3. Describe Monopolistic Competition Firms Behavior in regards to A.) Product Differentiation B.) Profit Margins C.) Brand Loyalty D.) Profit Maximization and E.) New Entrants to the Monopolistic Competitive Market.

4.) What is a Close Economy (definition)? Give an example of a closed economy nation. What is an Open Economy (definition)? Give an example of an open economy nation.

Let f : R → R be a function.

(a) Prove that f is continuous on R if and only if, for every open set U ⊆ R, the preimage f −1 (U) = {x ∈ R : f(x) ∈ U} is open.

(b) Use part (a) to prove that if f is continuous on R, its zero set Z(f) = {x ∈ R : f(x) = 0} is closed.

1. How does the iris promote eye color as well as the dilation and constriction of the pupil?

2. What is the role of eyelashes when a foreign body invades the eye?

3. Define the terms miosis, mydriasis, accommodation, near point, and cycloplegia in relation to the eye structures and functions

4. Explain primary, secondary, and congenital glaucoma —as well as closed-angle glaucoma and open-angle glaucoma.

Chapter 11

1. Explain the uses of closed-ended, open-ended, and contingency questions. What are the primary purposes, advantages, and disadvantages of each?
2. What sorts of biases can be introduced into a questionnaire because of question sequencing? What sorts of strategies do researcher implement to eliminate these biases?
3. In your opinion, what are the most important pitfalls in questionnaire construction? Why?

Q5. [10] The left quotient of a regular language L1 with respect to L2 is defined as:
               L2/L1 = { y | x L2 , xy L1 }
Show that the family of regular languages is closed under the left quotient with a regular language.
Hint: Do NOT construct a DFA that accepts L2/L1 but use the definition of L2/L1 and the closure
properties of regular language.

An LC circuit like that in the figure below consists of a 3.30-H inductor and an 832-pF capacitor that initially carries a 134-μC charge. The switch is open for t < 0 and is then thrown closed at t = 0. Compute the following quantities at t = 5.00 ms. (a) the energy stored in the capacitor (b) the total energy in the circuit (c) the energy stored in the inductor

PLEASE READ ALL OF THESE INSTRUCTIONS BEFORE BEGINNING THIS ASSIGNMENT. For this assignment, you need to analyze the information below from BOTH the management AND the employee perspective. This information pertains to a labor union in a simulated/made up/not real firm in Glen Ellyn. The first part of your information relates to Management – the second part relates to the Labor Union employees. I have provided you with information from the last union negotiations at the plant in 2016. It is now time to begin preparing for negotiations for 2020 and beyond. The third part of this assignment is your analyzing what you have gained from this assignment.

Your assignment needs to include the following information:

• Part One:
  • Considerations for Management as they begin to prepare for negotiations
  • Beginning offer to the plant workers - This means if you were management for this firm, what would your initial/first offer be to the labor union employees in each of the categories below.
• Part Two:
  • Considerations for Labor Union employees as they begin to prepare for negotiations
  • Beginning offer to management - This means if you were the employees in the union, what would your initial/first offer be to the management of the firm in each of the categories below.
• Part Three:
  • Analysis of what you have gained from this assignment and insights you now have into labor union negotiations. Understand that negotiations go on and on sometimes for years. But each set of contract negotiations has to begin somewhere - and this is what I'm having you look at in this assignment. First offers don't include what you really want - it's your starting point.

Format this assignment using the section headings noted as you see below with “Management” and the “CPFac Workers Labor Union”. Be very clear about the information required above.

Management –

Put yourself in the role of President and Owner of Cooper Plastics Corp. located in Glen Ellyn, Illinois. Cooper manufactures plastic cups, plates, silverware, bowls, etc.

There is a union, CPFacWorkers, representing the 95 factory workers at Cooper Plastics.

It is time for the management team at Cooper to once again negotiate with the CPFacWorkers.

Your negotiations document needs to include the following for BOTH Management and the Union - you must include these categories for both offers:

• Length of the next contract in years - Labor contracts are frequently 2-4 years in length
• Base pay
• Annual pay increases for each year of your labor contract
• Shift pay differential
• Overtime pay
• Number of workers per shift
• Benefits percentage of salaries
• Annual paid sick days
• Annual paid holidays
• Total increased costs - calculate how much your increases are going to cost you - you need to provide me a total of costs and how you arrived at that number
• Source of money for increased costs - where is the money coming from for these increased costs - this is obviously an assumption based on the information you have

Data from Current Contract, which expires in September 2020:

• Contract began in March 2016
• CPFacWorkers conceded to 20 layoffs when negotiating the 2016-2020 contract
• Remaining workers agreed to a 10% pay cut to help the company continue to recover from the recent US recession
• Sick days were reduced from 10 to 6
• Holidays reduced from 10 to 6
• Shift differential pay (The dates show you the increases/decreases throughout the contract)

/hour

• 7am-3pm shift – 50 workers - $1,040,000
• 3pm-11pm shift – 30 workers - $624,000
• 11pm-7am shift – 15 workers - $312,000
• Managers – 10 @$30K, 2 @ $40K, 1@$50K, Pres/Owner $75K
• Overtime – time and a half; 2017-2019 no OT has been worked

Sales:                                                              Profits:

• 2016 $4,000,000                                          2016 $1,040,000
• 2017 $5,250,000                                          2016 $2,392,000
• 2018 $6,000,000                                          2018 $3,300,000
• 2019 $6,200,000 2019 $3,400,000

CPFacWorkers Labor Union –

Now, put yourself in the role of the negotiating team representing the CPFacWorkers labor union at Cooper Plastics in Glen Ellyn, Illinois. Cooper manufactures plastic cups, plates, silverware, bowls, etc. There are a total of 95 factory workers in the bargaining unit of your union.

It is time to negotiate with the Cooper Plastics management team.

Your negotiations document needs to include the following - you must include these categories in both offers:

• Length of contract in years
• Base pay
• Annual increases
• Shift pay differential
• Overtime pay
• Number of workers per shift
• Benefits percentage of salaries
• Annual paid sick days
• Annual paid holidays
• Total increased costs
• Source of money for increased costs

Data from Current Contract, which expired in September 2020:

• Contract began in March 2016
• CPFacWorkers conceded to 20 layoffs when negotiating the 2016-2020 contract
• Remaining workers agreed to a 10% pay cut to help the company recover from the recent US recession
• Sick days were reduced from 10 to 6
• Holidays reduced from 10 to 6
• Shift differential pay:
  • 3pm-11pm   $0.50 3/15-3/16 $.25 3/17-3/19
  • 11pm-7am    $1.00 3/15-3/16 $.35 3/17-3/19
• Benefits are 28% of salaries

Current Salaries based on 2080 hours per year, base pay $10/hour

• 7am-3pm shift – 50 workers - $1,040,000
• 3pm-11pm shift – 30 workers - $624,000
• 11pm-7am shift – 15 workers - $312,000
• Managers – 10 @$30K, 2 @ $40K, 1@$50K, Pres/Owner $75K
• Overtime – time and a half; 2017-2019 no OT has been worked

Sales:                                                              Profits:

• 2016 $4,000,000                                          2016 $1,040,000
• 2017 $5,250,000                                          2017 $2,392,000
• 2018 $6,000,000                                          2018 $3,300,000
• 2019 $6,200,000 2019 $3,400,000

Other Considerations:

• The United States appears to have come out of its 2008-2010 recession, though there are those who are beginning to say it will return in 2020 as recent stock market fluctuations may confirm.
• Cooper has new products scheduled to be coming out in mid-2020 which may help stimulate growth in the firm’s revenues and profitability.
• Management at Cooper does all hiring, scheduling, firing, and promotions.
• It has become increasingly difficult to get employees to work the 3-11pm and 11pm-7am shifts. Absenteeism is high on these shifts and productivity on both of these shifts are lower than on the 7am-3pm shift.

When complete, click on the assignment name link to submit the assignment for grading.

8.         A variable cost

            a.   decreases in total with increases in volume

            b.   increases on a per-unit basis with increases in volume

            c.   increases in total with increases in volume

            d.   decreases on a per-unit basis with increases in volume

            e.   None of the above

9.   In standard costing, the upper and lower control limits are used to determine

            a.   the direction of the variance

            b.   the dollar amount of the variance

            c.   whether or not to investigate a variance

            d.   All of the above

            e.   None of the above

10. The direct materials usage variance is part of the performance evaluation of the

            a.   production manager

            b.   sales manager

            c.   purchasing agent

            d.   controller’s office

            e.   None of the above

11. Volume variances are generally the responsibility of the

            a.   purchasing agent

            b.   production manager

            c.   sales manager

            d.   controller’s office

            e.   None of the above

12. When using variable costing,

            a.   all fixed costs are deducted on the variable costing income statement

            b.   the total cost of goods sold is deducted on the variable costing income statement

            c.   the cost allocated to ending inventory consists of both fixed and variable costs

            d.   the total contribution margin on the variable costing income statement is based on units produced

            e.   None of the above

13. According to GAAP, if the ending balance in the overhead control account is considered immaterial,

            a.   it is closed to direct materials, work-in-process, and finished goods

            b.   it is closed to work-in-process, finished goods, and cost of goods sold

            c.   it is closed to finished goods and cost of goods sold

            d.   the total is closed to cost of goods sold

            e.   None of the above

14. According to the IMA’s Statement of Ethical Professional Practice, an accountant must “Disclose all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, analyses, or recommendations.” This falls under the category of

            a.   Competence

            b.   Confidentiality

            c.   Integrity

            d.   Credibility

            e.   None of the above

15. The margin of safety is

            a.   the amount of revenue earned (or expected to be earned) above the break-even point

            b.   the amount of revenue earned (or expected to be earned) above total fixed costs

            c.   the amount of revenue earned (or expected to be earned) above total costs

            d.   the amount of revenue earned (or expected to be earned) above total variable costs

            e.   None of the above

Comprehensive Budgeting Problem

To be completed using Excel.

The Highlander Corporation

Balance Sheet

December 31, 2019

Assets

Liabilities

Stockholders’ Equity

In preparation for developing the master budget for the first three months of 2020, the following has been extracted from the company’s accounting records

1. All sales are made on account at $25 per unit. Sixty Percent of the sales are collected in the month of sale, the remaining 40% are collected in the following month. Forecast sales for the first five months of 2020 are: January, 1,800 units; February, 2,000 units; March, 2,100 units; April, 2,000 units; May 2,200 units.
2. Management wants to maintain the finished goods inventory at 30% of the following month’s sales.
3. Watson uses four square inches of direct materials in each finished unit. The direct material prices

have been stable and are expected to remain so over the next six months. Management wants to maintain the ending direct materials inventory at 60% of the following month’s production needs.

4. 70% of all purchases are paid in the month of purchase; the remaining 30% are paid in the subsequent month.
5. Watson’s product requires 30 minutes of direct labor time. Each hour of direct labor costs $8. Additionally factory overhead is charged to products at a rate of $4 per labor hour.
6. Equipment depreciation for 2020(already included in the factory overhead) will be $6,000 ($500 per month).
7. No new equipment will be purchased and no new common stock will be issued during 2020.
8. Operating expenses, all paid in cash, are expected to be $2,500 in January and grow by 1% each month after that.
9. Beginning and ending Work-In-Process inventories are insignificant and can be ignored.

Prepare the following for January, February and March of 2020:

1. a budgeted income statement
2. a budgeted balance sheet

        Each schedule should show budgets for January, February, and March (e.g. don’t put each month on a separate sheet, but each schedule, A to I, should be on a separate worksheet). You may omit a Quarter Total column or sheet. To the degree possible, each sheet should be linked to all related sheets. For example, the sales figures on your production budget should come from (be linked to) your sales budget. You may create any additional worksheets (to be linked as well) if you need.

Question 1

Mr. Chai sells various types of toys throughout Malaysia. Three of the accounts in the ledger of Mr. Chai indicated the following;

Balances at 1 January 2020:

(i)        Insurance paid in advance RM562

(ii)       Wages outstanding RM306

(iii)      Rent receivable, received in advance RM36

During 2020, Mr. Chai:

(i)           Paid for insurance RM1,019, by bank standing order

(ii)       Paid RM15,000 wages, in cash

(iii)      Received RM2,600 rent, by cheque, from the tenant

At 31 December 2020:

(i)           Insurance prepaid was RM345

(ii)       Wages accrued amounted to RM419

(iii)      Rent receivable in arrears was RM105

Required;

(a)       Prepare the prepaid insurance, accrued wages and rent receivable accounts for the year ended 31 December 2020.

(b)       Prepare the income statement extract showing clearly the amounts of insurance expense, wages expense and rent revenue for the year ended 31 December 2020.

(c)        Explain the effects on the financial statements of accounting for:

               (i)           the expenses accrued at year-end

               (ii)       the income received in advance at year end

(d)       Explain the purposes of accounting for:

              (i)           the expenses accrued at year end

              (ii)       the income received in advance at year end

(Total: 20 marks)