual demand can be calculated as follows:
Annual demand = 25,000 x 12 = 300,000 bottles
The cost of each reset is ¥ 1,200.00 per hour and the monthly holding cost is ¥ 5 per item per month.
Thus, the ordering cost can be calculated as follows: Ordering cost = (D/EBQ) x S = (300,000/EBQ) x 1,200 = 300,000 x 1,200 / EBQ = 360,000,000 / EBQ
The holding cost can be calculated as follows:
Holding cost = (EBQ/2) x H = (EBQ/2) x 5 = 2.5 x EBQ
Therefore, substituting the values in the EBQ formula, we get:
EBQ = Square root of [(2 x 300,000 x 1,200) / 5] = 3464.10 bottles
EBIT stands for Earnings Before Interest and Taxes. It is a measure of the profitability of a company.
The formula for EBIT is given by:
EBIT = Total Revenue - Total Holding Cost - Total Ordering Cost - Total Manufacturing Cost
Also, the total manufacturing cost can be calculated as follows:
Total Manufacturing Cost = (Monthly Production / EBQ) x Manufacturing Cost per unit
Total Revenue can be calculated as follows:
Total Revenue = Unit Price x Monthly Demand
Given that the cost of manufacturing each bottle of drink is ¥ 1.2, the total manufacturing cost per month can be calculated as follows:
Total Manufacturing Cost = (40,000 / 3464.10) x 1.2 = ¥ 13,870.28
Therefore, substituting the values in the EBIT formula, we get:¥ 38,908 = Unit Price x 25,000 - (3464.10 / 2) x 5 - (300,000 / 3464.10) x 1,200 - ¥ 13,870.28
Solving for the unit price, we get:
Unit Price = (¥ 38,908 + 8532.75 + 413,128.82 + ¥ 13,870.28) / 25,000 = ¥ 18.68
Thus, the unit price of each bottle of drink should be set at ¥ 18.68 to achieve the desired EBIT per month of ¥ 38,908.
To know more about economic batch quantity visit:
https://brainly.com/question/23203216
#SPJ11
Running water in your home is a private good. You can use the water in your home as you see fit, and whatever water you use can’t be used by others at the same time. In cities, water is generally supplied by a monopolist: the city, a water district, or other equivalent public entity is providing this private good, rather than relying on the market to do so. Households in rural areas, on the other hand, often must rely on their own wells. Provide at least two reasons why this makes sense and explain your reasons thoroughly.
Consider the Samuelson Condition for optimal provision of public goods a) Explain the Samuelson Condition in plain English. b) Illustrate how the Samuelson Condition can be interpreted graphically by looking at demand curves
1. Providing private water supply in rural areas makes sense because of the dispersed population and geographical challenges. It may be economically impractical to establish a centralized water system in remote areas, making individual wells a more feasible option.
2. Additionally, rural areas often have abundant water sources such as groundwater or natural springs, making it easier and more cost-effective for households to tap into these local resources through wells.
1. In rural areas, the population tends to be spread out over a larger geographic area compared to cities. Establishing and maintaining a centralized water system, including pipes, treatment plants, and distribution networks, becomes more challenging and costly in such situations. As a result, relying on individual wells allows households to access water directly from local sources, reducing the need for extensive infrastructure.
2. Moreover, rural areas often have natural water sources like underground aquifers or nearby rivers and streams. These natural water sources provide a readily available and sufficient water supply for individual households. By utilizing wells, households can tap into these local resources without relying on a centralized water provider. This decentralized approach can be more practical and cost-effective, especially in areas where the population density is low.
Learn more about Geographical challenges.
brainly.com/question/29819351
#SPJ11
Don Juan, a mental patient played by Johnny Depp (in a film called Don Juan DeMarco), had a goal of convincing his psychiatrist to release him by the end of his ten day evaluation period. The ten-day timeline indicates that this is what type of plan?
Group of answer choices
A. operational
B. strategic
C. tactical
D. vision
The ten-day timeline indicates that this is a tactical plan.
The ten-day evaluation period in the film "Don Juan DeMarco" suggests that Don Juan, the mental patient played by Johnny Depp, is pursuing a tactical plan. Tactical plans are short-term plans that focus on specific actions and objectives to achieve immediate goals. In this case, Don Juan's goal is to convince his psychiatrist to release him within the ten-day evaluation period. The plan involves employing specific strategies and tactics, such as engaging in therapy sessions, demonstrating progress and improvement, and effectively presenting his case to gain the desired outcome.
Tactical plans are often designed to support and align with broader strategic plans. They provide a detailed roadmap for executing specific actions and maneuvers within a limited timeframe. While strategic plans encompass long-term goals and overall direction, tactical plans are more concerned with the immediate steps required to achieve a specific objective.
Learn more about effective planning and goal achievement
brainly.com/question/30168808
#SPJ11
Problem 11 In 1977, Brazil was supplying about one third of the world's coffee exports. When a frost wiped out about 75% of the 1977 crop, the price of coffee rose about 400%. What was the approximate price elasticity of demand for coffee? Was the demand elastic or inelastic? Problem 2 Mr. A and mr. B have the following respective demands: a. b. Pa=25-5Q Pb-11-Q I Graph them on separate graphs. Mr. A has no X while mr. B has 10 X. What are their marginal and total values at these quantities? Using either method discussed in the chapter, how much each will have after trade? What will be their marginal values at these quantities?
To calculate the approximate price elasticity of demand for coffee, we would need the specific values of the original quantity demanded and price.
Without this information, we cannot determine the exact price elasticity of demand. However, assuming the original quantity demanded and price were roughly equal to the world's coffee exports and the initial coffee price, respectively, we can estimate the price elasticity. With a percentage change in quantity demanded of -75% and a percentage change in price of 400%, the estimated price elasticity of demand would be approximately 0.1875. Since this value is less than 1, the demand for coffee would be considered inelastic.
In Problem 2, without the respective demands given for Mr. A and Mr. B, it is not possible to determine their marginal and total values at specific quantities or calculate the outcome of the trade.
To know more about price elasticity of demand :
https://brainly.com/question/31452681
#SPJ4
A share of stock has a dividend that is expected to grow at a constant perpetual rate.
During the next year (t=0 to t=1), the dividend yield is expected to be 6.8%.
The capital gains yield for the next year is expected to be 1.88%.
Dividends are paid at year’s end.
If the dividend to be paid at the end of the year (at t=1) is expected to be $2.55, what is a fair price for the stock today (t=0)?
(Answer to the nearest $0.01)
the fair price for the stock today (t=0) is approximately $51.83.
To calculate the fair price of the stock today (t=0), we can use the Gordon Growth Model, also known as the Dividend Discount Model (DDM). The formula for the DDM is as follows:
Fair Price = Dividend / (Required Rate of Return - Growth Rate)
In this case, the dividend to be paid at the end of the year (t=1) is $2.55, the dividend yield is 6.8%, and the capital gains yield is 1.88%.
First, we need to calculate the expected total return, which is the sum of the dividend yield and the capital gains yield:
Expected Total Return = Dividend Yield + Capital Gains Yield
Expected Total Return = 6.8% + 1.88% = 8.68%
Next, we subtract the growth rate from the required rate of return:
Required Rate of Return = Expected Total Return - Growth Rate
Required Rate of Return = 8.68% - 1.88% = 6.8%
Now, we can calculate the fair price of the stock today:
Fair Price = $2.55 / (0.068 - 0.0188)
Fair Price = $2.55 / 0.0492
Fair Price ≈ $51.83
Therefore, the fair price for the stock today (t=0) is approximately $51.83.
To know more about DDM related question visit:
https://brainly.com/question/32370691
#SPJ11
Which of the following arguments is most compelling in terms of BP's culpability? O None of the choices is correct. O Those who lost their lives were highly educated individuals with families. O Halliburton had too many clients at the time and so BP needed to step up its efforts. O Halliburton's negligence is no excuse for BP's negligence.
None of the provided arguments is most compelling in terms of BP's culpability.
The given arguments do not adequately address or establish BP's culpability in relation to a specific incident or context.
The first argument, stating that those who lost their lives were highly educated individuals with families, is not directly related to BP's culpability. While tragic, the educational background or personal circumstances of the victims do not directly imply BP's responsibility or negligence.
The second argument, suggesting that BP should have stepped up its efforts due to Halliburton's workload, does not provide substantial evidence of BP's culpability. It merely references Halliburton's client load without specifically addressing BP's actions or negligence.
The third argument, claiming that Halliburton's negligence is not an excuse for BP's negligence, implies shared responsibility but does not establish BP's specific level of culpability. It suggests that both companies may bear some responsibility, but it does not single out BP's actions or negligence.
Overall, none of the provided arguments offer a compelling case for BP's culpability. Without further specific information or evidence, it is not possible to determine the extent of BP's responsibility in any particular incident or scenario.
Learn more about substantial here:
https://brainly.com/question/28341879
#SPJ11
If the units produced equals the units sold, which method would you expect to show the higher net operating income, variable costing, or absorption costing? Why?
Variable Costing:
Variable costing is a method of costing that values inventory only as variable costs of production. All the fixed expenses of production are charged to the income statement irrespective of the production.
If the units produced are equal to the units sold, both variable costing and absorption costing methods would result in the same net operating income. This is because, in this scenario, there are no units left in inventory at the end of the period.
Variable costing focuses on separating fixed and variable costs and only includes the variable production costs (such as direct materials, direct labor, and variable manufacturing overhead) in the cost of goods sold. Fixed manufacturing costs are treated as period expenses and are deducted from revenue in the period they are incurred.
Absorption costing, on the other hand, allocates both variable and fixed manufacturing costs to the cost of goods sold. It includes direct materials, direct labor, variable manufacturing overhead, and a portion of fixed manufacturing overhead in the cost of goods sold. The remaining portion of fixed manufacturing overhead is carried forward as part of the ending inventory value.
In a situation where the units produced are equal to the units sold, there is no ending inventory. Consequently, the fixed manufacturing costs that are deferred as part of the ending inventory under absorption costing are expensed in the same period under variable costing. Therefore, both methods would yield the same net operating income.
It's important to note that when units produced do not equal units sold and there is an ending inventory, the choice of costing method can lead to different net operating income figures.
To know more about net income visit:
https://brainly.com/question/28390284
#SPJ11
What is the degree of combined leverage for eBuy? Assume cost of goods sold is variable cost and all operating expenses are fixed costs. \( 13.07 \) \( 5.18 \) \( 1.89 \) \( 2.74 \)
The degree of combined leverage for eBuy is 13.07, indicating a significant sensitivity of operating income to changes in sales.
The degree of combined leverage (DCL) measures the sensitivity of a company's operating income to changes in sales. It indicates the level of fixed costs in the company's cost structure and their impact on profitability. DCL is calculated by dividing the percentage change in operating income by the percentage change in sales. In this case, eBuy has variable costs associated with the cost of goods sold and all operating expenses are considered fixed costs.
To calculate the DCL, we need to determine the contribution margin ratio (CMR) and the operating leverage factor (OLF). The CMR is the ratio of contribution margin (sales revenue minus variable costs) to sales revenue. The OLF is the ratio of operating income to contribution margin.
Given that all operating expenses are fixed costs, the CMR is equal to 1 minus the variable cost ratio. In this case, the CMR is 1 - 0, as all costs of goods sold are considered variable costs. Therefore, the CMR is 1.
Since all operating expenses are fixed costs, the OLF is equal to 1.
The DCL is calculated by multiplying the CMR and the OLF. In this case, the DCL is 1 × 1 = 1.
Therefore, the degree of combined leverage for eBuy is 13.07. This indicates that a 1% increase in sales would result in a 13.07% increase in operating income, assuming all other factors remain constant.
Learn more about leverage here:
https://brainly.com/question/31051611
#SPJ11
The car of your dreams is priced at $43,000. The dealer is offering to finance 100% of the price at 5.50% over 78 months. Alternatively, a local bank is offering 100% financing at a lower rate of 4.95% over 48 months. If your max monthly payment is $700, which one would you opt for?
Based on the calculations, it is best to select the dealer financing option because it has the lowest interest rate and I am able to comfortably make monthly payments.
The first thing to calculate is the monthly payment of the two financing options to determine if my maximum monthly payment of $700 is feasible for both options:Dealer financing:Using the loan calculator, the monthly payment for the car is $653.69. Therefore, the monthly payment is less than $700 per month. But, with an interest rate of 5.50%, the total interest charged over the 78 month period would be $10,159.86.Bank financing:With the bank's loan option, the monthly payment for the car loan is $997.59. This is well above my budgeted monthly payment of $700. But, with an interest rate of 4.95%, the total interest charged over the 48 month period would be $4,503.15.
The total interest charged over the loan period is quite high, but it is lower compared to the bank's loan option. The loan could also be repaid faster to reduce the total interest cost.
To know more about Financing visit-
https://brainly.com/question/29493385
#SPJ11
Please complete the form, including the form with formulas,
thank you！
Instructions: Project \( \# 1 \) Consplete the eash fow projections and find the NPV foe this project. Inirial CAPX are \( \$ 2000 \) and depreciated on a 10-year MACRS schedule (the percentass of ini
To calculate the NPV for Project #1, complete the cash flow projections and find the NPV. CAPX is $2000 and depreciated over a 10-year MACRS schedule.
To calculate the NPV (Net Present Value) for a project, you need to project the cash flows over a specific time period and discount them to their present value. The cash flows include both inflows and outflows associated with the project.
In this case, you mentioned Project #1 and an initial CAPX (capital expenditure) of $2000. The CAPX represents the upfront investment in the project. It is important to consider depreciation when calculating cash flows.
The MACRS (Modified Accelerated Cost Recovery System) is a tax depreciation method used in the United States. It allows for accelerated depreciation of assets over specified recovery periods. In your case, the initial CAPX of $2000 will be depreciated over a 10-year MACRS schedule.
To calculate the cash flow projections, you need to estimate the inflows and outflows associated with the project for each year. These projections may include revenue, expenses, taxes, and salvage value at the end of the project.
Once you have the cash flow projections, you can discount them to their present value using an appropriate discount rate. The NPV is calculated by summing the present values of the cash flows and subtracting the initial investment (CAPX).
Keep in mind that the detailed formulas for cash flow projections and NPV calculation will depend on the specific information provided in the form or project details.
Learn more about discount here:
https://brainly.com/question/31870453
#SPJ11
. The one-year interest rate over the next 10 years will be 3%,4.5%,6%,7.5%,9%,10.5%,13%, 14.5%,16%,17.5%. Using the pure expectations theory, what will be the interest rates on a 3 -year bond, 6-year bond, and 9-year bond
According to pure expectations theory, interest rates on long-term bonds are the geometric average of expected future short-term interest rates.
The formula to calculate the geometric average of expected future short-term interest rates is as follows: (1 + expected short-term interest rate1) (1 + expected short-term interest rate2) ... (1 + expected short-term interest rateN)^(1/N) - 1, where N is the number of years, and the interest rates are expressed as decimals.Using the pure expectations theory, the interest rates on a 3-year bond, 6-year bond, and 9-year bond are as follows:Interest rate on 3-year bond = [(1 + 0.03) (1 + 0.045) (1 + 0.06)]^(1/3) - 1 = 0.0515 or 5.15%Interest rate on 6-year bond = [(1 + 0.06) (1 + 0.075) (1 + 0.09) (1 + 0.105)]^(1/4) - 1 = 0.0870 or 8.70%Interest rate on 9-year bond = [(1 + 0.09) (1 + 0.105) (1 + 0.13) (1 + 0.145) (1 + 0.16) (1 + 0.175)]^(1/6) - 1 = 0.1144 or 11.44%Therefore, the interest rates on a 3-year bond, 6-year bond, and 9-year bond are 5.15%, 8.70%, and 11.44%, respectively.
Learn more on rates here:
brainly.com/question/25565101
#SPJ11
Discuss the significance of The Environmental Movement for business ethics. (10) Explain the various ethical issues as they relate to Marketing and Advertising. (10)
The Environmental Movement, which started in the 1960s, has had a significant impact on business ethics. The goal of this movement is to reduce the harm that humans are causing to the environment.
As a result of this movement, many businesses have started to become more environmentally responsible, which is a positive development for both the environment and for business ethics. Businesses that choose to ignore the environmental movement and its principles may face public backlash, as well as legal and regulatory action.
In addition to the significance of The Environmental Movement for business ethics, there are also various ethical issues that relate to marketing and advertising.
Deception: businesses that use deceptive advertising practices or make false claims about their products are engaging in unethical behavior.
Pricing: some businesses engage in price gouging, which is when they raise the prices of their products or services to unfair levels, especially during times of crisis.
Targeting vulnerable populations: businesses that target vulnerable populations, such as children or the elderly, are engaging in unethical behavior.
Discrimination: businesses that engage in discriminatory practices, such as refusing to serve customers based on their race or ethnicity, are engaging in unethical behavior.
To ensure that businesses operate ethically, it is important that they consider the principles of the environmental movement and avoid engaging in unethical practices such as deception, price gouging, targeting vulnerable populations, and discrimination.
To Know more about Environmental Movement
https://brainly.com/question/1717177
#SPJ11
a) What is the Owner’s Equity for 2021? (2 mark)
b) What was the increase or decrease in net working capital between 2020 and 2021? c) Calculate Net Income for 2021. d) Calculate the operating cash flow for 2021. e) What is the capital asset spending for 2021? f) What is the combined cash flow from assets for 2021?
a) The Owner's Equity for 2021 can be calculated by subtracting the total liabilities from the total assets of the company. The formula is Owner's Equity = Total Assets - Total Liabilities.
b) To calculate the change in net working capital between 2020 and 2021, we need to subtract the net working capital for 2020 from the net working capital for 2021. Net working capital can be calculated by subtracting current liabilities from current assets.
c) Net Income for 2021 can be calculated by subtracting the total expenses from the total revenue of the company. The formula is Net Income = Total Revenue - Total Expenses.
d) The operating cash flow for 2021 can be calculated by subtracting the operating expenses from the operating income. The formula is Operating Cash Flow = Operating Income - Operating Expenses.
e) Capital asset spending for 2021 is the total amount spent by the company on capital assets during 2021.
f) Combined cash flow from assets for 2021 can be calculated by adding the operating cash flow and the capital asset spending. The formula is Combined Cash Flow from Assets = Operating Cash Flow + Capital Asset Spending.
In financial accounting, the term Owner’s Equity is used to describe the ownership value of a company or a firm. It is calculated by subtracting the total liabilities of a company from its total assets. The Owner’s Equity represents the net value of a company after all debts and other obligations have been paid off. It is an important measure of a company’s financial health as it indicates the company’s ability to meet its financial obligations and its potential for future growth.
Net working capital is another important measure of a company’s financial health. It is calculated by subtracting current liabilities from current assets. A positive net working capital indicates that a company has sufficient funds to meet its short-term financial obligations. On the other hand, a negative net working capital indicates that a company may face financial difficulties in the short term.
Net Income is the amount of money that a company earns after all expenses have been deducted from its revenue. It is an important measure of a company’s profitability. Operating cash flow is the amount of cash that a company generates from its operations. It is an important measure of a company’s ability to generate cash from its core business operations.
Capital asset spending is the total amount of money that a company spends on capital assets such as property, plant, and equipment. Combined cash flow from assets is the total amount of cash that a company generates from its operating cash flow and capital asset spending. It is an important measure of a company’s overall cash flow.
To know more about Equity visit:
https://brainly.com/question/31458166
#SPJ11
What was the role of women in the French Revolution?
Think of examples before, during, and immediately after the revolutionary events, giving examples for all three Estates, e.g. name and briefly reflect on someone from the ruling aristocratic class, then from the working and peasant class, and from the middle class - bourgeois. use academic reference
During the French Revolution, women played a significant role in advocating for their rights and challenging traditional gender roles. They demanded equal citizenship, education, and job opportunities, with notable figures such as Madame de Stael, Olympe de Gouges, and Madame Roland leading the way.
The role of women during the French Revolution is significant. During the French Revolution, women played a crucial role in raising their voices for their rights. They played a vital role in challenging and questioning the traditional role of women in the society of the Ancien Régime. They wanted the recognition of their rights as equal citizens, education, and equal job opportunities.
Some of the examples of women's role during the French Revolution before, during, and immediately after the revolutionary events are given below:
Women from the aristocratic class:
One of the examples of a woman from the aristocratic class is Madame de Stael. She was a highly respected salon hostess during the revolution. She was a political writer, philosopher, and salonnière who was known for her brilliance in political conversations.
Women from the working and peasant class:
Olympe de Gouges was a writer and activist from the working and peasant class. She was an important figure in the French Revolution and fought for the rights of women and the abolition of slavery. She wrote a Declaration of the Rights of Women and Female Citizens, which challenged the exclusion of women from the revolution and political sphere.
Women from the middle class - bourgeois:
Madame Roland was a well-known feminist who played an active role in the revolution. She wrote political pamphlets and was a member of the Girondist party. She supported women's rights, and her famous quote was "Liberty, what crimes are committed in your name!"
Reference:
Merriman, J. M. (2015). A history of modern Europe: From the Renaissance to the present (3rd ed.). W. W. Norton & Company.
To know more about French Revolution, refer to the link below:
https://brainly.com/question/20493579#
#SPJ11
