Problem 4-16A Comprehensive Problem-Weighted-Average Method [LO4-2, LO4-3, LO4-4, LO4-5]

Exercise 4-12 (Algo) Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method [LO4-2, LO4-4, LO4-5]

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 26,200 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $706,860 in total. The ending work in process inventory in January consisted of 3,700 units, which were 60% complete with respect to materials and 40% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:

Required:

1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.

2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.

3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.

4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)

Exercise 4-12 (Algo) Equivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method [LO4-2, LO4-4, LO4-5]

Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,300 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to $664,858 in total. The ending work in process inventory in January consisted of 3,200 units, which were 40% complete with respect to materials and 20% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows:

Required:

1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month.

2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January.

3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total for January.

4. Prepare a cost reconciliation for January. (Note: You will not be able to break the cost to be accounted for into the cost of beginning work in process inventory and costs added during the month.)

Problem 4-16A Comprehensive Problem-Weighted-Average Method [LO4-2, LO4-3, LO4-4, LO4-5]

For each of the dependent means t-tests below:

1) State the null and alternative hypotheses

2) Set the criteria for a decision (i.e. state alpha, one- or two-tailed test, degrees of freedom and the cutoff score(s)

3) Compute: The mean of the difference scores, the sum of squares, the estimated population variance of difference scores, the variance of the distribution of means of difference scores and the standard deviation of the distribution of means of difference scores (show all work)

4) Compute the test statistic (t_obt)

5) Decide whether to retain/reject the null hypothesis

6) State your conclusion in APA format (make sure to report the type of test used, the I.V., the D.V., whether it was significant or not, your test statistic (t), and the means of time 1 and time 2; see the lecture slides for examples)

Problem 2:

Brett wants to know if living in the south changes how much people like country music. To test this hypothesis (α = .01), he has 6 students rate how much they like country music on a scale from 0-10 (0 = do not like, 10 = like a lot) at the beginning of their freshman year (Time 1) and then again at the end of their senior year (Time 2). Carry out a hypothesis test to see if living in the south changes student’s opinions of country music.

Problem 2. The Citizen Bank employs two appraisers. When approving borrowers for mortgages, it is imperative that the appraisers value the same types of properties consistently. To make sure that this is the case, the bank examines six properties (in $1,000) that the appraisers had valued recently.

A. Let µD = µ1 − µ2, where µ1 is the mean value of properties from Appraiser 1, and µ2 is the mean value of properties from Appraiser 2. Specify the competing hypotheses that determine whether there is any difference between the values estimated by Appraiser 1 and Appraiser 2.

B. Assuming the value difference is normally distributed, calculate the value of the test statistic. (Please round your answer to 4 decimal places.)

C. Find the p-value in this test. (Please round your answer to 4 decimal places. You can either approximate the p-value using t-table or and the exact p-value using Excel or any software.)

D. At the 5% significance level, is there sufficient evidence to conclude that the appraisers are inconsistent in their estimates? Please explain.

E. Construct a 95% confidence interval of the mean difference between values estimated by Appraiser 1 and Appraiser 2, i.e., 95% confidence interval of µD. (Please round your answer to 4 decimal places.)

Problem 2. The Citizen Bank employs two appraisers. When approving borrowers for mortgages, it is imperative that the appraisers value the same types of properties consistently. To make sure that this is the case, the bank examines six properties (in $1,000) that the appraisers had valued recently.

A. Let µD = µ1 − µ2, where µ1 is the mean value of properties from Appraiser 1, and µ2 is the mean value of properties from Appraiser 2. Specify the competing hypotheses that determine whether there is any difference between the values estimated by Appraiser 1 and Appraiser 2.

B. Assuming the value difference is normally distributed, calculate the value of the test statistic. (Please round your answer to 4 decimal places.)

C. Find the p-value in this test. (Please round your answer to 4 decimal places. You can either approximate the p-value using t-table or and the exact p-value using Excel or any software.)

D. At the 5% significance level, is there sufficient evidence to conclude that the appraisers are inconsistent in their estimates? Please explain.

E. Construct a 95% confidence interval of the mean difference between values estimated by Appraiser 1 and Appraiser 2, i.e., 95% confidence interval of µD. (Please round your answer to 4 decimal places.)

In Java write an application that calculates total retail values for 5 different shoes entered by the user.

Shoe 1 $15.50
Shoe 2 $27.30
Shoe 3 $34.50
Shoe 4 $42.11
Shoe 5 $54.25

Application must read shoe number and quantity sold for each product stdin, compute the total value of that sale, and add the value of that sale to a grand total for that shoe. After all data has been entered, display the total value of each of the five shoe items. Must have two classes, must use a switch structure to which shoes sales to update, must use a sentinel controlled loop to determine when the program should stop looping and display result.

Methods
One 1 argument constructor, getters and setters for each field, and updateTotalSales method(uses one parameter representing quantity sold and does not return a value) . must use getter and setter methods t access the fields do not access them directly.

Sample run
Shoe number: 2
Quantity sold: 4
Shoe number: 1
Quantity sold: 3
Shoe Number: 5
Quantity sold: 2
Shoe number: 1
Quantity sold: 2
Shoe number: 5
Quantity sold: 3
Shoe Number: 4
Quantity sold: 2
Shoe Number: 0

Total Sales
Shoe 1 : $31.00
Shoe 2: $109.20
Shoe 3: $0
Shoe 4: $84.22
Shoe 5: $271.25

Wormwood, Ltd., produces a variety of furniture products. The planning committee wants to pre- pare an aggregate plan for the next six months using the following information:

Subcontracting can handle a maximum of 10 units per month. Beginning inventory is zero. Develop a plan that minimizes total cost. No back orders are allowed. Regular capacity = Regular production.

1.  Because total capacity of regular and overtime is greater than the forecast, we don't need to use the subcontractor in this problem. True or false?

2.  To satisfy the requirement, not all over time will be used. True or false?

3. To minimize the total cost, we need to hold inventory by the end of which of following month(s)? Select all that apply. 1, 2, 3, 4, 5, and/or 6.

4.  To minimize the total cost, we need to use subcontractor in which of following month(s)? Select all that apply. 1, 2, 3, 4, 5, and/or 6.

5.  What is the minimized total cost for the plan?

1. Suppose that there are only three people that live in a (very) small town: Eric, Greg, and Katie. The town is thinking of building a park which you can assume is a public good for these three individuals in the town. Based on the individuals’ demand schedules for the park, which are given below, calculate and graph the social marginal benefit curve for the park.

b. Assume that the supply curve for the park is shown in the following chart. Graph this supply curve on your graph from part b. What is the socially optimal size of the park (in acres)?