The short-run supply curve for an individual firm operating in a perfectly competitive market is:

• a. the marginal cost curve at or above the average total cost curve.

• b. the marginal cost curve at or above the average variable cost curve.

• c. the marginal revenue curve at or above the average total cost curve.

• d. the marginal revenue curve at or above the average variable cost curve.

Please describe and give examples for each of the following micro-economic terms:

1. Economies of scale (economies of mass production)
2. Economies of scope
3. Minimum efficient scale
4. Long run average cost
5. Constant returns to scale
6. Increasing returns to scale
7. Decreasing returns to scale
8. Average variable cost
9. Total fixed cost
10. Total variable cost
11. Marginal cost
12. Average Cost

The Direct Materials Budget tells management how much must be bought to support production and the cost of those purchases.

Plain t-shirts cost $3.00 each, and ink (for the screen printing) cost $0.20 per ounce.  The factory needs one plain t-shirt and five ounces of ink for each logoed t-shirt that it produces.  Texas Rex’s policy is to have 10% of the following quarter’s needs in ending inventory. The factory has 58 plain t-shirts and 390 ounces of ink on hand on January 1.  At the end of the year, the desired ending inventory is 106 plain t-shirts and 530 ounces of ink.

Texas Rex, Inc.

Direct Materials Budget

For the year ending December 31, 2018

Plain t-shirts:                Q1                    Q2                    Q3                    Q4                    Total

Units to be Produced

Direct Materials per unit_______           _______           ________         _______           ________

Production Needs         

Desired Ending Inv.       _______           _______           ________         _______           ________

Total Needs

Less Beginning Inv.        _______           _______           ________         _______           ________

Direct Materials

To be Purchased

Cost per t-shirt              _______           _______           ________         _______           ________

Total T-shirt Purchase

Cost

Ink:                              Q1                    Q2                    Q3                    Q4                    Total

Units to be Produced

Direct Materials per unit_______           _______           ________         _______           ________

Production Needs         

Desired Ending Inv.       _______           _______           ________         _______           ________

Total Needs

Less Beginning Inv.        _______           _______           ________         _______           ________

Direct Materials

To be Purchased

Cost per ounce              _______           _______           ________         _______           ________

Total Ink Purchase Cost

Total Cost of

All Direct Materials

The Direct Labor Budget shows how many hours are required for production and the total cost of those hours.  It takes 0.12 hours to produce one t-shirt.  The average wage cost per hour is $10.

Java Programming Project 6: File I/O

Purpose: To practice reading from as well as writing to text files with the help of Scanner class methods, and PrintStream class methods. You will also learn to implement some simple Exception Handling.

Carefully examine and follow ALL the program specifications.

Take a look at the PPT slides for Chapter 7 File I/O for examples that will help with this program.

Hotel Expense Recording Keeping:

A hotel bookkeeper enters client hotel expenses in a text file. Each line contains the following, separated by semicolons: client name, service sold (i.e., Dinner, Conference, Lodging, etc.), the sales amount, and the date.

1. Your program should first query the user for the name of the input file and read it in. Display an error if the input file is not found (does not exist).
2. Then the program should read the file (line by line), keep a running tally of the total amount for each kind of service,
3. Finally display the total amount for each service category. In addition to displaying totals on the screen, the totals should also be written to an output file.
4. Additionally your program should include some exception handling. An Exception that should be checked (and handled) would be a FileNotFoundException.

Attached (and below) is an example input file that your program will be tested with, so you will need to make sure that you program will run correctly using this file. Since this may be your first experience reading from an input file, you will likely find it easiest if you store the input file in the same folder with your Java program file so that they can easily communicate with one another. The easiest way to store this file is as a plain text file in Notepad (do not use MS word or any other sophisticated word processor or you will be processing embedded text commands, which is not at all recommended). Here is what the input file looks like:

Jason Inouye;Conference;250.00;11/10/2016

Jason Inouye;Lodging;78.95;11/10/2016

Mary Ryan;Dinner;16.95;11/10/2016

Mark Twain;Dinner;25.50;11/10/2016

Mark Twain;Spa;50.00;11/10/2016

Steven Hawking;Conference;250.00;11/10/2016

Steven Hawking;Room Service;45.00;11/11/2016

Steven Hawking;Lodging;78.95;11/11/2016

Ayrton Senna;Room Service;23.20;11/10/2016

Ayton Senna;Dinner;22.50;11/10/2016

Ayton Senna;Lodging;78.95;11/10/2016

One feature of the input file, is that it uses a semicolon (;) to delimit the tokens on each line of input, rather than whitespace. You will need to use a delimiter statement after you construct your line scanner object.

To see how to construct a line scanner object, go to Chapter 7 PowerPoint slide in the Week 13 folder. So for example, if you create an object called lineScan of type Scanner to process tokens on a given line of input, then you could call the useDelimiter method on your lineScan object, as follows:

lineScan.useDelimiter(";");

This will allow you to tokenize each input line based, not on white space delimiters, but using the semicolon as a delimiter instead.

This is what should be in your Output file after you run your program (this file will most likely be located in the same folder as your Java program).

Dinner expenses : 64.95
Lodging expenses : 236.85
Conference expenses : 500.00
Room Service expenses : 68.20
Spa expenses : 50.00

Submission Requirements:

1. Please be sure to use appropriate prologue comments at the top of your program, Javadoc formatted comments for your methods, as well as inline comments within the body of your code (as needed).

Cullumber Company uses the periodic inventory system and had 100 units in beginning inventory at a total cost of $10,000. The company purchased 200 units at a total cost of $26,000. At the end of the year, Cullumber had 60 units in ending inventory.

Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost.

Short Run Cost Curves: Consider a firm with the following production function: q=(KL)/20 a. For a short-run situation in which K=10, wage = 4 and cost of capital = 1, derive expressions for short run total cost and short run average cost for this production function. b. Plot the short-run total cost curve and label it “TC1”. Now suppose that the cost of capital goes up to 2. (Continue to assume we’re in the short run and K can not be altered). How would this alter your short run total cost curve? Plot the new cost curve as “TC2.” c. Alternatively, beginning from your original total cost function with cost of capital = 1, suppose that wages fall to 2. How would this alter your TC curve? Plot this new curve and label it “TC3.” d. Will either of the changes above – the change in capital costs or the change in wages – affect marginal costs for this firm? Explain.

Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department is one of the company’s processing departments. In the Mixing Department in July, the cost of beginning work in process inventory was $4,280, the cost of ending work in process inventory was $3,870, and the cost added to production was $46,360.

Required:

Prepare a cost reconciliation report for the Mixing Department for July.

Superior Micro Products uses the FIFO method in its process costing system. Data for the Assembly Department for May appear below:

Required:

Compute the cost per equivalent unit for materials, labor, overhead, and in total. (Round your answers to 2 decimal places.)