ForestLand Wood Products manufactures lumber and wood components. The company has two main product lines: Hardwood and Softwood. Hardwoods are used for flooring, cabinetry, paneling, doors and trimwork. Softwoods are used for wall studs, joists, planks, rafters, beams, stringers, posts, decking, subflooring and concrete forms. ForestLand also sells a by-product, wood shavings and saw dust. Shavings are purchased for farm and industrial use as well as for further processing into wood pellets and fiber board. The revenue is allocated to each product line based on the percentage of thousand board feet produced by the product line.

Your accounting firm has been retained by ForestLand for three years. You have been assigned to properly allocate support department costs. Your manager wants the allocation to be as accurate as possible and has instructed you to use the reciprocal services method. She reminds you that revenue from by-products are used to offset costs.

You begin your research and learn that there are four production departments: log yard, milling, drying, and packaging. The Hardwood line produces 300 thousand board feet of product while the Softwood produces 900 thousand board feet. The milling department direct costs, direct labor and overhead per thousand board feet for Hardwood is two times that of Softwood. You have been instructed to use the weighted average method to allocate the costs in the milling department between the two product lines. The remaining department costs are the same for both product lines, per thousand board feet.

There are two support departments: maintenance and administration. The maintenance department is responsible for maintaining all equipment and janitorial duties. Because the equipment is used more extensively for hardwoods, the department cost driver is hours worked. The administration department includes the company president and his staff. Their duties include accounting, human resources, and information technology. The cost driver for the administration department is number of employees.

In your first step, you determine the costs traced to each department and the usage of the support department cost drivers. You have created the following table:

Your next step is to determine the proportional usage of each support department's cost driver by the other departments to which its costs are to be allocated. Complete the following tables.

Using the cells below, create the formulas that will simultaneously allocate support department costs among the departments. "M" represents Maintenance and "A" represents Administration.

M = $ + (% A )

A = $ + (% M )

Solve the equations, If required round any decimal to three places in your computations. For example, .0183 would be rounded to .018. Round your final answer to the nearest dollar.

M = $

A = $

Feedback

There are two support departments and four production departments. The total cost of each support department is allocated to the other support department and the four production departments on the basis of a cost driver. What is the cost driver for the Maintenance Department? For the Administrative Department?

For each support department, find the units of its cost driver related to the other support department and each of the four production departments. Add these to find the total units of the cost driver consumed by the five departments. Then calculate the percentage of the total consumed by each department.

Review the Reciprocal Services Method in your text. Remember the total cost to be allocated from a support department is the sum of its original departmental costs and its share of the costs allocated from the other support department. How would this be expressed in an equation?

Use the following table to allocate the support cost departments. Round allocated amounts to the nearest whole dollar. If an amount is zero, enter "0".

Feedback

Multiply the total cost to be allocated from a support department by the percentage of that cost consumed by the other support department and each of the production departments to find the amount allocated to each department. What should be the total cost remaining in a support department when the allocation process is finished?

How do figure out what percentage to use

A variable is normally distributed with mean 7 and standard deviation 2.

a. Find the percentage of all possible values of the variable that lie between 2 and 8.

b. Find the percentage of all possible values of the variable that are at least 3.

c. Find the percentage of all possible values of the variable that are at most 5.

A variable is normally distributed with mean 15 and standard deviation 4.

a. Find the percentage of all possible values of the variable that lie between 8 and 19.

b. Find the percentage of all possible values of the variable that are at least 12.

c. Find the percentage of all possible values of the variable that are at most 13.

A study reports that % of companies in Country A have three or more female board directors. Suppose you select a random sample of 100 respondents. Complete parts (a) through (c) below. 36 a. What is the probability that the sample will have between % and % of companies in Country A that have three or more female board directors? 29 40 The probability is . (Round to four decimal places as needed.) b. The probability is % that the sample percentage of Country A companies having three or more female board directors will be contained within what symmetrical limits of the population percentage? 60 The probability is 60 % that the sample percentage will be contained above % and below %. (Round to one decimal place as needed.) c. The probability is % that the sample percentage of Country A companies having three or more female board directors will be contained within what symmetrical limits of the population percentage? 95 The probability is 95 % that the sample percentage will be contained above % and below %. (Round to one decimal place as needed.)

Percentage change in price of Hardy = ______ %

Percentage change in price of Laurel = ______ %

If interest rates were to suddenly fall by 2 percent instead, what would the percentage change in the price of these bonds be then? (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)

Percentage change in price of Laurel = ________ %
Percentage change in price of Hardy = _______ %

A magazine provided results from a poll of 1500 adults who were asked to identify their favorite pie. Among the 1500 ​respondents, 14 ​% chose chocolate​ pie, and the margin of error was given as plus or minus 5 percentage points. Describe what is meant by the statement that​ "the margin of error was given as plus or minus 5 percentage​ points." Choose the correct answer below. A. The statement indicates that the study is only 5 ​% confident that the true population percentage of people that prefer chocolate pie is exactly 14 ​%. B. The statement indicates that the interval 14 ​%plus or minus5 ​% is likely to contain the true population percentage of people that prefer chocolate pie. C. The statement indicates that the study is ​100%minus 5​%equals95​% confident that the true population percentage of people that prefer chocolate pie is 14 ​%. D. The statement indicates that the true population percentage of people that prefer chocolate pie is in the interval 14 ​%plus or minus5​%

The Wheat producers of North America are expecting to match their supply to meet the change in the market demand during coming year that is expected to change. The current year market supply and supply function is assumed to be:

Q_D= 62.5 - 0.125P

Q_S= 0.5P - 100

Please predict either a rise or fall in the demand of wheat as a percentage change from the current year demand based on your observations from the website and derive a new demand function with the predicted percentage change (EITHER INCREASE OR DECREASE) in demand, (i.e. the quantity demanded will increase or decrease by THE PERCENTAGE for each level of price). (Please restrict your change in demand within ± 25%)

Please compute the following:

1. Market Equilibrium Price for current year and next year with percentage change.
2. Market Equilibrium Quantity for current year and next year with percentage change
3. Producer Surplus and Consumer Surplus for current year and following year with percentage change

{Exercise 3.29 (Algorithmic)}

The results of a national survey showed that on average, adults sleep 6.9 hours per night. Suppose that the standard deviation is 1 hours.

Round your answers to the nearest whole number.

1. Use Chebyshev's theorem to calculate the percentage of individuals who sleep between 4.9 and 8.9 hours.
   At least %
   
2. Use Chebyshev's theorem to calculate the percentage of individuals who sleep between 3.9 and 9.9 hours.
   At least %
   
3. Assume that the number of hours of sleep follows a bell-shaped distribution. Use the empirical rule to calculate the percentage of individuals who sleep between 4.9 and 8.9 hours per day.
   %
   
   How does this result compare to the value that you obtained using Chebyshev's theorem in part (a)?
   SelectThe empirical rule produces a larger percentage than Chebyshev's theoremChebyshev's theorem produces a larger percentage than the empirical ruleBoth methods produce the same percentage

(1 point) A recent poll of 2300 randomly selected 18-25-year-olds revealed that 266 currently use marijuana or hashish. According to a publication, 12.5% of 18-25-year-olds were current users of marijuana or hashish in 1997. Do the data provide sufficient evidence to conclude that the percentage of 18-25-year-olds who currently use marijuana or hashish has changed from the 1997 percentage of 12.5%? Use α=0.01 significance level.

test statistic z=

positive critical z score    

negative critical z score     

The final conclusion is

A. There is not sufficient evidence to conclude that the percentage of 18-25-year-olds who currently use marijuana or hashish has changed from the 1997 percentage of 12.5%.
B. There is sufficient evidence to conclude that the percentage of 18-25-year-olds who currently use marijuana or hashish has changed from the 1997 percentage of 12.5%.

MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,380 cell phones are as follows:

MyPhone desires a profit equal to a 16% rate of return on invested assets of $600,700.

a. Determine the amount of desired profit from the production and sale of 5,380 cell phones.
$

b. Determine the product cost per unit for the production of 5,380 of cell phones. Round your answer to the nearest whole dollar.
$ per unit

c. Determine the product cost markup percentage for cell phones. Round your answer to two decimal places.
%

d. Determine the selling price of cell phones. Round your answers to the nearest whole dollar.