Direct Mateirals- $10,000 on this job

Direct Labor- 400 hours at $10.00

Manufacturing Overhead- Estimated Rate- $15.00 per Direct Labor Hour

Requirement 1: Students will create a Job Order Costing spreadsheet in Excel (with formulas) using the data presented in the video.

Requirement 2: Using the Excel spreadsheet, complete a Job Order Costing spreadsheet for the following two customers:

John Smith ordered five tree houses

Jane Doe ordered three tree houses

Requirement 3: Questions to be answered:

1. What is the total cost for John Smith’s order?

2. What is the total cost for Jane Doe’s order?

3. Explain what a job costing system is.

4. List at least 6 items that is included in Direct Materials (items needed to build the tree house).

5. List at least 3 items that is included in Manufacturing Overhead (items needed by employees so they can build the tree house).

Question 5 (Total of 24 marks)

Hit-and-Miss Airlines are considering providing a new daily service between two cities. The aircraft has a maximum capacity of 200 passengers and each flight incurs a fixed cost of $27,000 regardless of the number of passangers. In addition, a cost is also incurred of $75 per passanger to cover such things as catering, booking, baggage handling.

The company is thinking of charging $225 per ticket. How many passengers will the airline need on each flight to break even? Find the break-even point algebraically and illustrate it using an EXCEL graph. Attach the printout or copy your EXCEL graph into your assignment submission. Based on your analysis, will Hit-and-Miss realize a profit or a loss if 160 seats are sold for a particular flight? Explain briefly.

EXCEL Instructions: Create a column called Number of Passengers and in that column enter values from 0 to 200 in increments of 20. Then create two more columns, one for Total Cost and another for Total Revenue. Enter appropriate formulae in EXCEL to obtain the total cost and total revenue corresponding to each value in the Number of Passengers column. Highlight the resulting three sets of numbers and go to the Chart Wizard to obtain the graph. Make sure that your graph has been labelled appropriately (i.e. title, axis labels, legend). Please refer to Topic 3 in the EXCEL Booklet for further instructions on entering formulae and graphing in EXCEL.

Home Entertainment Online (HEO) operates an online streaming service. The company offers both a movie and a music subscription service. HEO reports revenues for the movie service separately from the music service.

Required:

Classify each of the following cost items (A–G) as:

1. Direct or indirect (D or I) costs with respect to the total number of movie subscriptions sold
2. Variable or fixed (V or F) costs with respect to how the total costs of the movie service change as the total number of subscriptions sold changes. (If in doubt, select on the basis of whether the total costs will change substantially if there is a large change in the total number of subscriptions sold.).
3. Provide comments as to why you classified the cost as D or I or V or F

You will have two answers (D or I; V or F) for each of the following items:

GSE provides consulting services throughout the mid-Atlantic region and uses a job-order costing system to accumulate the costs of client projects. Traceable costs are charged directly to individual clients, in contrast, other costs incurred by GSE, but not identifiable with specific clients, are charged to jobs by using a predetermined overhead application rate. Clients are billed for directly chargeable costs, overhead, and a markup.

GSE's controller, Brianna Crozer, anticipates the following costs for 2017:

The firm's partners desire to make a $960,000 profit for the firm and plan to add a percentage markup on total cost to achieve that figure for 2017.

On February 6, 2017, GSE completed work work on a project for dominion Products Corporation. The following costs were incurred: professional staff salaries, $61,500; administrative support staff, $3,900; photocopying, $750; travel, $6,750; and other operating costs, $2,100.

Required:

1) Determine GSE's total traceable costs for 2017 and the firm's total anticipated overhead

2) Calculate the predeteremined overhead rate. The rate is based on total costs traceable to client jobs.

3) What percentage of cost will the firm add to each job to achieve its profit target?

Transfer Prices at Full Cost with Excess Capacity: Divisional Viewpoint
Karakomi Cameras Inc. has a Disposables Division that produces a camera that sells for $14.00 per unit in the open market. The cost of the product is $11.30 (variable manufacturing of $5.00, plus fixed manufacturing of $6.30). Total fixed manufacturing costs are $441,000 at the normal annual production volume of 70,000 units. The Overseas Division has offered to buy 20,000 units at the full cost of $11.30. The Disposables Division has excess capacity, and the 20,000 units can be produced without interfering with the current outside sales of 70,000 units. The total fixed cost of the Disposables Division will not change.

Explain whether the Disposables Division should accept or reject the offer. Show calculations.

Compute net income at normal annual production volume.

Do not use a negative sign with your answers.

Do not round "Per Unit" answers.

Compute net income including the offer to purchase additional cameras.

Do not use a negative sign with your answers.

Problem 16-6A (Part Level Submission) Hamilton Processing Company uses a weighted-average process cost system and manufactures a single product—an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. Collapse question part (a) Prepare a schedule that shows how the equivalent units were computed so that you can complete the “Quantities: Units accounted for” equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.) HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) 24,600 Started into production 184,500 Total units 209,100 Units accounted for Transferred out 147,600 Work in process, October 31 (60% materials, 40% conversion costs) 61,500 Total units accounted for 209,100 Costs Materials Conversion Costs Total Unit costs Total Costs $295,200 $129,150 $424,350 Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, October 1 $36,900 Started into production 387,450 Total costs

Using a set of data, you will graph a budget constraint and express it as an algebraic equation. You will also determine the combination of two goods that gives the maximum total utility.

Instruction: Suppose that as a consumer you have $34 per month to spend for munchies, either on pizzas which cost $6 each or on Twinkies which cost $4 each. Suppose further that your preferences are given by the following total utility table.

First, graph the budget constraint with Pizzas on the horizontal axis and Twinkies on the vertical axis. What are the intercepts and slope of the opportunity cost? Express the budget constraint as an algebraic equation for a line.

Next, use the utility maximizing rule to identify the consumer equilibrium, that is, what combination of Twinkies and Pizzas will maximize your total utility. Confirm and explain that the consumer equilibrium generates the highest combined total utility of any affordable combination of goods.

Make sure to:

Accurately graph the budget constraint

Correctly identify the intercepts

Graph the slope as the opportunity cost

Calculate the consumer equilibrium using the utility maximizing rule

Explain the process used to confirm that the consumer equilibrium generated the highest combined total utility of any affordable combination of goods

Alternative Inventory Methods

Frate Company was formed on December 1, 2015, and uses the periodic inventory system. The following information is available from Frate's inventory records for Product Ply:

A physical inventory on March 31, 2016 shows 1,600 units on hand.

Required:

For each method, enter your answers in chronological order.

Prepare schedules to compute the ending inventory at March 31, 2016, under each of the following inventory methods:
1. FIFO

2. LIFO

3. Weighted average (For the weighted average method, round the average cost per unit to two decimal places.)

1. Explain the difference between the market demand curve and the demand curve facing a perfectly competitive firm. Which is more elastic?
2. Because of an increase in the wage rate that it must pay its workers, a perfectly competitive firm’s marginal costs increase so that its marginal cost curve shifts upward. If the price of the product does not change and the firm does not shut down, in a diagram show the impact the higher wage rate has on the quantity the firm produces.
3. Draw a diagram showing the long-run equilibrium for a perfectly competitive firm. Is it possible for a perfectly competitive firm to earn an economic profit in the long run? Explain your answer.

Answer the following multiple choice questions.

5. If firms in a perfectly competitive industry are incurring persistent economic losses, then in the long run some firms will
   1. exit and the price will fall.
   2. exit and the price will rise.
   3. enter and the price may either rise or fall.
   4. exit and the price may either rise or fall.
   6. A perfectly competitive firm’s supply curve is the same as
      1. all of its marginal cost curve.
      2. its marginal cost curve above the minimum point on the AVC curve.
      3. its marginal cost curve above the minimum point on the ATC curve.
      4. its marginal cost curve above the AFC curve.

7. Based on the table above, what is the marginal revenue of the tenth unit of output?
   1. $190
   2. $100
   3. $10
   4. $9

8. A perfectly competitive firm shuts down if its
   1. total revenue is less than its average fixed cost.
   2. total revenue is less than its fixed cost.
   3. price is less than its average variable cost.
   4. price is less than its total variable cost.

Using JAVA

2. A run is a sequence of adjacent repeated values. Write a code snippet that generates a sequence of 20 random die tosses in an array and that prints the die values, marking the runs by including them in parentheses, like this:

1 2 (5 5) 3 1 2 4 3 (2 2 2 2) 3 6 (5 5) 6 (3 3)

Use the following pseudocode:

inRun = false

for each valid index i in the array

If inRun

If values [i] is different from the preceding value

Print )

inRun = false

If not inRun

If values[i] is the same as the following value

Print (

inRun = true

Print values[i]

//special processing to print last value

If inRun and last value == previous value, print  “ “ + value + “)”)

else if inRun and last value != previous value, print  “) “ + value )

else print “ “ + last value

3.

Implement a theater seating chart  as a two-dimensional array of ticket prices, like this:

{10, 10, 10, 10, 10, 10, 10, 10, 10, 10}

{10, 10, 10, 10, 10, 10, 10, 10, 10, 10}

{10, 10, 10, 10, 10, 10, 10, 10, 10, 10}

{10, 10, 20, 20, 20, 20, 20, 20, 10, 10}

{10, 10, 20, 20, 20, 20, 20, 20, 10, 10}

{10, 10, 20, 20, 20, 20, 20, 20, 10, 10}

{20, 20, 30, 30, 40, 40, 30, 30, 20, 20}

{20, 30, 30, 40, 50, 50, 40, 30, 30, 20}

{30, 40, 50, 50, 50, 50, 50, 50, 40, 30}

Write a code snippet that:

- uses a for loop to print the array with spaces between the seat prices

- prompts users to pick a row and a seat using a while loop and a sentinel to stop the loop.

- outputs the seat price to the user.

4. A pet shop wants to give a discount to its clients if they buy one or more pets and at least three other items. The discount is equal to 20 percent of the cost of the other items, but not the pets.

Write a program that prompts a cashier to enter each price and then a Y for a pet or N for another item. Use a price of –1 as a sentinel. Save the price inputs in a double(type) array and the Y or N in a corresponding boolean (type) array.

Output the number of items purchased, the number of pets purchased, the total sales amount before discount and the amount of the discount.

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Thank you so much!