Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $3.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $15 per hour. Iguana has the following inventory policies:

Ending finished goods inventory should be 40 percent of next month’s sales.

Ending raw materials inventory should be 30 percent of next month’s production.

Expected unit sales (frames) for the upcoming months follow:   

Variable manufacturing overhead is incurred at a rate of $0.50 per unit produced. Annual fixed manufacturing overhead is estimated to be $6,000 ($500 per month) for expected production of 5,000 units for the year. Selling and administrative expenses are estimated at $550 per month plus $0.70 per unit sold.

     Iguana, Inc., had $11,100 cash on hand on April 1. Of its sales, 80 percent is in cash. Of the credit sales, 50 percent is collected during the month of the sale, and 50 percent is collected during the month following the sale.

     Of raw materials purchases, 80 percent is paid for during the month purchased and 20 percent is paid in the following month. Raw materials purchases for March 1 totaled $5,500. All other operating costs are paid during the month incurred. Monthly fixed manufacturing overhead includes $350 in depreciation. During April, Iguana plans to pay $2,000 for a piece of equipment.

Required:
Compute the following for Iguana, Inc., for the second quarter (April, May, and June).     

Required:
Complete Iguana's budgeted income statement for quarter 2. (Round cost per unit in intermediate calculations and final answers to 2 decimal places.)

Kline Sisters Company operates a gift shop where peak sales and activity occur in the months of December and January. Data regarding the store's operations follow:

Sales are budgeted at $360,000 for January, 320,000 for February, and $250,000 for March and $240,000 in April.

Collections are expected to be 30% in the month of sale, 65% in the month following the sale, 3% in the second month following sale and 2% uncollectible.

The cost of goods sold is 76% of sales.

The company desires ending merchandise inventory to equal 13% of the following month's cost of goods sold. Payment for merchandise is made 50% in the month of purchase and 50% in the month following the purchase.

Monthly operating expenses to be paid in cash are $12,000.

Equipment purchases of $40,000 in February and $30,000 in March were paid in cash.

Monthly depreciation is $13,000.

Dividends of $48,000 were declared and paid in January.

Any borrowings must be in $1,000 increments at 12% annual interest. Assume interest accrues at the beginning of the month and is paid at the end of the month.

The company must maintain a minimum cash balance of $30,000.

Ignore income taxes.

All accounts receivable from December 31 will be collected in January and all accounts payable at December 31 will be paid in January.

The balance sheet as of December 31^st:

Prepare the following budgets for each month January, February, March and Total for the quarter in good formin excel with proper use of formulas and formatting:

a.   Prepare a Schedule of Expected Cash Collections

What is the budgeted accounts receivable at March 31^st?

b.   Prepare a Merchandise Purchases Budget and a Schedule of Expected Cash Disbursements

What is the budgeted accounts payable at March 31^st?

c.   Prepare a Cash Budget

How much does the company need to borrow for the quarter?

How much can the company repay for the quarter?

d.   Prepare a Budgeted Income Statement

Please highlight your answers.

The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:

1. The gross margin is 25% of sales.
2. Actual and budgeted sales data:

3. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales.
4. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold.
5. One-half of a month’s inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory.
6. Monthly expenses are as follows: commissions, 12% of sales; rent, $3,100 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $945 per month (includes depreciation on new assets).
7. Equipment costing $2,300 will be purchased for cash in April.
8. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter.

Required:

Using the preceding data:

1. Complete the schedule of expected cash collections.

2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases.

3. Complete the cash budget.

4. Prepare an absorption costing income statement for the quarter ended June 30.

5. Prepare a balance sheet as of June 30.

Complete the schedule of expected cash collections.

"Scarcity implies that some way of rationing goods must be found." Explain how the market price system promotes greater economic activity than alternative systems of deciding who gets the benefits of production. (eg., first come-first served, equal shares or random lottery.) (6 points)

21   Which of the following is not one of the four components of the aggregate expenditures of an economy?

22. The money that businesses pay for resources constitutes

23. Financial intermediaries are best described as

24. The fact that income to one economic group constitutes expenditures for another economic group is characteristic of

25 The circular flow model

26. In the circular flow model, businesses

27. The circular flow model

28.          ____ in all circular flow diagrams.

29. Which of the following is true of the circular flow model for the private sector?

30. The circular flow model for the private sector shows that

Question 2
A department at Venta Technology has prepared the following report for 2020. This department has recently faced severe competitive pressures, which has resulted in falling sales and profits over the last 3 years.

Summarised data from the management accounts
Budgeted profit and loss account for 12 months

A new customer has placed an order for 10,000 units at £60 per unit. The current capacity of the factory is 90,000 units.

Note 1. Cost of goods sold includes fixed costs of £500,000. All other costs are variable.

Note 2. If the order is accepted there will be additional fixed costs of £50,000. Staff will receive a bonus of £10,000 if the order is completed on time.

Note 3. Sales commission is 10% of sales and is included in the total cost of £800,000. The sales commission on the new order is only 5%. All other costs are fixed

Required:

1. Advise managers whether or not the order will increase the department’s profits.

2. Calculate the minimum price the company should accept for the order.  

3. Assume that the company will lose 10% of current sales if the order is accepted. What is the lost contribution if the company loses 10% of current sales?           

4. Identify and evaluate what additional information management need about existing and potential customers before finally accepting or rejecting the order.   (14⅓ marks)

Northcutt's production data for a new deluxe product were taken from the most recent quarterly production budget:

In addition, Northcutt produces 4,500 units a month of its standard product. It takes 2 direct labor hours to produce each standard unit and 2.50 direct labor hours to produce each deluxe unit. Northwest's cost per labor hour is $15. Direct labor cost for August would be budgeted at:

$166,875.

$163,125.

$191,250.

$194,250.

Some other amount.

Northcutt's production data for a new deluxe product were taken from the most recent quarterly production budget:
   

In addition, Northcutt produces 4,700 units a month of its standard product. It takes 2 direct labor hours to produce each standard unit and 2.50 direct labor hours to produce each deluxe unit. Northwest's cost per labor hour is $14. Direct labor cost for the quarter would be budgeted at:

$451,425.

$466,025.

$480,100.

$486,850.

Some other amount.

Quattro began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $58,000, $78,000, and $68,000, respectively, what were the firm's budgeted collections for April?

$17,400.

$20,400.

$58,200.

$40,600.

Some other amount.

Use Python 3.8:

Problem Description

Many recipes tend to be rather small, producing the fewest number of servings that are really possible with the included ingredients. Sometimes one will want to be able to scale those recipes upwards for serving larger groups.

This program's task is to determine how much of each ingredient in a recipe will be required for a target party size. The first inputs to the program will be the recipe itself.

Here is an example recipe that comes from the story "Chitty Chitty Bang Bang", written by Ian Fleming, who is much better known for introducing the world to James Bond:

This is a recipe scaler for serving large crowds!

Enter one ingredient per line, with a numeric value first.
Indicate the end of input with an empty line.
4 tbsp cocoa
1/4 pound butter
2 tsp corn syrup
1 can evaporated milk
1 tsp water

Here is the recipe that has been recorded
 4    tbsp     cocoa
 1/4  pound    butter
 2    tsp      corn syrup
 1    can      evaporated milk
 1    tsp      water

How many does this recipe serve? 16
How many people must be served? 25
Multiplying the recipe by 2

 8    tbsp     cocoa
 2/4  pound    butter
 4    tsp      corn syrup
 2    can      evaporated milk
 2    tsp      water

Serves 32

NOTE: The recipe rounds upwards, since it is usually not practical to obtain fractional cans or fractional eggs, etc.

Your program must obtain a complete recipe (not necessarily this one), echo it with good formatting, and then scale it up as shown above.

Program Hints:

Attractive user-friendly output is rather straightforward, with the help of Python's string formatting features. User-friendly input is a little trickier, but the split function from Unit 2 can be very helpful:

First hint:

The name of an ingredient might be more than one word. This will place all of the extra words into a single string variable 'item':

quant, unit, item = line.split(' ',2)      # pull off at most 2 words from the front

Second hint:

Sometimes the measure will be fractional. We can recognize that if the number contains a slash.

if '/' in quant: 
    numer, denom = quant.split('/')        # get the parts of the fraction

The rest is left up to the student -- since this is a string operation and this fraction represents a number.

Other Guidelines:

Clarity of code is still important here -- and clear code is less likely to have bugs.

In particular, there should be very good and clear decisions in the code.

And there will be a penalty for usage of break or continue statements.

Planning out the design of the solution before diving into code will help!

The simplest solutions would use a list, but without any indexing on that list
(or use of range() to get those indexes).  Let Python help you fill and traverse the recipe.

Storing the entire recipe in a single list before splitting things up often produces much simpler programs than trying to store everything into multiple separate lists!

IMPORTANT NOTE: As above, the recipe is provided as input to the program -- it is not part of the program itself. The program may not assume it knows what the ingredients are, or how many there are, or which ingredients have fractions and which ones do not. It must work for any number of valid input lines.

TASKS:

Recipe Data Structure: Effectively uses list (either parallel lists or lists of structures)

Input Recipe: Clearly reads input until blank line encountered

Serving Inputs: Correctly inputs two values: how many recipe serves, and how many will be served

Computing the Scale: math.ciel; if/else to round up; or anything else equivalent

Parsing the ingredients: Correctly parses ingredients (using given 'tricks') May be done at any point in the program

Scaling the recipe: Multiplies whole numbers and numerators by chosen scaling factor

Output presentation: Uses string formatting to present output recipe

Compilation: Program runs fully without change (with valid inputs of 3+ words separated with single spaces)

Correctness: Program behaves as expected (accounting for known errors above)

Only Python 3.8 will be accepted.

Use Python 3.8:

Problem Description

Many recipes tend to be rather small, producing the fewest number of servings that are really possible with the included ingredients. Sometimes one will want to be able to scale those recipes upwards for serving larger groups.

This program's task is to determine how much of each ingredient in a recipe will be required for a target party size. The first inputs to the program will be the recipe itself.

Here is an example recipe that comes from the story "Chitty Chitty Bang Bang", written by Ian Fleming, who is much better known for introducing the world to James Bond:

This is a recipe scaler for serving large crowds!

Enter one ingredient per line, with a numeric value first.
Indicate the end of input with an empty line.
4 tbsp cocoa
1/4 pound butter
2 tsp corn syrup
1 can evaporated milk
1 tsp water

Here is the recipe that has been recorded
 4    tbsp     cocoa
 1/4  pound    butter
 2    tsp      corn syrup
 1    can      evaporated milk
 1    tsp      water

How many does this recipe serve? 16
How many people must be served? 25
Multiplying the recipe by 2

 8    tbsp     cocoa
 2/4  pound    butter
 4    tsp      corn syrup
 2    can      evaporated milk
 2    tsp      water

Serves 32

NOTE: The recipe rounds upwards, since it is usually not practical to obtain fractional cans or fractional eggs, etc.

Your program must obtain a complete recipe (not necessarily this one), echo it with good formatting, and then scale it up as shown above.

Program Hints:

Attractive user-friendly output is rather straightforward, with the help of Python's string formatting features. User-friendly input is a little trickier, but the split function from Unit 2 can be very helpful:

First hint:

The name of an ingredient might be more than one word. This will place all of the extra words into a single string variable 'item':

quant, unit, item = line.split(' ',2)      # pull off at most 2 words from the front

Second hint:

Sometimes the measure will be fractional. We can recognize that if the number contains a slash.

if '/' in quant: 
    numer, denom = quant.split('/')        # get the parts of the fraction

The rest is left up to the student -- since this is a string operation and this fraction represents a number.

Second Part:

No doubt the output seems to be a little strange to ask for 2/4 pounds of butter. One might think it would be better to ask for 1/2.

Modify the program so that all fractions are reduced to their lowest terms. There is a function in the Python math module named gcd that can help with this. (You can email course personnel if you need help accessing the math features.)

Also, express all improper fractions (where the numerator exceeds the denominator) as mixed fractions. Scaling this recipe by a factor of 10 would ask for 2 1/2 pounds of butter.

And of course, the resulting output should still be easy to read.

Other Guidelines:

Clarity of code is still important here -- and clear code is less likely to have bugs.

In particular, there should be very good and clear decisions in the code.

And there will be a penalty for usage of break or continue statements.

Planning out the design of the solution before diving into code will help!

The simplest solutions would use a list, but without any indexing on that list
(or use of range() to get those indexes).  Let Python help you fill and traverse the recipe.

Storing the entire recipe in a single list before splitting things up often produces much simpler programs than trying to store everything into multiple separate lists!

IMPORTANT NOTE: As above, the recipe is provided as input to the program -- it is not part of the program itself. The program may not assume it knows what the ingredients are, or how many there are, or which ingredients have fractions and which ones do not. It must work for any number of valid input lines.

TASKS:

Recipe Data Structure: Effectively uses list (either parallel lists or lists of structures)

Input Recipe: Clearly reads input until blank line encountered

Serving Inputs: Correctly inputs two values: how many recipe serves, and how many will be served

Computing the Scale: math.ciel; if/else to round up; or anything else equivalent

Parsing the ingredients: Correctly parses ingredients (using given 'tricks') May be done at any point in the program

Scaling the recipe: Multiplies whole numbers and numerators by chosen scaling factor

Reduced fraction: Reduces using gcd; denominator 1 reported as whole numbers

Output presentation: Uses string formatting to present output recipe

Compilation: Program runs fully without change (with valid inputs of 3+ words separated with single spaces)

Correctness: Program behaves as expected (accounting for known errors above)

Program can handle "1 egg" as an ingredient (with only once space)

Only Python 3.8 will be allowed.