Case Scenario Mr Park is a heart patient who had a heart bypass recently. He has been the sole breadwinner in the family but ever since his heart bypass, he is not able to continue working. His wife is a homemaker and also his main caregiver. The couple has three children. Eldest son Ethan (aged 32), has recently gotten married and moved out. His relationship with his parents is amicable. However, he still relies heavily on his parents for financial support, as his employment is not stable. This creates a huge amount of stress on both Mr and Mrs Park as they themselves are worried about their financial situation, especially after Mr Park's heart bypass. Youngest son Mark (aged 18) is closest to the mother. He suffers from social phobia and does not attend school. His symptoms started around the time of Mr Park's discharge from hospital. He is of age to be enlisted for National Service (NS), but he might not be able to go through military training due to his psychological condition. Mindful of his condition, the parents give him a lot of space and make no demands of him. He plays computer games at home most of the time. Their second daughter Jill (aged 26) is currently the sole breadwinner of the family. She works as an administrative assistant and contributes some money to her parents. When she was 19, she quit university after her first semester and decided to start working because she felt that her eldest brother was continuing to rely on parents for financial support. She often will feel very angry that her parents depend on her so much and do not seem to insist that her eldest brother contribute. She also feels that her parents are over protective of her younger brother. There are constant quarrels between both patient and his wife over the issues of the children and also over care for him, at times escalating into shouting marathons. Two weeks ago, tired of all the fighting, they decided to stop talking altogether. Now, they are no longer quarrelling or shouting at each other, but instead are locked in a "cold war”. Soo words Guiding Questions Read the case scenario above. For the purpose of the reflection, imagine that this is your family, and that you are another son/daughter in this family. • 1. What, in your opinion, is contributing to the family situation? 2. How would you respond as a member of this family? 3. Why would you respond in the way(s) stated for Question 2 above? Explain. (500 words)

The following information for the past year is available from Thinnews Co., a company that uses machine hours to apply factory overhead:

1. The variable overhead spending variance is:

2. Under a three-variance breakdown (decomposition) of the total factory overhead variance, the total factory overhead spending variance is:

3. Under a two-variance breakdown (decomposition) of the total factory overhead variance, the total flexible-budget variance is:

In the early 20th century, the French Canadian microbiologist Félix d’Hérelle used a virus called a bacteriophage (“phage”) to successfully treat some diseases caused by bacteria, such as dysentery and cholera. Subsequent experiments with “phage therapy” yielded mixed results; however, and enthusiasm quickly waned—especially once antibiotics became available in the 1940s. The therapy is not currently approved in the United States.

Phage therapy involves obtaining a pure culture of a disease-causing bacterium and exposing samples of the culture to different phages to see which ones kill the bacterium. The successful phage is then administered to a patient. For skin infections, the phage is applied directly to the infected area. For systemic diseases, the phage may be given orally or delivered intravenously.

Imagine you are part of a hospital medical team conveyed to treat Jerry, a 71-year-old diabetic patient, who has been suffering from a persistent infection on his foot. His doctor has tried multiple topical antibiotics, but the infection continues to worsen, so the doctor admitted him to your hospital for a new intravenous antibiotic treatment. To Jerry’s relief, the infection cleared up; however, two weeks later, the infection returned—worse than ever. Jerry’s doctor explains that the bacterium causing the infection is a multidrug resistant strain and that Jerry’s foot will need to be amputated.

Jerry’s sister, a nurse, mentions that she studied bacteriophages and asks the doctor whether phage therapy is a treatment option.

As a member of Jerry’s medical team, answer these questions:

• How would you respond to Jerry’s sister?

• Which type of phage would be used for phage therapy: a lytic or a lysogenic phage?

• What are the drawbacks of phage therapy? What are the advantages?

FIND:THE FOLLOWING DATA: FOR THE NEW LOAN :

DATA ON TABLES ....PERSONAL Marginal tax rate 6% Resale Plan (Months) 60 MORTGAGE TERMS Original Mortgage Amount $150,000.00 Current Mortgage Rate 5.75% Original Term (Years) 20 Months Paid 117 New Mortage Rate 3.00% New Term (YEARS) 15 Points 0 REFINACING FEES Application $200.00 Title $2,000.00 Legal $200.00 Other $10,779.85 Points 0 Total Fees $13,179.85 ANALYSIS CURRENT PROPOSED Mortgage Amount 97, 703.26 $97,703.26 ANALYSIS Mortgage Payment Months to Recover Refinancing cost Mortage Balance at Resale, Principal Repaid to Resale, Total Payments to Resale Total Interest to Resale Tax Deduction on Interest Net Interest Costo to Resale Interest Savings (COSTS) TOTAL SAVINGS COST (COSTS)

COURSE : FINANCE DATA FOR THE OLD LOAN AND DATA FOR THE NEW LOAN

1. LIFO Perpetual Inventory

   The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are as follows:

   Date		Transaction	Number of Units		Per Unit		Total
   Apr. 3		Inventory	25		$1,200		$30,000
   8		Purchase	75		1,240		93,000
   11		Sale	40		2,000		80,000
   30		Sale	30		2,000		60,000
   May 8		Purchase	60		1,260		75,600
   10		Sale	50		2,000		100,000
   19		Sale	20		2,000		40,000
   28		Purchase	80		1,260		100,800
   June 5		Sale	40		2,250		90,000
   16		Sale	25		2,250		56,250
   21		Purchase	35		1,264		44,240
   28		Sale	44		2,250		99,000

   Required:

   1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using the last-in, first-out method. Under LIFO, if units are in inventory at two different costs, enter the units with the HIGHER unit cost first in the Cost of Goods Sold Unit Cost column and LOWER unit cost first in the Inventory Unit Cost column.

   Dunne Co. Schedule of Cost of Goods Sold LIFO Method For the Three Months Ended June 30
   	Purchases			Cost of Goods Sold			Inventory
   Date	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost	Quantity	Unit Cost	Total Cost
   Apr. 3								$	$
   Apr. 8		$	$
   Apr. 11					$	$
   Apr. 30
   May 8
   May 10
   May 19
   May 28
   June 5
   June 16
   June 21
   June 28
   June 30	Balances					$			$

   2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period.

   Total sales	$
   Total cost of goods sold	$
   Gross profit	$

   3. Determine the ending inventory cost on June 30.
   $

   Feedback

   1. When the perpetual inventory system is used, revenue is recorded each time a sale is made along with an entry to record the cost of the goods sold. LIFO means the last units purchased are assumed to be the first to be sold. Therefore after each sale, the remaining or ending inventory is made up of the first or earliest purchases. Think of your inventory in terms of "layers." The first sale comes from the most recent purchase layer. When deciding which layer to use for costing of each sale ask yourself: "Is there enough inventory left in the most recent purchase to cover the sale?" If not, the other units sold should be taken from the second most recent purchase layer, which then contains the most recent costs. Continue this process for each transaction. If you have done this problem correctly, the remaining units making up ending inventory will be costed at the April 3 beginning inventory and the May 28 unit purchase price.

   2. Total sales are obtained by taking the number of units sold times their sale prices for all sales and adding these amounts together. The total cost of goods sold can be obtained by adding the LIFO costs in the perpetual inventory record. Sales minus cost of goods sold equals gross profit.

   3. The ending inventory is what is left after subtracting the cost of goods sold from the goods available for sale. Multiply the units remaining after the last sale by their corresponding earliest layer cost to determine the LIFO cost of the ending inventory.

Loading item

There was an error loading this item. If this continues to occur, please contact Technical Support.

Check My Work

• Previous
• Next

• 100% Correct
• Partially Correct
• Incorrect
• Needs Instructor Grading

Basic Calculatorclose

0

UseEntBSBSpCEHomCEnd

789+

456-

123*

0.=/

1.

A) If a company makes 100 units of product, the allocated fixed cost per unit is $5

and the variable cost per unit is $6. What will be the per-unit total cost (fixed plus

variable cost) if the company makes 200 units?

B) At a production and sales level of 1,000 units, the company’s costs are as follows:

Variable manufacturing costs per unit $20

Allocated fixed manufacturing cost per unit $10

Variable selling costs per unit $ 5

Allocated fixed selling costs per unit $ 3

How much would the company have to spend in total (total cash outlay for both

fixed and variable costs), if it makes 1,200 units and sells 200 units (so that 1,000

units are in ending inventory at the end of the period)?

2.: Describe each of the following costs as either fixed, variable, or semi-variable (i.e.,

mixed)

34

A) The cost is $500 per unit at a production level of 50 units, and $500 per unit at a

production level of 100 units.

B) The cost is $500 in total at a production level of 50 units, and $1,000 in total at a

production level of 100 units.

C) The cost is $500 in total at a production level of 5 units, and $100 per unit at a

production level of 10 units.

3.: In general, and within the relevant range, as production increases:

(A) Per unit fixed costs and per unit variable costs both stay the same.

(B) Per unit variable costs go down, and per unit fixed costs stay the same.

(C) Per unit fixed costs go down, and per unit variable costs stay the same.

(D) Per unit fixed costs and total variable costs both stay the same.

Mastery Problem: Process Cost Systems

Grainy Goodness Company

Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in each department.

During March, the President and sole stockholder, Jonathan Groat, reviewed the Cost of Production Report for the Mixing Department. He is concerned that the Mixing Department may not be operating efficiently, and asks for your help.

Cost of Production

Jonathan has noticed that his production manager has omitted some of the data on the Cost of Production. Determine the missing information. If there is no amount or an amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required.

February Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of February using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

March Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of March using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

Mixing Dept. Evaluation

After reviewing your work on the February Cost Analysis and March Cost Analysis, assist Jonathan Groat in evaluating the Mixing Department’s performance by answering the following questions:

In March, was the Mixing Department’s total cost per unit higher or lower than in February?

For which component was the cost per unit for March higher than in February?

What is most probably your recommendation to Jonathan Groat given your computations?

Journal

On March 31, using the data provided on the Cost of Production, journalize the entry to move the appropriate amount of cost from the Mixing Department to the Baking Department. If an amount box does not require an entry, leave it blank.

Mastery Problem: Process Cost Systems

Grainy Goodness Company

Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in each department.

During March, the President and sole stockholder, Jonathan Groat, reviewed the Cost of Production Report for the Mixing Department. He is concerned that the Mixing Department may not be operating efficiently, and asks for your help.

Cost of Production

Jonathan has noticed that his production manager has omitted some of the data on the Cost of Production. Determine the missing information. If there is no amount or an amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required.

February Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of February using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

March Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of March using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

Mixing Dept. Evaluation

After reviewing your work on the February Cost Analysis and March Cost Analysis, assist Jonathan Groat in evaluating the Mixing Department’s performance by answering the following questions:

In March, was the Mixing Department’s total cost per unit higher or lower than in February?

For which component was the cost per unit for March higher than in February?

What is most probably your recommendation to Jonathan Groat given your computations?

Journal

On March 31, using the data provided on the Cost of Production, journalize the entry to move the appropriate amount of cost from the Mixing Department to the Baking Department. If an amount box does not require an entry, leave it blank.

Mastery Problem: Process Cost Systems

Grainy Goodness Company

Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in each department.

During March, the President and sole stockholder, Jonathan Groat, reviewed the Cost of Production Report for the Mixing Department. He is concerned that the Mixing Department may not be operating efficiently, and asks for your help.

Cost of Production

Jonathan has noticed that his production manager has omitted some of the data on the Cost of Production. Determine the missing information. If there is no amount or an amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required.

February Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of February using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

March Cost Analysis

Determine the cost per unit of direct materials and for conversion for the month of March using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required.

Mixing Dept. Evaluation

After reviewing your work on the February Cost Analysis and March Cost Analysis, assist Jonathan Groat in evaluating the Mixing Department’s performance by answering the following questions:

In March, was the Mixing Department’s total cost per unit higher or lower than in February?

For which component was the cost per unit for March higher than in February?

What is most probably your recommendation to Jonathan Groat given your computations?

Journal

On March 31, using the data provided on the Cost of Production, journalize the entry to move the appropriate amount of cost from the Mixing Department to the Baking Department. If an amount box does not require an entry, leave it blank.

Ferris Company began 2018 with 6,000 units of its principal product. The cost of each unit is $6. Merchandise transactions for the month of January 2018 are as follows:

*Includes purchase price and cost of freight.

8,000 units were on hand at the end of the month.

Required:
Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives:
1. FIFO, periodic system.
2. LIFO, periodic system.
3. LIFO, perpetual system.
4. Average cost, periodic system.
5. Average cost, perpetual system.

Calculate January's ending inventory and cost of goods sold for the month using FIFO, periodic system.

Calculate January's ending inventory and cost of goods sold for the month using LIFO, periodic system.

Calculate January's ending inventory and cost of goods sold for the month using LIFO, perpetual system.

Calculate January's ending inventory and cost of goods sold for the month using Average cost, periodic system.

Calculate January's ending inventory and cost of goods sold for the month using Average cost, perpetual system. (Round average cost per unit to 4 decimal places. Enter sales with a negative sign.)