Periodic Inventory by Three Methods

Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31 are summarized as follows:

Determine the cost of the inventory on December 31 by the first-in, first-out method.

If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the units PURCHASED MOST RECENTLY first.

2. Determine the cost of the inventory on December 31 by the last-in, first-out method.

If the inventory of a particular model comprises one entire purchase plus a portion of another purchase acquired at a different unit cost, use a separate line for each purchase. If units are in inventory at two different costs, enter the OLDEST units first.

3. Determine the cost of the inventory on December 31 by the weighted average cost method.

1. Hotel has submitted an income statement for the end of the month that shows a net profit of $10,000. You will need to show that income statement based on the following given information. Food revenue and room’s revenue are the only two forms of revenue and food revenue is exactly the same as room revenue. Direct operating expenses for food is 50% of food revenue and direct operating expenses for rooms is 35% of room’s revenue. Marketing expenses are 20% of Total revenue, rent is 7%, A&G is 6%, Utilities are 8% Depreciation is 5%, Interest is 5% and Net Profit is 5%. Please put together a common-size income Statement using the correct format for the Hotel and make sure that you calculate the correct taxes (the only other additional expenses on the income statement) .

Cain Components manufactures and distributes various plumbing products used in homes and other buildings. Over time, the production staff has noticed that products they considered easy to make were difficult to sell at margins considered reasonable, while products that seemed to take a lot of staff time were selling well despite recent price increases. A summer intern has suggested that the cost system might be providing misleading information.

The controller decided that a good summer project for the intern would be to develop, in one self-contained area of the plant, an alternative cost system with which to compare the current system. The intern identified the following cost pools and, after discussion with some plant personnel, appropriate cost drivers for each pool. There were:

In this particular area, Cain produces two of its many products: Standard and Deluxe. The following are data for production for the latest full year of operations:

The intern decides to look more closely at the manufacturing activity and determines that it can be broken down into two activities: production and engineering. Production covers the costs of ongoing manufacturing while engineering includes those activities dealing with engineering changes, design modifications, and so on.

The costs attributed to production are $13,020,000 and the costs attributed to engineering are $5,796,000. After discussion with plant engineers, the intern decides that the best cost driver for engineering is setups, because most of the work arises from changes in the way the product is run.

Required:

1. Compute the totals of the cost driver rates shown below. (Round intermediate calculations and "Manufacturing" answer to 2 decimal places.)

2. What unit product costs will be reported for the two products if the revised ABC system is used?

Problem 9-56 Activity-Based Costing and Predetermined Overhead Rates (LO 9-3, 5, 6)

Cain Components manufactures and distributes various plumbing products used in homes and other buildings. Over time, the production staff has noticed that products they considered easy to make were difficult to sell at margins considered reasonable, while products that seemed to take a lot of staff time were selling well despite recent price increases. A summer intern has suggested that the cost system might be providing misleading information.

The controller decided that a good summer project for the intern would be to develop, in one self-contained area of the plant, an alternative cost system with which to compare the current system. The intern identified the following cost pools and, after discussion with some plant personnel, appropriate cost drivers for each pool. There were:

In this particular area, Cain produces two of its many products: Standard and Deluxe. The following are data for production for the latest full year of operations:  

Required:

a. The current cost accounting system charges overhead to products based on machine-hours.What unit product costs will be reported for the two products if the current cost system continues to be used? (Do not round intermediate calculations.)

b. The intern suggests an ABC system using the cost drivers identified above. What unit product costs will be reported for the two products if the ABC system is used? (Do not round intermediate calculations.)

You are a researcher who wants to know if there is a relationship between variable Y and variable X. You hypothesize that there will be a strong positive relationship between variable Y GPA and Variable X hours of sleep. After one semester, you select five students at random out of 200 students who have taken a survey and found that they do not get more than 5 hours of sleep per night. You select five more students at random from the same survey that indicates students getting at least seven hours of sleep per night. You want to see if there is a relationship between GPA and hours of sleep. Using a Pearson Product Correlation Coefficient statistic, determine the strength and direction of the relationship and determine if you can reject or fail to reject the HO:

Variable Y        Variable X    

2.5                      5               

3.4                      8                

2.0                      4               

2.3                     4.5              

1.6                     3     

3.2                     6

2.8                     7

3.5                     7.5

4.0                     6.5

3.8                     7

Today you are meeting with Jane Sullivan, a 32-year-old newly widowed woman who is four months pregnant. Jane was referred to you by her nurse midwife, who has been caring for Jane for the last two months. Photo of Jane, cryingJane enters your office looking exhausted. Her 18-month-old son, James, has food on his face and in his hair. Jane’s shirt is ill-fitting and crumpled, her hair is pulled back with just a rubber band, and her jeans have food crusted on them. It goes beyond the typical “mother of a toddler” look. She starts to cry as soon as she sits down in your office and then has a hard time composing herself. She runs her hand through her hair, seeming not to notice the rubber band falling out. You try to distract James with a toy, but he clings to Jane and buries his face in her legs. When she finally stops crying, she tells you, “I’m so sorry. I am having such a hard time dealing with everything. My husband, Jacob, was killed in Afghanistan last month by a roadside bomb. I’d only found out I was pregnant a couple weeks before that and Jake didn’t even know yet . . . I . . . I must’ve gotten pregnant the night before he deployed. He’d only been gone for just three months.” Jane takes a deep, shuddering breath and continues. “I’ve been having nightmares and barely eating.” She laughs and brushes at her jeans. “That’s from James’ lunch.” James, who hasn’t left her legs, starts crying. While attempting to comfort him, she says, “We live on base. I don’t think I can stay there much longer and I don't know where to go. I don't have the energy to find a new home and pack, and I just can't face it. Sometimes I think it would just be easier to pack the car with a few things and drive off when they tell me to leave. "I just don’t know what to do with myself. I just wanna be with Jake. I don’t want to be with anyone else. Mari keeps asking me to come over, just for coffee, but I dunno, I never go.” Quietly, almost whispering, she says, “Actually, I’ve barely left the house except to see the midwife and now you. I have to protect the baby, since that’s all we’ve got left of Jake.” Photo of James, cryingJames raises his tear-stained face. “Mommy? Where Dada?” Jane digs in her purse and pulls out a crumpled piece of paper. “Hush, James. Here’s Daddy’s picture.” She wipes his face with a tissue and takes a few shuddering breaths. “Back at the end of high school . . . you know how senior year is supposed to be the best year? Not for me. My daddy died. He was only 42, and I’d just turned 18. Supposed to be an adult and all I wanted was my daddy back. But at least I got to know him for 18 years. James and the baby won’t know their daddy at all! “I had to see a counselor for a while back then, too. I missed a lot of school, but I graduated anyway. My teachers all understood that I was depressed. I kind of feel the same way now. Only I think it’s way worse, being pregnant and having a toddler.” She half laughs. “And I thought senior year was bad. What a child I was! “And my Mom isn’t here to help. She died just before James was born. Breast cancer. Two years ago. I can’t even think about whether that might happen to me. I do have a sister; Bonnie lives out in Oregon. We were close before, but actually became even closer after Mom died. She was a big help giving me advice about James! But she’s going through a divorce and beginning life as a single mom herself! My nieces are eight, seven, and five. Can you believe it? This whole family has lost parent after parent after parent.” Jane sighs deeply and goes quiet.

What therapy intervention would you suggest for Jane? Provide a rationale and evidence to support your answer.

You are given data from a company that recently laid off a large number of workers. The data includes the following variables:

Age of the employee

Number of years of education

Marital status (1=married/0=single)

Number of years that the employee worked for the company

Was a manager (1=yes/0=no)

Was in sales (1=yes/0=no)

Was primary earner in the family (1=yes/0=no)

95% confidence interval for proportion of employees who were in sales before they were laid off.

What do the confidence intervals tell you about the typical employee who got laid off?

Match the virus with the primary site of infection

a.       Hantavirus in US 1. mucosal contact with avian feces

b.       Hantavirus in Asia 2. mucosal contact with human bodily fluids

c.       Rabies 3. skin epithelials

d.       West Nile virus 4. pathogenesis poorly known, involves urine primarily

e.       Nipah virus 5. endothelial cells of kidneys

f.       Ebolavirus 6. mucosa then to respiratory epithelial cells

g.       Influenza virus 7. pulmonary endothelial cells (via inhalation)

h.       Newcastle virus 8. Skunkathelials

Match the following fossils numbered 1-14 below to its geologic period. For each geological period there can be at least 2 or more fossils.

Geologic Period

Cambrian Ordovician Silurian Devonian Carboniferous Permian Triassic Jurassic Cretaceous Neogene

Fossils

1. Acanthodian

2. Agnostid (order of trilobites)

3. Ammonite

4. Brachiosaurus

5. Cockroach (order of insects)

6. Edaphosaurus

7. Eurypterid

8. Ginkgo

9. Glossopteris

10. Oak (tree with broad leaves)

11. Opabinia

12. Placoderm

13. Smilodon

14. Wiwaxia

Please match term with description. Answers may be used more than once or not at all.

a. impedance matching

b. area ratio

c. lever ratio

d. buckling function

e. localization

1. _____ This is a function of the pinna.

2. _____ This provides a gain of approximately 2 dB.

3. _____ This provides a gain of approximately 25 dB.

4. _____ This is a function of only the tympanic membrane.

5. _____ This is a function of the relationship between the tympanic membrane and the

oval window.

6. _____ This is a function of the olivary complex of the brainstem.

7. _____ This is a function of the middle ear

8. _____ This provides a gain of 4-6 dB