Please Answer Required# 4,5 and 6. If possible 7 too. Thank you. Please answer as soon as possible.
| Required: | #1. | Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. | |||||||||||
| 1-Dec | Began business by depositing $9000 in a bank account in the name of the company in exchange for | ||||||||||||
| 900 shares of $10 per share common stock. | |||||||||||||
| 1-Dec | Paid the rent for the current month, $800 . | ||||||||||||
| 1-Dec | Paid the premium on a one-year insurance policy, $1200 . | ||||||||||||
| 1-Dec | Purchased Equipment for $3600 cash. | ||||||||||||
| 5-Dec | Purchased office supplies from XYZ Company on account, $300 . | ||||||||||||
| 15-Dec | Provided services to customers for $6600 cash. | ||||||||||||
| 16-Dec | Provided service to customers ABC Inc. on account, $4300 . | ||||||||||||
| 21-Dec | Received $2100 cash from ABC Inc., customer on account. | ||||||||||||
| 23-Dec | Paid $170 to XYZ company for supplies purchased on account on December 5 . | ||||||||||||
| 28-Dec | Paid wages for the period December 1 through December 28, $4760 . | ||||||||||||
| 30-Dec | Declared and paid dividend to stockholders $200 . | ||||||||||||
| #2. | Post all of the December transactions from the “General Journal” tab to the T-accounts under the “T-Accounts” tab in the excel template file "Accounting Cycle Excel Template.xlsx". Assume there are no beginning balances in any of the accounts. | ||||||||||||
| #3. | Compute the balance for each T-account after all of the entries have been posted. These are the unadjusted balance as of December 31. | ||||||||||||
| #4. | Prepare the unadjusted trial balance under the “Unadjusted Trial Balance” tab in the excel template file "Accounting Cycle Excel Template.xlsx" . | ||||||||||||
| Provide the total of the credit column from the Unadjusted Trial Balance | |||||||||||||
| #5. | Record the following four transactions as adjusting entries under the “General Journal” tab. | ||||||||||||
| 31-Dec | One month’s insurance has been used by the company $100. | ||||||||||||
| 31-Dec | The remaining inventory of unused office supplies is $90. | ||||||||||||
| 31-Dec | The estimated depreciation on equipment is $60. | ||||||||||||
| 31-Dec | Wages incurred from December 29 to December 31 but not yet paid or recorded total $510. | ||||||||||||
| #6. | Post all of the adjusting entries to the T-accounts under the “T-Accounts” tab. Compute the balance for each T-account after all of the adjusting entries have been posted. These are the adjusted balance as of December 31. | ||||||||||||
| #7. | Prepare the adjusted trial balance under the “Adjusted Trial Balance” tab as of December 31 in the excel template file "Accounting Cycle Excel Template.xlsx" . | ||||||||||||
| Provide the following accounts balances from the Adjusted Trial Balance: | |||||||||||||
| Cash | |||||||||||||
| Accounts Receivable | |||||||||||||
| Supplies | |||||||||||||
| Prepaid Insurance | |||||||||||||
| Equipment | |||||||||||||
| Accumulated Depreciation | |||||||||||||
| Accounts Payable | |||||||||||||
| Wages Payable | |||||||||||||
| Common Stock | |||||||||||||
| Retained Earnings | |||||||||||||
In: Accounting
Consider an electron confined in a one-dimensional infinite
potential well having a width
of 0.4 nm. (a) Calculate the values of three longest wavelength
photons emitted by the
electron as it transitions between the energy levels inside the
well [3 pts.]. (b) When the
electron undergoes a transition from the n = 2 to the n = 1 level,
what will be its emitted
energy and wavelength [2 pts.]. To which region of the
electromagnetic spectrum does
this wavelength belong?
here are the constant and values provided
h = 6.62 × 10 -34 J – s; q = 1.602 × 10 -19 C; c = 3 × 10 8 m/s;
ħ = h/2π; m e = 9.11 x 10 -31 kg; m p =
1.67 x 10 -27 kg; m n = 1.674929 x 10 -27 kg; 1 eV = 1.602 × 10 -19
J; 1 Å = 1 × 10 -10 m;
1 nm = 1 × 10 -9 m
In: Physics
Suppose the following table was generated from sample data of 20 employees relating hourly wage to years of experience and whether or not they have a college degree. Using statistical software, create an indicator (dummy) variable for the variable "Degree" and find the regression equation. Is there enough evidence to support the claim that on average employees with a college degree have higher hourly wages than those without a college degree at the 0.05 level of significance? If yes, write the coefficient of the dummy variable in the space provided, rounded to two decimal places. Else, select "There is not enough evidence."
Wage Experience Degree
16.00 16 No
24.52 20 Yes
17.68 12 Yes
16.00 16 No
33.98 27 Yes
19.51 29 No
19.86 26 No
16.00 16 No
6.75 1 Yes
28.70 27 Yes
18.97 24 No
17.29 21 No
10.60 3 Yes
17.88 12 Yes
12.77 9 No
7.48 3 Yes
27.70 26 Yes
11.20 6 Yes
19.20 30 No
22.61 30 No
In: Statistics and Probability
For the past
112112
years, a certain state suffered
2828
direct hits from major (category 3 to 5) hurricanes. Assume that this was typical and the number of hits per year follows a Poisson distribution. Complete parts (a) through (d).
(a) What is the probability that the state will not be hit by any major hurricanes in a single year?
The probability is
1-The number of hits to a website follows a Poisson process. Hits occur at the rate of
1.0 per minute1.0 per minute
between 7:00 P.M. and
99:00
P.M. Given below are three scenarios for the number of hits to the website. Compute the probability of each scenario between
8 : 27 P.M.8:27 P.M.
and
88:3535
P.M. Interpret each result.
(a) exactly fivefive
(b) fewer than fivefive
(c) at least fivefive
2-Determine the required value of the missing probability to make the distribution a discrete probability distribution. x P(x) 3 0.35 0.35 4 ? 5 0.16 0.16 6 0.27 0.27 P(4) =
In: Statistics and Probability
Homework Assignment 4 Instructions: Class name must be: HW4_yourName For example: Michael will name the class of homework assignment 4 as HW4_Michael Grading Rubric: Code running and as per the required conditions and giving expected output = 10 points File named as per instructions = 1 point Comments in code = 4 points Problem: Average calculation for a list Write a program that reads a text file named test_scores.txt to read the name of the student and his/her scores for 3 tests. The program should display class average for first test (average of scores of test 1) and average (average of 3 tests) for each student. Expected Output: ['John', '25', '26', '27'] ['Michael', '24', '28', '29'] ['Adelle', '23', '24', '20'] [['John', '25', '26', '27'], ['Michael', '24', '28', '29'], ['Adelle', '23', '24', '20']] Class average for test 1 is: 24.0 Average for student John is 26.00 Average for student Michael is 27.00 Average for student Adelle is 22.33
In: Computer Science
Sales-Related and Purchase-Related Transactions Using Periodic Inventory System
The following were selected from among the transactions
completed by Essex Company during July of the current
year:
| July 3. | Purchased merchandise on account from Hamling Co., list price $72,000, trade discount 15%, terms FOB shipping point, 2/10, n/30, with prepaid freight of $1,450 added to the invoice. |
| 5. | Purchased merchandise on account from Kester Co., $33,450, terms FOB destination, 2/10, n/30. |
| 6. | Sold merchandise on account to Parsley Co., $36,000, terms n/15. The cost of the merchandise sold was $25,000. |
| 7. | Returned $6,850 of merchandise purchased on July 5 from Kester Co. |
| 13. | Paid Hamling Co. on account for purchase of July 3. |
| 15. | Paid Kester Co. on account for purchase of July 5, less return of July 7. |
| 21. | Received cash on account from sale of July 6 to Parsley Co. |
| 21. | Sold merchandise on MasterCard, $108,000. The cost of the merchandise sold was $64,800. |
| 22. | Sold merchandise on account to Tabor Co., $16,650, terms 2/10, n/30. The cost of the merchandise sold was $10,000. |
| 23. | Sold merchandise for cash, $91,200. The cost of the merchandise sold was $55,000. |
| 28. | Paid Parsley Co. a cash refund of $2,500 for damaged merchandise from sale of July 6. Parsley Co. kept the merchandise. |
| 31. | Paid MasterCard service fee of $1,650. |
Required:
Journalize the entries to record the transactions of Essex Company for July using the periodic inventory system. If an amount box does not require an entry, leave it blank.
| July 3 | fill in the blank 2 | fill in the blank 3 | |
| fill in the blank 5 | fill in the blank 6 | ||
| fill in the blank 8 | fill in the blank 9 | ||
| July 5 | fill in the blank 11 | fill in the blank 12 | |
| fill in the blank 14 | fill in the blank 15 | ||
| July 6 | fill in the blank 17 | fill in the blank 18 | |
| fill in the blank 20 | fill in the blank 21 | ||
| July 7 | fill in the blank 23 | fill in the blank 24 | |
| fill in the blank 26 | fill in the blank 27 | ||
| July 13 | fill in the blank 29 | fill in the blank 30 | |
| fill in the blank 32 | fill in the blank 33 | ||
| fill in the blank 35 | fill in the blank 36 | ||
| July 15 | fill in the blank 38 | fill in the blank 39 | |
| fill in the blank 41 | fill in the blank 42 | ||
| fill in the blank 44 | fill in the blank 45 | ||
| July 21 | fill in the blank 47 | fill in the blank 48 | |
| fill in the blank 50 | fill in the blank 51 | ||
| July 21 | fill in the blank 53 | fill in the blank 54 | |
| fill in the blank 56 | fill in the blank 57 | ||
| July 22 | fill in the blank 59 | fill in the blank 60 | |
| fill in the blank 62 | fill in the blank 63 | ||
| July 23 | fill in the blank 65 | fill in the blank 66 | |
| fill in the blank 68 | fill in the blank 69 | ||
| July 28 | fill in the blank 71 | fill in the blank 72 | |
| fill in the blank 74 | fill in the blank 75 | ||
| July 31 | fill in the blank 77 | fill in the blank 78 | |
| fill in the blank 80 | fill in the blank 81 |
In: Accounting
Rusty Williams, the owner and CEO of The Rusty Bicycle Company, a small manufacturer and distributer of recreational bikes, has dejectedly watched sales of his company’s flagship bike, the WindRunner, decline precipitously over the past 7 years. Believing that the trend is irreversible, Rusty has taken the drastic step of shutting down the operation of his firm in an effort to reduce costs while he tries to figure out how to rescue the firm he has spent the bulk of his life building.
Rusty asks his brother John, the head design engineer at his firm to design and build a prototype of a new bicycle that might be able to save the company. Rusty tells John to forget about conventional bicycle design and to “think big” and come up with something truly revolutionary.
After about 6 weeks of intense work, John comes back to Rusty with a proposal for the “WindRunner 2.0”, a bicycle unlike anything else on the market today. John believes that the specialty nature of the new bicycle suggests that, while unit sales volume may be relatively low, the bicycle should command a premium sales price. Specifically, he thinks that customers would be willing to pay upwards of $845 per bike.
Rusty, intrigued by the new design, hires a market research consultant, Sandy Frazier, to study the potential demand for the WindRunner 2.0. As projecting demand for a completely new product is notoriously difficult, she limits her prediction to a 5 year horizon. Sandy gives the following forecast to Rusty in exchange for her customary fee of $45,000.
|
Year |
Sales Volume |
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1 |
7,000 |
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2 |
7,000 |
|
3 |
7,000 |
|
4 |
7,000 |
|
5 |
7,000 |
Rusty is optimistic that the expected sales revenue will be enough to save his company. Deciding to move forward on the evaluation of this project, he asks John what new manufacturing capacity will be needed to begin production. John thinks that he could reconfigure the firm’s current manufacturing facility to produce the new model bicycle, although the current production machinery, purchased over 20 years ago, is woefully inadequate. He estimates that the necessary new equipment could be purchased for $2.5 million and that the whole manufacturing process will incur fixed operating costs of $3 million per year. Additionally, he estimates the variable costs of production to run $260 per bike produced.
John further thinks that the existing production equipment, which will no longer be needed, could be sold for $400,000. The existing equipment was classified for tax purposes under the 15 year MACRS category. As a result of a recent exemption given to small businesses, Rusty will not have to use the MACRS depreciation schedules for new capital assets acquired. Instead, the new equipment will be depreciated straight-line to zero over the 5 year planning horizon. John thinks that the new production equipment will be worthless and scrapped at the end of 5 years.
Finally, John tells Rusty that he will need about $300,000 in raw materials (i.e. parts and supplies) for the bicycles to begin production. This expenditure will not be recovered at the end of the project. Rusty, worried about spending so much cash on parts, calls a supplier, Rodney Murdock, to see about short-term credit options. Unfortunately, due to the precarious position Rusty finds his company in, the supplier is unable to offer any credit terms and will insist upon cash on delivery payment for raw materials.
Recently, a federal government economic stimulus measure was enacted. As a result of this effort, small businesses, like Rusty, will have their business income tax rate cut to zero percent for the next 10 years. The intent is to stimulate the formation of new small businesses throughout the country. Since this project is a last ditch effort to save the company, Rusty plans to let the project run for the 5 year forecast horizon. After that, he plans to dissolve the business and retire. Due to the desperation involved in this project, Rusty estimates that a 20% required rate of return is appropriate.
Rusty has asked for your help in addressing the following questions.
Prepare a 5 year forecast of cash flow from assets (CFA) for the WindRunner 2.0 project.
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Sales Volume |
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Price |
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Revenue |
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Fixed Costs |
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Variable Costs per unit |
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Income Statement |
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Sales |
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Net Income |
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Operating Cash Flows |
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Net Working Capital |
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Capital Expenditure |
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Salvage |
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Cash Flow from Assets |
Calculate the Net Present Value (NPV) of the WindRunner 2.0 project.
Since the future of his company rests on the success or failure of this project, Rusty is understandably concerned about risks to his forecasts and expectations for the project. To get a better picture of the risk involved, Rusty again asks you to conduct the following scenario analyses.
With your previous work being used as the ‘base case’ scenario, estimate the net present value of the project under a pessimistic scenario. Specifically, Rusty wants to consider the project’s NPV if both sales volume and the sales price are 10% below the base case scenario, while variable costs are 10% above the base case scenario estimates. All other variables will remain the same.
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Sales Volume |
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Fixed Costs |
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Variable Costs per unit |
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Income Statement |
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Sales |
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Expenses |
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Depreciation |
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EBIT |
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Taxes |
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Net Income |
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Cash Flows |
0 |
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Operating Cash Flows |
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Net Working Capital |
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Capital Expenditure |
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Salvage |
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Cash Flow from Assets |
Now, to look at the optimistic case, reevaluate the project NPV where sales volume and sales price are 10% above the base case estimates, while variable costs are 10% below base case estimates. Again, all other variables are presumed to remain the same.
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Sales Volume |
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Price |
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Revenue |
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Variable Costs per unit |
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Income Statement |
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Sales |
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Expenses |
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Depreciation |
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EBIT |
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Taxes |
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Net Income |
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Cash Flows |
0 |
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Operating Cash Flows |
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Net Working Capital |
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Capital Expenditure |
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Salvage |
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Cash Flow from Assets |
Finally, Rusty would like to know what minimum quantity of the WindRunner 2.0 models will have to be sold in order to produce a zero NPV (i.e. the financial breakeven point). That is, he would like to know what level of sales volume would leave him indifferent between undertaking the project versus shelving the project.
In: Finance
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March. Greg's Bicycle Shop uses a periodic inventory system.
| Date | Transactions | Units | Unit Cost | Total Cost | ||||||||||||
| March | 1 | Beginning inventory | 20 | $ | 175 | $ | 3,500 | |||||||||
| March | 5 | Sale ($250 each) | 15 | |||||||||||||
| March | 9 | Purchase | 10 | 195 | 1,950 | |||||||||||
| March | 17 | Sale ($300 each) | 8 | |||||||||||||
| March | 22 | Purchase | 10 | 205 | 2,050 | |||||||||||
| March | 27 | Sale ($325 each) | 12 | |||||||||||||
| March | 30 | Purchase | 8 | 225 | 1,800 | |||||||||||
| $ | 9,300 | |||||||||||||||
For the specific identification method, the March 5 sale consists of bikes from beginning inventory, the March 17 sale consists of bikes from the March 9 purchase, and the March 27 sale consists of four bikes from beginning inventory and eight bikes from the March 22 purchase.
Calculate ending inventory and cost of goods sold at March 31, using the specific identification method.
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Using FIFO, calculate ending inventory and cost of goods sold at
March 31.
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Using LIFO, calculate ending inventory and cost of goods sold at March 31.
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Using weighted-average cost, calculate ending inventory and cost of goods sold at March 31. (Round your intermediate and final answers to 2 decimal places.)
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Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average cost amounts to 2 decimal places.)
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7. If Greg’s Bicycle Shop chooses to report inventory using LIFO instead of FIFO, record the LIFO adjustment.
Journal entry worksheet
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In: Accounting
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Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs for pricing and other purposes. The proprietor of the company believes that costs are driven primarily by the size of customer lawns, the size of customer garden beds, the distance to travel to customers, and the number of customers. In addition, the costs of maintaining garden beds depends on whether the beds are low maintenance beds (mainly ordinary trees and shrubs) or high maintenance beds (mainly flowers and exotic plants). Accordingly, the company uses the five activity cost pools listed below: |
| Activity Cost Pool | Activity Measure |
| Caring for lawn | Square feet of lawn |
| Caring for garden beds–low maintenance | Square feet of low maintenance beds |
| Caring for garden beds–high maintenance | Square feet of high maintenance beds |
| Travel to jobs | Miles |
| Customer billing and service | Number of customers |
|
The company has already completed its first stage allocations of costs and has summarized its annual costs and activity as follows: |
| Activity Cost Pool |
Estimated Overhead Cost |
Expected Activity | ||
| Caring for lawn | $ | 85,800 | 165,000 | square feet of lawn |
| Caring for garden beds–low maintenance | $ | 38,400 | 25,000 | square feet of low maintenance beds |
| Caring for garden beds–high maintenance | $ | 53,200 | 19,000 | square feet of high maintenance beds |
| Travel to jobs | $ | 3,600 | 16,000 | miles |
| Customer billing and service | $ | 7,500 | 38 | customers |
| Required: | |||||||||||||||||||||
|
Compute the activity rate for each of the activity cost pools. (Round your answers to 2 decimal places.) |
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In: Accounting
Green Thumb Gardening is a small gardening service that uses activity-based costing to estimate costs for pricing and other purposes. The proprietor of the company believes that costs are driven primarily by the size of customer lawns, the size of customer garden beds, the distance to travel to customers, and the number of customers. In addition, the costs of maintaining garden beds depends on whether the beds are low maintenance beds (mainly ordinary trees and shrubs) or high maintenance beds (mainly flowers and exotic plants). Accordingly, the company uses the five activity cost pools listed below:
| Activity Cost Pool | Activity Measure |
| Caring for lawn | Square feet of lawn |
| Caring for garden beds–low maintenance | Square feet of low maintenance beds |
| Caring for garden beds–high maintenance | Square feet of high maintenance beds |
| Travel to jobs | Miles |
| Customer billing and service | Number of customers |
The company already has completed its first stage allocations of costs and has summarized its annual costs and activity as follows:
| Activity Cost Pool | Estimated Overhead Cost |
Expected Activity | ||
| Caring for lawn | $ | 81,800 | 175,000 | square feet of lawn |
| Caring for garden beds–low maintenance | $ | 34,400 | 22,000 | square feet of low maintenance beds |
| Caring for garden beds–high maintenance | $ | 43,360 | 16,000 | square feet of high maintenance beds |
| Travel to jobs | $ | 3,400 | 13,000 | miles |
| Customer billing and service | $ | 7,100 | 20 | customers |
Required:
Compute the activity rate for each of the activity cost pools. (Round your answers to 2 decimal places.)
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In: Accounting