1 Frito-Lay’s Quality-Controlled Potato ChipsFrito-Lay’s Quality-Controlled Potato Chips Frito-Lay, the multi-billion-dollar snack food giant, produces billions of pounds of product every year at its dozens of U.S. and Canadian plants. From the farming of potatoes—in Florida, North Carolina, and Michigan—to factory and to retail stores, the ingredients and final product of Lay’s chips, for example, are inspected at least 11 times: in the field, before unloading at the plant, after washing and peeling, at the sizing station, at the fryer, after seasoning, when bagged (for weight), at carton filling, in the warehouse, and as they are placed on the store shelf by Frito- Lay personnel. Similar inspections take place for its other famous products, including Cheetos, Fritos, Ruffles, and Tostitos. In addition to these employee inspections, the firm uses proprietary vision systems to look for defective potato chips. Chips are pulled off the high-speed line and checked twice if the vision system senses them to be too brown. The company follows the very strict standards of the American Institute of Baking (AIB), standards that are much tougher than those of the U.S. Food and Drug Administration. Two unannounced AIB site visits per year keep Frito-Lay’s plants on their toes. Scores, consistently in the “excellent” range, are posted, and every employee knows exactly how the plant is doing. There are two key metrics in Frito-Lay’s continuous improvement quality program: (1) total customer complaints (measured on a complaint per million bag basis) and (2) hourly or daily statistical process control scores (for oil, moisture, seasoning, and salt content, for chip thickness, for fryer temperature, and for weight). In the Florida plant, Angela McCormack, who holds engineering and MBA degrees, oversees a 15-member quality assurance staff. They watch all aspects of quality, including training employees on the factory floor, monitoring automated processing equipment, and developing and updating statistical process control (SPC) charts. The upper and lower control limits for one checkpoint, salt content in Lay’s chips, are 2.22% and 1.98%, respectively. To see exactly how these limits are created using SPC, watch the video that accompanies this case.

Discussion Questions* 1.Angela is now going to evaluate a new salt process delivery system and wants to know if the upper and lower control limits at 3 standard deviations for the new system will meet the upper and lower control specifications noted earlier.

She picks a sample of four each hour for 5 hours. The data (in percent) from the initial trial samples are:

Sample 1: 1.99, 2.0, 2.08, 1.99

Sample 2: 1.98, 2.11, 2.15, 2.06

Sample 3: 2.01, 2.08, 2.14, 2.16

Sample 4: 2.18, 2.01, 2.23, 1.98

Sample 5: 2.20, 2.10. 2.20, 2.05

Analyze the data and draw the 푿푿� and R control charts in Microsoft Excel including the upper and lower control limits. (Hint: There is no population standard deviation available so you need to get A2, D3 and D4 for upper and lower limits)

2.Given these data and your analysis, what conclusion do you, as a Frito Lays quality control inspector, draw from this process? What report do you issue to your supervisor Angela? Explain your findings and decision based on the data analysis. (Hint: by monitoring the performance in these five hours, what will happen in the following hours as you observe from here?)

3.What are the advantages and disadvantages of Frito-Lay drivers stocking their customers’ shelves? Remark: Answer Question 1 in Excel File and Question 2 and 3 in Word file

Topic: Choice of Exchange Rate Regimes for Developing Countries: Better Be Fixed or Floating? Countries: Russia and Kazakhstan

How selected countries Exchange Rate Regimes are changing before 2020?

How selected countries Exchange Rate Regimes are changing during year 2020?

Marigold Industries purchased a truck at the beginning of 2020 for $109300. The truck is estimated to have a salvage value of $3200 and a useful life of 117000 miles. It was driven 21000 miles in 2020 and 29000 miles in 2021. What is the depreciation expense for 2021?

Marigold Corp. issues $30600000 of 10-year, 7% bonds on March 1, 2020 at 97 plus accrued interest. The bonds are dated January 1, 2020, and pay interest on June 30 and December 31. What is the total cash received on the issue date?

The Free Group issues $100,000 of 6% bonds on January 1, 2020 for $107,795. The bonds will mature on December 31, 2029 (10 years). The market yield for bonds of similar risk and maturity is 5%. Interest is paid semiannually on July 1 and January 1.

a. Free Group has a calendar year-end and issues financial statements as of December 31.

Prepare the journal entry to record the issuance of the bonds on 1/1/2020 and any other journal entry(ies) required in 2020 related to this bond issuance. Free Group uses the effective interest method

Demand function : Q^D(P) = 56 - 1/2P

Supply Function : P^s(Q)= 6Q

(1) Compute the market price and quantity in equilibrium.

(2) Compute the consumer and producer surplus in equilibrium.

In March 2020 an increase occurred, while the supply function did not change, the new reservation price for the demand function was found to be $200, while the slope of the demand function did not change.

(3) Compute the new market price and quantity in equilibrium as of March 2020.

(4) Compute the new consumer and producer surplus in equilibrium as of March 2020.

9) For the 2019 tax returns, indicate when the statute of limitations expires and why. a. Phoenix filed his tax return on February 28, 2020. b. Jill and Randy filed their tax return on August 16, 2020. c. Although required to file, Catherine chose not to file a tax return this year because she was expecting a tax refund and could not pull together all the information needed to file the return. d. Jerry filed his tax return on May 22, 2020, but has accidentally underreported his taxable income by 30 percent.

Southern Corporation began operations in January 2019 and purchased a machine for $120,000 at that time. Southern uses straight-line depreciation over a four-year period for financial reporting purposes. For tax purposes, the deduction is 50% of cost in 2019, 30% in 2020, and 20% in 2021. Pretax accounting income for 2020 – which is the SECOND year of using this machine – is $150,000, which includes interest revenue of $20,000 from municipal bonds. The enacted tax rate is 30% for all years. There are no other differences between accounting and taxable income.

Prepare the JE for 2020