You have just begun a new job as a bank teller at Santa's Elf Bank. Your supervisor asks you what the difference is between reserves and excess reserves in terms of banking. You want to impress your supervisor, so you use your eidetic memory to remember what you learned in your economics course and reply:

a. Reserves refer to the cash that banks have on hand to satisfy the demands of their employees and the reserve requirements of their competitors. Excess reserves refer to the amount of reserves banks have in excess of the profits they earn.

b. Excess reserves refer to the amount that the banks have beyond what they owe to their competitors. Reserves are the funds banks keep on hand to meet reserve requirements established by the Fed.

c. Excess reserves refer to the amount that the banks have beyond loan reserves Reserves are the funds banks keep on hand to meet reserve requirements established by the Fed.

d. Excess reserves refer to the reserves that the banks have beyond the legally required reserve amounts. Reserves are the funds banks keep on hand to meet Federal Reserve requirements.

The chromosome manufacturing company produces two products, x and y. the company president, jean mutation, is concerned about the fierce competition in the market for product x. she notes that competitors are selling x for a price well below chromosome's price of $13.50. at the same time, she notes that competitors are pricing product y almost twice as high as chromosome's price of $12.50.ms. mutation has obtained the following data for a recent time period: product x product y number of units 11,000 3,000 direct materials cost per unit $3.23 $3.09 direct labor cost per unit $2.22 $2.10 direct labor hours 10,000 3,500 machine hours 2,100 1,800 inspection hours 80 100 purchase orders 10 30ms. mutation has learned that overhead costs are assigned to products on the basis of direct labor hours. the overhead costs for this time period consisted of the following items: overhead cost item amount inspection costs $16,200 purchasing costs 8,000 machine costs 49,000 total $73,200using direct labor hours to allocate overhead costs determine the gross margin per unit for product x. choose the best answer from the list below.a. $1.93b. $3.12c. $7.38d. $2.43e. $1.73using activity-based costing for overhead allocation, determine the gross margin per unit for product y. choose best answer from list below.a. $10.07b. ($2.27)c. ($5.23)d. ($7.02)e. $7.02