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):

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:

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:

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.

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

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:

*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:

*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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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.)

1.

Mrs. Walker filled out a bracket for the NCAA National Tournament. Based on her knowledge of college basketball, she has a 0.53 probability of guessing any one game correctly.

What is the probability Mrs. Walker will pick all 32 of the first round games correctly?

What is the probability Mrs. Walker will pick exactly 10 games correctly in the first round?

What is the probability Mrs. Walker will pick exactly 20 games incorrectly in the first round?

2.

After being rejected for employment, Kim Kelly learns that the Bellevue Credit Company has hired only five women among the last 19 new employees. She also learns that the pool of applicants is very large, with an approximately equal number of qualified men as qualified women.

Help her address the charge of gender discrimination by finding the probability of getting five or fewer women when 19 people are hired, assuming that there is no discrimination based on gender.
(Report answer accurate to 8 decimal places).
P(at most five) =

thank you

The Fab Five are planning on launching a new Netflix series. But which one? Antoni could lead a sizzling cooking show which would cost $450,000 to shoot, but is guaranteed to earn $200,000 for the first year, then $100,000 for 3 more years, and finally $50,000 in its fifth year. Jonathan could just sit in front of the camera and be great for $100,000 to shoot, but he’d only earn cash flows of $25,000 for the next 7 years. There is the potential for Bobby to create a home makeover show which would cost $600,000 to make, but he’d earn them $300,000 the first year then $250,000 the next two years. Lastly, Tan and Karamo could produce a show about cultural influences on fashion. It would cost $200,000 to shoot and earn $50,000 for the first 2 years, then $100,000 for the next 2 years. Interest rates are currently 12%.

Which project is expected to be most profitable? If funding wasn’t an object, which show(s) should they create?

(Use Excell and use your knowledge about NPV, IRR, and scenario analysis method)

Problem 11-20B Manufacturing cost flow for monthly and annual accounting periods

Blanchard Manufacturing Company manufactures puzzles that depict the works of famous artists. The company rents a small factory and uses local labor on a part-time basis. The following accounting events affected Blanchard during its first year of operation. (Assume that all transactions are cash transactions unless otherwise stated.)

Transactions for First Month of Operation 2018

Issued common stock for $15,000.

Purchased $4,500 of direct raw materials and $600 of indirect raw materials. Indirect materials are recorded in a Production Supplies account.

Used $3,896 of direct raw materials.

Used 700 direct labor hours; production workers were paid $6 per hour.

Expected total overhead costs for the year to be $16,800 and direct labor hours used during the year to be 9,600. Calculate an overhead rate and apply the appropriate amount of overhead costs to Work in Process.

Paid $800 for salaries to administrative and sales staff.

Paid $700 for indirect manufacturing labor.

Paid $600 for rent and utilities on the manufacturing facilities.

Started and completed 956 puzzles; all costs were transferred from the Work in Process Inventory account to the Finished Goods Inventory account.

Sold 800 puzzles at a price of $12 each.

Transactions for Remainder of 2018

Acquired an additional $150,000 by issuing common stock.

Purchased $46,000 of direct raw materials and $4,000 of indirect raw materials.

Used $41,050 of direct raw materials.

Paid production workers $6 per hour for 9,800 hours of work.

Applied the appropriate overhead cost to Work in Process Inventory.

Page 530Paid $8,800 for salaries of administrative and sales staff.

Paid $7,700 for the salary of the production supervisor.

Paid $6,600 for rental and utility costs on the manufacturing facilities.

Transferred 12,000 additional puzzles that cost $9.75 each from Work in Process Inventory to Finished Goods Inventory accounts.

Determined that $3,200 of production supplies was on hand at the end of the accounting period.

Sold 8,000 puzzles for $12 each.

Determine whether overhead is over- or underapplied. Close the Manufacturing Overhead account to Cost of Goods Sold.

Close the revenue and expense accounts.

Required

Open T-accounts and post transactions to the accounts.

Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2018.

Evelyn Walton started Walton Manufacturing Company to make a universal television remote control device that she had invented. The company’s labor force consisted of part-time employees. The following accounting events affected Walton Manufacturing Company during its first year of operation. (Assume that all transactions are cash transactions unless otherwise stated.)

Transactions for January 2018, First Month of Operation

1. Issued common stock for $10,000.

2. Purchased $410 of direct raw materials and $60 of production supplies.

3. Used $385 of direct raw materials.

4. Used 70 direct labor hours; production workers were paid $9.70 per hour.

5. Expected total overhead costs for the year to be $3,000, and direct labor hours used during the year to be 1,000. Calculate an overhead rate and apply the appropriate amount of overhead costs to Work in Process Inventory.

6. Paid $144 for salaries to administrative and sales staff.

7. Paid $22 for indirect manufacturing labor.

8. Paid $215 for rent and utilities on the manufacturing facilities.

9. Started and completed 100 remote controls during the month; all costs were transferred from the Work in Process Inventory account to the Finished Goods Inventory account.

10. Sold 80 remote controls at a price of $21.4 each.

Transactions for Remainder of 2018

11. Acquired an additional $18,000 by issuing common stock.

12. Purchased $3,910 of direct raw materials and $880 of production supplies.

13. Used $3,000 of direct raw materials.

14. Paid production workers $9.70 per hour for 900 hours of work.

15. Applied the appropriate overhead cost to Work in Process Inventory.

16. Paid $1,559 for salaries of administrative and sales staff.

17. Paid $236 of indirect manufacturing labor cost.

18. Paid $2,390 for rental and utility costs on the manufacturing facilities.

19. Transferred 850 additional remote controls that cost $12.74 each from the Work in Process Inventory account to the Finished Goods Inventory account.

20. Determined that $166 of production supplies was on hand at the end of the accounting period.

21. Sold 840 remote controls for $21.40 each.

22. Determine whether the overhead is over- or underapplied. Close the Manufacturing Overhead account to the Cost of Goods Sold account.

23. Close the revenue and expense accounts.

Required

1. For each of the above transactions, post the effects to the appropriate T-accounts.

2. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for 2018.

Estimated Income Statements, using Absorption and Variable Costing

Prior to the first month of operations ending October 31, Marshall Inc. estimated the following operating results:

The company is evaluating a proposal to manufacture 50,000 units instead of 40,000 units, thus creating an ending inventory of 10,000 units. Manufacturing the additional units will not change sales, unit variable factory overhead costs, total fixed factory overhead cost, or total selling and administrative expenses.

a. 1. Prepare an estimated income statement, comparing operating results if 40,000 and 50,000 units are manufactured in the absorption costing format. If an amount box does not require an entry leave it blank or enter “0”.

a. 2. Prepare an estimated income statement, comparing operating results if 40,000 and 50,000 units are manufactured in the variable costing format. If an amount box does not require an entry leave it blank or enter “0”.

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b. What is the reason for the difference in income from operations reported for the two levels of production by the absorption costing income statement?

The increase in income from operations under absorption costing is caused by the allocation of overhead cost over a number of units. Thus, the cost of goods sold is . The difference can also be explained by the amount of overhead cost included in the inventory.

Sam's Corner Store has the following purchase and sales information for one of their inventory items: Date Units $/Unit Total Feb 1 Opening inventory 10 $8 $80 Feb 9 Purchase 25 $9 $225 Feb 15 Sale 15 $15 $225 Feb 17 Purchase 20 $11 $220 Feb 25 Sale 10 $16 $160 Required: For (a) and (b) assume the company uses the periodic inventory system. (a) Calculate the gross profit if the company uses first-in, first-out (FIFO) (b) Calculate the value of the ending inventory if the company uses weighted average. For (c) and (d) assume the company uses the perpetual inventory system. (c) What is the cost of goods sold for the Feb 25 sale if the company uses weighted average to cost the inventory? (d) What is the value of the ending inventory if the company uses FIFO?

Subject-Accounting

If you are a Director R&D Clinical Studies

Please answer the following questions No Plagiarism please

Try to use approximately 100 words each question

Please type

Please do no plagiarize. If you don't know dint answer.

4.       What were the challenges in your past and present company?

5.       Can you describe the drug development process?

6.       What step is more promising/ challenging during drug development?

7.       Which step has more ethical issues and how have you overcome them?

8.       What do you suggest to people who want to pursue a career in clinical trials?

9.       How do we approach/ what aspect do we need to consider at the first step?

10.   What is the most difficult part of drug development?

11.   What step in the drug development is most costly?

QUESTION 5

Recognition and recall tasks both ask subjects to __________ information.  

QUESTION 6

In considering the Serial Position Effect, the “primacy effect” refers to the fact that

QUESTION 7

According to psychoanalytic theory, __________ is occurring when memories or impulses that give rise to anxiety are pushed out of consciousness.

QUESTION 8

Which name was not influential in the development of psychology as a unique discipline?