The first table shows cost data for a single firm. Now suppose that there are 600 identical firms in this industry, each with the same cost data. Suppose, too, that the demand curve for this industry is as shown in the second table.

Based on all these data, the equilibrium price of the product in the market will be

Multiple Choice

• $95.

• $75.

• $120.

• $60.

1. In a highlighted box, explain how each hypothesis test contributes to the central question of which major would give the better ROI. Why do we need hypothesis testing? Isn't it enough to look at the sample of 20 schools and look at those numbers? What exactly does hypothesis testing do that looking at the numbers in the sample and saying "one is higher than the other" cannot do? This answer is critical to your final project. It demonstrates that you understand why you just can't look at the mean, median, and mode of the spreadsheet and "call it a day
2. . For Business versus Engineering majors conduct a full, two-sample, full hypothesis test at the 5% significance level (assume the variances are not equal):The average ’30-Year ROI’ for Business majors is less than for Engineering Majors.
   • The mean ‘Cost’ for a college is $160,000.
3. For each of the 2 majors, conduct a full hypothesis test at the 10% significance level:

Record the preset value factor at 10% for each year and compute the preset value cost of owning and the preset value of leasing. Which alternative is more desirable at this rate? do you think your answer would change if the interest rate was 6% instead of 10%

Record the preset value factor at 10% for each year and compute the preset value cost of owning and the preset value of leasing. Which alternative is more desirable at this rate? do you think your answer would change if the interest rate was 6% instead of 10%

Which product costing system distributes costs evenly across total production?

Variable cost system

Standard cost system

Process cost system

Job order cost system

Presentation of Project Cost Estimate This module covers project cost estimation approaches (top-down estimates, bottom-up estimates, and parametric modeling). Research the textbook and other online resources to identify and understand various cost estimation approaches. Critically describe five cost estimation techniques, that are different from the three provided in the textbook. In a separate paragraph, explain with reasons the most suitable cost estimation technique for your term project.

Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4

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

Dengo Co. makes a trail mix in two departments: roasting and blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. During October, the roasting department completed and transferred 23,000 units to the blending department. Of the units completed, 3,400 were from beginning inventory and the remaining 19,600 were started and completed during the month. Beginning work in process was 100% complete with respect to direct materials and 40% complete with respect to conversion. The company has 2,800 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. Information on the roasting department’s costs of beginning work in process inventory and costs added during the month follows.

Problem 16-7A Part 2

2. Prepare the journal entry dated October 31 to transfer the cost of completed units to the blending department. (Do not round your intermediate calculations.)

Question 5)

Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4

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

Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 23,700 units of product to finished goods inventory. Its 3,300 units of beginning work in process consisted of $93,945 of direct materials and $457,446 of conversion costs. It has 2,550 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $525,555 of direct material costs and $2,605,614 of conversion costs were charged to production.

Beginning work in process consisted of 3,300 units that were 100% complete with respect to direct materials and 40% complete with respect to conversion.

Of the 23,700 units completed, 3,300 were from beginning work in process. The remaining 20,400 were units started and completed during May.

Assume that Tamar uses the FIFO method to account for its process costing system.

Problem 16-5A Part 1

1. Prepare the company’s process cost summary for May using the FIFO method. (Round "Cost per EUP" to 2 decimal places.)

Problem 16-5A Part 2

2. Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory.

E9.7 (LO 2) (Lower-of-Cost-or-Market) Wangerin Company follows the practice of pricing its inventory at the lower‐of‐cost‐or‐market, on an individual-item basis.

Instructions

From the information above, determine the amount of Wangerin Company inventory.