Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.

For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.

Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.

Using FIFO, calculate ending inventory and cost of goods sold at March 31.

  Using LIFO, calculate ending inventory and cost of goods sold at March 31.

Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.)

Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)

7. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.

Journal entry worksheet

• Record the LIFO adjustment.

Multiple-Step Income Statement

Instructions

Amount Descriptions

Income Statement

Instructions

Use the following information:

Required:

Amount Descriptions

Income Statement

Prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeito’s Plumbing Supplies for the year ended December 31, 20--.

Income Statement Instructions

1. Sustainability includes logistics design and can positively impact a business’s success.

True

False

2. Typically, Takt time is used in helping administer “Chase” scheduling techniques.

True

False

3. The name six sigma comes from the philosophy that a process should produce three standard deviations worth of output between the upper specification limit and the mean, plus three additional standard deviations worth of output between the lower specification limit and the mean, totaling six standard deviations worth of output between the upper and lower specification limits.

True

False

A statistics practitioner took a random sample of 52 observations from a population whose standard deviation is 27 and computed the sample mean to be 100.

Note: For each confidence interval, enter your answer in the form (LCL, UCL). You must include the parentheses and the comma between the confidence limits.

A. Estimate the population mean with 95% confidence.

Confidence Interval =

B. Estimate the population mean with 95% confidence, changing the population standard deviation to 45;

Confidence Interval =

C. Estimate the population mean with 95% confidence, changing the population standard deviation to 11;

Confidence Interval =

To study of effect of physician participation in administrative decision making in hospitals, a random sample of 200 physicians were drawn from different hospitals in Arkansas. Each physician was asked whether he/she generally approved of the administrative decisions made within the hospital and whether they had active participation in the decision process. The results of the interviews are shown in table below. To examine the association between physician’s approval status of decision and their participation status in decision making, a chi-square test was used. Find the value of chi-square statistic.

A statistics practitioner took a random sample of 57 observations from a population whose standard deviation is 27 and computed the sample mean to be 97.

Note: For each confidence interval, enter your answer in the form (LCL, UCL). You must include the parentheses and the comma between the confidence limits.

A. Estimate the population mean with 95% confidence.

Confidence Interval =

B. Estimate the population mean with 95% confidence, changing the population standard deviation to 51;

Confidence Interval =

C. Estimate the population mean with 95% confidence, changing the population standard deviation to 8;

Confidence Interval =

In the following problem, check that it is appropriate to use the normal approximation to the binomial. Then use the normal distribution to estimate the requested probabilities. Ocean fishing for billfish is very popular in the Cozumel region of Mexico. In the Cozumel region about 45% of strikes (while trolling) resulted in a catch. Suppose that on a given day a fleet of fishing boats got a total of 27 strikes. Find the following probabilities. (Round your answers to four decimal places.)

(a) 12 or fewer fish were caught

(b) 5 or more fish were caught

(c) between 5 and 12 fish were caught

A developmental psychologist who wanted to know if children who started walking earlier performed better in school divided 30 children into Early, Middle, and Late Walkers. At the end of the second grade, the psychologist computed a composite performance score based on teachers' reports and found no overall difference between the groups: Early M = 2.94 (SD = .61); Middle M = 2.84 (SD = .70); Late M = 2.77 (SD = .64); F (2, 27) = .86, p = ns. Interpret this finding for a person who understands the t test for independent means but who is unfamiliar with the analysis of variance.

A developmental psychologist who wanted to know if children who started walking earlier performed better in school divided 30 children into Early, Middle, and Late Walkers. At the end of the second grade, the psychologist computed a composite performance score based on teachers' reports and found no overall difference between the groups: Early M = 2.94 (SD = .61); Middle M = 2.84 (SD = .70); Late M = 2.77 (SD = .64); F (2, 27) = .86, p = ns. Interpret this finding for a person who understands the t test for independent means but who is unfamiliar with the analysis of variance.

To investigate the relationship between yield of potatoes, y, and the level of fertilizer application, x, an experimenter divides a field into eight plots of equal size and applies differing amounts of fertilizer to each. The yield of potatoes (in pounds) and the fertilizer application (in pounds) are recorded for each plot. The data are as follows: x 1 1.5 2 2.5 3 3.5 4 4.5 y 25 31 27 28 36 35 32 34 Test at the 5% significance level if there is a linear correlation. Find the least squares regression equation. What is the best estimate for the yield of potatoes if 3.2 pounds of fertilizer is applied?