Questions
The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period...

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:

Date

Transaction

Number of Units

Per Unit

Total

Jan.

1

Inventory

7,500

$75.00

$562,500

10

Purchase

22,500

85.00

1,912,500

28

Sale

11,250

150.00

1,687,500

30

Sale

3,750

150.00

562,500

Feb.

5

Sale

1,500

150.00

225,000

10

Purchase

54,000

87.50

4,725,000

16

Sale

27,000

160.00

4,320,000

28

Sale

25,500

160.00

4,080,000

Mar.

5

Purchase

45,000

89.50

4,027,500

14

Sale

30,000

160.00

4,800,000

25

Purchase

7,500

90.00

675,000

30

Sale

26,250

160.00

4,200,000

Instructions

1.

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in

Exhibit 3

, using the first-in, first-out method.

2.

Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles.

3.

Determine the gross profit from sales for the period.

4.

Determine the ending inventory cost as of March 31.

5.

Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

The beginning inventory at Midnight Supplies and data on purchases and sales for a three-month period ending March 31, are as follows:

Date

Transaction

Number of Units

Per Unit

Total

Jan.

1

Inventory

7,500

$75.00

$562,500

10

Purchase

22,500

85.00

1,912,500

28

Sale

11,250

150.00

1,687,500

30

Sale

3,750

150.00

562,500

Feb.

5

Sale

1,500

150.00

225,000

10

Purchase

54,000

87.50

4,725,000

16

Sale

27,000

160.00

4,320,000

28

Sale

25,500

160.00

4,080,000

Mar.

5

Purchase

45,000

89.50

4,027,500

14

Sale

30,000

160.00

4,800,000

25

Purchase

7,500

90.00

675,000

30

Sale

26,250

160.00

4,200,000

Instructions

1.

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in

Exhibit 3

, using the first-in, first-out method.

2.

Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles.

3.

Determine the gross profit from sales for the period.

4.

Determine the ending inventory cost as of March 31.

5.

Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

CHART OF ACCOUNTS

Midnight Supplies

General Ledger

ASSETS

110

Cash

111

Petty Cash

120

Accounts Receivable

131

Notes Receivable

132

Interest Receivable

141

Merchandise Inventory

145

Office Supplies

146

Store Supplies

151

Prepaid Insurance

181

Land

191

Office Equipment

192

Accumulated Depreciation-Office Equipment

193

Store Equipment

194

Accumulated Depreciation-Store Equipment

LIABILITIES

210

Accounts Payable

221

Notes Payable

222

Interest Payable

231

Salaries Payable

241

Sales Tax Payable

EQUITY

310

Owner, Capital

311

Owner, Drawing

312

Income Summary

3. Determine the gross profit from sales for the period.

4. Determine the ending inventory cost as of March 31.

5. Based upon the preceding data, would you expect the inventory using the last-in, first-out method to be higher or lower?

Higher

Lower

1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in

Exhibit 3

, using the first-in, first-out method.

Date Purchases Cost of Merchandise Sold Inventory
Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost Quantity Unit Cost Total Cost
Jan. 1
10
10
28
28
30
Feb. 5
10
10
16
16
28
Mar. 5
5
14
14
25
25
30
30
31 Balances

2. Determine the total sales and the total cost of merchandise sold for the period. Journalize the entries in the sales and cost of merchandise sold accounts. Assume that all sales were on account and date your journal entry March 31. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 10

JOURNAL

ACCOUNTING EQUATION

DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY

1

2

3

4

REVENUE

410

Sales

610

Interest Revenue

EXPENSES

510

Cost of Merchandise Sold

515

Credit Card Expense

516

Cash Short and Over

520

Salaries Expense

531

Advertising Expense

532

Delivery Expense

533

Insurance Expense

534

Office Supplies Expense

535

Rent Expense

536

Repairs Expense

537

Selling Expenses

538

Store Supplies Expense

561

Depreciation Expense-Office Equipment

562

Depreciation Expense-Store Equipment

590

Miscellaneous Expense

710

Interest Expense

In: Accounting

M14 #20: The quantity of dissolved oxygen is a measure of water pollution in lakes, rivers,...

M14 #20: The quantity of dissolved oxygen is a measure of water pollution in lakes, rivers, and streams. Water samples were taken at four different locations in a river in an effort to determine if water pollution varied from location to location. Location I was 500 meters above an industrial plant water discharge point and near the shore. Location II was 200 meters above the discharge point and in midstream. Location III was 50 meters downstream from the discharge point and near the shore. Location IV was 200 meters downstream from the discharge point and in midstream. The following table shows the results. Lower dissolved oxygen readings mean more pollution. Because of the difficulty in getting midstream samples, ecology students collecting the data had fewer of these samples. Use a 5% level of significance. Do we reject or not reject the claim that the quantity of dissolved oxygen does not vary from one location to another?

Location I Location II Location III Location IV
7.2 6.2 4.9 4.4
6.4 7.5 5.3 5.4
7.1 7.9 4.7 6.1
6.3 7.9 5.5
6.9 4.6

A)  Find SSTOT, SSBET, and SSW and check that SSTOT = SSBET + SSW. (Use 3 decimal places.)

B) Find d.f.BET, d.f.W, MSBET, and MSW. (Use 4 decimal places for MSBET, and MSW.)

C) Find the value of the sample F statistic. (Use 2 decimal places.)

In: Statistics and Probability

Wilson is a 36-year-old migrant worker. He was admitted to the Hospital with a cough, unintended...

Wilson is a 36-year-old migrant worker. He was admitted to the Hospital with a cough, unintended weight loss, and night sweats. He is staying with 6 friends in a one bedroom apartment near the strawberry field where he works. The ED physician suspects Tuberculosis (TB).

  • What diagnostic testing will the Provider order to confirm a diagnosis of TB?
  • What Isolation precautions do you expect to be put in place and why?
  • Describe the recommended treatment regimen for TB, including the rationale for combination drug therapy.
  • Identify the reason compliance to medication therapy is often a concern in the patient with TB.
  • What should be done for Wilson's 6 roommates?

Wilson is a 36-year-old migrant worker. He was admitted to the Hospital with a cough, unintended weight loss, and night sweats. He is staying with 6 friends in a one bedroom apartment near the strawberry field where he works. The ED physician suspects Tuberculosis (TB).

  • What diagnostic testing will the Provider order to confirm a diagnosis of TB?
  • What Isolation precautions do you expect to be put in place and why?
  • Describe the recommended treatment regimen for TB, including the rationale for combination drug therapy.
  • Identify the reason compliance to medication therapy is often a concern in the patient with TB.
  • What should be done for Wilson's 6 roommates?
  • Cite all references

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16. Instincts are behavioral fixed action patterns that require environmental input to develop. need to be...

16.

Instincts are behavioral fixed action patterns that

require environmental input to develop.

need to be learn from other individuals.

respond to different kinds of stimulus or signals.

do not vary much among individuals and require no learning.

are not present in all individuals and require no learning.

17.

If a mother goose is sitting on her nest, which of the following is she most likely to retrieve first if found just outside her nest?

an egg laid by another goose

a model egg that is larger than any other object near the nest

a model egg that is more colorful than any other object near the nest

a beer can

her own egg

18.

The theory of kin selection holds that an altruistic-appearing individual maximizes its own "inclusive fitness" by helping other individuals with whom it shares genetic material. In which species is such altruistic-appearing behavior most likely to evolve?

Honey badgers, one of the few tool-using animals

Vampire bats, which live in a large community of bats, most of which are not related

Vampire squid, which are primarily solitary animals

Honey bees, which live in a hive of mostly sisters from the same mother queen bee

Red-tailed hawks, which live in male-female pairs to raise chicks and rarely interact with other hawks

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You are a manager who works for Hecht LLP, a local accounting firm. Your client is...

You are a manager who works for Hecht LLP, a local accounting firm. Your client is Triox Co. Triox is a major manufacturer of pharmaceutical products. A significant part of the company's operations involves research and development. Your firm has accepted the engagement to prepare a special report regarding the operations of Triox. (more will be discussed on this in unit five). Any findings in the report will be used to dictate the interest rate for future financing.

You have found that the company is near completion of a drug that is expected to save consumers significant money and compete effectively with the lead brands.

Upon review of the unaudited financial statements, you see a note states the government has provided funding for research contingent on the successful launch of the drug mentioned above. This loan will be forgiven upon successful launch of the product. The loan was not recorded on the books as the CFO of Triox felt that the new drug was near its final stages and would be launched within the timeframes specified in the contract with the government. Upon further enquiry, you also found there have been delays for a number of reasons of the new drug and it is unlikely the drug will be launched in time to meet the terms of the contract with the government.

Required:

  1. Explain any concerns that you have given the recent information regarding the launch of the new drug
  2. Discuss 5 procedures that you would perform to alleviate these concerns.

In: Accounting

Please read the problem below. Then draft an IRAC answer identifying all of the crimes. Make...

Please read the problem below. Then draft an IRAC answer identifying all of the crimes. Make sure your answer is following the IRAC format

Angela and Bart are animal rights activists. Angela lived near a horse ranch owned by Chris. She told Bart that she suspected the horses were being abused because she saw people going in and out of the barn at all hours of the day and night, and suggested that they go there to investigate.

Unable to open the ranch gate, Angela and Bart climbed the fence, crossed the yard, opened the door to the barn, and stepped inside. There, they found healthy horses, but also a large amount of stolen electronic equipment.

Surprised to see intruders, Chris, who was carrying a rifle, pointed it at Angela and Bart and accidentally caused it to discharge. The bullet hit the side of the barn near Angela and Bart. The noise startled the horses. Angela and Bart fled, letting out the horses. A motorist, who was driving down the road, swerved to miss the stampeding horses, crashed into a tree, and died.

With what crimes, if any, can Angela reasonably be charged, and what defenses, if any, can she reasonably raise? Discuss.

With what crimes, if any, can Bart reasonably be charged, and what defenses, if any, can he reasonably raise? Discuss.

With what crimes, if any, can Chris reasonably be charged, and what defenses, if any, can he reasonably raise? Discuss.

In: Operations Management

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of...

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of employees are working to serve customers. Some of the employees work in their workplaces while some others work from home. Almost all employees worry whether they will lose their jobs or if they will have a pay cut. It is obvious that unemployment will rise because millions of employees will lose their jobs and the remaining employees may have a pay cut (10, 20, 30, 50%) depending on the position in his/her workplace.

Because of the coronavirus, the business environment has started to change. It is becoming a challenging fast-changing environment. Currently, many managers are faced with difficulties. In the near future and in the long run, they will need to deal with important issues.

Lastly, you have to remember that one can easily manage firms during prosperous times but effective managers flourish during difficult times.

Below is a sample list of terms that you can use when answering the questions.

Job security and protection; Employee morale; Employee stress; Anxiety; Employee wellness; Effective decision making; Work performance; Key competencies; Productive employees; Quality of work produced; Work-life balance; Mental health; Employees in a high-risk health category; Illness; Government sector; Health sector; Security forces.

What would be the possible changes and developments in the workforce and workplace diversity in the near future and in the long run? Discuss.

In: Operations Management

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of...

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of employees are working to serve customers. Some of the employees work in their workplaces while some others work from home. Almost all employees worry whether they will lose their jobs or if they will have a pay cut. It is obvious that unemployment will rise because millions of employees will lose their jobs and the remaining employees may have a pay cut (10, 20, 30, 50%) depending on the position in his/her workplace.

Because of the coronavirus, the business environment has started to change. It is becoming a challenging fast-changing environment. Currently, many managers are faced with difficulties. In the near future and in the long run, they will need to deal with important issues.

Lastly, you have to remember that one can easily manage firms during prosperous times but effective managers flourish during difficult times.

Below is a sample list of terms that you can use when answering the questions.

Job security and protection; Employee morale; Employee stress; Anxiety; Employee wellness; Effective decision making; Work performance; Key competencies; Productive employees; Quality of work produced; Work-life balance; Mental health; Employees in a high-risk health category; Illness; Government sector; Health sector; Security forces.

What would be the possible changes and developments in the workforce and workplace diversity in the near future and in the long run? Discuss.

In: Operations Management

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of...

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of employees are working to serve customers. Some of the employees work in their workplaces while some others work from home. Almost all employees worry whether they will lose their jobs or if they will have a pay cut. It is obvious that unemployment will rise because millions of employees will lose their jobs and the remaining employees may have a pay cut (10, 20, 30, 50%) depending on the position in his/her workplace. Because of the coronavirus, the business environment has started to change. It is becoming a challenging fast-changing environment. Currently, many managers are faced with difficulties. In the near future and in the long run, they will need to deal with important issues. Lastly, you have to remember that one can easily manage firms during prosperous times but effective managers flourish during difficult times.Below is a sample list of terms that you can use when answering the questions. Job security and protection; Employee morale; Employee stress; Anxiety; Employee wellness; Effective decision making; Work performance; Key competencies; Productive employees; Quality of work produced; Work-life balance; Mental health; Employees in a high-risk health category; Illness; Government sector; Health sector; Security forces

What kind of expertise, knowledge, skills and abilities will be needed from employees in the near future and in the long run? Discuss (2-3 page)

In: Operations Management

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of...

The coronavirus is hitting businesses and their employees. Some businesses are still open and millions of employees are working to serve customers. Some of the employees work in their workplaces while some others work from home. Almost all employees worry whether they will lose their jobs or if they will have a pay cut. It is obvious that unemployment will rise because millions of employees will lose their jobs and the remaining employees may have a pay cut (10, 20, 30, 50%) depending on the position in his/her workplace.

Because of the coronavirus, the business environment has started to change. It is becoming a challenging fast-changing environment. Currently, many managers are faced with difficulties. In the near future and in the long run, they will need to deal with important issues.

Lastly, you have to remember that one can easily manage firms during prosperous times but effective managers flourish during difficult times.

Below is a sample list of terms that you can use when answering the questions.

Job security and protection; Employee morale; Employee stress; Anxiety; Employee wellness; Effective decision making; Work performance; Key competencies; Productive employees; Quality of work produced; Work-life balance; Mental health; Employees in a high-risk health category; Illness; Government sector; Health sector; Security forces.

What would be the possible changes and developments in the workforce and workplace diversity in the near future and in the long run? Discuss.

In: Operations Management