The following data shows the yearly production data collected from country A and B. Yearly profit in ‘000 Calculate: 1) the coefficient of variation for firms in State A and B 2) the interquartile range for firms in State A and B 3) the median profit for firms in State A and B 4) the mode profit for firms in State A and B 5) the profit variance for firms in State A and B 6) mean deviation from the mean for firms in State A and B

Main Company sells 100 televisions on January 1, 2017, at a total price of €40,000 with a warranty guarantee that the product was free of any defects. The assurance warranties extend for a 2-year period and are estimated to cost €500.
Main also sold extended warranties for €800 related to the televisions covering 2 additional years beyond the assurance warranty period. Actual warranty costs were €150 in 2017 and €350 in 2018.
Prepare the journal entries that Main should make in:
1. January 1, 2017 related to the sale of the televisions and related warranties.
2. December 2017 for the €150 warranty costs incurred
3. December 2018 for the €350 warranty costs incurred
4. December 2019 and 2020 for the recognized additional (service-type) warranty.

1) Considering that Germany has a huge trade surplus, who has likely gained from having trade as opposed to international trade being banned?

a. Domestic consumers

b. Domestic producers

c. Government

d. Domestic consumers and domestic producers

2) Suppose we have the country of Carrieopolis with the following prices and quantities:

                   P of Laptops   P of Tablets   # of Laptops   # of Tablets

2017 $100               $100 200 200

2018 $120               $120 230 230

2019 $200              $200 350 350

If the base year for prices is 2017, what is the CPI for the year 2018?

a. 60

b. 91

c. 100

d. 120

3) Using the information from the previous problem, what is the annual real GDP growth for 2019?

a. 10%

b. 30.4%

c. 52.2%

d. 75%

Sweet Corporation is in the dairy business. Products go through two production departments (A first, then B). Data from those departments for October 2020 are presented below.

Complete the four steps necessary to prepare a production cost report.

Department A
Department B

Beginning work in process
Beginning work in process

Number of units
1,000
200

% complete for materials
100%

% complete for transferred-in

100%

% complete for conversion
60%
30%

Total materials cost
$24,000
-0-

Total conversion cost
$30,000
$40,000

Total transferred-in costs

$15,000

Department A
Department B

Ending work in process
Ending work in process

Number of units
600
300

% complete for materials
100%

% complete for transferred-in

100%

% complete for conversion
30%
40%

Sweet Corporation started 2,600 units of product during the month in department A. Costs incurred in department A for October 2020 totalled $64,000 for material and $132,000 for conversion. Additionally, department B incurred conversion costs in October 2020 of $600,000. Department B adds no materials to the product.
Instructions

a. Journalize the transfer of goods from department A to department B during October 2020. Sweet Corporation accounts for its costs using the weighted-average method.

$226,163

b. Prepare a production cost report for department B for October 2020.

Total cost of units completed: $833,123 (Weygandt, 12/2017, pp. 159-160) Weygandt, J. J., Kimmel, P. D., Kieso, D. E., Aly, I. M. (2017). Managerial Accounting: Tools for Business Decision-Making, Canadian Edition, 5th Edition. [[VitalSource Bookshelf version]]. Retrieved from vbk://9781119403999 Always check citation for accuracy before use.

At the beginning of the current season on 1 October, the ledger of Hancock’s Pro Shop Pty Ltd showed Cash $5000; Inventory $7000; and Share Capital $12 000. The following transactions occurred during October 2015.

Q7. The following data pertains to the month of October for ElmCo. when production was budgeted to be 5,000 units of P90. P90 has standard costs per unit of: 3 lbs. of Direct Materials at a cost of $7.00 per lb.; 0.20 hours of Direct Labor at $18.00 per hour; and Variable Overhead assigned on the basis of 0.05 machine hours at a rate of $50 per machine hour. Actual production of P90 for October was 4,600 units. In October the production of P90 totaled 4,600 units, using 828 direct labor hours costing a total of $15,732. Determine the direct labor rate variance. (Negative numbers indicate a favorable variance.)

Q8. Rocket Plating Company plans to manufacture 125,000 units of its GidgetSpinners during the year. Two types of materials are used to make GidgetSpinners: four ounces of Material A, costing $0.30 per ounce and two ounces of Material B, costing $0.40. 30 GidgetSpinners require 1 hour of direct labor time budgeted at the rate of $16.00 an hour. The variable manufacturing overhead rate is applied at $6.00 per direct labor hour and the fixed manufacturing overhead for the year is estimated to be $150,000. What is the budgeted cost of goods manufactured for the upcoming year?

Q9. The following data pertains to the month of October for ElmCo. when production was budgeted to be 5,000 units of P90. Fixed manufacturing overhead traceable to the production of P90 is budgeted to be $15,000 for the month and is assigned on the basis of the number of units manufactured using a pre-determined rate. Actual production of P90 for October was 4,600 units and actual Fixed manufacturing overhead costs were $14,650. Determine the fixed overhead volume variance. (Negative numbers indicate a favorable variance.)

A police department released the numbers of calls for the different days of the week during the month of​ October, as shown in the table to the right. Use a 0.01 significance level to test the claim that the different days of the week have the same frequencies of police calls. What is the fundamental error with this​ analysis?

Calculate the test​ statistic:

Calculate the​ P-value:

What is the conclusion for this hypothesis​ test?

A. Fail to reject Upper H 0. There is insufficient evidence to warrant rejection of the claim that the different days of the week have the same frequencies of police calls.

B. Reject Upper H 0. There is insufficient evidence to warrant rejection of the claim that the different days of the week have the same frequencies of police calls.

C. Reject Upper H 0. There is sufficient evidence to warrant rejection of the claim that the different days of the week have the same frequencies of police calls.

D. Fail to reject Upper H 0. There is sufficient evidence to warrant rejection of the claim that the different days of the week have the same frequencies of police calls.

What is the fundamental error with this​ analysis?

A. Because October has 31​ days, two of the days of the week occur more often than the other days of the week.

B. Because October has 31​ days, each day of the week occurs the same number of times as the other days of the week.

C. Because October has 31​ days, three of the days of the week occur more often than the other days of the week.

D. Because October has 31​ days, one of the days of the week occur more often than the other days of the week.

Mears Production Company makes several products and sells them for an average price of $75. Mears' accountant is considering two different approaches to estimating the firm's total monthly cost function, account analysis and high-low. In both cases, she used units of production as the independent variable. For the account analysis approach, she developed the cost function by analyzing each cost item in June, when production was 1,950 units. The following are the results of that analysis:

For the high-low method, she developed the cost function using the same data from June and data from August, when production was 2,500 units and total costs were $47,969.

After developing the two cost functions, the accountant used them to make predictions for the month of October, when production was expected to be 2,125 units.

REQUIRED [ROUND UNIT COSTS TO THE NEAREST CENT AND TOTAL COSTS TO THE NEAREST DOLLAR.]

Part A
1. Using account analysis, what was the accountant's estimate of total fixed costs for October?    

2. Using account analysis, what was the accountant's estimate of total variable costs for October?   


Part B
1. Using the high-low method, what was the accountant's estimate of total fixed costs for October?    

2. Using the high-low method, what was the accountant's estimate of variable costs per unit for October?

Mears Production Company makes several products and sells them for an average price of $75. Mears' accountant is considering two different approaches to estimating the firm's total monthly cost function, account analysis and high-low. In both cases, she used units of production as the independent variable. For the account analysis approach, she developed the cost function by analyzing each cost item in June, when production was 1,900 units. The following are the results of that analysis:

For the high-low method, she developed the cost function using the same data from June and data from May, when production was 2,350 units and total costs were $43,350.

After developing the two cost functions, the accountant used them to make predictions for the month of October, when production was expected to be 2,250 units.

REQUIRED [ROUND UNIT COSTS TO THE NEAREST CENT AND TOTAL COSTS TO THE NEAREST DOLLAR.]

Part A
1. Using account analysis, what was the accountant's estimate of total fixed costs for October?    

2. Using account analysis, what was the accountant's estimate of total variable costs for October?   

Part B
1. Using the high-low method, what was the accountant's estimate of total fixed costs for October?    

2. Using the high-low method, what was the accountant's estimate of variable costs per unit for October?   

The beginning inventory was 320 units at a cost of $10 per unit. Goods available for sale during the year were 1,360 units at a total cost of $15,060. In May, 620 units were purchased at a total cost of $6,820. The only other purchase transaction occurred during October. Ending inventory was 580 units.

Required:

a. Calculate the number of units purchased in October and the cost per unit purchased in October.

b-1. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using FIFO method. (Enter all values as a positive value.)

b-2. Assume the periodic inventory system is used. Calculate cost of goods sold and ending inventory using LIFO method. (Enter all values as a positive value.)