1.

The inventory on hand at the end of 2016 for Reddall Company is valued at a cost of $94,000. The following items were not included in this inventory:

1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,000, freight costs $200.
2. Goods out on consignment to Marlman Company, sales price $5,600, shipping costs of $300.
3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 which included $178 freight charges to deliver the goods. Goods are in transit.
4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price.
5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.

Required:

Determine the cost of the ending inventory that Reddall should report on its December 31, 2016, balance sheet, assuming that its selling price is 140% of the cost of the inventory.

$_________

2.

Valuation of Inventory

The inventory on hand at the end of 2016 for Reddall Company is valued at a cost of $94,000. The following items were not included in this inventory:

1. Purchased goods in transit, under terms FOB shipping point, invoice price $4,000, freight costs $200.

2. Goods out on consignment to Marlman Company, sales price $5,600, shipping costs of $200.

3. Goods sold to Grina Co. under terms FOB destination, invoiced for $1,900 which included $178 freight charges to deliver the goods. Goods are in transit.

4. Goods held on consignment by Reddall at a sales price of $2,700 which included sales commission of 20% of sales price.

5. Purchased goods in transit, shipped FOB destination, invoice price $2,100 which included freight charges of $190.

Determine the cost of the ending inventory that Reddall should report on its December 31, 2016, balance sheet, assuming that its selling price is 140% of the cost of the inventory.

In the 2016 Summer Olympics in Rio, there were eight runners in the final of the men's 100 meter dash. How many possible outcomes could we have seen on the podium?

(The podium honors the first three finishers in an ORDERED fashion. The first-place finishers gets the gold medal, second-place finisher gets the silver medal, and the third-place finisher gets the bronze medal.)

How many possible outcomes could we have seen on the podium that didn't include either of the two Americans? Remember the podium represents an ORDERED finish.

What is the probability that both of the American runners medalled? (To medal means to finish in the top three)

**Calculate under the assumption that order doesn't matter for this calculation.

How many possible outcomes could we have seen on the podium if we know that a runner from Jamaica finished first, a runner from America finished second, and a runner from neither Jamaica nor America finished third?

23-2. December 31

2017                         2016

33,500                         13,000 Cash

12,250                         10,000 Accounts Receivable

12,000                         9,000 Inventory

0                                  3,000 Long-Investments

0                                  29,750 Building

0                                  (6,000) Accumalted depreciation on building

45,000                         20,000 Equipment

(2,000)                        (4,500) Accumlated depreciation on equipment

5,000                           9,250 Patents

105,750                       83,500 Total Assets

5,000                           3,000 Accounts Payable

1,000                           5,000 Dividends Payable

4,000                           8,500 Short-term Notes Payables

32,000                         25,000 Long term notes payable

39,000                         30,000 Common stock

6,000                            3,000 Pain-in capital excess of par

18,750                         9,000 Retained Earnings

105,750                       83,500 Total

Additional data related to 2017 are as follows:

1. Long-term investments were sold at 1,700 above their cost.

2. On January 1, 2017 the building was completely destroyed by a flood. Insurance proceeds on the building were $30,000.

3. Equipment that had cost 11,000 and was 40% depreciated was sold for 2,500.

4. Common stock with a par value of 5,000 and a market value of 6,000 was issued to pay off part of the long-term note.

5. A new long-term note was issued for the acquisition of equipment.

6. Equipment was purchased for cash.

7. Dividends were of 7,000 were declared during 2017.

Prepare the statement of cash flows, including any significant non-cash transactions after the reconciliation. (SHOW ALL OF YOUR WORK PLEASE)

23-2. December 31

2017                         2016

33,500                         13,000 Cash

12,250                         10,000 Accounts Receivable

12,000                         9,000 Inventory

0                                  3,000 Long-Investments

0                                  29,750 Building

0                                  (6,000) Accumalted depreciation on building

45,000                         20,000 Equipment

(2,000)                        (4,500) Accumlated depreciation on equipment

5,000                           9,250 Patents

105,750                       83,500 Total Assets

5,000                           3,000 Accounts Payable

1,000                           5,000 Dividends Payable

4,000                           8,500 Short-term Notes Payables

32,000                         25,000 Long term notes payable

39,000                         30,000 Common stock

6,000                            3,000 Pain-in capital excess of par

18,750                         9,000 Retained Earnings

105,750                       83,500 Total

Additional data related to 2017 are as follows:

1. Long-term investments were sold at 1,700 above their cost.

2. On January 1, 2017 the building was completely destroyed by a flood. Insurance proceeds on the building were $30,000.

3. Equipment that had cost 11,000 and was 40% depreciated was sold for 2,500.

4. Common stock with a par value of 5,000 and a market value of 6,000 was issued to pay off part of the long-term note.

5. A new long-term note was issued for the acquisition of equipment.

6. Equipment was purchased for cash.

7. Dividends were of 7,000 were declared during 2017.

Prepare the statement of cash flows, including any significant non-cash transactions after the reconciliation. (SHOW ALL OF YOUR WORK PLEASE)

23-2. December 31

2017                         2016

33,500                         13,000 Cash

12,250                         10,000 Accounts Receivable

12,000                         9,000 Inventory

0                                  3,000 Long-Investments

0                                  29,750 Building

0                                  (6,000) Accumalted depreciation on building

45,000                         20,000 Equipment

(2,000)                        (4,500) Accumlated depreciation on equipment

5,000                           9,250 Patents

105,750                       83,500 Total Assets

5,000                           3,000 Accounts Payable

1,000                           5,000 Dividends Payable

4,000                           8,500 Short-term Notes Payables

32,000                         25,000 Long term notes payable

39,000                         30,000 Common stock

6,000                            3,000 Pain-in capital excess of par

18,750                         9,000 Retained Earnings

105,750                       83,500 Total

Additional data related to 2017 are as follows:

1. Long-term investments were sold at 1,700 above their cost.

2. On January 1, 2017 the building was completely destroyed by a flood. Insurance proceeds on the building were $30,000.

3. Equipment that had cost 11,000 and was 40% depreciated was sold for 2,500.

4. Common stock with a par value of 5,000 and a market value of 6,000 was issued to pay off part of the long-term note.

5. A new long-term note was issued for the acquisition of equipment.

6. Equipment was purchased for cash.

7. Dividends were of 7,000 were declared during 2017.

Prepare the statement of cash flows, including any significant non-cash transactions after the reconciliation. (SHOW ALL OF YOUR WORK PLEASE)

After reviewing the data in the 2010 and 2016 “Status and Trends in the Education of Racial and Ethnic Groups” reports, describe one trend about these racial/ethnic groups that stood out to you. Explain if this trend surprises you or not. Compare and contrast the trend data in the “Student Behaviors” section of the reports: What data categories were similar? Which categories were different or additional between the reports? How can this data be used to alleviate social problems in this population?

1. The Item class includes two fields: a String for the name and a double for the price of an item that will be added to the inventory.

2. The Item class will require one constructor that takes a name and price to initialize the fields. Since the name and price will be provided through TextFields, the parameters can be two Strings (be sure to convert the price to a double before storing this into the field).

3. Write getters and setters for the name and price. Try to be consistent with the behaviors of the setters compared to the constructor.

4. Write an equals method that returns true if two Item objects have the same name.

5. Write a toString method that returns the following String (replacing and with the fields of the object): “The item has a price of $.” Make sure the price is formatted to always round to two decimal places.

6. Study the code provided in the Inventory class. The addButton will add an Item to the ArrayList if that Item is new. This means the name of the Item must be different than any name already in the ArrayList.

7. In the Inventory class, you must implement the lambda expression for the addButton. Start by declaring a boolean to keep track of whether or not an item being added to the inventory (the ArrayList of Items) is actually new. This boolean is initialized to true.

8. Construct a new Item using the text from nameTextField for the name and the text from priceTextField for the price. If the constructor does not already handle the conversion, make sure the text for the price is converted to a double.

9. Write a for-each loop to iterate over the items in the ArrayList. Compare each item already in the ArrayList to the new item. If the name of any item in the ArrayList is the same as the name of the new item, set the boolean to false.

10. After the for-each loop completes, if the item is new, add the item to the ArrayList and display the following in the outputLabel: “Successfully added new item. The item has a price of $.” Keep in mind that the second sentence is the result of calling the object’s toString method. If the item is not new, display the following in the outputLabel: “Failed to add existing item.”

package inventory;

import javafx.application.Application;
import javafx.scene.Scene;
import javafx.stage.Stage;

import javafx.scene.layout.VBox;
import javafx.scene.layout.HBox;

import javafx.scene.control.Button;
import javafx.scene.control.Label;
import javafx.scene.control.TextField;

import javafx.geometry.Insets;
import javafx.geometry.Pos;

import java.util.ArrayList;

public class Inventory extends Application
{ 
    public static void main(String[] args)
    {
        launch(args);
    }
    
    @Override
    public void start(Stage primaryStage)
    {
        ArrayList itemsList = new ArrayList<>();
        
        Label nameLabel = new Label("Name: ");
        TextField nameTextField = new TextField();
        HBox nameHBox = new HBox(nameLabel, nameTextField);
        nameHBox.setAlignment(Pos.CENTER);
        nameHBox.setPadding(new Insets(10, 0, 0, 0));
        
        Label priceLabel = new Label("Price: ");
        TextField priceTextField = new TextField();
        HBox priceHBox = new HBox(priceLabel, priceTextField);
        priceHBox.setAlignment(Pos.CENTER);
        
        Button addButton = new Button("Add Item");
        Label outputLabel = new Label();
        
        addButton.setOnAction(event -> {
            // IMPLEMENT LAMBDA EXPRESSION FOR ADDBUTTON
        });
        
        VBox root = new VBox(10, nameHBox, priceHBox, addButton, outputLabel);
        root.setAlignment(Pos.TOP_CENTER);
        
        Scene scene = new Scene(root, 500, 500);
        
        primaryStage.setTitle("Inventory");
        primaryStage.setScene(scene);
        primaryStage.show();
    }
}