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PART 4 |
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Process Costing - First-In First-Out |
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General Information |
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The I See The Light Company has a related company that produces the figurines. They use process costing |
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in the molding department. The factory overhead is applied at a rate of 50% of direct labor dollars. |
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The material is added at the beginning of the process. The labor and overhead costs are assumed |
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to be added uniformly throughout. |
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Month of January |
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Selected information for January is presented below. Note that the applied overhead rate was |
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50% of direct labor costs in the molding department. |
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Molding Department |
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Goods in-process as of January 1 were 2,900 figurines at a cost of $49,880.00. Of this amount, $46,400.00 was from |
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raw materials added, $2,320.00 for labor and $1,160.00 for overhead. These 2,900 figurines were assumed to be |
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40.00% complete as to labor and overhead. |
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During January, 21,500 units were started, $348,945.00 of materials and $37,680.00 of labor costs were incurred. |
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The 5,500 figurines that were in-process at the end of January were assumed to be 20.00% complete to |
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labor and overhead. |
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All figurines in January passed inspection. |
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In: Accounting
Cerner Corporation announced a first-come, first-serve stock repurchase offer to its shareholders – the company agreed to repurchase 2,653,780 shares of its common stock in exchange for total consideration of $173,434,000. Cerner had 329,641,500 total shares outstanding before the redemption. You acquired 16,482,075 shares of Cerner's stock two years ago for $20/share. You were the only shareholder to participate in the repurchase offer and Cerner agreed to redeem the total number of shares directly from you. Using the applicable tax rates provided below, compute your after-tax savings if the redemption is treated as an exchange as opposed to a dividend distribution. Any dividend income amounts should be considered ordinary income in character. For purposes of the after-tax savings calculation, you should assume you are liable for the net investment income tax on both capital gains and dividend income. Applicable tax rates: Individual - ordinary income - 34% Individual - long-term capital gains - 20% Individual - net investment income - 3.8%
In: Accounting
Case Study: First City Bank Implements an ERP System First City bank initiated an Enterprise Resource Planning (ERP) system implementation project to reduce overhead, increase efficiency, enhance the quality of operations, and increase customer satisfaction for its mortgage branch. The Systems Integrator (SI) Sigma Consulting, LLC, was brought onboard to analyze the existing business processes at the mortgage branch of the First City Bank and help the bank achieve its business objectives by implementing and configuring the ERP system to increase automation of its repetitive operations, integrate various business functions, and offer a portal for the customers to directly submit their mortgage information online by completing an online application themselves. The SI performed the stakeholder identification and analysis and collected the stakeholder information in the stakeholder register. Thereafter, Joint Application Design (JAD) sessions were scheduled to gather stakeholder requirements. The JAD sessions were completed and requirements were collected. Based on the requirements collected, solution specifications were created, and in turn, the solution was developed and configured. However, the client did not accept the solution because it was not configured correctly. This became apparent during the User Acceptance Testing (UAT) phase when the client asked specific subject matter experts (SMEs) to test use cases and test scenarios, and SMEs discovered that the new ERP system was configured incorrectly. Apparently, the requirements captured by the SI were incomplete and incorrect due to the lack of participation by all required stakeholders. The incomplete requirements resulted in wrong solution specifications and hence incorrect configuration of the new ERP system. Jeff Barlow, the manager of the mortgage branch of First City Bank (the client), said that the SMEs engaged in performing the UAT were not available during the JAD sessions. This turmoil prompted the client First City Bank and SI Sigma Consulting to go back to the drawing board. The design of the solution was subjected to significant changes involving time-consuming change requests and approvals followed by additional cycles of the unit, system, and user acceptance testing. The solution, though, was finally approved and delivered, but it was significantly late and over budget. Case Questions 1. Who are the stakeholders in this case? 2. How do you define a successful project? In your opinion, was this project a success or a failure? 3. What went well in this project? 4. What went wrong in this project? 5. What are some lessons learned from this project that can be applied in similar project environments?
In: Operations Management
An operating system uses the First-Come, First-Served (FCFS) CPU scheduling algorithm.
Consider the following set of processes in this OS, with the length of the CPU burst time given in milliseconds, and the shown priority. A larger priority number implies a higher priority. There is no pre-emption.
The processes are assumed to have arrived in the order P1, P2, P3, P4, P5, all at time 0.
| Process | Burst Time | Priority |
| P1 | 2 | 2 |
| P2 | 1 | 5 |
| P3 | 4 | 1 |
| P4 | 6 | 4 |
| P5 | 3 | 3 |
a) Draw a Gantt chart illustrating the order of execution of these processes, showing their completion times.
b) Calculate each process’ waiting time, and then compute the average waiting time for this set.
Note: waiting time = completion time – arrival time – burst time
=> Write your answers on scratch paper (make sure it is visible) then take a picture of it and upload it here.
In: Computer Science
import java.util.Scanner;
public class CompareNums {
private static String comparison( int first, int second){
if (first < second)
return "less than";
else if (first == second)
return "equal to";
else
return "greater than";
}
// DO NOT MODIFY main!
public static void main(String[] args) {
Scanner input = new Scanner(System.in);
System.out.print("Enter first integer: ");
int first = input.nextInt();
System.out.print("Enter second integer: ");
int second = input.nextInt();
System.out.println("The first integer is " +
comparison(first, second) +
" the second integer.");
}
}
NEED HELP WITH TEST CODE
public class CompareNumsTest {
// TODO - write your code below this comment.
// Write three tests, where each test corresponds to one
// of the three possible scenarios:
// - CompareNums.comparison returns "less than"
// - CompareNums.comparison returns "equal to"
// - CompareNums.comparison returns "greater than"
}
In: Computer Science
3.1 Bratko states that iterative deepening combines the best
properties of breadth-first search and depth-first search and is
therefore, in practice, often the best choice
amongst the basic search methods. Discuss this statement.
3.2 Discuss the concept of the ‘locality’ of the effects of actions
in the context of planning problems.
In: Computer Science
A firm has a fixed cost of $20,000 in its first year of operation. When the firm produces 1,000 units of output, its total costs are $80,000. When it produces 1,100 units of output, its variable costs are $70,000. If the marginal cost of each of the 100 additional units of output is the same then the marginal cost of producing the 1,050th unit of output is less than $90.
True
false
The average variable cost curve and average total cost curve will eventually intersect as output increases because average fixed cost eventually becomes negative.
True
False
If marginal cost is rising, then it is likely that marginal product is decreasing because the additional input costs are spread over fewer units of output.
True
False
In: Economics
5. (Mixing Problem) A very large tank is initially filled with 100 gallons of water containing 5 pounds of salt. Beginning at time t = 0, a brine solution with a concentration of 1 pound of salt per gallon flows into the top of the tank at 3 gallons per second, the mixture is stirred, and the mixture flows out of the bottom of the tank at 2 gallons per second. (a) Letting w = pounds of salt in the tank at time t seconds, derive a differential equation using the principle dw dt = rate in − rate out. (b) Find a formula for w in terms of t by solving the differential equation in Part (a) after first expressing it in the form P(t, w) dt + Q(t, w) dw =0
In: Advanced Math
The parallel first-order reactions A → B,A → C have activation energies of 8 and 10 kcal/mole, respectively. In a 1 liter batch reactor at 100°C the selectivity to B is 50% and the conversion is 50% in a reaction time of 10 min with CAo = 1 mole/liter. The solvent is water and the reactor can be pressurized as needed to maintain liquids at any temperature.
(a) What temperature and reactor volume are required to produce 90% selectivity to B at 90% conversion in a CSTR using a feed of 2 molar A at a flow rate of 10 liters/min?
(b) What temperature and reactor volume are required to produce 90% selectivity to B at 90% conversion in a PFTR using a feed of 2 molar A at a flow rate of 10 liters/min?
In: Other
1, Using rectangles whose height is given by the value of the function at the midpoint of the rectangle's base, estimate the area under the graph using the first two and then four rectangles.
f(x)= x3 between x=2 and x=4
A, using two rectangles to estimate, the area under f(x) is approximately = ---------?
B) using four rectangles to estimate, the area under f(x) is approximately= ----------?
2, Using rectangles whose height is given by the value of the function at the midpoint of the rectangle's base (the midpoint rule), estimate the area under the graph of the following function, using two and then four rectangles.
y= 100 - x2 between x=-10 and 10
A) For two rectangles, area =------?
B) For four rectangles, area= ------?
In: Math