Laker Company reported the following January purchases and sales data for its only product.

The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 200 units, where 180 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory.

Required:
1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Laker Company reported the following January purchases and sales data for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 170 units @ $ 9.50 = $ 1,615 Jan. 10 Sales 130 units @ $ 18.50 Jan. 20 Purchase 120 units @ $ 8.50 = 1,020 Jan. 25 Sales 130 units @ $ 18.50 Jan. 30 Purchase 240 units @ $ 8.00 = 1,920 Totals 530 units $ 4,555 260 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 270 units, where 240 are from the January 30 purchase, 5 are from the January 20 purchase, and 25 are from beginning inventory.

1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification.
2. Determine the cost assigned to ending inventory and to cost of goods sold using weighted average.
3. Determine the cost assigned to ending inventory and to cost of goods sold using FIFO.
4. Determine the cost assigned to ending inventory and to cost of goods sold using LIFO.

Required information

Use the following information for the Exercises below.

[The following information applies to the questions displayed below.]
  
Laker Company reported the following January purchases and sales data for its only product.
  

rev: 09_15_2017_QC_CS-99723

Exercise 5-5A Periodic: Inventory costing LO P3

Required:

The Company uses a periodic inventory system. For specific identification, ending inventory consists of 290 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO.
  

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

Required:

a simple random sample of 5000 students were selected and asked how likely to for them to maintain a 6 feet distamce in the classrooms if they return to campus. among the sample 5000 , 76% of the students responded that they are somewhat or very likely to keep the physical distance in classrooms
(SHOW All Work) need helpp

1. University is intrested in releasing an interval estimate for the true proportion of students who would be (somewhat or very likely to keep their physical distance). What are the conditions that need to be satisfied in order for us to calculate the confidence interval. Are they satisfied?

2.) Calculate the 90% Confidence interval for the proportion (of students somewhat or very likely to keep their physical distance)?

3.)Interpret the interval calculated in part 2?

4.) Based on the interval you calculated in part 2 we can say more than 70% of penn state students would (somewhat or very likely to keep their physical distance). Explain your anwser?

A retail corporation wants to know how often a customer returns items in a year. The company’s data analytics team analyzed customers’ shopping behavior and came up with three categories of customers. Customers in category 1 do not return items often. Customers in category 2 return some items, and customers in category 3 heavily return items. Suppose that the data analytics team modeled the number of returns in each category of customers according to a Poisson process with rates λ1 = 1 per year, λ2 = 4 per year, and λ3 = 10 per year for categories 1, 2, and 3, respectively. Category 1 customers constitute 30% of the customer base of this retail corporation, whereas Category 2 and 3 customers constitute 60% and 10% of the customer base, respectively.

(a) What is probability that the company gets 10 returned items from a customer during 2019 and 2020 (this time period includes both years 2019 and 2020)? Do NOT calculate a number. Just write an expression for this probability.

(b) Compute the mean and variance of the number of returned items for a customer during 2019 and 2020.

(c) Now consider a category 2 customer. Compute the mean and variance of the number of returned items for this customer (=a category 2 customer) during 2019 and 2020.

(d) Given that a customer returns 10 items in his or her first 2 years, what is the probability this is a category 2 customer? Do NOT calculate a number. Just write an expression for this probability.

Question 1

As companies grow in size, it is inevitable for the shareholders to hire management to run the operations of the business. The entire team of management, starting from the CEO and other top-level management, all the way to the middle and bottom level management are expected to perform towards the growth of the business. Since the shareholders of large companies are scattered across geographies, they appoint certain members as representatives who are elected to represent them on the company board. The board of directors of a company, along with the Chairman, are expected to keep the actions of the management in check.

Explain the above in context of agency theory and corporate governance. What can companies do to ensure adequate corporate governance?

Question 2

Mr. Morris had $100,000 in his account. Using this fund, he made a portfolio of two NYSE listed stocks – Johnson and Johnson (J&J) and IBM on 01 Jan 2019 in the ratio of 60:40, i.e. 60% funds in J&J & 40% funds in IBM. The daily stock data of both stocks can be found on market websites such as finance.yahoo.com. Download daily data for 1 year from 1 Jan 2019 – 1 st Jan 2020. Using the stock data of the two stocks, you are required to explain the below concepts and then compute for the given stocks:

a. Annual return of both J&J and IBM.

b. Annualized standard deviation of returns of both J&J and IBM

c. Correlation coefficient of returns of J&J and IBM. What does this correlation coefficient signify about the correlation of the two stocks and corresponding decision from an investor?

d. Portfolio return of the portfolio of two stocks.

e. Portfolio risk (standard deviation) of the portfolio of two stocks.

f. Critically analyze your investment decision in these two companies . Given an option, would you like to invest in any other company? Or would you like to have a different ratio of investment in the two?

Question 3

Your firm’s geologists have discovered a small oil field in New York’s Westchester County. The field is forecasted to produce a cash flow of C1 $2 million in the first year. You estimate that you could earn an expected return of r 12% from investing in stocks with a similar degree of risk to your oil field. Therefore, 12% is the opportunity cost of capital. What is the present value? The answer, of course, depends on what happens to the cash flows after the first year. Calculate present value for the following cases:

a. The cash flows are forecasted to continue for 20 years only, with no expected growth or decline during that period

b. The cash flows are forecasted to continue for 20 years only, increasing by 3% per year because of inflation

c. Evaluate the cashflows in a and b and explain which one you will choose and why

Sherrod, Inc., reported pretax accounting income of $74 million for 2021. The following information relates to differences between pretax accounting income and taxable income:

1. Income from installment sales of properties included in pretax accounting income in 2021 exceeded that reported for tax purposes by $7 million. The installment receivable account at year-end 2021 had a balance of $8 million (representing portions of 2020 and 2021 installment sales), expected to be collected equally in 2022 and 2023.
2. Sherrod was assessed a penalty of $3 million by the Environmental Protection Agency for violation of a federal law in 2021. The fine is to be paid in equal amounts in 2021 and 2022.
3. Sherrod rents its operating facilities but owns one asset acquired in 2020 at a cost of $68 million. Depreciation is reported by the straight-line method, assuming a four-year useful life. On the tax return, deductions for depreciation will be more than straight-line depreciation the first two years but less than straight-line depreciation the next two years ($ in millions):

4. For tax purposes, warranty expense is deducted when costs are incurred. The balance of the warranty liability was $1 million at the end of 2020. Warranty expense of $3 million is recognized in the income statement in 2021. $2 million of cost is incurred in 2021, and another $3 million of cost anticipated in 2022. At December 31, 2021, the warranty liability is $2 million (after adjusting entries).
5. In 2021, Sherrod accrued an expense and related liability for estimated paid future absences of $14 million relating to the company’s new paid vacation program. Future compensation will be deductible on the tax return when actually paid during the next two years ($8 million in 2022; $6 million in 2023).
6. During 2020, accounting income included an estimated loss of $2 million from having accrued a loss contingency. The loss is paid in 2021, at which time it is tax deductible.

Balances in the deferred tax asset and deferred tax liability accounts at January 1, 2021, were $0.8 million and $1.5 million, respectively. The enacted tax rate is 25% each year.

1. Determine the amounts necessary to record income taxes for 2021, and prepare the appropriate journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).)

Journal entry worksheet

2. What is the 2021 net income? (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50)

3.Show how any deferred tax amounts should be classified and reported in the 2021 balance sheet. (Enter your answer in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50

preparing for your (future) child (or grandchild)’s college education. 20 years later from now, your (future) child will go to college. Currently, you’re considering two colleges for your (future) child (or grandchild).

1.       Please visit the website of each university and find tuition and related information. Use out-of-state tuition information. Make sure that you include accurate information and citation source (20 points).

2.       Using the tuition and related information in (1), you need to compound it at a reasonable "inflation" rate for education-related expenses for x number of years. I hope most of you are aware that educational inflation has been much higher than overall inflation in the economy, (You can find ‘tuition inflation’ statistics from the internet. Use google.com and search for tuition inflation or education inflation)

3.       After you calculate this projected cost, your next job is to find the annual deposit needed to accomplish the goal - meeting the educational expenses. You must assume the investment rate of return (You can use ‘savings account rate as your investment rate of return, for example). Recall the equations or time value of the money table we went over in class. You will choose the one that will give you the amount of the annual deposit

4.       What if you have $10,000 right now? How does this new information affect the previous answer in (3)? What’s new annual deposit amount you should make?

5.       Let’s assume that you just won the lottery. Rather than making equal annual payments, you decided to make one lump-sum deposit today to cover your child’s future college expense needs. There will be no additional deposit. How much should you make one lump-sum deposit today to accumulate projected college education expense you need in 20 years?

4. Looking at the University as an institution of higher learning over the past two decades. Do you think we have made significant progress as a university in a developing country? Why or Why not?