17. Claim: The average cost to repair washing machine A is the same as the average cost to repair washing machine B. Test at α = 0.05 Data: A sample of 14 washing machine A’s have an average repair cost of $208 and a standard deviation of $25. A sample of 16 washing machine B’s has an average repair cost of $221 and a standard deviation of $29.
Assume that the population standard deviations for repair costs are the same for each
(a) Are these data statistically significant evidence to support the claim?

(b) Are these data statistically significant evidence to refute the claim?

It is generally agreed that, “the importance of cost and management accounting can be considered under the following subheadings: to management, to workers, to investors, to government and to public.” Required: outline its importance with respect to the above mentioned subheadings.

The power point presentation that the cost of goods sold is often the most challenging to compute. What reasons may cause these challenges in determining the cost ?

C#

A car dealer wants an application that calculates the cost of a car.

The GUI application should link the “BuildYourCar.accdb” database and display all the data in four different “ListBox” based on the category. Each “ListBox” should display all the items in that category. The user can only choose one item from each “ListBox” to add an item to a car. As each item is selected, the application displays the item in a separate “ListBox” to display. If user wants to remove an item, the user can click the item in the display “ListBox” to remove it. When the item is selected, the cost of that item will be added to the subtotal. When the item is removed, the cost of that item will be subtracted.

The program should include Subtotal, Tax, and Total fields in the GUI. Also, the user can click the “Clear” Button to restore the Subtotal, Tax, and Total to $0.00.

Use the BuildYourCar.accdb database

Mercury Inc. purchased equipment in 2019 at a cost of $110,000. The equipment was expected to produce 380,000 units over the next five years and have a residual value of $34,000. The equipment was sold for $63,400 part way through 2021. Actual production in each year was: 2019 = 54,000 units; 2020 = 86,000 units; 2021 = 43,000 units. Mercury uses units-of-production depreciation, and all depreciation has been recorded through the disposal date.

Required:
1. Calculate the gain or loss on the sale.
2. Prepare the journal entry to record the sale.
3. Assuming that the equipment was instead sold for $84,400, calculate the gain or loss on the sale.
4. Prepare the journal entry to record the sale in requirement 3.

Brickell Corporation purchased a new machinery at the beginning of 2020 at a cost of $200,000. The machinery is expected to have a useful life of 10 years and no residual value. The straight-line method of depreciation is used. Adverse economic conditions develop in 2022 that result in a significant decline in demand for Brickell’s products. At December 31, 2022 the company develops the following estimates related to the machinery:

• Expected future cash flows: $150,000

• PV of expected future cash flows: $110,000

• Selling price: $140,000

• Cost of disposal: $14,000

At the end of 2024, Brickell’s management determines that there has been a substantial improvement in economic outlook, resulting in a strengthening of demand for Brickell’s products. The following estimates related to the machinery are developed at December 31, 2024:

• Expected future cash flows: $140,000

• PV of expected future cash flows: $106,000

• Selling price: $100,000

• Cost of disposal: $14,000

Required:

1. Determine the carrying amounts for the machinery reported on the balance sheet at the end of years 2020-2024 and the amounts to be reported in the income statement related to the machinery for years 2020-2024.

7) If an average cost pricing rule is imposed on the natural monopoly shown in the figure above, then consumer surplus will be
A) $16 million.
B) $0.
C) $8 million.
D) $9 million.

8) The most efficient way to encourage the growth of an infant industry is through
A) an import quota.
B) a subsidy.
C) a tariff.
D) a voluntary export restraint.

9) Kellogg's and General Mills are two of the dominant breakfast cereal manufactures in the U.S. Each firm can either sign or not sign an exclusive contract with an Olympian gold-medal athlete to appear on the cover of a cereal box. Both Kellogg's and General Mills have signed athletes in 2008, Michael Phelps and Nastia Liukin, respectively. What does this suggest about the outcome of the oligopoly game?
A) The Nash equilibrium must be that both companies sign.
B) The highest profits are when both companies sign.
C) The Nash equilibrium must be that both companies sign and this always leads to the highest profits.
D) The best outcome, in terms of profit, is where both companies sign.

10) One of the best defenses we have against malaria these days comes from a fern-like weed called wormwood. Fluctuating supply and demand have pushed the plant's price from $155 per kilo one year, to over $1000 the next. There is a push to set a price ceiling for the plant. Which of the following would NOT occur if there was a price ceiling set below the equilibrium price on wormwood?
A) A black market for wormwood may be created.
B) The wormwood market would be allocatively efficient because its price would not fluctuate.
C) There would be an increase in inefficiency in the wormwood market.
D) A wormwood shortage might occur.

Discuss the concept of cost minimization models. When can they be applied, and what are the steps to follow when using them?

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 Job 103 Job 104 Direct materials $ 17,000 $ 64,000 $ 57,000 Direct labor 13,000 29,500 45,000 Overhead 6,240 14,160 21,600 Job 102 was started in production in May and the following costs were assigned to it in May: direct materials, $10,000; direct labor, $3,100; and overhead, $1,488. Jobs 103 and 104 are started in June. Overhead cost is applied with a predetermined rate based on direct labor cost. Jobs 102 and 103 are finished in June, and Job 104 is expected to be finished in July. No raw materials are used indirectly in June. Using this information, answer the following questions. (Assume this company’s predetermined overhead rate did not change across these months). 1. What is the cost of the raw materials requisitioned in June for each of the three jobs? (Omit the "$" sign in your response.) Job 102 $ Job 103 $ Job 104 $ 2. How much direct labor cost is incurred during June for each of the three jobs? (Omit the "$" sign in your response.) Job 102 $ Job 103 $ Job 104 $ 3. What predetermined overhead rate is used during June? (Omit the "%" sign in your response.) Predetermined overhead rate % 4. How much total cost is transferred to finished goods during June? (Omit the "$" sign in your response.) Total transferred cost $