Write a python program that loops, prompting the user for their full name, their exam result (an integer between 1 and 100), and then writes that data out to file called ‘customers.txt’. The program should check inputs for validity according to the following rules:

• First and last names must use only alphabetical characters. No spaces, hyphens or special characters. Names must be less than 20 characters long.
• Exam result (an integer between 1 and 100 inclusive)

The file should record each customers information on a single line and the output file should have the following appearance.

Nurke Fred 58

Cranium Richard 97

Write a second program that opens the ‘customers.txt’ file for reading and then reads each record, splitting it into its component fields and checking each field for validity.

The rules for validity are as in your first program, with the addition of a rule that specifies that each record must contain exactly 3 fields.

Your program should print out each valid record it reads.

The program should be able to raise an exception on invalid input, print out an error message with the line and what the error was, and continue running properly on the next line(s).

You need to develop the system by completing the following three tasks:

Task 1 -

Draw flowchart/s that present the steps of the algorithm required to perform the tasks specified.

Task 2 -

Select at least six sets of test data that will demonstrate the 'normal' operation of your program; that is, test data that will demonstrate what happens when a VALID input is entered.

You are a farmer in south-central Pennsylvania producing wheat for the cash grain market. You have planted 100 acres of winter wheat in the fall of 2016 and you are wondering whether you should hedge your output. You expect a yield of at least 50 bushels per acre. Below is a table listing the range of the wheat basis in your area based on recent history.

You are a farmer in south-central Pennsylvania producing wheat for the cash grain market. You have planted 100 acres of winter wheat in the fall of 2016 and you are wondering whether you should hedge your output. You expect a yield of at least 50 bushels per acre. Below is a table listing the range of the wheat basis in your area based on recent history.

1. You are a farmer in south-central Pennsylvania producing wheat for the cash grain market. You have planted 100 acres of winter wheat in the fall of 2016 and you are wondering whether you should hedge your output. You expect a yield of at least 50 bushels per acre. Below is a table listing the range of the wheat basis in your area based on recent history.

2. If you want to use the futures market to hedge what would you do? Explain in detail what you would do and when.

3. It is now July 15 2017. The price of the July contract in Chicago is $5.50. The price offered by your local flour mill is $5.70. Your actual production is 5,500 bushels. You are ready to harvest and sell your wheat. Please explain exactly what you will do? Assuming a commission of 1 cent per bushel calculate how your hedge worked out? Please explain the result and show your work.

4. It is now July 15 2017. The price of the July contract in Chicago is $5.50. The price offered by your local flour mill is $5.70. Your actual production is 5,500 bushels. You are ready to harvest and sell your wheat. Please explain exactly what you will do? Assuming a commission of 1 cent per bushel calculate how your hedge worked out? Please explain the result and show your work.

Gilbert Moss and Angela Pasaic spent several summers during their college years
working at archaeological sites in the Southwest. While at those digs, they learned how to make
ceramic tiles from local artisans. After college they made use of their college experiences to start
a tile manufacturing firm called Mossaic Tiles, Ltd. They opened their plant in New Mexico,
where they would have convenient access to a special clay they intend to use to make a clay
derivative for their tiles.
Their manufacturing operation consists of a few relatively simple but precarious steps,
including molding the tiles, baking, and glazing. Gilbert and Angela plan to produce two basic
types of tile for use in home bathrooms, kitchens, sunrooms, and laundry rooms. The two types
of tile are a larger, single-colored tile and a smaller, patterned tile.
In the manufacturing process, the color or pattern is added before a tile is glazed. Either a
single color is sprayed over the top of a baked set of tiles or a stenciled pattern is sprayed on the
top of a baked set of tiles.
The tiles are produced in batches of 100. The first step is to pour the clay derivative into
specially constructed molds. It takes 18 minutes to mold a batch of 100 larger tiles and 15
minutes to prepare a mold for a batch of 100 smaller tiles. The company has 60 hours available
each week for molding. After the tiles are molded, they are baked in a kiln: 0.27 hour for a batch
of 100 larger tiles and 0.58 hour for a batch of 100 smaller tiles. The company has 105 hours
available each week for baking. After baking, the tiles are either colored or patterned and glazed.
This process takes 0.16 hour for a batch of 100 larger tiles and 0.20 hour for a batch of 100
smaller tiles. Forty hours are available each week for the glazing process. Each batch of 100
large tiles requires 32.8 pounds of the clay derivative to produce, whereas each batch of smaller
tiles requires 20 pounds. The company has 6,000 pounds of the clay derivative available each
week.
Mossaic Tiles earns a profit of $190 for each batch of 100 of the larger tiles and $240 for
each batch of 100 smaller patterned tiles.
Angela and Gilbert want to know how many batches of each type of tile to produce each
week to maximize profit. In addition, they have some questions about resource usage they would
like answered.
j. Mossaic is considering adding capacity to one of its kilns to provide 20 additional glazing
hours per week, at a cost of $90,000. Should it make the investment?
k. The kiln for glazing had to be shut down for 3 hours, reducing the available kiln hours
from 40 to 37. What effect will this have on the solution?
l. What are the reduced costs for larger and smaller tiles? Explain.

The benefits of your invention to the average farm, lasts for three years, and increases the profits of the farm by $7,000 at the end of the first year, $5,000 at the end of the second year, and $3,000 at the end of the third year. Farmers can borrow from their banks for agricultural inputs at a rate of 4.5%.

What price will your new agricultural technique tend toward in a competitive market

If the process costs $5,000 at the beginning of the first year to implement, what is the NPV per application of the technique?

If you sold your product at the price and for the NPV you just calculated to 2,000 farmers per year, how much is that in annually?

If your patent lasts for 17 years, and if your cost of borrowing is 6%, how much is your patent worth?

In 1981, the Federal Reserve Chairman Paul Volcker raised the federal funds rate to 20% in an effort to combat inflation. The federal funds rate is a benchmark that other interest rates are compared to.

If suddenly the farmers could only borrow at 22.5%, what price will the symbiotic fungus application technique tend toward after the change in interest rates?

Using the new price you just calculated, if the application technique still costs $5,000 to implment, what is your new NPV per application?

If you still sell to 2,000 farmers per year, and you can now only borrow money at 24%, how much is your patent now worth?

Who benefits and who loses in this scenario when interest rates rise?

Calculate the percent change in the price of the application technique from the rise in interest rates.

Calculate the percent change in the value of your patent from the rise in interest rates.

If interest rate changes affect different members of society in such unequal ways, do you find interest rate control policies of the Federal Reserve to be just? Defend your answer.

Case: Monica’s Designer Handbags: Creative Marketing Decision-Making

QUESTIONS FOR STUDENTS TO ANSWER

1. What is Monica’s unit contribution margin (in dollars per handbag) on the Grand*Mart initial deal, using their suggested wholesale price of $20, after incremental direct expenses? (Diagram as Exhibit 2 - Grand*Mart Discount Channel.)
2. What is the incremental profit impact (in dollars per month) of the suggested initial Grand*Mart 2,000 bag deal to Monica, after the increased overhead expense of $25,000? What is the incremental profit impact of the prospective 10,000 bag order, after increased overhead expense of $75,000?
3. What are Monica’s other key financial and non-financial considerations (such as, cannibalization of the independent retailer channel) for the suggested Grand*Mart deal?
4. Should Monica propose the Grand*Mart deal as suggested? Or should she take a pass and stay exclusively with the independent retailer channel? Or should she renegotiate the initial 2,000 bag deal for the first quarter? Should she offer Grand*Mart an exclusive 10,000 deal for the second quarter?
5. What is the maximum wholesale price that Grand*Mart could be willing to pay Monica, given their probable retail price and typical margin requirements? If Monica decides to renegotiate the initial Grand*Mart deal as of the first quarter with volumes of 2,000 bags per month and incremental overhead of $25,000 per month, what “best and final” price should she propose that would be acceptable to both parties? What is the revised incremental profit impact?
6. If Monica decides to offer Grand*Mart an exclusive deal as of the second quarter at minimum volumes of 10,000 bags per month with overhead expenses of $75,000 per month, what “best and final” price should she propose that would be acceptable to both parties? What is the profit impact of this exclusive deal?

Case 6-29 Variable and Absorption Costing Unit Product Costs and Income Statements [LO6-1, LO6-2]

[The following information applies to the questions displayed below.]

O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations:

During its first year of operations, O’Brien produced 91,000 units and sold 79,000 units. During its second year of operations, it produced 84,000 units and sold 91,000 units. In its third year, O’Brien produced 83,000 units and sold 78,000 units. The selling price of the company’s product is $78 per unit.

3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):

b. Prepare an income statement for Year 1, Year 2, and Year 3.

[The following information applies to the questions displayed below.]

O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations:

During its first year of operations, O’Brien produced 93,000 units and sold 76,000 units. During its second year of operations, it produced 77,000 units and sold 89,000 units. In its third year, O’Brien produced 85,000 units and sold 80,000 units. The selling price of the company’s product is $80 per unit.

Case 6-29 Part-3

3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):

a. Compute the unit product cost for Year 1, Year 2, and Year 3.

b. Prepare an income statement for Year 1, Year 2, and Year 3.

Required information

[The following information applies to the questions displayed below.]

O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations:

During its first year of operations, O’Brien produced 92,000 units and sold 76,000 units. During its second year of operations, it produced 76,000 units and sold 87,000 units. In its third year, O’Brien produced 83,000 units and sold 78,000 units. The selling price of the company’s product is $71 per unit.

Required:

1. Assume the company uses variable costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):

a. Compute the unit product cost for Year 1, Year 2, and Year 3.

b. Prepare an income statement for Year 1, Year 2, and Year 3.

Required information

[The following information applies to the questions displayed below.]

O’Brien Company manufactures and sells one product. The following information pertains to each of the company’s first three years of operations:

During its first year of operations, O’Brien produced 94,000 units and sold 72,000 units. During its second year of operations, it produced 79,000 units and sold 96,000 units. In its third year, O’Brien produced 88,000 units and sold 83,000 units. The selling price of the company’s product is $76 per unit.

3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):

a. Compute the unit product cost for Year 1, Year 2, and Year 3.

b. Prepare an income statement for Year 1, Year 2, and Year 3.

Required information

[The following information applies to the questions displayed below.]

Inner Secret T Shirt Company produces and sells one product. The following information pertains to each of the company’s first three years of operations:

During its first year of operations, O’Brien produced 97,000 units and sold 73,000 units. During its second year of operations, it produced 79,000 units and sold 98,000 units. In its third year, O’Brien produced 89,000 units and sold 84,000 units. The selling price of the company’s product is $73 per unit.

3. Assume the company uses absorption costing and a FIFO inventory flow assumption (FIFO means first-in first-out. In other words, it assumes that the oldest units in inventory are sold first):

a. Compute the unit product cost for Year 1, Year 2, and Year 3.

b. Prepare an income statement for Year 1, Year 2, and Year 3.