The following data regarding purchases and sales of a commodity were taken from the related perpetual inventory account:

Calculate the cost of the ending inventory at June 30, using (a) the first-in, first-out (FIFO) method and (b) the last-in, first-out (LIFO) method. Identify the quantity, unit price, and total cost of each lot in the inventory.

(a) First-In, First-Out (FIFO):

(b) Last-In, First-Out (LIFO):

Tax calculations For each of the following cases, describe the various taxable components of the funds received through sale of the asset, and determine the total taxes resulting from the transaction. Assume 40% ordinary and capital gains tax rates. The asset was purchased 2 years ago for $200,000 and is being depreciated under MACRS using a 5-year recovery period. (See Table 3.2 on page 100 for the applicable depreciation percentages.)

a. The asset is sold for $220,000.

b. The asset is sold for $150,000.

c. The asset is sold for $96,000.

d. The asset is sold for $80,000.

TABLE 3.2 Rounded Depreciation Percentages by Recovery Year Using MACRS for First Four Property Classes Percentage by recovery year

Recovery year 3 years 5 years 7 years 10 years

1 33% 20% 14% 10%

2 45 32 25 18

3 15 19 18 14

4 7 12 12 12

5_ 12 9 9

6_ 5 9 8

7 __ _9 7

8 _ _4 6

9 _ _ _6

10 _ _ _6

11 ___ ___ ___ 4

Totals 100% 100% 100% 100%

Given a number represented exponentially, calculate it's value.
The number might be very large so print out its value mod 91.

Input Format

First line is the number (n) of exponentials you will have to calculate.
The next n lines will each contain two values (b and e), the base value and the exponent.

Constraints

All input values will be valid java integers. n will be > 0
b will be > 0 and <= 10000
e will be >= 0

Output Format

Output n values, the solutions for each of the n exponents you are given.

Sample Input 0

3
13 3
76 3
100 3
Sample Output 0

13
83
1
Explanation 0

13^3 = 13 * 13 * 13 = 2197
2197 mod 91 = 13
76^3 = 76 * 76 * 76 = 483,976
483,976 mod 91 = 83
100^3 = 100 * 100 * 100 = 1,000,000
1,000,000 mod 91 = 1

Sample Input 1

6
90 3
66 3
90 3
80 4
28 4
90 4
Sample Output 1

90
27
90
81
42
1

Consider a second price auction for a single item with two bidders. Suppose the bidders have independent private values, uniformly drawn in the interval [0, 1]. Suppose the seller sets a reserve price p = 0.5; that is, only bids above p = 0.5 can win. If a bidder bids above p and the other bids below p, then the first bidder wins and pays a price p. If both bid above p, then the highest bidder wins and pays the second highest price.

In the Bayesian equilibrium in undominated strategies, what is the probability that the item will not be sold?

You are currently thinking about investing in a stock valued at $24 per share. The stock recently paid a dividend of $2.20 and its dividend is expected to grow at a rate of 4 percent for the foreseeable future. You normally require a return of 12 percent on stocks of similar risk. Is the stock overpriced, underpriced, or correctly priced? (Round answer to 2 decimal places, e.g. 52.75.)

Crane, Inc., paid a dividend of $3.52 last year. The company's management does not expect to increase its dividend in the foreseeable future. If the required rate of return is 16.0 percent, what is the current value of the stock? (Round answer to 2 decimal places, e.g. 15.25.)

CURRENT VALUE: ________

Wildhorse Corp. paid a dividend of $2.72 yesterday. The company’s dividend is expected to grow at a steady rate of 5 percent for the foreseeable future. If investors in stocks of companies like Wildhorse require a rate of return of 20 percent, what should be the market price of Wildhorse stock? (Round dividend to 3 decimal places, e.g. 3.756 and round final answer to 2 decimal places, e.g. 15.25.)

Market price? _________

The First Bank of Flagstaff has issued perpetual preferred stock with a $100 par value. The bank pays a quarterly dividend of $1.70 on this stock. What is the current price of this preferred stock given a required rate of return of 12.5 percent? (Round answer to 2 decimal places, e.g. 15.25.)

Current Price? _________

Each quarter, Sheridan, Inc., pays a dividend on its perpetual preferred stock. Today the stock is selling at $65.50. If the required rate of return for such stocks is 16.00 percent, what is the quarterly dividend paid by this Sheridan? (Round answer to 2 decimal places, e.g. 15.25.)

PortaCom manufactures notebook computers and related equipment. PortaCom's product design group developed a prototype for a new high-quality portable printer. The new printer features an innovative design and has the potential to capture a significant share of the portable printer market. Preliminary marketing and financial analyses provided the following selling price, first-year administrative cost, and first-year advertising cost:

In the simulation model for the PortaCom problem, the preceding values are constants and are referred to as parameters of the model.

1. An engineer on the product development team believes that first-year sales for the new printer will be 18,000 units. Using estimates of $44 per unit for the direct labor cost and $93 per unit for the parts cost, what is the first-year profit using the engineer's sales estimate?
   
   $   
   
2. The financial analyst on the product development team is more conservative, indicating that parts cost may well be $101 per unit. In addition, the analyst suggests that a sales volume of 9,500 units is more realistic. Using the most likely value of $44 per unit for the direct labor cost, what is the first-year profit using the financial analyst's estimates?
   
   $   

Assume you wish to purchase a property for $400,000 and you are evaluating two mortgage choices. You are only able to afford a 10% downpayment, so you have the following options. The first option is a 4.75% fully amortizing, monthly payment, fixed rate loan for 30 years with $2000 in origination fees and no points. This loan is for 90% of the purchase price.

Alternatively, you can borrow 80% of the purchase price at a rate of 3.875%, with $4000 in closing costs. In order to cover the remaining 10%, you will need to take out a 2nd mortgage with an interest rate of 6.5%, and additional closing costs of $2000. The second mortgage is interest only for the first 5 years, and becomes fully amortizing after that. Both loans are for 30 years, and have fixed rates.  

A. What is the payment on the first loan?

B. What is the effective rate on the first loan if it is held for the entire 30 years?

C. What is the payment on the 80% loan that is the first part of the second loan package if it is held for the entire 30 years?

D. What is the payment on the 10% loan that is the second part of the second loan package if it is held for the entire 30 years?

E. What is the effective rate on the entire second loan package if it is held for the entire 30 years?

What is the price of an apartment if the monthly rent is $3,500, the monthly discount rate is 0.6%, and the monthly growth rate is 0.3%. Assume that for a special offer the first three month of rent are free.

What is an economic argument in favor of more humane border policies regarding migrants and refugees? PLEASE BUILD ON YOUR FIRST THOUGHT. ISN'T THERE A PROBLEM WITH JUST REDUCING THE PRICE OF LABOR?

Dickinson Brothers, Inc., is considering investing in a machine to produce computer keyboards. The price of the machine will be $992,000, and its economic life is five years. The machine will be fully depreciated by the straight-line method. The machine will produce 37,000 keyboards each year. The price of each keyboard will be $35 in the first year and will increase by 5 percent per year. The production cost per keyboard will be $15 in the first year and will increase by 6 percent per year. The project will have an annual fixed cost of $212,000 and require an immediate investment of $42,000 in net working capital. The corporate tax rate for the company is 38 percent. The appropriate discount rate is 10 percent. What is the NPV of the investment?