Let’s assume these are the 25 coins that were collected:

1966 penny, 1967 nickel, 1966 quarter, 1967 penny, 1965 penny, 1966 half dollar, 1967 quarter, 1965 dime, 1967 dime, 1968 quarter, 1964 dime, 1966 nickel, 1965 nickel, 1967 half dollar, 1966 dime, 1964 nickel, 1969 quarter, 1969 half dollar, 1965 half dollar, 1968 penny, 1968 dime, 1964 quarter, 1965 quarter, 1969 dime, 1968 nickel

To simplify writing each coin out, let’s abbreviate 1966 penny by 6P, and 1967 nickel by 7N, etc. So in our collection, we have the following:

6P, 7N, 6Q, 7P, 5P, 6H, 7Q, 5D, 7D, 8Q, 4D, 6N, 5N, 7H, 6D, 4N, 9Q, 9H, 5H, 8P, 8D, 4Q, 5Q, 9D and 8N

A physical model for these coins is found on Material Card 1. If you haven't already done so, cut out a set of coins from this Material Card and use them to do several of the following exercises.

Let S be the subset of coins from 1964, V from 1965, W from 1966, X from 1967, Y from 1968, Z from 1969 and T from 1970.

Compute the following.

n(P) =   n(N) =    n(Q) =    n(D) =

n(Z) =    n(H) =    n(Y) =    n(T) =

n(S) =    n(W) =    n(X) =    n(V) =

n(C) =    n(A) = (A represents the one dollar coins in our set C)      

Closing the Balances in The Variance Accounts at the End of the Year

Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:

Unadjusted Cost of Goods Sold equals $1,530,000, unadjusted Work in Process equals $336,000, and unadjusted Finished Goods equals $200,000.

Required:

1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with a debit balance first. If an amount box does not require an entry, leave it blank or enter "0".

What is the adjusted balance in Cost of Goods Sold after closing out the variances?

$

2. What if any ending balance in a variance account that exceeds $12,000 is considered material? (a) Close the immaterial variance accounts to Cost of Goods Sold. (b) Prorate the largest of the labor variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is $1,060,000, the prime cost in Work in Process is $161,800, and the prime cost in Finished Goods is $130,000. If an amount box does not require an entry, leave it blank or enter "0".

Note: Round all interim calculations to three decimal places, and round your final answers to the nearest dollar. Adjust credit entry for rounding to ensure debits equal credits in journal entry.

What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?

Check My Work1 more Check My Work uses remaining.

Closing the Balances in The Variance Accounts at the End of the Year

Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:

Unadjusted Cost of Goods Sold equals $1,540,000, unadjusted Work in Process equals $336,000, and unadjusted Finished Goods equals $260,000.

Required:

1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with a debit balance first. If an amount box does not require an entry, leave it blank or enter "0".

What is the adjusted balance in Cost of Goods Sold after closing out the variances?

$

2. What if any ending balance in a variance account that exceeds $9,000 is considered material? (a) Close the immaterial variance accounts to Cost of Goods Sold. (b) Prorate the largest of the labor variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is $1,050,000, the prime cost in Work in Process is $165,200, and the prime cost in Finished Goods is $136,000. If an amount box does not require an entry, leave it blank or enter "0".

Note: Round all interim calculations to three decimal places, and round your final answers to the nearest dollar. Adjust credit entry for rounding to ensure debits equal credits in journal entry.

What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?

Closing the Balances in The Variance Accounts at the End of the Year

Yohan Company has the following balances in its direct materials and direct labor variance accounts at year-end:

Unadjusted Cost of Goods Sold equals $1,600,000, unadjusted Work in Process equals $256,000, and unadjusted Finished Goods equals $230,000.

Required:

1. Assume that the ending balances in the variance accounts are immaterial and prepare the journal entries to close them to Cost of Goods Sold. Note: Close the variances with a debit balance first. If an amount box does not require an entry, leave it blank or enter "0".

What is the adjusted balance in Cost of Goods Sold after closing out the variances?

$

2. What if any ending balance in a variance account that exceeds $12,000 is considered material? (a) Close the immaterial variance accounts to Cost of Goods Sold. (b) Prorate the largest of the labor variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. (c) Prorate the largest of the material variances among Cost of Goods Sold, Work in Process, and Finished Goods on the basis of prime costs in these accounts. The prime cost in Cost of Goods Sold is $1,050,000, the prime cost in Work in Process is $162,800, and the prime cost in Finished Goods is $130,000. If an amount box does not require an entry, leave it blank or enter "0".

Note: Round all interim calculations to three decimal places, and round your final answers to the nearest dollar. Adjust credit entry for rounding to ensure debits equal credits in journal entry.

What are the adjusted balances in Work in Process, Finished Goods, and Cost of Goods Sold after closing out all variances?

First, describe the following three terms: Organizational Ambidexterity, Network Organizations, and Distributed Innovation. In each section, include the pros and cons of each in terms of designing for innovation. Finally, provide an opinion as to which you believe is most suited for encouraging innovation and why.

There are many different security certifications that are available for the IT user. Which security certification do you think is the most important to take first, and why? Would you rather take a course or do self-study to prepare for the certification exam? Explain your answer.

Dimash Inc.is a recreational outfitterthatprovidesquality products based around fun and water. The Company is now considering expanding its offerings to include specialty touring kayaks. Kayak By Designconceptgrew out of inspirationand experienceof its resident sportsman and craftsman, Dimash Kudaibergen. Long before the paddle enters the water,each Kayak design begins with a pen stroke.With prototype in hand, the goal now is toopen a Kayak Design and Sales Centeron January1, 2021. To make the decision, Dimash planning grouprequires a master budget for the center’s first quarterof operation (i.e., January, February, Marchof 2021).

Requirements:Based on the following estimates, you are asked to construct athree-monthmaster budgetfor the months January, Februaryand March.

a.The Company ownerswill contribute $50,000 cash to get this center started.

b.Itscapital expenditures projection requirethat the Companypurchase $328,000 of equipment on January 2forthe new center. The equipment supplier allows a thirty-day trial period. The company expectspay for the equipment on or before January 31. The equipment is expected to have a 10-year useful life and a $28,000 salvage value.

c.Market research and various meetings with sales staff has produced the following sales projections:January1,000 kayaksFebruary1,500 kayaksMarch750 kayaksApril750 kayakEach Kayak is priced to sell at $950. 50% of the sales will be cash and 50% will be credit. Prepare a sales budget.

d.The company expects to collect 30% of accounts receivable in the month of sale and 70% of accounts receivable in the month following the sale. Prepare a schedule of expected cash receipts.

e.Use the information developed in requirements b and cabove to determine the amount of accounts receivable on the March31 pro forma balance sheet and the amount of sales on the first quarter pro forma income statement.

f.The company policy is to have finished goods ending inventory of Kayaks in a month equal to 20% of the next month’s anticipated sales. Prepare a production budget

g.Production of each kayak requires 54 pounds of polyethylene powder and a finishing kit (rope, seat, hardware, etc.). The companypolicy is that the ending inventory of polyethylene powder should be 25% of the amount needed for production in the next month. The finishing kits can be assembled as they are needed. The companyonlymaintainsa small inventory of the finishing kits, 10% of the number needed for production in the next month. The polyethylene powder used in these kayaks costs $1.75 per pound, and the finishing kits cost $190 each. Prepare a direct materials budget.

h.Materialsinventory purchases will all be on account. The company would pay 80% of accounts payable in the month of purchase. It will pay the remaining 20% in the following month. Prepare a schedule of expected cash payments for inventory purchases.

i.Production of a single kayak requires 2 hours of time by more skilled type I employee and 3 hours of finishing time by less skilled type II employees. Type I employees are paid $22per hour, and type II employees are paid $14per hour. Prepare a labor budget.100% of direct labor is paid in the month incurred.

j.Manufacturing overhead is assigned at 150% of labor costs. Depreciation on equipment is included in the assigned overhead (i.e., covered by the 150% rate). Prepare a manufacturing overhead budget.Manufacturing overhead, except depreciation, is paid in themonth incurred.

k.Use the information developed in requirementsaboveto determine Cost per Kayakand thetotalamount of cost of goods sold on the first quarterpro forma income statement and the amounts of ending inventory and accounts payable on the March 31pro forma balance sheet.

l.Budgeted monthly selling and administrative expenses are:Variable Costper unit sold* $45 Fixed Cost Salary Expense 20,000 Rent 4,500 Utilities1,400Miscellaneous1,350 Insurance500 * Variable cost of $45 includes sales commission of $15 per unit sold.Prepare a selling and administrative expense budget.

m.Sales commission and utilities are paid in the month afterthe month in which they are incurred. All other expenses are paid in the month in which they are incurred. Prepare a schedule of cash payments for selling and administrative expenses.

n.The company is subject to 20% income tax.

o.Use the information developed in requirements aboveto determine the amount of sales commissions payable, utilities payable, and accumulated depreciation on the March31 pro forma balance sheet and the amount of selling andadministrative expense on the first quarter pro forma income statement.

p.Using a line of credit, the companyborrows and repays principal in increments of $1,000 on the last day of the month as needed. It pays interest of 0.5percent(i.e. half of 1%))per month in cash on the last day of the month. Company policy is to maintain an ending cash balance of at least $20,000. Use this and other information developed inrequirements aboveto prepare a cash budget.

q.Use the information developed aboveto determine the cash flows from operating, investing, and financing activities on the first quarterpro forma Statement of Cash Flows(SCF), the interest expense on the first quarterpro forma Income Statement(I/S)andthe amount of the ending cash balance and the line of credit liability on the March31pro forma Balance Sheet(B/S).Prepare these documents (SCF, I/S, B/S) in good for

I only need M-Q, i figured youd need the rest tho.Thank you!

Company XYZ manufactures a tangible product and sells the product at wholesale. In its first year of operations, XYZ manufactured 1,300 units of product and incurred $273,000 direct material cost and $165,750 direct labor costs. For financial statement purposes, XYZ capitalized $120,750 indirect costs to inventory. For tax purposes, it had to capitalize $151,750 indirect costs to inventory under the UNICAP rules. At the end of its first year, XYZ held 130 units in inventory. In its second year of operations, XYZ manufactured 2,600 units of product and incurred $559,000 direct material cost and $351,000 direct labor costs. For financial statement purposes, XYZ capitalized $215,000 indirect costs to inventory. For tax purposes, it had to capitalize $269,000 indirect costs to inventory under the UNICAP rules. At the end of its second year, XYZ held 390 items in inventory.

1. Compute XYZ’s cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention.
2. Compute XYZ’s cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention
3. Compute XYZ’s cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the FIFO costing convention. (Do not round intermediate calculations.)

   	A Book Tax Cost of beginning inventory $55,949 $73,320 Total cost of units produced Cost of units available for sale $55,949 $73,320 Cost of ending inventory Cost of goods sold $55,949 $73,320

4. Compute XYZ’s cost of goods sold for book purposes and for tax purposes for second year assuming that XYZ uses the LIFO costing convention. (Do not round intermediate calculations.)

   	Book Tax Cost of beginning inventory Total cost of units produced Cost of units available for sale $0 $0 Cost of ending inventory Cost of goods sold $0 $0

5. Required A

Inventory Costing Methods-Periodic Method
Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory:

Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods.

Do not round until your final answers. Round your final answers to the nearest dollar.

Inventory Costing Methods-Periodic Method Merritt Company uses the periodic inventory system. The following May data are for an item in Merritt's inventory: May 1 Beginning inventory 310 units @ $30 per unit 12 Purchased 260 units @ $35 per unit 16 Sold 340 units @ 24 Purchased 160 units @ $36 per unit Calculate the cost of goods sold for May and ending inventory at May 31 using (a) first-in, first-out, (b) last-in, first-out, and (c) the weighted-average cost methods. Do not round until your final answers. Round your final answers to the nearest dollar.