Political parties want to know what groups of people support them. The General Social Survey (GSS) asked its 2014 sample, "Generally speaking, do you usually think of yourself as a Republican, Democrat, Independent, or what?" The GSS is essentially an SRS of American adults. Here is a large two-way tale breaking down the responses by the highest degree the subject held:

1. Make a 2x5 table by combining the counts in the three rows that mention Democrats, Republicans and ignoring strict independents and supporters of other parties. We might think of this table as comparing all adults who lean Democrat or Republican. How does does support for the two major parties differ among adults with different levels of education?

2. Use the full table to analyze the differences in political party support among levels of education. The sample is so large that the differences are bound to be highly significant. but give the χ2χ2 test statistic and p-value nonetheless. The main challenge is in seeing what the data say. Does the full table yield any insights not found in the compressed table analyzed in part 1?

Political parties want to know what groups of people support them. The General Social Survey (GSS) asked its 2014 sample, "Generally speaking, do you usually think of yourself as a Republican, Democrat, Independent, or what?" The GSS is essentially an SRS of American adults. Here is a large two-way tale breaking down the responses by the highest degree the subject held:

1. Make a 2x5 table by combining the counts in the three rows that mention Democrats, Republicans and ignoring strict independents and supporters of other parties. We might think of this table as comparing all adults who lean Democrat or Republican. How does does support for the two major parties differ among adults with different levels of education?

2. Use the full table to analyze the differences in political party support among levels of education. The sample is so large that the differences are bound to be highly significant. but give the χ2χ2 test statistic and p-value nonetheless. The main challenge is in seeing what the data say. Does the full table yield any insights not found in the compressed table analyzed in part 1?

Which of the following statements is true?

3 points   

QUESTION 12

What guideline should be used in determining whether a joint product should be sold at the split-off point or processed further?

3 points   

QUESTION 13

Frank's Drapery Cleaning is estimating the following sales figures for the next four months:

Frank has the following collection pattern on credit sales: 60% in month of sale; 30% in month after sale; 10% in second month after sale. What are Frank's budgeted cash receipts for March?

4 points   

QUESTION 14

Kathy's budgeted production figures (in units) for sweatshirts for next quarter are shown below:

July August September

Budgeted production 3,600 4,100 5,000

Kathy uses 1.2 yards of fabric per sweatshirt and pays $0.75 per yard. Kathy likes to have half of the next month's fabric needs in ending inventory. What is the expected cost of fabric to be purchased in August?

4 points   

QUESTION 15

The following information is from the October cash budget of Daniel's Pet Accessories Shop:

Excess of Cash available over disbursements $800

Cash Balance on Oct. 1 $10,100

Total Cash Disbursements $32,500

Daniel is required to maintain a minimum cash balance of $10,000, how much money should he plan to borrow in October?

4 points   

QUESTION 16

The following information is available for Park Corporation for the month of July:

Cash collections $63,800

Dividends paid in July $4,000

Selling expenses $33,400

Administrative expenses $29,000

Depreciation expense on equipment $2,000

Cash Balances July 1 $900

Park does not have any accounts receivable or accounts payable. What will be the amount of cash disbursements for the month of July and the excess or deficiency of cash for the month of July, respectively?

Use a combined cost index and the power-sizing cost estimating model to estimate the current cost of a piece of equipment that has 50% more capacity than a similar piece of equipment that cost $30,000 five years ago. The appropriate power-sizing exponent for this type of equipment is 0.8, and the ratio of the cost indexes (current to 5 years ago) is 1.24. (Note that this is more complex than the previous questions.)

A) $55,800

B) $44,640

C) $29,760

D) $51,454

What are cost objects, cost pools and allocation bases? What role do they play in cost allocation? What is the difference between cost allocation bases and cost drivers?

a) Complete the following cost schedule by computing average fixed cost and average variable cost.

Instructions: Enter your responses rounded to the nearest whole number.

What is a component of transportation cost?

A. Handling cost.

B. Lot quality cost.

C. Insurance cost.

D. Production cost.

Business: cost from marginal cost. A gourmet popcorn company determines that the marginal cost, in dollars, of the xth bag of gourmet popcorn is given by C' (x) = -0.0004 x + 2.25 C(0)=$0 Find the total cost of producing 1000 bags of popcorn.

Cost Accounting 8th Canadian Edition

If a cost can be traced directly to its cost object, why might a company choose not to trace but to include that cost in the indirect cost category and allocate on some arbitrary basis? Explain the advantage and disadvantage of tracing versus not tracing.