Hardhat has a contract to construct a $5,000,000 bridge at an estimated cost of $4,000,000. The

contract is to start in 2016 and will be completed in 2018. Below is the data for 2016-18:

2016                          2017                         2018

Costs to date                                               1,000,000 2,900,000                 4,100,000

Est. costs to complete                              3,000,000                 1,200,000 -

Progress billings during year                   900,000                    2,400,000                 1,700,000

Cash collected during year                      750,000                    2,250,000                 2,000,000

Compute the percentage of completion, and record the journal entries to recognize revenue,

expenses, and gross profit for 2016-18 using the percentage of completion method (Do not

record journal entries for costs incurred, progress billings, and cash collected during 2016-18)?

The opportunity cost of holding money

A. is measured by the alternative interest yield obtainable by holding some other asset.

B. refers to the amount of paper currency held by the Fed.

C. is based on the fiduciary monetary system.

D. equals the amount paid for renting a house instead of buying it.

An expansionary monetary policy results in lower interest​ rates, which in turn

A. reduces the international price of the dollar and increases net exports.

B. increases the foreign demand for U.S. financial​ instruments, lowering the international price of the dollar and decreasing net exports.

C. increases foreign demand for U.S. financial​ instruments, raising the international price of the dollar and reducing net exports.

D. reduces the foreign demand for U.S. financial instruments and reduce net exports.

The federal funds rate is

A. the interest rate at which banks can borrow excess reserves from other banks.

B. the interest rate on bonds issued by the federal government.

C. the interest rate paid on reserves held with the Fed.

D. none of the above.

The purchasing power of the dollar

A. varies directly with the price level.

B. varies directly with the price of gold.

C. varies inversely with the price level.

D. varies directly with interest rates.

As of the end of June, the job cost sheets at Racing Wheels, Inc., show the following total costs accumulated on three custom jobs.

Job 102 was started in production in May, and the following costs were assigned to it in May: direct materials, $9,000; direct labor, $3,600; and overhead, $1,512. Jobs 103 and 104 were started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 were finished in June, and Job 104 is expected to be finished in July. No raw materials were used indirectly in June. Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did not change across these months.)

1&2. Complete the table below to calculate the cost of the raw materials requisitioned and direct labor cost incurred during June for each of the three jobs?
3. Using the accumulated costs of the jobs, what predetermined overhead rate is used?
4. How much total cost is transferred to finished goods during June?

How much total cost is transferred to finished goods during June?

In a random sample of five mobile​ devices, the mean repair cost was ​$90.00 and the standard deviation was ​$11.00. Assume the population is normally distributed and use a​ t-distribution to find the margin of error and construct a 95​% confidence interval for the population mean. Interpret the results.

The 95​% confidence interval for the population mean ​(76.34,103.66).

​(Round to two decimal places as​ needed.)

The margin of error is ​$____?? I NEED THIS ANSWER, OR EXPLAINED HOW TO FIGURE THIS PART OUT PLEASE

​(Round to two decimal places as​ needed.)

Explain revenue, marginal revenue, and marginal cost. Provide some examples.

A realtor is interested to compare the average cost of a 3 bedroom home in three different cities.   Prices from a sample of homes in each city are collected and shown in the dataset shown below (data is shown in thousands of dollars).

The realtor is interested to know if the prices of the average 3 bedroom home are statistically the same for the three cities.    Use a significance level of 5%.

The realtor has confirmed that the samples were randomly selected and independent, and the populations have normal distribution and the population variances are equal.  

(a) calculate the Test Statistic for this example (round your answer to 2 decimal places)

(b) calculate the P-value for this example (round your answer to 2 decimal places)

"Housing Prices in Atlanta"   Housing Prices in Seattle   Housing Prices in Miami
344 331 295
332 273 295
360 378 317
332 374 293
301 329    333
312 372 295
361 320 324
355 292   406
360 289 312
269 363 357
277 342 385
376 322 349
360 354 422
398 342 361
298 342 337
314   323 385
341 336 337
340 367 334
390 419 328
348 320 347

Duke Energy reported that the cost of electricity for an efficient home in a particular neighborhood of Cincinnati, Ohio was $107 per month. A researcher believes that the cost of electricity for a comparable neighborhood in Chicago, Illinois is higher. A sample of homes in this Chicago neighborhood will be taken and the sample mean monthly cost of electricity will be used to test the following null and alternative hypotheses. H0: μ ≤ 107 Ha: μ > 107 a. Assume the sample data lead to rejection of the null hypothesis. What would be your conclusion about the cost of electricity in the Chicago neighborhood? b. What is the Type I error in this situation? The Type I error is H0 when it is . What are the consequences of making this error? c. What is the Type II error in this situation? The Type II error is H0 when it is . What are the consequences of making this error

New tire retreading equipment, acquired at a cost of $110,000 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $7,500. The manager requested information regarding the effect of alternative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double-declining-balance method was selected.

In the first week of the fourth year, the equipment was sold for $18,000.

Determine the annual depreciation expense for each of the estimated four years of use, the accumulated depreciation at the end of each year, and the book value of the equipment at the end of each year by (a) the straight-line method and (b) the double declining- balance method.

a. Straight-line method

b. Double-declining-balance method

2. On January 1, journalize the entry to record the sale. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

3. On January 1, journalize the entry to record the sale, assuming that the equipment sold for $10,500 instead of $18,000. Refer to the Chart of Accounts for exact wording of account titles.

PAGE 1

JOURNAL

With the rise in fuel costs, the price unit cost of the majority of beef products have increased, you are interested in the cost of 700kg fillet. The price of a 700g fillet steak in dollars was taken from the menus of 30 restaurants. The prices are as follows:

148 , 95 , 150 , 125 , 75 , 185 , 105 , 165 , 139 , 185

205 , 126 , 144 , 95 , 151 , 310 ,110 , 99 , 180 , 146

70 , 148, 160 , 138 , 89 , 146 , 180 , 170 , 123 , 170

a. Calculate and interpret the mean, median and modal price of 700 fillet steak meal from the 30 menus of the samples restaurants.

b. Calculate the standard deviation, coefficient of variation,

c. Calculate the quartile deviation of prices

You are competing for a contract in a second-price auction. The cost for you to fulfill the contract is $10m. Check if each of the following statements is true. If not, change the statement to make it correct.

1. If with probability 0.4, the lowest cost of your competitors is $6m and with probability 0.6, it is $15m. Then your expected profit from the auction is $1.4m.

2. (4 points) If one of your competitors can fulfill the contract at cost $7m, then you are going to lose at least $3m.

3. (4 points) If 30% of chance that one of your competitors has a cost below $6m, 30% of chance that all of them have a cost above $16m, and 40% of chance all of them have a cost somewhere between $8m and $11m. Then your expected profit is at least $1.8m.

4. (4 points) If all your competitors inflate their ask prices above their costs by 10%, then you will be worse if you do not do so.