6. Assume that a rice milling operation converts paddy (rice as a growing crop o
ID: 1109023 • Letter: 6
Question
6. Assume that a rice milling operation converts paddy (rice as a growing crop or when harvested but not yet milled) at the rate of 70 percent (0.7) and has saleable by-products equal to 25 percent of the paddy weight. Processing costs per lb. of paddy have been calculated at $0.20 per lb. on the basis of the mills total annual costs divided by the number of lbs. of paddy processed. The buying price of the paddy was $1.70 per lb. and the by-products have a value of $0.50 per lb. Calculate the breakeven selling price per lb. of milled rice (i.e., processing cost per lb. of paddy).
a.$2.111 per lb.
b.$2.328 per lb.
$2.412 per lb.
$2.543 per lb.
None of the above
7. Assume an example involving a consignment of 200 lbs. of tomatoes as follows:
100 lbs. sold at $3.00/lb.
60 lbs. sold at $1.60/lb.
20 lbs. sold at $1.20/lb.
10 lbs. sold at $0.70/lb.
10 lbs. which cannot be sold
Calculate the average selling price per lb.
a.$0.635 per lb.
b.$1.655 per lb.
c.$2.015 per lb.
d.$2.100 per lb.
$2.135 per lb.
8. Assume the buying price of tomatoes from the farmer is $0.40 per lb., the weighted average wholesale selling price is $0.90 per lb. and the weighted average retail price is $1.12 per lb. Calculate the share to the producer, wholesale-to-farm margin, and retail-to-wholesale margin, respectively.
a.35.7%; 44.6%; 18.6%
b.35.7%; 43.6%; 19.6%
c.36.7%; 44.6%; 19.6%
35.7%; 44.6%; 19.6%
None of the above
9. Trucks can be classified as:
a.Common carriers
b.Contract carriers
c.Exempt carriers
d.Private trucking
All of the above
10. Ordinarily, rates per ton/mile are the highest for which of the following transport mode?
a.Barges
b.Rails
c.Trucks
Air
The rates for all of the above are the same
Explanation / Answer
6)None of the above, Brake Even price =(Total fixed cost / Production unit volume) + Variable cost per unit = .2+1.7 =1.9
7)$2.135 per lb, Average Selling price = (100*3 + 60*1.6+ 20*1.2 + 10*.7)/200
8) c.36.7%; 44.6%; 19.6% , .4/(.4 + .5 + .22), .5/(.4 + .5 + .22), .22/(.4 + .5 + .22)
9) all of the above
10) Air
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