SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company’s products is grilled salmon in dill sauce with baby new potatoes and spring vegetables. During the most recent week, the company prepared 4,000 of these meals using 960 direct labor-hours. The company paid its direct labor workers a total of $19,200 for this work, or $20.00 per hour.

According to the standard cost card for this meal, it should require 0.25 direct labor-hours at a cost of $19.75 per hour.

Required:

1. What is the standard labor-hours allowed (SH) to prepare 4,000 meals?

2. What is the standard labor cost allowed (SH × SR) to prepare 4,000 meals?

3. What is the labor spending variance?

4. What is the labor rate variance and the labor efficiency variance?

(For requirements 3 and 4, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do no round intermediate calculations.)

Operating exposure. ​ Copy-Cat, Inc. has signed a deal to make vintage Nissan​ 240-Z sports cars for the next three years. The company will build the cars in Japan and ship them to the United States for sale. The current indirect rate is ¥114.0659 per dollar. The anticipated inflation rate for parts and labor in Japan is 2.4​%over the next three​ years, and the anticipated overall inflation rate for Japan is 3.4​%over the next three years. The expected overall inflation rate in the United States is 4.7% over the next three years. ​ (The stated rates are on an annual​ basis.) If​ Copy-Cat plans to sell 600 cars a year at an initial price of $40,000 and the cost of production is ¥4,076,500​, what is the annual profit in dollars for​ Copy-Cat? Assume it takes one year for production and all sales revenues and production costs occur at the end of the year. Is this profit rising or falling each​ year? ​ Why?

What is the expected sales revenue per car in dollars for​Copy-Cat in year​ 1?

​$ (Round to the nearest​ cent.)

What is the expected sales revenue per car in dollars for​Copy-Cat in year​ 2?

​$​(Round to the nearest​ cent.)

What is the expected sales revenue per car in dollars for​Copy-Cat in year​ 3?

​$​(Round to the nearest​ cent.)

What is the expected production cost per car in dollars for​Copy-Cat in year​ 1?

​$(Round to the nearest​ cent.)

What is the expected production cost per car in dollars for​Copy-Cat in year​ 2?

​$​(Round to the nearest​ cent.)

What is the expected production cost per car in dollars for​Copy-Cat in year​ 3?

​$(Round to the nearest​ cent.)

What is the expected profit in dollars for​ Copy-Cat in year​ 1? Enter a negative number for a loss.

​$​(Round to the nearest​ dollar.)

What is the expected profit in dollars for​ Copy-Cat in year​ 2? Enter a negative number for a loss.

​$​(Round to the nearest​ dollar.)

What is the expected profit in dollars for​ Copy-Cat in year​ 3? Enter a negative number for a loss.

​$(Round to the nearest​ dollar.)

Will these new anticipated inflation rates affect the production of vintage​ 240-Zs? ​ Why?  ​(Select the best​ response.)

A. The profit​ (loss) is rising​ (falling) each year as the revenue is growing at a higher inflation rate than the production costs despite the weakening yen against the dollar.

B. The profit​ (loss) is falling​ (rising) each year as the revenue is growing at a higher inflation rate than the production costs despite the weakening yen against the dollar.

C. The profit​ (loss) is falling​ (rising) each year as the yen is weakening against the dollar despite different inflation rates in the two countries.

D. The profit​ (loss) is rising​ (falling) as the revenue is growing at a higher inflation rate than the production costs and the weakening yen against the dollar allows for the production costs to fall even more.

A good with many close substitutes is likely to have relatively demand, since consumers can easily choose to purchase one of the close substitutes if the price of the good rises.

A good’s price elasticity of demand depends in part on how necessary it is relative to other goods. If the following goods are priced approximately the same, which one has the least elastic demand?

A home heating system in Canada

Diamond necklace

The price elasticity of demand for a good also depends on how you define the good.

Organize the goods found in the following table by indicating which is likely to have the most elastic demand, which is likely to have the least elastic demand, and which will have demand that falls in between.

The price elasticity of demand is also affected by the given time horizon.

If the price of gasoline is relatively high for a long time, consumers are more likely to buy more fuel-efficient cars or switch to alternatives like public transportation. Therefore, the demand for gasoline is elastic in the short run than in the long run.

1. Which of the following pulmonary measurements will be most affected in an individual with COPD?

a.) SVC

b.) Percentage of the FVC that can be exhaled in 1 sec (FEV1/FVC)

c.) Total lung capacity

d.) Tidal Volume

2. The Biodex Balance System may be used to assess

a.) Two of the choices listed

b.) All the the choices listed

c.) balance deficits associated with a head injury.

d.) risk of falling.

e.) unilateral postural stability on an unstable surface.

3. If your client fails to fully exhale while being weighed underwater, what effect will this have on the calculated body fat percentage?

a.) Body fat percentage will be underestimated.

b.) Body fat percentage will be overestimated.

c.) No effect on body fat percentage

d.) Body fat percentage will be overestimated in women and underestimated in men.

4. Which of the following balance assessments include activities of daily living?

a.) Berg Balance Scale

b.) Limits of stability assessment on the Biodex Balance System

c.) Balance Error Scoring System

d.) Y-balance test

Question 1

Use the following information to record the following accounts using perpetual inventory system:

Trading inventory on 1 March 2018 $20 000

Transactions for the year ended 28 February 2019:

Goods purchased for cash $ 60 000

sales of goods for cash ( at cost plus mark-up of 50%) $75 000

(i) Trading inventory account

(ii) Sales account

(iii) Cost of sales account

(iv) Trading account

(v) Profit and loss account

Question 2

Complete the following table assuming the business uses perpetual inventory system. indicate the account to debit and the account to credit and show the effect on the accounting equation. The first is done for you as an example.

1. Which of the following describes a coincident indicator? Select all that apply.

1. Manufacturing sales
2. Business inventories
3. New investments
4. Current industrial production

2. There are four phases of the business cycle. Which of the following sequences most likely exists?

1. Trough, recession, expansion, peak
2. Trough, expansion, recession, peak
3. Peak, expansion, trough, recession
4. Peak, recession, trough, expansion

3. Which type of expenditure is included when calculating Gross Domestic Product?

1. Purchase of nondurable goods
2. Purchase of farmland
3. Purchase of used items
4. Purchase of goods for production

Background: Morris Saldov conducted a study in Eastern and Central Newfoundland in 1988 to examine public attitudes towards social spending. In particular, the study tried to determine if knowing someone on public assistance (yes, no) affected one's views on social spending (too little, about right, too much). The data from the study is summarized in the table below.

Source: Morris Saldov, Public Attitudes to Social Spending in Newfoundland," Canadian Review of Social Policy, 26, November 1990, pages 10-14.

Directions: Conduct a chi-square test for independence to determine if the association between knowing someone on public assistance and views on social spending is statistically significant.

1. Choose the correct null and alternative hypotheses.
   • H0:H0: There is no association between knowing someone on public assistance and views on social spending.
     HaHa There is an association between knowing someone on public assistance and views on social spending.
   • H0:H0: There is an association between knowing someone on public assistance and views on social spending.
     HaHa There is no association between knowing someone on public assistance and views on social spending.
2. Compute the test statistic.
   
   Complete the following table of expected counts. (Round your answers to 2 decimal places).
   

   	Yes	No
   Too little
   About right
   Too much

   
   Compute the value of the test statistic. (Round your answer to 2 decimal places.)
   
   χ2=χ2=
   
3. Compute the p-value. (Round your answer to 4 decimal places.)
   
   pp-value =
   
4. Interpret the results of the significance test. Use a signifcance level of alpha = 0.05
   • The p-value provides strong evidence against the null hypothesis. The association between knowing someone on public assistance and attitudes towards social spending is statistically significant.
   • The p-value provides little evidence against the null hypothesis. The association between knowing someone on public assistance and attitudes towards social spending is not statistically significant.

Background: Morris Saldov conducted a study in Eastern and Central Newfoundland in 1988 to examine public attitudes towards social spending. In particular, the study tried to determine if knowing someone on public assistance (yes, no) affected one's views on social spending (too little, about right, too much). The data from the study is summarized in the table below.

Source: Morris Saldov, Public Attitudes to Social Spending in Newfoundland," Canadian Review of Social Policy, 26, November 1990, pages 10-14.

Directions: Conduct a chi-square test for independence to determine if the association between knowing someone on public assistance and views on social spending is statistically significant.

1. Choose the correct null and alternative hypotheses.
   • H0:H0: There is an association between knowing someone on public assistance and views on social spending.
     HaHa There is no association between knowing someone on public assistance and views on social spending.
   • H0:H0: There is no association between knowing someone on public assistance and views on social spending.
     HaHa There is an association between knowing someone on public assistance and views on social spending.
2. Compute the test statistic.
   
   Complete the following table of expected counts. (Round your answers to 2 decimal places).
   

   	Yes	No
   Too little
   About right
   Too much

   
   Compute the value of the test statistic. (Round your answer to 2 decimal places.)
   
   χ2=χ2=
   
3. Compute the p-value. (Round your answer to 4 decimal places.)
   
   pp-value =  
   
4. Interpret the results of the significance test. Use a signifcance level of alpha = 0.05 (choose one)
   • The p-value provides little evidence against the null hypothesis. The association between knowing someone on public assistance and attitudes towards social spending is not statistically significant.
   • The p-value provides strong evidence against the null hypothesis. The association between knowing someone on public assistance and attitudes towards social spending is statistically significant.

One of the major problems in Latin America in the 1980s was according to some economists, the wager igidity. The wages were not falling down fast enough when economic conditions were demanding such a fall according to those economists. What could be a remedy those economists might have suggested to
decrease the wage rigidity?