Best Buy has become the nation's largest specialty retailer by focusing on the customer's needs and wants. This philosophy is at the heart of a(n) _____ orientation.
A. sales
B. market
C. retail
D. production
E. exchange
Answer: B
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Stockmaster Corporation has two manufacturing departments--Forming and Assembly. The company used the following data at the beginning of the year to calculate predetermined overhead rates: FormingAssemblyTotalEstimated total machine-hours (MHs) 5,000 5,000 10,000Estimated total fixed manufacturing overhead cost$27,000$10,500$37,500Estimated variable manufacturing overhead cost per MH$1.10$2.80 During the most recent month, the company started and completed two jobs--Job C and Job H. There were no beginning inventories. Data concerning those two jobs follow: Job CJob HDirect materials$11,200$7,500Direct labor cost$21,900$7,800Forming machine-hours 3,400 1,600Assembly machine-hours 2,000 3,000 Assume that the company uses a plantwide predetermined manufacturing overhead
rate based on machine-hours and uses a markup of 40% on manufacturing cost to establish selling prices. The calculated selling price for Job C is closest to: A. $62,980 B. $25,192 C. $96,989 D. $88,172
Scenario 6.1 Use the following to answer the questions. Consumers use information from many sources when making purchasing decisions, including information from friends and family members. One of the most dissatisfying consumer experiences is with auto repair. Aware of this, Kate has asked several of her friends and family members where they have their cars repaired, since she has experienced a problem starting her car when the weather is cold. Kate has heard that Skola's Auto Repair has reasonable prices, but it can be difficult to get an appointment. Steve, one of Kate's friends, had a very poor experience with Skola's. However, once he complained to them, they fixed the situation and now he prefers their auto repair shop over others. Refer to Scenario 6.1. A dissatisfied
Skola's Auto Repair customer told a friend about his experience. The friend has been a long-time Skola's customer and the next day, didn't remember what he told her. This is an example of A. perceptive perception. B. selective exposure. C. selective distortion. D. receptive exposure. E. selective retention.
Games Unlimited Inc. is considering a new game that would require an investment of $21.0 million. If the new game is well received, then the project would produce cash flows of $9.5 million a year for 3 years. However, if the market does not like the new game, then the cash flows would be only $6.8 million per year. There is a 50% probability of both good and bad market conditions. The firm could delay the project for a year while it conducts a test to determine if demand would be strong or weak. The project's cost and expected annual cash flows would be the same whether the project is delayed or not. If the WACC is 9.6%, what is the value (in thousands) of the investment timing option? Do not round intermediate calculations. ?
A. $1,274 B. $1,083 C. $1,592 D. $1,019 E. $1,147
Leslie Fay Companies was a clothing conglomerate that produced lines of women's clothing and lingerie under the brand names Leslie Fay, Joan Leslie, Albert Nipon, Theo Miles, Kasper, Le Suit, Nolan Miller, Castleberry, and Castlebrook. In early 1993, it was discovered that senior Leslie Fay executives, in an effort to inflate profits and to mask an actual loss of $13.7 million, had perpetrated an
accounting fraud. Paul Polishan, Leslie Fay's chief operating officer, was placed on leave without pay in January 1993, along with Donald F. Kenia, the corporate controller. Mr. Kenia had first alerted the company to the accounting manipulations and worked with auditors to untangle the books. By April 1993, Leslie Fay, under intense pressure from creditors, filed for Chapter 11 bankruptcy (reorganization) in Manhattan. Both Mr. Polishan and Mr. Kenia were fired. Mr. Kenia, charged with two counts of filing false statements with the SEC, has entered into a plea bargain with the U.S. Attorney in exchange for his cooperation in the continuing investigation of the Leslie Fay accounting improprieties. Also in April 1993, two new outside directors were named to the Leslie Fay board. The audit committee of the board discovered, through continuing investigation, that accounting irregularities had inflated the company's profits for at least five quarters beginning in the fall of 1990. As Leslie Fay continued its climb from bankruptcy, it was discovered that its law firm, Weil Gotshall & Manges, had failed to disclose its close ties to two board audit committee members. A federal bankruptcy judge ordered the law firm to pay fines totaling $800,000, which was the cost of having an independent review of the law firm's representation and conduct in the case. In March 1995, Leslie Fay placed its flagship dress and retail business up for sale and offered its CEO a success fee of $1.5 million if those businesses were sold. Also in March 1995, a report detailing accounting improprieties was released by the audit committee of the Leslie Fay board. The board found that when executives realized they would not meet pre-established goals, they would ship goods out to a Wilkes-Barre, Pennsylvania, facility to inflate sales. The executives also forged inventory tags, multiplied the value of inventory, developed phantom inventory and altered records to meet sales target. Some goods were invoiced to be shipped in the final day of a quarter even though they were not actually shipped until the next quarter. Numerous shareholders have filed suit against the Leslie Fay board and BDO Seidman, the company's auditor during this period. John Pomerantz continued as CEO from 1993 onward. The company has tried to find a buyer but has remained unsuccessful in doing so. a. What signals about the importance of earnings at Leslie Fay were sent to the officers who committed the accounting improprieties? b. Wouldn't employees have been aware of the financial fraud? Why didn't they speak up? Why didn't they tell someone? c. How might Leslie Fay have prevented what happened? d. If you were the new chief financial officer, what message would you most want to impress upon all Leslie Fay employees? e. Of what significance are the law firm's ties to the board's audit committee members? Did these ties set a poor tone at the top?