MATLAB CODE

Let’s say you need to write a small script that takes in the total amount of money entered, and a cost, and returns the correct change in quarters/dimes/nickels/pennies.

• Initialize counter variables for quarters, dimes, nickels and pennies to 0. Counter variables are used to keep track of how many of each coin are to be returned.
• Calculate the amount of change to be given using the ‘total’ and ‘cost’ variables.
• While there is still change to be given, find the largest coin that can be returned, increment the coin’s counter, and subtract the coin value from the amount of change to be given.
• Display the total change, as well as how many of each coin are being returned.

PREVIOUS CODE FOR THIS

function value = get_coin_value(coin)

%Set value to be the correct number based on coin.

%For example, if coin == 'q', value = 25

if coin == 'q'

value = 25;

elseif coin == 'd'

value = 10;

elseif coin == 'n'

value = 5;

elseif coin == 'p'

value = 1;

else

value = 0;

end

function total = insert_coins

%your code here

total = 0;

%Loop to keep asking user for coin till total is less than 115 cents

while(total<115)

coin = input('Enter q for quarter, d for dime, n for nickel,p for penny:','s');

total = total + get_coin_value(coin);

end

disp("Your NAU power juice has been dispensed")

end

QUESTION 1

1. The law of diminishing marginal productivity pertains to_____:

   	a.	the short run.
   	b.	the long run.
   	c.	both the short run and the long run.
   	d.	the short run for small firms, and the long run for large firms.

1 points   

QUESTION 2

1. Assume that you own a sole proprietorship. Your first year earnings were $75,000, and your explicit costs were $55,000.  If you could have worked at another establishment and earned $25,000, which of the following is true?

   	a.	Your firm earned an economic profit of $20,000.
   	b.	Your firm's total implicit costs were $80,000.
   	c.	Your firm sustained an economic loss of $5,000.
   	d.	Your firm's total costs are $100,000.

1 points   

QUESTION 3

1. Which of the following is true regarding accounting profit?

   	a.	It is typically smaller than economic profit.
   	b.	It includes all explicit and implicit cost of production.
   	c.	It includes depreciation.
   	d.	All of the above.

1 points   

QUESTION 4

1. Marginal cost is understood as the change in__________ when producing one more unit of output. In the short run, marginal cost can also be determined by the change in__________ when producing one more unit of output.

   	a.	variable cost; fixed cost
   	b.	total cost; fixed cost
   	c.	fixed cost; variable cost
   	d.	total cost; variable cost

1 points   

QUESTION 5

1. Which of the following are characteristics of a perfectly competitive market?

   	a.	Firms are price takers.
   	b.	Firms produce identical or nearly identical products.
   	c.	Firms can enter the market without any restrictions.
   	d.	All of the above.

1 points   

QUESTION 6

1. An organization with 50 employees will add 10 employees next month. This is_____:

   	a.	a long run decision.
   	b.	a long run and a short run decision.
   	c.	a short run decision.
   	d.	none of the above.

1 points   

QUESTION 7

1. Fixed inputs are_____:

   	a.	those inputs to production that have a fixed price.
   	b.	those inputs to production that result in a fixed variable product.
   	c.	those inputs to production that cannot be varied in the short run.
   	d.	those inputs to production that have a fixed market.

1 points   

QUESTION 8

1. When deciding whether to continue operations or shutdown, a perfectly competitive firm should_____:

   	a.	continue operations if the price of the firm's product falls below the minimum average variable cost.
   	b.	shut down if the price of the firm's product falls below the minimum average variable cost.
   	c.	continue operations if the marginal cost of a new invention for the firm surpasses average variable cost.
   	d.	shut down if it can cover all of its costs, but only at a diminishing marginal rate.

1 points   

QUESTION 9

1. If the total output rises while the cost per unit fails, a firm is understood to be enjoying_____:

   	a.	increased profits.
   	b.	economies of scale.
   	c.	maximum efficiency.
   	d.	all of the above.

1 points   

QUESTION 10

1. Firms that compete in perfectly competitive markets must decide_____:

   	a.	the quantity to produce.
   	b.	the price to charge.
   	c.	the price to charge and the quantity to produce.
   	d.	none of the above.

Question 2 Variance analysis for Divine Denim

Helen has been using a standard cost system developed by Good Numbers and calculates the standard cost of a completed pair of RTW jeans as $72.00, as follows:

The fixed overhead rate is based on an estimated 600 units per month. Direct labour is nearly a fixed cost in this business. Selling and administrative costs are $4500 per month plus $2 per pair of jeans sold. The following information is for production during April:

Divine Denim’s policy is to record materials price variances at the time materials are purchased. Use a spreadsheet to perform calculations.

Required:

As an accountant working for Good Numbers use a spreadsheet to:

1. prepare a flexible cost budget for the month of April.
2. calculate all common direct cost variances.
3. calculate all common factory overhead variances.
4. calculate a total variance for the selling and administrative costs.
5. prepare a production cost variance report for April.
6. prepare a report that sums all the variances necessary to prepare the reconciling journal entry at the end of the period. Explain how you would close the total variance; that is, identify the account or accounts that would be affected, and whether expenses in the accounts will be increased or decreased to adjust the records for the total variance.
7. use information in the April production cost variance report (part v. above) to identify and describe questions Helen, the owner of Devine Denim, might have about April’s production costs.

Allocating Joint Costs Using the Weighted Average Method

Orchard Fresh, Inc., purchases apples from local orchards and sorts them into four categories. Grade A are large blemish-free apples that can be sold to gourmet fruit sellers. Grade B apples are smaller and may be slightly out of proportion. These are packed in boxes and sold to grocery stores. Apples for slices are even smaller than Grade B apples and have blemishes. Apples for applesauce are of lower grade than apples for slices, yet still suitable for canning.

Information on a recent purchase of 20,000 pounds of apples is as follows: Assume that Orchard Fresh, Inc., uses the weighted average method of joint cost allocation and has assigned the following weights to the four grades of apples:

Total joint cost is $19,000.

Required:

1. Allocate the joint cost to the four grades of apples using the weighted average method. Round your allocation percentages to four decimal places and round the allocated costs to the nearest dollar.

(Note: The joint cost allocation does not equal $19,000 due to rounding.)

2. What if the factory found that Grade A apples were being valued less by customers and decided to decrease the weight factor for Grade A apples to 3.0? How would that affect the allocation of cost to Grade A apples? How would it affect the allocation of cost to the remaining grades? Round your allocation percentages to four decimal places and round the allocated costs to the nearest dollar.

(Note: The joint cost allocation does not equal $19,000 due to rounding.)

Absorption and Variable Costing Income Statements

During the first month of operations ended July 31, YoSan Inc. manufactured 9,200 flat panel televisions, of which 8,600 were sold. Operating data for the month are summarized as follows:

Required:

1. Prepare an income statement based on the absorption costing concept.

Feedback

1. Sales - (cost of goods manufactured - ending inventory*) = Gross profit; gross profit - selling and administrative expenses = income from operations
*(Manufactured Units - Sold units) x (total manufacturing costs/manufactured units)

Learning Objective 1 and Learning Objective 2.

2. Prepare an income statement based on the variable costing concept.

The following information is available for Shanika Company for 20Y6:

Required:

1. Prepare the 20Y6 statement of cost of goods manufactured.

Question 2 Variance analysis for Divine Denim

Helen has been using a standard cost system developed by Good Numbers and calculates the standard cost of a completed pair of RTW jeans as $72.00, as follows:

The fixed overhead rate is based on an estimated 600 units per month. Direct labour is nearly a fixed cost in this business. Selling and administrative costs are $4500 per month plus $2 per pair of jeans sold. The following information is for production during April:

Divine Denim’s policy is to record materials price variances at the time materials are purchased. Use a spreadsheet to perform calculations.

Required:

As an accountant working for Good Numbers use a spreadsheet to:

1. prepare a flexible cost budget for the month of April.
2. calculate all common direct cost variances.
3. calculate all common factory overhead variances.
4. calculate a total variance for the selling and administrative costs.
5. prepare a production cost variance report for April.
6. prepare a report that sums all the variances necessary to prepare the reconciling journal entry at the end of the period. Explain how you would close the total variance; that is, identify the account or accounts that would be affected, and whether expenses in the accounts will be increased or decreased to adjust the records for the total variance.
7. use information in the April production cost variance report (part v. above) to identify and describe questions Helen, the owner of Devine Denim, might have about April’s production costs.

Income Statements under Absorption and Variable Costing

Patagucci Inc. manufactures and sells athletic equipment. The company began operations on August 1, 2016, and operated at 100% of capacity (75,900 units) during the first month, creating an ending inventory of 6,900 units. During September, the company produced 69,000 garments but sold 75,900 units at $85 per unit. The September manufacturing costs and selling and administrative expenses were as follows:

a. Prepare an income statement according to the absorption costing concept for September.

b. Prepare an income statement according to the variable costing concept for September.

c. What is the reason for the difference in the amount of income from operations reported in (a) and (b)?

Under the absorption costing method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues. Under variable costing , all of the fixed manufacturing cost is deducted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when inventory decreases, the absorption costing income statement will have a lower income from operations.