Questions
Briefly write about the first in first out process costing method.

Briefly write about the first in first out process costing method.

In: Accounting

: There are 218 first-graders in an elementary school. Of these first graders, 86 are boys...

: There are 218 first-graders in an elementary school. Of these first graders, 86 are boys and 132 are girls. School wide, there are 753 boys and 1063 girls. • Instructions: The principal would like to know if the gender ratio in first grade reflects the gender ratio school wide What are the degrees of freedom (df)?

Complete this table in SPSS and paste the output below to replace it:

men women
no. observed no expected no. observed no expected

Calculate χ² in SPSS and paste the output below.

e. Can you reject the null hypothesis at α = .05? Explain why or why not

In: Statistics and Probability

JavaScript Write a function called "first" that takes in two arguments - the first is an...

JavaScript

Write a function called "first" that takes in two arguments - the first is an argument called arr that is an array of numbers, the second is an optional number argument called num(hint: you'll need a default value - look back at the slides).

If "num" was not passed in (since it's optional), the "first" function will return an array containing the first item of the array.

If a value for "num" was given, the "first" function will return an array containing the first "num" values of the array.

See the example output below.

console.log(first([7, 9, 0, -2])); // [7]
console.log(first([], 3)); // [undefined, undefined, undefined]
console.log(first([7, 9, 0, -2], 3)); // [7, 9, 0]
console.log(first([7, 9, 0, -2], 6)); // [7, 9, 0, -2, undefined, undefined]

In: Computer Science

PART 1: Fill-In Answers – select the appropriate term to fill in each blank. TERMS: Capacity...

  1. PART 1: Fill-In Answers – select the appropriate term to fill in each blank.

    TERMS:

    Capacity
    Capacity Utilization Diseconomies
    Economies
    Federalist
    Fixed
    Marginal
    Needs
    Scale
    Semi-fixed
    Service User Population Spending threshold Tastes and preferences Unit
    Variable

A. [#1] ______________ costs are a type of expense an organization must pay for regardless of the number of clients served, for example, a mortgage on a facility. In contrast, additional expense associated with serving one client, for example tongue depressors in a health clinic or beverages served during an airplane flight are called[#2] ______________ costs; these costs vary in accordance with the number of people served.

B. Some organizations provide services that are consumed collectively, for example, by passengers on an airplane flight or train or by students in a high school classroom. Expenses for airline or a train personnel or high school teachers are fixed in the intermediate term, so they are referred to as [#3] __________________ costs. Together, truly fixed costs and costs that are fixed in the intermediate term establish a[#4] ______________________ that must be budgeted and paid for even if only one or a few clients are served. In other words, if a plane is going to fly, the plane and crew must be available. Making the necessary minimum expenditure permits one or more clients to be served.

C. A per pupil, per inmate, per client, or per passenger expenditure is an average cost that often is referred to as a [#5] _____________ cost. This type of cost declines as additional users (e.g. jail inmates) are accommodated within existing capacity (e.g. a jail). Per inmate expenditures are high in Maine because many jails have very small to small capacities, which causes [#6] _______________________ of small scale that drive up unit costs. A reasonably large jail like the Cumberland County Jail achieve cost savings from

[#7] ______________________________ of larger scale, while a slightly larger but not hugely greater jail size would likely achieve more returns to scale (unit cost savings). When facilities are too large diseconomies of very large scale emerge.

D. School funding formulas usually grant assistance on a per pupil (average cost) basis. This linear funding approach assumes that each student served requires an equal number of dollars to educate. When a new student enters a school district, the formula assumes that the district will need to increase spending by the average per pupil cost. Another way to think about this average costing approach is that all costs are treated as variable. In fact, the [#8] ____________________ cost associated with serving one additional student may be close to zero if there is space available in the school.

2

E. An airplane has a given number of seats or a [#9] __________________ that permits a maximum number of passengers and crew members to travel. When only a small number of seats are filled, there is low [#10] _________________________.

F. Small, rural public schools and university campuses in low population density locations may face high unit costs due to a combination of small [#11] __________________ and seats in classrooms not being filled.

G. Demand for public services derives in part from [#12] _________________________ of the population served that occur when individuals and/or households are unable to achieve a reasonable standard of living or require compensatory services to achieve their potential. In contrast, demands also arise from [#13] ____________________________ of the population that tend to vary with income level; this component of spending demand is not characterized as a remedy for circumstances that are beyond the individual’s or household’s control.

H. The number of residents in a community often is an important source of spending demand. However, to accurately forecast spending, factors that affect the number of units of service to be delivered must be considered. Accurately sizing water systems and sewerage treatment and estimating demand for emergency response capacity (fire and emergency medical) and policing requires the analyst to consider the size of the combined resident and non-resident [#14] ___________________________.

I. When demands for spending exceed revenue capacity, a state or local government is unable to pay for all needed services. In a [#15] ___________________ system of government, vastly differing sizes and resource capacities of governments ensure that there will be mismatches between spending requirements and revenue capacity.

In: Finance

1. When σ is unknown and the sample is of size n ≥ 30, there are...

1. When σ is unknown and the sample is of size n ≥ 30, there are two methods for computing confidence intervals for μ.

Method 1: Use the Student's t distribution with d.f. = n − 1.
This is the method used in the text. It is widely employed in statistical studies. Also, most statistical software packages use this method.

Method 2: When n ≥ 30, use the sample standard deviation s as an estimate for σ, and then use the standard normal distribution.
This method is based on the fact that for large samples, s is a fairly good approximation for σ. Also, for large n, the critical values for the Student's t distribution approach those of the standard normal distribution.

Consider a random sample of size n = 36, with sample mean x = 45.1 and sample standard deviation s = 6.0.

(a) Compute 90%, 95%, and 99% confidence intervals for μ using Method 1 with a Student's t distribution. Round endpoints to two digits after the decimal.

90% 95% 99%
lower limit    
upper limit    


(b) Compute 90%, 95%, and 99% confidence intervals for μ using Method 2 with the standard normal distribution. Use s as an estimate for σ. Round endpoints to two digits after the decimal.

90% 95% 99%
lower limit    
upper limit    

(d) Now consider a sample size of 81. Compute 90%, 95%, and 99% confidence intervals for μ using Method 1 with a Student's t distribution. Round endpoints to two digits after the decimal.

90% 95% 99%
lower limit    
upper limit    


(e) Compute 90%, 95%, and 99% confidence intervals for μ using Method 2 with the standard normal distribution. Use s as an estimate for σ. Round endpoints to two digits after the decimal.

90% 95% 99%
lower limit    
upper limit    

2. The home run percentage is the number of home runs per 100 times at bat. A random sample of 43 professional baseball players gave the following data for home run percentages.

1.6 2.4 1.2 6.6 2.3 0.0 1.8 2.5 6.5 1.8
2.7 2.0 1.9 1.3 2.7 1.7 1.3 2.1 2.8 1.4
3.8 2.1 3.4 1.3 1.5 2.9 2.6 0.0 4.1 2.9
1.9 2.4 0.0 1.8 3.1 3.8 3.2 1.6 4.2 0.0
1.2 1.8 2.4

(a) Use a calculator with mean and standard deviation keys to find x and s. (Round your answers to two decimal places.)

x = %
s = %


(b) Compute a 90% confidence interval for the population mean μ of home run percentages for all professional baseball players. Hint: If you use the Student's t distribution table, be sure to use the closest d.f. that is smaller. (Round your answers to two decimal places.)

lower limit     %
upper limit     %


(c) Compute a 99% confidence interval for the population mean μ of home run percentages for all professional baseball players. (Round your answers to two decimal places.)

lower limit     %
upper limit     %

In: Statistics and Probability

Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were...

Kenworth Company uses a job-order costing system. Only three jobs—Job 105, Job 106, and Job 107—were worked on during November and December. Job 105 was completed on December 10; the other two jobs were still in production on December 31, the end of the company’s operating year. Data from the job cost sheets of the three jobs follow: Job Cost Sheet Job 105 Job 106 Job 107 November costs incurred: Direct materials $ 18,900 $ 11,700 $ 0 Direct labour $ 15,400 $ 9,400 $ 0 Manufacturing overhead $ 23,100 $ 14,100 $ 0 December costs incurred: Direct materials $ 0 $ 9,400 $ 26,100 Direct labour $ 5,800 $ 7,200 $ 12,400 Manufacturing overhead ? ? ? The following additional information is available: Manufacturing overhead is applied to jobs on the basis of direct labour cost. Balances in the inventory accounts at November 30 were as follows: Raw Materials $ 47,200 Work in Process ? Finished Goods $ 97,000 Required: 1. Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, and Manufacturing Overhead. Enter the November 30 inventory balances given above; in the case of Work in Process, compute the November 30 balance and enter it into the Work in Process T-account. 2. Prepare journal entries for December as follows: a. Prepare an entry to record the issue of materials into production and post the entry to appropriate T-accounts. (In the case of direct materials, it is not necessary to make a separate entry for each job.) Indirect materials used during December totalled $5,800. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) b. Prepare an entry to record the incurrence of labour cost, and post the entry to appropriate T-accounts. (In the case of direct labour cost, it is not necessary to make a separate entry for each job.) Indirect labour cost totalled $10,400 for December. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) c. Prepare an entry to record the incurrence of $19,700 in various actual manufacturing overhead costs for December (credit Accounts Payable). Post this entry to the appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 3-a. What apparent predetermined overhead rate does the company use to assign overhead cost to jobs? 3-b. Prepare a journal entry to record the application of overhead cost to jobs for December (it is not necessary to make a separate entry for each job). Post this entry to the appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4. As stated earlier, Job 105 was completed during December. Prepare a journal entry to show the transfer of this job off the production line and into the finished goods warehouse. Post the entry to the appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 5. Determine the balance at December 31 in the Work in Process inventory account. How much of this balance consists of costs charged to Job 106? Job 107?

In: Accounting

Charles is a retired bus driver who developed type 2 diabetes over 10 years ago. Since...

Charles is a retired bus driver who developed type 2 diabetes over 10 years ago. Since his retirement, his lifestyle has become very sedentary and he has put on a substantial amount of weight. Although he has felt tingling and numbness in his left foot for a while, he has not been worried because he thought his foot was simply “falling asleep.” Recently, a scratch on his foot does not seem to be healing and is becoming increasingly ugly. Because the sore did not bother him much, Charles figured it could not be serious until his daughter noticed a purplish discoloration spreading on the skin and oozing. When he was finally seen by his physician, Charles was rushed to the operating room. His open sore, or ulcer, is the result of a diabetic foot.The concern here is that gas gangrene may have taken hold in the dead tissue. The most likely agent of gas gangrene is Clostridium perfringens, an endospore-forming, gram-positive bacterium. It is an obligate anaerobe that grows in tissue devoid of oxygen. Since dead tissue is no longer supplied with oxygen by the circulatory system, the dead tissue provides pockets of ideal environment for the growth of C. perfringens.A surgeon examines the ulcer and radiographs of Charles’s foot and determines that the bone is not yet infected. The wound will have to be surgically debrided (debridement refers to the removal of dead and infected tissue) and a sample sent for microbiological lab analysis, but Charles will not have to have his foot amputated. Many diabetic patients are not so lucky. In 2008, nearly 70,000 diabetic patients in the United States lost a foot or limb to amputation, according to statistics from the Centers for Disease Control and Prevention.[1]Which growth conditions would you recommend for the detection of C. perfringens?

In: Biology

Assessment: Chief Complaint: 72-year-old woman who fell on her right hip. History: 72-year-old white female, was...

Assessment:

Chief Complaint: 72-year-old woman who fell on her right hip.

History: 72-year-old white female, was brought to the Emergency Room after falling. She was previously in good health, despite leading a relatively sedentary lifestyle and having a 30-year history of cigarette smoking. The only medication she currently takes is propranolol for mild hypertension. She fell upon entering the bathtub when her right leg slipped out from under her; she landed on her right hip. There was no trauma to her head, nor does she complain of right or left wrist pain. However, she reports severe pain in the right hip and upper thigh and was unable to get up after her fall.

Physical examination: A/O x4, and was responding appropriately to questions despite being in considerable pain. There were no signs of trauma to the head, neck, torso, arms or left leg. The right thigh and hip were extremely tender and were immobilized by a leg splint. Heart and lung sounds were normal and abdominal sounds were reduced.

Radiology report: The X-ray of the right hip revealed a complete, comminuted, intertrochanteric fracture of the right hip. There were also long-term osteoporotic changes in the femur, tibia, and fibula.

Surgery: ORIF to the right hip

Following her recovery, she was placed on three medications: oral calcium supplements, oral estrogen, and oral alendronate sodium.  

Question:

1.    Why do bones become osteoporotic in some people?

2.    How does weight-bearing exercise influence the bone healing process?

3.    What risk factors does she have for osteoporosis?

4.    What bones are most vulnerable to osteoporosis and why?

5.    How does each of these medications work to treat the patient?

Thanks

In: Nursing

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of...

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below.

The company sells many styles of earrings, but all are sold for the same price—$18 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings):

January (actual) 22,800 June (budget) 52,800
February (actual) 28,800 July (budget) 32,800
March (actual) 42,800 August (budget) 30,800
April (budget) 67,800 September (budget) 27,800
May (budget) 102,800

The concentration of sales before and during May is due to Mother’s Day. Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month.

Suppliers are paid $5.40 for a pair of earrings. One-half of a month’s purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month’s sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible.

Monthly operating expenses for the company are given below:

Variable:
Sales commissions 4 % of sales
Fixed:
Advertising $ 340,000
Rent $ 32,000
Salaries $ 134,000
Utilities $ 14,000
Insurance $ 4,400
Depreciation $ 28,000

Insurance is paid on an annual basis, in November of each year.

The company plans to purchase $23,000 in new equipment during May and $54,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $25,500 each quarter, payable in the first month of the following quarter.

The company’s balance sheet as of March 31 is given below:

Assets
Cash $ 88,000
Accounts receivable ($51,840 February sales; $616,320 March sales) 668,160
Inventory 146,448
Prepaid insurance 28,000
Property and equipment (net) 1,090,000
Total assets $ 2,020,608
Liabilities and Stockholders’ Equity
Accounts payable $ 114,000
Dividends payable 25,500
Common stock 1,080,000
Retained earnings 801,108
Total liabilities and stockholders’ equity $ 2,020,608

The company maintains a minimum cash balance of $64,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month.

The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. At the end of the quarter, the company would pay the bank all of the accumulated interest on the loan and as much of the loan as possible (in increments of $1,000), while still retaining at least $64,000 in cash.

Required:

Prepare a master budget for the three-month period ending June 30. Include the following detailed schedules:

1. b. A schedule of expected cash collections, by month and in total.

2. A cash budget. Show the budget by month and in total. Determine any borrowing that would be needed to maintain the minimum cash balance of $64,000.

1b: Need help with the question-marked boxes.

Earrings Unlimited
Schedule of Expected Cash Collections
April May June Quarter
February sales ? ? ? ?
March sales ? ? ? ?
April sales 244,080 854,280 122,040 1,220,400
May sales ? 370,080 1,295,280 ?
June sales ? ? 190,080 ?
Total cash collections ? ? ? ?


For questions 2, listed below is what I have, everything that is BOLD with a QUESTION MARK is WRONG.

Earrings Unlimited
Cash Budget
For the Three Months Ending June 30
April May June Quarter
Beginning cash balance $88,000 $64,024 $303,988 $88,000
Add collections from customers 835,200 1,301,400 1,607,400 3,744,000
Total cash available 923,200 1,365,424 1,911,388 3,832,000
Less cash disbursements:
Merchandise purchases 334,860 444,420 344,520 ?
Advertising 48,816? 74,016? 38,016? ?
Rent 340,000? 340,000? 340,000? ?
Salaries 32,000? 32,000? 32,000? ?
Commissions 134,000? 134,000? 134,000? ?
Utilities 14,000 14,000 14,000 ?
Equipment purchases ? 23,000 54,000 ?
Dividends paid 25,500 ? ? ?
Total cash disbursements ? ? ? ?
Excess (deficiency) of cash available over disbursements ? ? ? ?
Financing:
Borrowings 70,000 ? ? ?
Repayments ? ? (70,000) ?
Interest ? ? (2,100) ?
Total financing ? ? ? ?
Ending cash balance ? ? ? ?

In: Accounting

Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been...

Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been experiencing problems as shown by its June contribution format income statement below:

Flexible Budget Actual
Sales (5,000 pools) $ 235,000 $ 235,000
Variable expenses:
Variable cost of goods sold* 71,350 86,370
Variable selling expenses

13,000

13,000
Total variable expenses

84,350

99,370
Contribution margin

150,650

135,630
Fixed expenses:
Manufacturing overhead 62,000 62,000
Selling and administrative 77,000 77,000
Total fixed expenses

139,000

139,000
Net operating income (loss) $ 11,650 $

(3,370

)

*Contains direct materials, direct labor, and variable manufacturing overhead.

Janet Dunn, who has just been appointed general manager of the Westwood Plant, has been given instructions to “get things under control.” Upon reviewing the plant’s income statement, Ms. Dunn has concluded that the major problem lies in the variable cost of goods sold. She has been provided with the following standard cost per swimming pool:

Standard Quantity or Hours Standard Price
or Rate
Standard Cost
Direct materials 3.8 pounds $

2.20

per pound $ 8.36
Direct labor 0.7 hours $

6.80

per hour 4.76
Variable manufacturing overhead 0.5 hours* $

2.30

per hour

1.15

Total standard cost per unit $ 14.27

*Based on machine-hours.

During June, the plant produced 5,000 pools and incurred the following costs:

Purchased 24,000 pounds of materials at a cost of $2.65 per pound.

Used 18,800 pounds of materials in production. (Finished goods and work in process inventories are insignificant and can be ignored.)

Worked 4,100 direct labor-hours at a cost of $6.50 per hour.

Incurred variable manufacturing overhead cost totaling $7,560 for the month. A total of 2,800 machine-hours was recorded.

It is the company’s policy to close all variances to cost of goods sold on a monthly basis.

Required:

1. Compute the following variances for June:

a. Materials price and quantity variances.

b. Labor rate and efficiency variances.

c. Variable overhead rate and efficiency variances.

2. Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month.

1a. Compute the following variances for June, materials price and quantity variances.

1b. Compute the following variances for June, labor rate and efficiency variances.

1c. Compute the following variances for June, variable overhead rate and efficiency variances.

(Do not round your intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

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1a. Material price variance
Material quantity variance
1b. Labor rate variance
Labor efficiency variance
1c. Variable overhead rate variance
Variable overhead efficiency variance

Summarize the variances that you computed in (1) above by showing the net overall favorable or unfavorable variance for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.)

Net variance

In: Accounting