Accounting Consider the original budget matrix in Problem
Accounting The annual budget of the Magnum Company has the following expenses, in thousands of dollars, for selected departments.
Write a matrix
Write the matrix
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Chapter 3 Solutions
Mathematical Applications for the Management, Life, and Social Sciences
- Within a company is a (micro)economy that is monitored by the accounting procedures. In terms of the accounts, the various departments "produce" costs, some of which are internal and some of which are direct costs. This problem shows how an open Leontief model can be used to determine departmental costs. The sales department of an auto dealership charges 10% of its total monthly costs to the service department, and the service department charges 20% of its total monthly costs to the sales department. During a given month, the direct costs are $88,200 for sales and $29,400 for service. Find the total costs (in dollars) of each department. (Round your answers to the nearest whole number.)arrow_forwardWithin a company is a (micro)economy that is monitored by the accounting procedures. In terms of the accounts, the various departments "produce" costs, some of which are internal and some of which are direct costs. This problem shows how an open Leontief model can be used to determine departmental costs. The sales department of an auto dealership charges 10% of its total monthly costs to the service department, and the service department charges 20% of its total monthly costs to the sales department. During a given month, the direct costs are $88,200 for sales and $49,000 for service. Find the total costs (in dollars) of each department. (Round your answers to the nearest whole number.) sales department service department %24 %24arrow_forward. Jim Lawler spends 28% of his income on housing, 15% on food, 11% on clothing, 15% on transportation, 11% on education, 7% on recreation, 7% on miscellaneous, and saves the balance. If his savings amount to $200 per month, what are his monthly earnings? Expenditures:- 1.Income on Housing = 28% 2.Food = 15% 3.Clothing = 11% 4.Transportation = 15% 5.Education = 11% 6.Recreation = 7% 7.Miscellaneous = 7% Total Expenditures(%) = 94%arrow_forward
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