I have a question regarding the percentage-of-completion.

For example, A company wants to make a contract with B constructor. The estimated cost was $900,000, and the contractor wants to add a margin of 10% on its cost estimate.

On the day of the formed of the contract, the finalized cost was $1,000,000. The small storage room will be finished in 3 years, and each year $95,000, $120,000, $250,000 will be incurred for 3 years.

1. Please recognized the revenue over time with the percentage-of-completion method.

2. Does that margin is necessary for the calculation, and if not, when do I need to use it.

Suppose we have a single server in a shop and customers arrive in the shop with a Poisson arrival distribution at a mean rate of λ=0.5 customers per minute. The interarrival time have an exponential distribution with the average inter-arrival time being 2 minutes. The server has an exponential service time distribution with a mean service rate of 4 customers per minute. Calculate: 1. Overall system utilization 2. Number of customers in the system 3. Number of customers in the queue 4. Average time customers spend in the system 5. Average time customer spends in the queue 6. Probability all servers are busy 7. Probability an arriving customer has to wait

Select a company or organization and post your thoughts concerning how data could be used to improve their outreach to customers in terms of marketing or sales.

The offering selected= The Agency RE

Explain in detail, the following for your offering:
a. Application of the 5C’s framework (Company, Competitors, Collaborators, Customers and
Context)

Record the entries of the following operations, in their respective journals

Chung Refrigerating Company completed the following transactions.

May 1        Received merchandise from Costello Company, invoice dated April 29, terms 2/10, n/30, FOB shipping point, $2,500.

3      Received merchandise from Vranes Manufacturing, invoice dated May 1, terms

2/10, n/30, FOB shipping point, $5,400.

6      Received credit memorandum pertaining to May 3 shipment from Vranes Manufacturing for return of unsatisfactory merchandise, $400.

12     Purchased advertising on credit from WXYR, terms n/20, $450.

20     Received merchandise from Costello Company, invoice dated May 19, terms 2/10, n/30, FOB shipping point, $2,800.

21     Received from Noh Company freight bill on merchandise purchased, terms n/5, $570.

23     Received merchandise from Vranes Manufacturing, invoice dated May 22, terms 2/10, n/30, FOB shipping point, $3,600.

27     Received credit memorandum from Vranes Manufacturing for defective merchandise received May 23, $300.

Case Study 2:

“Mike the Bike” Company produces mountain bikes and sells them to its commercial customers, which are 20 retail outlets. Of the 20 retail outlets, 19 commercial customers are small bike shops, which are owned separately and one (1) large retail chain with numerous retail outlet stores.

The retail chain central purchasing buys 60% of the bicycles produced by Mike the Bike Company, which are warehoused centrally and distributed to its outlets at the large retail chain’s expense. The 19 smaller commercial customers purchase bicycles in approximately equal quantities and their orders are about the same size.

Currently, customer-driven costs are assigned to customers based on units sold. You have been appointed the management accountant at Mike the Bike. Data concerning Mike the Bike’s customer activities are as follows:

*Currently allocated on sales volume (number of units sold).

REQUIRED:

1. Assign manufacturing, ordering and selling costs to the two customers group (large retailer and small retailers) using the traditional “units sold” allocation basis and then calculate the total cost per bicycle for each customers group, using this unit-level driver.                                                                       

2. Assign manufacturing, ordering and selling costs to the two customer groups by using an ABM allocation basis. Round activity rates and activity costs to the nearest cent (2 decimal places). Calculate the total cost per bike for each customer group.

3. Compare your answer from requirement 1 and 2. Comment on the accuracy and usefulness of the different costs per bike for each customer group for strategic decision-making.

4. Mike the Bike’s manufacturing competitor offered an 8% discount off the current selling price of its product, which is similar to the Mike the Bike bicycles. Assume Mike the Bike has calculated its selling price using a “total cost plus 10% mark-up” on the total cost per bike calculated in requirement 1. What strategic pricing decision may be made (from the information in requirements 1, 2, and 3) to offer a new selling price to retain the business of the large retail chain?   

Bug-Off Exterminators provides pest control services and sells extermination products manufactured by other companies. Following is the company's unadjusted trial balance as of December 31, 2019.

The following information in a through h applies to the company at the end of the current year.

1. The bank reconciliation as of December 31, 2019, includes the following facts.

Reported on the bank statement is a canceled check that the company failed to record. (Information from the bank reconciliation allows you to determine the amount of this check, which is a payment on an account payable.)

2. An examination of customers’ accounts shows that accounts totaling $687 should be written off as uncollectible. Using an aging of receivables, the company determines that the ending balance of the Allowance for Doubtful Accounts should be $740.
3. A truck is purchased and placed in service on January 1, 2019. Its cost is being depreciated with the straight-line method using the following facts and estimates.

4. Two items of equipment (a sprayer and an injector) were purchased and put into service in early January 2017. They are being depreciated with the straight-line method using these facts and estimates.

5. On September 1, 2019, the company is paid $12,300 cash in advance to provide monthly service for an apartment complex for one year. The company began providing the services in September. When the cash was received, the full amount was credited to the Extermination Services Revenue account.
6. The company offers a warranty for the services it sells. The expected cost of providing warranty service is 2.5% of the extermination services revenue of $67,800 for 2019. No warranty expense has been recorded for 2019. All costs of servicing warranties in 2019 were properly debited to the Estimated Warranty Liability account.
7. The $19,000 long-term note is an 8%, five-year, interest-bearing note with interest payable annually on December 31. The note was signed with First National Bank on December 31, 2019.
8. The ending inventory of merchandise is counted and determined to have a cost of $13,300. Bug-Off uses a perpetual inventory system.

Required:
1. Determine amounts for the following items:

1. Correct (reconciled) ending balance of Cash; and the amount of the omitted check.
2. Adjustment needed to obtain the correct ending balance of the Allowance for Doubtful Accounts.
3. Depreciation expense for the truck used during year 2019.
4. Depreciation expense for the two items of equipment used during year 2019.
5. The adjusted 2019 ending balances of the Extermination Services Revenue and Unearned Services Revenue accounts.
6. The adjusted 2019 ending balances of the accounts for Warranty Expense and Estimated Warranty Liability.
7. The adjusted 2019 ending balances of the accounts for Interest Expense and Interest Payable.

1. The human resources manager at Humber Electronics is interested in relating an employee’s score on a job satisfaction questionnaire to his or her length of service, hourly wage rate, and workload. She defined the variables as follows:
   
   x₁ = number of years with company
   
   x₂ = number of years in current position
   
   x₃ = annual salary (in thousands of dollars)
   
   x₄ = workload (number of hours worked per week)
   
   y = job satisfaction score (out of 15)
   
   The HR manager randomly selected relevant information (see below) about 30 employees. Using Excel, obtain the regression output for the data and answer the following questions:
   1. Explain the meaning of the b₃ coefficient as it relates to this data. [5 point]
      
   2. Calculate the coefficient of determination ( R² ) (4 decimal places). Explain the meaning as it relates to this data. [10 point]
      
   3. State the values of the adjusted coefficient of determination and the standard error of estimate (4 decimals). [5 point]
      
   4. Estimate the job satisfaction score for an employee with 10 years with the company, 4 years in the same position, who is paid $35,450 annually and works 35 hours per week . [5 point]

This is a partial adjusted trial balance of Sunland Company.

Prepare the closing entries at January 31, 2017.