Questions
Question 1 Disaster planning is planning for the mitigation of the most likely, or most destructive,...

Question 1 Disaster planning is planning for the mitigation of the most likely, or most destructive, events based on some rational thought process

True or False

Question 2 Hospitals must not be worried about confidential medical information being mishandled under the terms of Health Insurance Portability and Accountability Act (HIPAA) and understand that a cyber-attack could be just as dangerous as a bioterrorist attack

True or False

Question 3 Strategic National Stockpile (SNS) is a federal government coalition that creates the threat of disasters that result in mass casualties

True or False

Question 4 Disasters are NOT caused by bioterrorist attacks, chemical attacks, or natural disasters

True or False

Question 5 Strategic managers need to understand the risks, make judgments, and commit the organization to some course of action.

True or False

In: Operations Management

What are the most common and most difficult diversity issues faced as a Parole officer?

What are the most common and most difficult diversity issues faced as a Parole officer?

In: Psychology

DURAPLAST Company Ltd., opened its doors in 1979 as a wholesale supplier of plumbing equipment, tools, and parts to hardware stores, home-improvement centers, and professional plumbers in the Accra-Tema Metropolitan area.

 
DURAPLAST Company Ltd., opened its doors in 1979 as a wholesale supplier of plumbing equipment, tools, and parts to hardware stores, home-improvement centers, and professional plumbers in the Accra-Tema Metropolitan area. Over the years they have expanded their operations to serve customers across the nation and now employ over 200 people as technical representatives, buyers, warehouse workers, and sales and office staff. Most recently DURAPLAST has experienced fierce competition from the large online discount stores such as Qualiplast and Interplast. In addition, the company is suffering from operational inefficiencies related to its archaic information system. DURAPLAST’s revenue cycle procedures are described in the following paragraphs.
Revenue Cycle
DURAPLAST’s sales department consists of 17 full-time and part-time employees. They receive orders via traditional mail, e-mail, telephone, and the occasional walk-in. Because DURAPLAST is a wholesaler, the vast majority of its business is conducted on a credit basis. The process begins in the sales department, where the sales clerk enters the customer’s order into the centralized computer sales order system. The computer and file server are housed in DURAPLAST’s small data processing department. If the customer has done business with DURAPLAST in the past his or her data are already on file. If the customer is a first-time buyer, however, the clerk creates a new record in the customer file. The system then creates a record of the transaction in the open sales order file. When the order is entered, an electronic copy of it is sent to the customer’s e-mail address as confirmation.
A clerk in the warehouse department periodically reviews the open sales order file from a terminal and prints two copies of a stock release document for each new sale, which he uses to pick the items sold from the shelves. The warehouse clerk sends one copy of the stock release to the sales department and the second copy, along with the goods, to the shipping department.
The warehouse clerk then updates the inventory subsidiary file to reflect the items and quantities shipped. Upon receipt of the stock release document, the sales clerk accesses the open sales order file from a terminal, closes the sales order, and files the stock release document in the sales department. The sales order system automatically posts these transactions to the sales, inventory control, and cost-of-goods sold accounts in the general ledger file.
Upon receipt of the goods and the stock release, the shipping department clerk prepares the goods for shipment to the customer. The clerk prepares three copies of the bill of lading. Two of these go with the goods to the carrier and the third, along with the stock release document, is filed in the shipping department. The billing department clerk reviews the closed sales orders from a terminal and prepares two copies of the sales invoice. One copy is mailed to the customer and the other is filed in the billing department. The clerk then creates a new record in the account receivable subsidiary file. The sales order system automatically updates the account receivable control account in the general ledger file.
DURAPLAST has hired you to review its sales order procedures for internal control compliance and to make recommendations for changes.
You are required to:
a. Create a data flow diagram of the current system. ;
b. Create a system flowchart of the existing system. ;
c. Analyze the internal control weaknesses in the system. ; and
d. Prepare a system flowchart of a redesigned computer-based system that resolves the control weaknesses that you identified. Explain your solution.

In: Accounting

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials...

Clopack Company manufactures one product that goes through one processing department called Mixing. All raw materials are introduced at the start of work in the Mixing Department. The company uses the weighted-average method of process costing. Its Work in Process T-account for the Mixing Department for June follows (all forthcoming questions pertain to June):

Work in Process—Mixing Department
June 1 balance

28,000

 Completed and transferred
to Finished Goods		 ?
Materials 151,215
Direct labor 96,500
Overhead 114,000
June 30 balance ?

The June 1 work in process inventory consisted of 4,300 units with $15,240 in materials cost and $12,760 in conversion cost. The June 1 work in process inventory was 100% complete with respect to materials and 60% complete with respect to conversion. During June, 36,800 units were started into production. The June 30 work in process inventory consisted of 9,000 units that were 100% complete with respect to materials and 50% complete with respect to conversion.

Questions :

9. What is the cost per equivalent unit for conversion? (Round your answer to 2 decimal places.)

10. What is the cost of ending work in process inventory for materials?

11. What is the cost of ending work in process inventory for conversion?

12. What is the cost of materials transferred to finished goods?

13. What is the amount of conversion cost transferred to finished goods?

14. Prepare the journal entry to record the transfer of costs from Work in Process to Finished Goods. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

15-a. What is the total cost to be accounted for?

15-b. What is the total cost accounted for?

In: Accounting

The following costs are attributed to the Gandalf and Company: Purchase of raw materials (all direct)...

The following costs are attributed to the Gandalf and Company:

Purchase of raw materials (all direct)

$291,100

Direct labour cost

141,800

Manufacturing overhead costs

198,100

Change in inventories:

Decrease in raw materials

$9,100

Decrease in work in process

4,100

Decrease in finished goods

13,200

Gandalf and Company used a 120% predetermined overhead rate based on direct labour cost.

Required:

3. Calculate the cost of goods manufactured.
3. What was the cost of goods sold before adjusting for any under or over applied overhead?
4. By how much was manufacturing overhead cost under or over applied?
5. Prepare a summary journal entry to close any under or over applied manufacturing overhead cost to cost of goods sold. Is such an entry appropriate in this situation? Why or why not?

​​​​​​​​​

The weighted-average method is used by the Cardiff and Company. Below you will find information provided by the Heating department for the month of March:

Costs for March:

Materials

Conversion

Work in process, March 1

$19,200

$23,100

Added during the month

$89,000

$99,000

​

Units

Conversion percentage complete

Work in process, March 1

10,000

50%

Units started

28,000

Completed and transferred out

19,900

Work in process, March 31

5,000

30%

Required:

Cardiff and Company using the weighted-average method, all materials at the first process:

6. The equivalent units (EUs) of production for materials.
7. The cost per equivalent unit for conversion.
8. The total cost assigned to units transferred out of the Heating Department during March.
9. The cost assigned to work-in-process inventory as of March 31.

In: Accounting

Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the year,...

Allenton Company is a manufacturing firm that uses job-order costing. At the beginning of the year, the company's inventory balances were as follows: Raw materials $ 24,800 Work in process $ 73,800 Finished goods $ 27,800 The company applies overhead to jobs using a predetermined overhead rate based on machine-hours. At the beginning of the year, the company estimated that it would work 45,800 machine-hours and incur $183,200 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased, $416,800. b. Raw materials were requisitioned for use in production, $428,000 ($380,800 direct and $47,200 indirect). c. The following employee costs were incurred: direct labor, $414,800; indirect labor, $60,800; and administrative salaries, $212,800. d. Selling costs, $141,800. e. Factory utility costs, $20,800. f. Depreciation for the year was $82,600 of which $73,800 is related to factory operations and $8,800 is related to selling, general, and administrative activities. g. Manufacturing overhead was applied to jobs. The actual level of activity for the year was 48,800 machine-hours. h. The cost of goods manufactured for the year was $1,004,800. i. Sales for the year totaled $1,416,800 and the costs on the job cost sheets of the goods that were sold totaled $989,800. j. The balance in the Manufacturing Overhead account was closed out to Cost of Goods Sold. Required: Prepare the appropriate journal entry for each of the items above (a. through j.). You can assume that all transactions with employees, customers, and suppliers were conducted in cash. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Round your answers to the nearest dollar amount.)

In: Accounting

Unit Cost, Ending Work-in-Process Inventory, Journal Entries During August, Skyler Company worked on three jobs. Data...

Unit Cost, Ending Work-in-Process Inventory, Journal Entries

During August, Skyler Company worked on three jobs. Data relating to these three jobs follow:

Job 39 Job 40 Job 41
Units in each order 60 100 80
Units sold — 100 —
Materials requisitioned $700 $680 $800
Direct labor hours 360 400 200
Direct labor cost $1,980 $2,480 $1,240

Overhead is assigned on the basis of direct labor hours at a rate of $2.30 per direct labor hour. During August, Jobs 39 and 40 were completed and transferred to Finished Goods Inventory. Job 40 was sold by the end of the month. Job 41 was the only unfinished job at the end of the month.

Required:

1. Calculate the per-unit cost of Jobs 39 and 40. Round unit costs to nearest cent.

Job 39 $ per unit
Job 40 $ per unit

2. Compute the ending balance in the work-in-process inventory account.
$

Feedback

1. Manufacturing cost comes from totaling direct materials, direct labor, and overhead on each job. The grand total can be divided by the number of units to determine per-unit cost.

2. Determine which jobs are still in work-in-process and compute the balance.

3. Prepare the journal entries reflecting (a.) the completion of Jobs 39 and 40 and (b.) the sale of Job 40. Make the entry to record the cost of Job 40 first, followed by the entry to record the revenue from its sale. The selling price is 140 percent of cost.

a. Finished Goods
Work in Process
b (1). Cost of Goods Sold
Finished Goods
b (2). Accounts Receivable
Sales Revenue

In: Accounting

7. Oligopoly differs from monopolistic competition in that it includes: a. barriers to entry b. pricing...

7. Oligopoly differs from monopolistic competition in that it includes:

a. barriers to entry b. pricing powers. c. downward-sloping demand curves d. product differentiation

8. Which of the following statements are FALSE regarding the price elasticity of residual demand? Select all correct answers.

a. It is equal to negative infinity in the perfect competition model.

b. It is equal to the price elasticity of market demand times the number of firms.

c. It is less elastic for homogeneous goods than for heterogeneous goods.

d. The monopoly markup decreases as the price elasticity of residual demand becomes more negative.

9. Which of the following market structures is efficient?

a. Two-part pricing with non-identical customers

b. Third degree price discrimination

c. Second degree price discrimination with finite blocks

d. First degree price discrimination

10. Consider an oligopoly with five identical firms. If the market demand elasticity is -4, what is the Lerner Index?

a. 0.1

b. 0.05

c. 0.25

d. 0.20

11. Consider a market in which there are three firms that simultaneously choose prices, produce differentiated goods, and let the market determine the quantities. Which oligopoly model would best fit this market?

a. Cournot

b. None of these are appropriate for differentiated goods.

c. Bertrand

d. Stackelberg

12. Consider a monopolist using second degree price discrimination. If it expands the number of blocks it is using from two to three, what is the impact on consumer surplus, producer surplus, and the deadweight loss?

Select all correct answers.

a. Producer surplus decreases

b. Consumer surplus increases

c. Deadweight loss decreases

In: Economics

It is important to record accounting transactions in a timely manner so that you can close...

It is important to record accounting transactions in a timely manner so that you can close out your books properly at the end of a quarter. Identify and discuss the factors that lead to a user failing to record transactions in a timely manner in accounting systems like

In: Accounting

The Smith family is determined to purchase a $250,000 home without incurring any debt. The family...

The Smith family is determined to purchase a $250,000 home without incurring any debt. The family plans to save $2,500 a quarter for this purpose and expects to earn 6.65 percent, compounded quarterly. How long will it be until the family can purchase a home?

In: Finance