Coro Ltd makes two products, Quara and Lock. The following data are relevant for the year ending 31^st December 2020:

Material prices

Material M      GHS2 per unit

Material N       GHS3 per unit

Direct labour is paid GHS10 per hour.

Production overhead cost is estimated to be GHS 200,000. Production overhead cost is absorbed into product costs using a direct labour hour absorption rate. Selling and administration overhead is budgeted to be GHS 75,000.

Each unit of finished product requires:

The sales director has forecast that sales of Quara and Lock will be 5,000 and 1,000 units respectively during the year 2020. The selling prices will be as follows:

Quara                         GHS182 per unit Lock                    GHS161 per unit

She estimates that there will be opening inventory of 100 units of Quara and 200 units of Lock. At the end of the year 2020, the company does not intend holding any inventory of Quara and Lock.

The Production Director estimates that the opening inventories of raw materials will be 3,000 units of M and 4,000 units of material N. At the end of the year 2020, the inventories of these raw materials are to be:

13. 4,000 units
14. 2,000 units

Statement of financial position extracts for year ended 31^st December 2019 are as follows:

Inventory of finished goods                                       GHS 15,000

Inventory of Raw materials                                        GHS 20,000

Retained earnings                                                       GHS 81,000

The Finance Director advises that the rate of tax to be paid on profits during the year 2020 is likely to be 30%.

Required:

1. 1. Prepare all functional budgets and budgeted statement of profit or loss for the year ending 31^st December 2020.
   2. The Managing Director of Coro Ltd is of the view that the budget preparation and presentation process is a waste of resources considering the time and money invested into it. He thinks the cost far outweighs the benefits and the company could still operate effectively without any budget. Do you agree with him? Explain why?
2. 2. The Management Accountant suggested that cash budget need to be prepared in addition to the functional budgets and the budgeted statement of Profit or Loss to make the budgeting process complete. Meanwhile, he claims he does not have enough information to prepare the cash budget. Advise him on the process and sources of information for preparation of a cash budget.

Question 1 Coro Ltd makes two products, Quara and Lock. The following data are relevant for the year ending 31st December 2020: Material prices Material M GHS2 per unit Material N GHS3 per unit Direct labour is paid GHS10 per hour. Production overhead cost is estimated to be GHS 200,000. Production overhead cost is absorbed into product costs using a direct labour hour absorption rate. Selling and administration overhead is budgeted to be GHS 75,000. Each unit of finished product requires: Quara Lock Material M 12 units 12 units Material N 6 units 8 units Direct labour 7 hours 10 hours The sales director has forecast that sales of Quara and Lock will be 5,000 and 1,000 units respectively during the year 2020. The selling prices will be as follows: Quara GHS182 per unit Lock GHS161 per unit She estimates that there will be opening inventory of 100 units of Quara and 200 units of Lock. At the end of the year 2020, the company does not intend holding any inventory of Quara and Lock. The Production Director estimates that the opening inventories of raw materials will be 3,000 units of M and 4,000 units of material N. At the end of the year 2020, the inventories of these raw materials are to be: 4,000 units 2,000 units Statement of financial position extracts for year ended 31st December 2019 are as follows: Inventory of finished goods GHS 15,000 Inventory of Raw materials GHS 20,000 Retained earnings GHS 81,000 The Finance Director advises that the rate of tax to be paid on profits during the year 2020 is likely to be 30%. Required: Prepare all functional budgets and budgeted statement of profit or loss for the year ending 31st December 2020. The Managing Director of Coro Ltd is of the view that the budget preparation and presentation process is a waste of resources considering the time and money invested into it. He thinks the cost far outweighs the benefits and the company could still operate effectively without any budget. Do you agree with him? Explain why? The Management Accountant suggested that cash budget need to be prepared in addition to the functional budgets and the budgeted statement of Profit or Loss to make the budgeting process complete. Meanwhile, he claims he does not have enough information to prepare the cash budget. Advise him on the process and sources of information for preparation of a cash budget.

Here are some real statistics for various countries in 2003: per capita income vs. per capita recorded music sales:

Country                      Per Cap. Income Per Cap. Music

                                   ($ thousands)             Sales ($)

Norway                      42.4                     55.9

United Kingdom          30.9                     53.35

United States              42.0                     40.43

Australia                     32.9                     33.84

Switzerland                 35.3                     34.40

Finland                       30.6                     26.98

Canada                      32.9                     20.79

United Arab Emirates        29.1                     11.33

Greece                            22.8                     8.10

Israel                               22.3                     6.68

Czech Republic                 18.1                     3.96

South Africa                     12.1                     3.75

South Korea                      20.4                     3.34

Mexico 10.1                     3.30

Egypt                                4.4                   0.15

Indonesia                          3.7                   0.33

4a) Which variable should be considered the dependent (y) variable, and which the independent (x) variable?

4b) According to this model, if a country’s income improves by ^$3,000, how much to you expect music sales to increase by?

4c) What is the correlation coefficient? Is it statistically significant? How strong is this model?

4d) Why do you think the correlation is as high as it is?

4e) If a region of country has a per-capita income of ^$25,000, predict its per-capita music sales.

4f) Looking at the U.S, Canada. & Europe only, delete the United Arab Emirates, South Africa, South Korea Mexico, Egypt, and Indonesia from the model. Answer 3b, 3c, and 3e again.

4g) Why might it have been OK to throw away the countries we did in part f?

reflection paper on how you can contribute to the ideals of the University.

Apply DMAIC to improve the following at any university.

Course registration.

How do I pass the University of Indiana plagiarism test??

To pay his university education, Mr. Ahmed is saving $ 1000, at the beginning of each year for the next 7 years in a Bank Muscat account paying 10% interest rate. How much will Mr. Ahmed have in that account at the end of 7^th year? Mr. Ahmed need $ 17000 to pay his university fees in future, justify your suggestion to him regarding his investment in Bank Muscat?

Computer the Depreciation Schedule by using SLD, SOYD, and DDB methods

the university pursed a lab Mass-Spectrometer that has 5 years depreciable life. The instrument costs school $900 with a Salvage Value of $70 after the end of the service life.

1-Built a Depreciation Schedule for this asset by all three methods

2-Build a graphic of each method

3-Which method will you recommend to the university and why?

1. (5 pts) When they apply for graduation, students at a certain university are required to complete a brief survey about whether they felt they received sufficient value for the tuition they paid. This methodology has inherent sampling bias, particularly if the university is trying to use this data to assess whether its student population are finding value for their tuition dollar. Please describe the types of individuals and/or responses that would likely be overrepresented in this sampling methodology.