The University of

BostonBoston

Press is wholly owned by the university. It performs the bulk of its work for other university​ departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses normal costing to cost each job. Its​ job-costing system has two​ direct-cost categories​ (direct materials and direct manufacturing​ labor) and one​ indirect-cost pool​ (manufacturing overhead, allocated on the basis of direct manufacturing labor​ costs). The following data​ (in thousands) pertain to 2017:

Direct materials and supplies purchased on credit $840

Direct materials used 740

Indirect materials issued to various production departments 140

Direct manufacturing labor 1,350

Indirect manufacturing labor incurred by various production departments 950

Depreciation on building and manufacturing equipment 440

Miscellaneous manufacturing overhead* incurred by various production departments

(ordinarily would be detailed as repairs, photocopying, utilities, etc.) 540

Manufacturing overhead allocated at 170% of direct manufacturing labor costs ?

Cost of goods manufactured 4,130

Revenues 8,900

Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead) 4,050

Inventories, December 31, 2016 (not 2017):

Materials Control 160

Work-in-Process Control 60

Finished Goods Control 530

*The term manufacturing overhead is not used uniformly. Other terms that are often encountered in printing companies include job overhead and shop overhead.

The University of

ManchesterManchester

Press is wholly owned by the university. It performs the bulk of its work for other university​ departments, which pay as though the press were an outside business enterprise. The press also publishes and maintains a stock of books for general sale. The press uses normal costing to cost each job. Its​job-costing system has two​ direct-cost categories​ (direct materials and direct manufacturing​ labor) and one​ indirect-cost pool​ (manufacturing overhead, allocated on the basis of direct manufacturing labor​ costs). The following data​ (in thousands) pertain to

20172017​:

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Direct materials and supplies purchased on credit

$840

Direct materials used

720

Indirect materials issued to various production departments

100

Direct manufacturing labor

1,310

Indirect manufacturing labor incurred by various production departments

980

Depreciation on building and manufacturing equipment

430

Miscellaneous manufacturing overhead* incurred by various production departments

(ordinarily would be detailed as repairs, photocopying, utilities, etc.)

530

Manufacturing overhead allocated at 160% of direct manufacturing labor costs

?

Cost of goods manufactured

4,130

Revenues

8,100

Cost of goods sold (before adjustment for under- or overallocated manufacturing overhead)

4,030

Inventories, December 31, 2016 (not 2017):

Materials Control

180

Work-in-Process Control

50

Finished Goods Control

580

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.Requirement 1. Identify the components of the overview diagram of the​ job-costing system at the University of

ManchesterManchester

Press.

Requirement 2. Prepare journal entries to summarize the

20172017

transactions. As your final​ entry, dispose of the​ year-end under- or overallocated manufacturing overhead as a​ write-off to Cost of Goods Sold. Number your entries. Explanations for each entry may be

omitted.​(Record

debits​ first, then credits. Exclude explanations from any journal​ entries.)Direct materials and supplies purchased on​ credit,

$ 840$840.

Choose from any list or enter any number in the input fields and then click Check Answer.

Women athletes at the a certain university have a long-term graduation rate of 67%. Over the past several years, a random sample of 36 women athletes at the school showed that 21 eventually graduated. Does this indicate that the population proportion of women athletes who graduate from the university is now less than 67%? Use a 10% level of significance.

(a) What is the level of significance?

(b) State the null and alternate hypotheses.

(c) What is the value of the sample test statistic? (Round your answer to two decimal places.)

(d) Find the P-value of the test statistic. (Round your answer to four decimal places.)

To approximate the proportion p of out-of-state students at University A, n samples are taken in a survey.

(1) Find the mean and standard deviation of sample proportion p̂.

(2) A survey shows that there are 23 out-of-state students out of 100 students. Find the 95% confidence interval for p.

(3) If we require the estimating error is less than 3% with 95% confidence, how many samples are required at least?

(4) Another sample shows that there are 10 out-of-state students out of 50 students from University B. Find the 95% confidence interval for the difference of two proportions between Universities A and B.

The average starting salary for this year's graduates at a large university (LU) is $20,000 with a standard deviation of $8,000. Furthermore, it is known that the starting salaries are normally distributed.

a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400?

b. What is the probability that a randomly selected LU graduate will have a salary of exactly $30,400?

c. Individuals with starting salaries of less than $15600 receive a low income tax break. What percentage of the graduates will receive the tax break?

d. If 189 of the recent graduates have salaries of at least $32240, how many students graduated this year from this university?

The average starting salary for this year's graduates at a large university (LU) is $20,000 with a standard deviation of $8,000. Furthermore, it is known that the starting salaries are normally distributed. a. What is the probability that a randomly selected LU graduate will have a starting salary of at least $30,400? b. What is the probability that a randomly selected LU graduate will have a salary of exactly $30,400? c. Individuals with starting salaries of less than $15600 receive a low income tax break. What percentage of the graduates will receive the tax break? d. If 189 of the recent graduates have salaries of at least $32240, how many students graduated this year from this university?

In an effort to reduce energy costs, a major university has installed more efficient lights as well as automatic sensors that turn the lights off when no movement is present in a room. Historically, the cost of lighting an average classroom for 1 week has been $265. To determine whether the changes have signficantly reduced costs, the university takes a sample of 50 classrooms. They find that the average cost for 1 week is $247 with a standard deviation of $60. When testing the hypothesis (at the 5% level of significance) that the average energy use has decreased from the past, what is the test statistic? (please round your answer to 2 decimal places)

During 2020, Bonita Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Bonita for a lump sum of $77,805 because it is discontinuing manufacturing operations and wishes to dispose of its entire stock. Three types of chairs are included in the carload. The three types and the estimated selling price for each are listed below.

During 2020, Bonita sells 260 lounge chairs, 130 armchairs, and 156 straight chairs.

What is the amount of gross profit realized during 2020? What is the amount of inventory of unsold straight chairs on December 31, 2020? (Round cost per chair to 2 decimal places, e.g. 78.25 and final answer to 0 decimal places, e.g. 5,845.)

Bramble Company purchased equipment for $220,800 on October 1, 2020. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is 36,000 units and estimated working hours are 20,000. During 2020, Bramble uses the equipment for 500 hours and the equipment produces 1,100 units.

Compute depreciation expense under each of the following methods. Bramble is on a calendar-year basis ending December 31. (Round rate per hour and rate per unit to 2 decimal places, e.g. 5.35 and final answers to 0 decimal places, e.g. 45,892.)