Problem 4

Frank’s Fine Furniture makes tables, desks, bookcases, and other office furniture. At the North California facility, they make tables. All parts of the table are purchased except for the tabletop that is fabricated at the plant. Tables are made to order for dealers who FAX orders into the sales department. Orders are processed from the order database on FIFO basis.

The first step in the process is to cut the top ¾ pressboard. It takes one worker 20 minutes to cut each top. Four workers work in the cutting work center each with his own cutting equipment. At the same time the plastic laminate that goes on top of the table (the finished surface) is cut from stock. There are four other workers each with their own equipment in this work center. It takes one worker 30 minutes to cut this material.

The next step is to glue the plastic laminate to the pressboard top. The contact cement is applied to the top surface of the pressboard and the bottom surface of the laminate. There is one worker who applies the glue to both surfaces. It takes him 5 minutes to apply the glue. After the glue has been applied the two pieces are lined up and pressed together. There is one worker who does that and it takes her 6 minutes to complete that step. After pressing together, the assembled top must be set aside for 30 minutes to allow the glue to dry. There is unlimited space in this drying area.

The finished tabletop is then attached to the leg assembly that is purchased from a nearby metalworking firm. It takes a team of two workers working together for 10 minutes to attach the leg assembly to the tabletop. There are two such teams in this assembly area.

Finally the table is packed and shipped by one team of two workers working together who take 4 minutes to pack and ship one finished table.

1. Draw a process flow diagram for the material flow at frank’s manufacturing plant including all work centers and their capabilities, inventory and information flow.

2. What is the Bottleneck in Frank’s plant? Explain (Short answer)
3. How many tables can be produced in an 8 hour days?
4. What are the Cycle and the throughput Times for this process?
5. If one additional worker and tools were added to the bottleneck, how many tables could the line produce in an 8 hour day?

Please note that for all problems in this course, the standard cut-off (alpha) for a test of significance will be .05, and you always report the exact power unless SPSS output states p=.000 (you’d report p<.001). Also, remember that we divide the p value in half when reporting one-tailed tests with 1 – 2 groups.

12. Paste the relevant SPSS output, including post hocs if necessary. (2 pts)

13. Create the most appropriate graph for this data given the results. (2 pts)

14. Write an APA-style Results section based on your analysis. All homework “Results sections” should follow the examples provided in the presentations and textbooks. They should include the statistical statement within a complete sentence that mentions the type of test conducted, whether the test was significant, and if relevant, effect size and/or post hoc analyses. Don’t forget to include a decision about the null hypothesis. (4 pts)

“This is really an odd situation,” said Jim Carter, general manager of Highland Publishing Company. “We get most of the jobs we bid on that require a lot of press time in the Printing Department, yet profits on those jobs are never as high as they ought to be. On the other hand, we lose most of the jobs we bid on that require a lot of time in the Binding Department. I would be inclined to think that the problem is with our overhead rates, but we’re already computing separate overhead rates for each department. So what else could be wrong?”

Highland Publishing Company is a large organization that offers a variety of printing and binding work. The Printing and Binding departments are supported by three service departments. The costs of these service departments are allocated to other departments in the order listed below. The Personnel cost is allocated based on number of employees. The Custodial Services cost is allocated based on square feet of space occupied and the Maintenance cost is allocated based on machine-hours.

Budgeted overhead costs in each department for the current year are shown below:

Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments.

Required:

1. Using the step-down method, allocate the service department costs to the consuming departments. Then compute predetermined overhead rates in the two operating departments. Use machine-hours as the allocation base in the Printing Department and direct labor-hours as the allocation base in the Binding Department.

2. Repeat (1) above, this time using the direct method. Again compute predetermined overhead rates in the Printing and Binding departments.

3. Assume that during the current year the company bids on a job that requires machine and labor time as follows:

a. Determine the amount of overhead cost that would be assigned to the job if the company used the overhead rates developed in (1) above. Then determine the amount of overhead cost that would be assigned to the job if the company used the overhead rates developed in (2) above.

Please USE C++

The goal for this Project is to create a simple two-dimensional predator-prey simulation. In this simulation the prey are ants and the pred-ators are doodlebugs. These critters live in a world composed of a 20 × 20 grid of cells. Only one critter may occupy a cell at a time. The grid is enclosed, so a critter is not allowed to move off the edges of the world. Time is simulated in time steps. Each critter performs some action every time step.

The ants behave according to the following model:
Move. Every time step, randomly try to move up, down, left, or right. If the neighboring cell in the selected direction is occupied or would move the ant off the grid, then the ant stays in the current cell.

Breed. If an ant survives for three time steps, then at the end of the time step (that is; after moving) the ant will breed. This is simulated by creat-ing a new ant in an adjacent (up, down, left, or right) cell that is empty. If there is no empty cell available, then no breeding occurs. Once an off-spring is produced, an ant cannot produce an offspring until three more time steps have elapsed.

The doodlebugs behave according to the following model:
Move. Every time step, if there is an adjacent ant (up, down, left, or right), then the doodlebug will move to that cell and eat the ant. Otherwise, the doodlebug moves according to the same rules as the ant. Note that a doodlebug cannot eat other doodlebugs.

Breed. If a doodlebug survives for eight time steps, then at the end of the time step it will spawn off a new doodlebug in the same manner as the ant.

Starve. If a doodlebug has not eaten an ant within the last three time steps, then at the end of the third time step it will starve and die. The doodlebug should then be removed from the grid of cells.

During one turn, all the doodlebugs should move before the ants do.

Write a program to implement this simulation and draw the world using ASCII characters of “o” for an ant and “X” for a doodlebug or "-" for an empty space. Create a class named Organism that encapsulates basic data common to both ants and doodlebugs. This class should have a virtual function named move that is defined in the derived classes of Ant and Doodlebug. You may need additional data structures to keep track of which critters have moved.

Initialize the world with 5 doodlebugs and 100 ants. After each time step, prompt the user to press Enter to move to the next time step. You should see a cyclical pattern between the population of predators and prey, although random perturbations may lead to the elimination of one or both species.

Please USE C++

Consider each of the following independent and material situations. In each case: • the balance date is 30 June 2020. • the fieldwork was completed on 25 August 2020. • the financial report and audit report were signed on 28 August 2020. • the financial report and audit report were mailed to the members on 1 September 2020. (i) Your client, Central Mining, owns a mineral exploration licence in Central Australia. At 30 June 2020 this licence was valued by an independent expert at $50,000,000. This valuation is reflected in the financial report. On 8 September 2020 Central Mining received notice that a claim was being lodged under the Native Titles Act for land which included that subject to the exploration licence. If the claim is successful the exploration licence will be worthless. (ii) Your client, Bird Pty Limited, derives approximately 10% of revenues from selling aviary supplies to city-based bird breeders. A draft copy of a government report, leaked to the press and reported in the media on 11 September, recommends that strict limits be placed on the number of birds that are allowed to be kept in suburban areas. Bird Pty Limited estimates that if the recommendations are enacted, about 70% of its customers will have to cut their flocks by 50% or more. This would affect not only future sales but also their ability to pay existing debts. No further information, other than the draft report, is available as at 15 September. (iii) Your client, Gem Pty Limited, made an out of court settlement on 1 August 2020 of $300,000. The settlement related to a litigation case dating back 4 years. A provision of $150,000 was recorded in the 30 June 2020 financial report. Ans; Since the settlement was done before the closing the Financial Statements so balance of $150000 (300000-150000) should be provided in the current year Financials. (iv) On 14 September 20X7, you discover that a debtor of your client, Galaxy Ltd, was placed in provisional liquidation on 8 September. The debtor owed $600,000 as at 30 June 2020; at this date the amount had been considered collectable by the company. (v) A flood occurred in the warehouse of your client SuperSpring Ltd on 21 September 2020. Inventory valued at $2m was destroyed. The directors believe only half of this value will be recovered from the insurers. Required: For each of the above events (i) to (v), state the appropriate action that the auditor would need to carry out in order to find out about the above and what the company would need to do for each of the above

“This is really an odd situation,” said Jim Carter, general manager of Highland Publishing Company. “We get most of the jobs we bid on that require a lot of press time in the Printing Department, yet profits on those jobs are never as high as they ought to be. On the other hand, we lose most of the jobs we bid on that require a lot of time in the Binding Department. I would be inclined to think that the problem is with our overhead rates, but we’re already computing separate overhead rates for each department. So what else could be wrong?” Highland Publishing Company is a large organization that offers a variety of printing and binding work. The Printing and Binding departments are supported by three service departments. The costs of these service departments are allocated to other departments in the order listed below. The Personnel cost is allocated based on number of employees. The Custodial Services cost is allocated based on square feet of space occupied and the Maintenance cost is allocated based on machine-hours. Department Total Labor-Hours Square Feet of Space Occupied Number of Employees Machine-Hours Direct Labor-Hours Personnel 16,500 12,900 28 Custodial Services 8,100 4,000 44 Maintenance 14,400 10,400 70 Printing 30,400 40,400 109 162,000 20,000 Binding 101,000 20,500 303 49,000 77,000 170,400 88,200 554 211,000 97,000 Budgeted overhead costs in each department for the current year are shown below: Personnel $ 340,000 Custodial Services 65,500 Maintenance 94,000 Printing 415,000 Binding 161,000 Total budgeted cost $ 1,075,500 Because of its simplicity, the company has always used the direct method to allocate service department costs to the two operating departments. Required: 1. Using the step-down method, allocate the service department costs to the consuming departments. Then compute predetermined overhead rates in the two operating departments. Use machine-hours as the allocation base in the Printing Department and direct labor-hours as the allocation base in the Binding Department. 2. Repeat (1) above, this time using the direct method. Again compute predetermined overhead rates in the Printing and Binding departments. 3. Assume that during the current year the company bids on a job that requires machine and labor time as follows: Machine-Hours Direct Labor-Hours Printing Department 2,900 1,500 Binding Department 400 13,300 Total hours 3,300 14,800 a. Determine the amount of overhead cost that would be assigned to the job if the company used the overhead rates developed in (1) above. Then determine the amount of overhead cost that would be assigned to the job if the company used the overhead rates developed in (2) above.

Time Value of Money

Overview: In corporate finance, students need to be able to calculate present and future values of investments.

Purpose: The purpose for this project is to demonstrate an understanding of how to calculate present and future values.

Requirements: Review the examples then answer all of the questions below.

Example 1: What is the present value of the $800 to be received 10 years from now discounted back to the present at 10%.

Use your financial calculator to find the present value of -$308.43. Be sure that you have cleared all on your calculator and have it set up correctly. Please see the HB10B Calculator Podcast under Start Here in Content if you need to make sure you have done this. Then press the following keys where N is the time frame, I/YR is your interest rate, PV is your present value, PMT is your payment and FV is your future value.

N         =          10

I/YR          =       10

PV             =       –308.43

PMT          =       0

FV             =       800

Example 2: What is the accumulated sum of $500 a year for 10 years compounded annually at 5%?

Use your financial calculator to find the sum of $6,289.

            N              =       10

I/YR          =       5

PV             =       0

PMT          =       –500

FV             =       6,289

Example 3: What is the present value of a $2,500 a year annuity for 10 years discounted back to the present at 7%?

Use your financial calculator to find the present value of -$17,559.

             N              =       10

I/YR          =       7

PV             =       -17,559

PMT          =       2,500

FV             =       0

1. What is the present value of the following future amounts? Show your work for your financial calculator as shown in Example 1.

1. $300 to be received 5 years from now discounted back to the present at 5%.
2. $1,000 to be received 8 years from now discounted back to the present at 3%.
3. $1,000 to be received 8 years from now discounted back to the present at 20%.

2. What is the accumulated sum of each of the following streams of payments? Show your work for your financial calculator as shown in Example 2.

1. $100 a year for 5 years compounded annually at 10%.
2. $35 a year for 7 years compounded annually at 7%.
3. $25 a year for 3 years compounded annually at 2%.

3. What is the present value of the following annuities? Show your work for your financial calculator as shown in Example 3.

1. $70 a year for 3 years discounted back to the present at 3%.
2. $280 a year for 7 years discounted back to the present at 6%.
3. $500 a year for 10 years discounted back to the present at 10%.

1. Beavis Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2017 and completed in 2018. Cost and other data are presented below:

                                                                          2017                           2018

Costs incurred during the year                    $ 450,000                  $1,100,000

Estimated costs to complete                       1,050,000                                  0

Billings during the year                                 400,000                    1,400,000

Cash collections during the year                    300,000                    1,500,000

Assume that Beavis recognizes revenue on this contract over time according to percentage of completion.

Required:

Prepare all journal entries to record costs, billings, collections, and profit recognition for 2017 and 2018.

2. Answer each of the following unrelated questions.

1) Bill wants to give Maria a $500,000 gift in seven years. If money is worth 6% compounded semiannually, what is Maria's gift worth today?

2) At the end of each quarter, Patti deposits $500 into an account that pays 12% interest compounded quarterly. How much will Patti have in the account in three years?

*In the following questions, the interest is compounded annually.

3) Spielberg Inc. signed a $200,000 noninterest-bearing note due in five years from a production company eager to do business. Comparable borrowings have carried an 11% interest rate. What is the value of this debt at its inception?

4) Mustard's Inc. sold the rights to use one of its patented processes that will result in cash receipts of $2,500 at the end of each of the next four years and a lump sum receipt of $4,000 at the end of the fifth year. The total present value of these payments if interest is at 9% is:

5) Claudine Corporation will deposit $5,000 into a money market sinking fund at the end of each year for the next five years. How much will accumulate by the end of the fifth and final payment if the sinking fund earns 9% interest?

6) Fenland Co. plans to retire $100 million in bonds in five years, so it wishes to fund a savings account at the beginning of each year during that period for which it expects to earn 8% annually. At the end of the five years, there will be enough money in the account to pay off the bonds. What amount does Fenland need to invest each year?

7) Polo Publishers purchased a multi-color offset press with terms of $50,000 to be paid at the date of purchase, and a noninterest-bearing note requiring payment of $20,000 at the end of each year for five years. The interest rate implicit in the purchase contract is 11%. Polo would record the asset at: