In: Advanced Math
Allegiant Airlines charges a mean base fare of $86. In addition, the airline charges for making a reservation on its website, checking bags, and inflight beverages. These additional charges average $35 per passenger. Suppose a random sample of 50 passengers is taken to determine the total cost of their flight on Allegiant Airlines. The population standard deviation of total flight cost is known to be $36. Use z-table.
a. What is the population mean cost per
flight?
$
b. What is the probability the sample mean will be within $10 of the population mean cost per flight (to 4 decimals)?
c. What is the probability the sample mean will be within $5 of the population mean cost per flight (to 4 decimals)?
In: Statistics and Probability
Allegiant Airlines charges a mean base fare of $88. In addition, the airline charges for making a reservation on its website, checking bags, and inflight beverages. These additional charges average $38 per passenger. Suppose a random sample of 80 passengers is taken to determine the total cost of their flight on Allegiant Airlines. The population standard deviation of total flight cost is known to be $39. Use z-table. a. What is the population mean cost per flight? $ b. What is the probability the sample mean will be within $10 of the population mean cost per flight (to 4 decimals)? c. What is the probability the sample mean will be within $5 of the population mean cost per flight (to 4 decimals)?
In: Statistics and Probability
|
Superior Micro Products uses the weighted-average method in its process costing system. Data for the Assembly Department for May appear below: |
| Materials | Labor | Overhead | ||||
| Work in process, May 1 | $ | 33,200 | $ | 54,999 | $ | 267,774 |
| Cost added during May | $ | 201,580 | $ | 36,666 | $ | 178,516 |
| Equivalent units of production | 2,800 | 2,700 | 2,600 | |||
| Required: | |
| 1. |
Compute the cost per equivalent unit for materials, for labor, and for overhead. (Round your answers to 2 decimal places.) |
| Materials Labors Overhead | |
Cost per equivalent unit
| 2. |
Compute the total cost per equivalent whole unit. (Round your final answer to 2 decimal places.) |
Total cost per equivalent unit
In: Accounting
The managerial accountant at Fast and Mean Manufacturing reported that the organization contains an automated production line to manufacture and produce its products for consumers to enjoy in the marketplace. The managerial accountant reported that the company uses the high-low method to estimate the costs in the new budget. The managerial accountant reported the following information:
|
Month |
Total Machine-Hours |
Total Costs |
|
January |
250,000 |
$5,500,000 |
|
February |
248,000 |
$5,260,000 |
|
March |
249,000 |
$5,400,000 |
|
April |
248,000 |
$5,220,000 |
|
May |
238,000 |
$5,180,000 |
|
June |
230,000 |
$5,130,000 |
Compute the slope of the mixed cost, or the variable cost per unit of activity.
Compute the vertical intercept, or the fixed cost component of the mixed cost.
What is the mixed cost equation?
In: Accounting
Allegiant Airlines charges a mean base fare of $87. In addition, the airline charges for making a reservation on its website, checking bags, and inflight beverages. These additional charges average $37 per passenger. Suppose a random sample of 50 passengers is taken to determine the total cost of their flight on Allegiant Airlines. The population standard deviation of total flight cost is known to be $38. Use z-table.
a. What is the population mean cost per flight?
b. What is the probability the sample mean will be within $10 of the population mean cost per flight (to 4 decimals)?
c. What is the probability the sample mean will be within $5 of the population mean cost per flight (to 4 decimals)?
In: Math
Allegiant Airlines charges a mean base fare of $84. In addition, the airline charges for making a reservation on its website, checking bags, and inflight beverages. These additional charges average $34 per passenger. Suppose a random sample of 50 passengers is taken to determine the total cost of their flight on Allegiant Airlines. The population standard deviation of total flight cost is known to be $40. Use z-table.
a. What is the population mean cost per
flight?
$
b. What is the probability the sample mean will be within $10 of the population mean cost per flight (to 4 decimals)?
c. What is the probability the sample mean will be within $5 of the population mean cost per flight (to 4 decimals)?
In: Math
1. Received $28,500 cash from the issue of common stock. 2. Purchased inventory on account for $140,000. 3. Sold inventory for $172,500 cash. Sales tax was collected at the rate of 7 percent on the inventory sold. 4. Borrowed $18,000 from First State Bank on March 1, 2016. The note had a 7 percent interest rate and a one-year term to maturity. 5. Paid the accounts payable (see transaction 2). 6. Paid the sales tax due on $140,000 of sales. Sales tax on the other $32,500 is not due until after the end of the year. 7. Salaries for the year for the one employee amounted to $31,000. Assume the Social Security tax rate is 6.20 percent and the Medicare tax rate is 1.45 percent. Federal income tax withheld was $5,000. 8. Paid $2,600 for warranty repairs during the year. 9. Paid $12,500 of other operating expenses during the year. 10.Paid a dividend of $5,200 to the shareholders. Adjustments: 11. The products sold in transaction 3 were warranted. Park estimated that the warranty cost would be 6 percent of sales. 12. Record the accrued interest at December 31, 2016. 13. Record the accrued payroll tax at December 31, 2016. Assume no payroll taxes have been paid for the year and that the unemployment tax rate is 6.20 percent (federal unemployment tax rate is 0.60 percent and the state unemployment tax rate is 5.60 percent on the first $7,000 of earnings per employee). Cost of goods sold was 105,500
Now do the Statement of cash flows . balance sheet income statement statement of changes in stock holders equity
In: Accounting
Absorption and Variable Costing Income Statements for Two Months and Analysis
During the first month of operations ended July 31, Head Gear Inc. manufactured 29,300 hats, of which 27,200 were sold. Operating data for the month are summarized as follows:
| Sales | $174,080 | |||
| Manufacturing costs: | ||||
| Direct materials | $105,480 | |||
| Direct labor | 29,300 | |||
| Variable manufacturing cost | 11,720 | |||
| Fixed manufacturing cost | 11,720 | 158,220 | ||
| Selling and administrative expenses: | ||||
| Variable | $8,160 | |||
| Fixed | 5,960 | 14,120 | ||
During August, Head Gear Inc. manufactured 25,100 designer hats and sold 27,200 hats. Operating data for August are summarized as follows:
| Sales | $174,080 | |||
| Manufacturing costs: | ||||
| Direct materials | $90,360 | |||
| Direct labor | 25,100 | |||
| Variable manufacturing cost | 10,040 | |||
| Fixed manufacturing cost | 11,720 | 137,220 | ||
| Selling and administrative expenses: | ||||
| Variable | $8,160 | |||
| Fixed | 5,960 | 14,120 | ||
Required:
1a. Prepare an income statement for July using the absorption costing concept. Enter all amounts as positive numbers.
| Head Gear Inc. | ||
| Absorption Costing Income Statement | ||
| For the Month Ended July 31 | ||
| Sales | $ | |
| Cost of goods sold: | ||
| Cost of goods manufactured | $ | |
| Inventory, July 31 | ||
| Total cost of goods sold | ||
| Gross profit | $ | |
| Selling and administrative expenses | ||
| Income from operations | $ | |
Feedback
1b. Prepare an income statement for August using the absorption costing concept. Enter all amounts as positive numbers.
| Head Gear Inc. | ||
| Absorption Costing Income Statement | ||
| For the Month Ended August 31 | ||
| Sales | $ | |
| Cost of goods sold: | ||
| Inventory, August 1 | $ | |
| Cost of goods manufactured | ||
| Total cost of goods sold | ||
| Gross profit | $ | |
| Selling and administrative expenses | ||
| Income from operations | $ | |
2a. Prepare an income statement for July using the variable costing concept. Enter all amounts as positive numbers.
| Head Gear Inc. | ||
| Variable Costing Income Statement | ||
| For the Month Ended July 31 | ||
| Sales | $ | |
| Variable cost of goods sold: | ||
| Variable cost of goods manufactured | $ | |
| Inventory, July 31 | ||
| Total variable cost of goods sold | ||
| Manufacturing margin | $ | |
| Variable selling and administrative expenses | ||
| Contribution margin | $ | |
| Fixed costs: | ||
| Fixed manufacturing costs | $ | |
| Fixed selling and administrative expenses | ||
| Total fixed costs | ||
| Income from operations | $ | |
2b. Prepare an income statement for August using the variable costing concept. Enter all amounts as positive numbers.
| Head Gear Inc. | ||
| Variable Costing Income Statement | ||
| For the Month Ended August 31 | ||
| Sales | $ | |
| Variable cost of goods sold: | ||
| Inventory, August 1 | $ | |
| Variable cost of goods manufactured | ||
| Total variable cost of goods sold | ||
| Manufacturing margin | $ | |
| Variable selling and administrative expenses | ||
| Contribution margin | $ | |
| Fixed costs: | ||
| Fixed manufacturing costs | $ | |
| Fixed selling and administrative expenses | ||
| Total fixed costs | ||
| Income from operations | $ | |
In: Accounting
Various measures of cost Douglas Fur is a small manufacturer of fake-fur boots in New York City. The following table shows the company’s total cost of production at various production quantities. Fill in the remaining cells of the following table. Quantity Total Cost Marginal Cost Fixed Cost Variable Cost Average Variable Cost Average Total Cost (Pairs) (Dollars) (Dollars) (Dollars) (Dollars) (Dollars per pair) (Dollars per pair) 0 60 — — 1 155 2 220 3 255 4 300 5 350 6 450 On the following graph, plot Douglas Fur’s average total cost (ATC) curve using the green points (triangle symbol). Next, plot its average variable cost (AVC) curve using the purple points (diamond symbol). Finally, plot its marginal cost (MC) curve using the orange points (square symbol). (Hint: For ATC and AVC, plot the points on the integer; for example, the ATC of producing one pair of boots is $155, so you should start your ATC curve by placing a green point at (1, 155). For MC, plot the points between the integers: For example, the MC of increasing production from zero to one pair of boots is $95, so you should start your MC curve by placing an orange square at (0.5, 95).) Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ATC AVC MC 0 1 2 3 4 5 6 200 175 150 125 100 75 50 25 0 COSTS (Dollars per pair) QUANTITY OF OUTPUT (Pairs of boots)
In: Economics