Phoenix industries has pulled off a miraculous recovery. four years ago it was near bankruptcy. today, it announced a $3 per share dividend to be paid a year from now, the first dividend since the crisis. analysts expect dividends to increase by $1 a year for another 2 years. after the third year (in which dividends are $5 per share) dividend growth is expected to settle down to a more moderate long-term growth rate of 5%. if the firm’s investors expect to earn a return of 15% on this stock, what must be its price? (do not round intermediate calculations. round your answer to 2 decimal places.)current price $

Activity-based costing (abc) is not truly a cost collection mechanism as much as it is an inventory valuation method. the main purpose for implementing an activity-based cost system is to try to overcome some of the cost distortions that occur in traditional costing from product differences when there are variations in size and complexity. however, one of the disadvantages of utilizing abc is that the additional information gathering necessary to implement costing with that level of detail might be beyond the reach of some companies with resource or financial constraints. with this in mind, what kinds of industries or companies do you think would benefit most from using activity-based costing and why? in designing or modifying an accounting system to capture appropriate costs for abc, what considerations do you think would need to be made?