1)Assume there is a decrease in the price of a complement, an increase in income, a decrease in the number of firms, an increase in the cost of input, firms expect a higher price, and consumers expect a lower price. Based on all of this information, which of the following is correct?

A)The equilibrium price will increase, and the equilibrium quantity will increase.

b)The equilibrium price will decrease, and the equilibrium quantity will decrease.

c) More information is needed to know what changes will occur in the equilibrium price/quantity

d)The equilibrium price will increase, and the equilibrium quantity will decrease.

e)The equilibrium price will decrease, and the equilibrium quantity will increase.

2) Assume that a firm is considering using another hour of labor at a cost of $20. The marginal product of this additional hour of labor is 15 units. The selling price is $2 per unit. Which of the following correctly identifies what the firm should do and for the correct reason?

A) The firm should use the additional hour of labor because the firm’s total product will increase.

B) The firm should not use the additional hour of labor because the marginal product is less than the wage rate.

C)The firm should use the additional hour of labor because the firm’s MRP is greater than the wage rate.

d)The firm should not use the additional hour of labor because the MRP is negative.

E) The firm should obtain more information because there is not enough information provided to determine its best course of action.

F) The firm should use the additional hour of labor because the marginal product is positive.

3)Opportunity cost is defined as the value of everything given up when a decision is made or a course of action is followed. Is this true or false?

4)Increases in demand are graphed as rightward swift of the demand curve. Similarly, increases in supply are graphed as rightward shifts of the supply curve. Is this true or false?

5) When demand and supply move in the same direction there is uncertainty on the equilibrium price. Is this true or false?

6) Which of the following is true regarding the production possibility frontier model? There is more than one correct answer to this question. Mark all correct answers

a) The PPF always slopes down because resources are limited.

b) Using only the PPF model, it is not possible to state that anyone combination on a fronter is superior to any other combination on the same frontier.

c) Resource use is efficient in producing all of the combinations shown on a PPF.

d)The principle of increasing marginal opportunity cost only applies in cases when resources are specialized.

e) If resources are not specialized, the PPF will be a straight, downward-sloping line.       

7) A pizza place increased the selling price on its pizza by 10% and noticed a 13% decrease in the number of pizzas it sold. The demand for pizzas in this case is _______.          

a) inelastic

b) unit elastic

c)elastic

d) perfectly inelastic

8) Netflix and Hulu are two streaming services companies that many consumers are using to eliminate expensive cable-TV services. They offer similar benefits to customers. If the price of the FuboTV service decreases, this will cause a decrease in the _______ for the Hulu brand streaming service which would be graphed as _______.

1. demand, movement up/left along its demand curve
2. quantity demanded; movement up/left along its demand curve
3. quantity demanded, the leftward shift of its demand curve
4. demand, leftward swift of its demand curve

9) When a firm has diminishing marginal returns its marginal cost decreases. Is it true or false?

10) Which of the following statements is correct regarding cost curves? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question.

a).      The total fixed cost curve is a horizontal line.

b.)     The total variable cost curve and total cost curve have exactly the same shape.

c) The average total cost curve and average variable cost curve get closer to each other as you move from le" to right in the graph.

d)The slope of the total cost curve is the marginal cost.

e) The average fixed cost curve is continually downward sloping.

f) The marginal cost curve passes through the minimum points of the average total cost curve and average fixed cost curve.

.

Maloney Pharmaceuticals manufactures an​ over-the-counter allergy medication called Breathe.

Maloney is trying to win market share from Sudafed and Tylenol. The company has developed several different Breathe products tailored to specific markets. For​ example, the company sells large commercial containers of​ 1,000 capsules to​ health-care facilities and travel packs of 20 capsules to shops in​ airports, train​ stations, and hotels

Maloney​'s ​controller,Sylvia DelGudico​, has just returned from a conference on ABC. She asks Kyle Yeung​, supervisor of the Breathe product​ line, to help her develop an ABC system. DelGudico and Yeung identify the following​ activities, related​ costs, and cost allocation​ bases

The​ commercial-container Breathe product line had a total weight of 8,000 ​kilos, used 1,200 machine​ hours, and required 200 samples. The​ travel-pack line had a total weight of 6,000​kilos, used 400 machine​ hours, and required 300 samples. Maloney produced 2,500 commercial containers of Breathe and 50,000 travel packs.

Requirement 1. Determine the​ formula, then compute the cost allocation rate for each activity. ​(Round your answers to the nearest whole dollar. Abbreviations​ used: Mat.=Materials,​ QA=Quality assurance)

Requirement 2. Use the​ activity-based cost allocation rates to compute the indirect cost of each unit of the commercial containers and the travel packs.

​(​Hint:Compute the total activity costs allocated to each product line and then compute the cost per​ unit.) ​(Round the cost per unit to the nearest​ cent.)

cost per unit to the nearest​ cent.)

Requirement 3. The​ company's original​ single-allocation-based cost system allocated indirect costs to products at $300 per machine hour. Compute the total indirect costs allocated to the commercial containers and to the travel packs under the original system. Then compute the indirect cost per unit for each product.

Now compute the indirect cost per unit for each product under the original​ single-allocation-base system. ​(Round the cost per unit to the nearest​ cent.)

Now compute the indirect cost per unit for each product under the original​ single-allocation-base system. ​(Round the cost per unit to the nearest​ cent.)

Requirement 4. Compare the​ activity-based costs per unit to the costs from the original system. How have the unit costs​ changed? Explain why the costs changed as they did.

The original system▼(overcosted ,undercosted )the commercial containers and▼(overcosted ,undercosted) the travel packs.The original system allocated▼(3 times as much indirect costs to commercial containers as to travel packs, 3 times as much indirect costs to travel packs as to commercial containers,the same amount of indirect costs to travel packs as to commerical containers). ​However, commercial containers▼(did not use 3 times as much of the material handling and quality assurance resources ,used the same amount of indirect costs as the travel packs). The ABC system▼(does not recognize that commercial containers do not require as much material handling and quality assurance as travel packs ,recognizes that commercial containers do not require 3 times as much material handling and quality assurance as travel packs ,recognizes that commercial containers require the same amount of material handling and quality assurance as travel packs). ​So, relative to the original​ system, ABC allocates▼(less ,more )of the material handling and quality assurance costs to commercial containers.

1. Grainy Goodness Company

   Grainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in the Mixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in each department.

   During March, the President and sole stockholder, Jonathan Groat, reviewed the A report prepared periodically by a processing department, summarizing (1) the units for which the department is accountable and the disposition of those units and (2) the costs incurred by the department and the allocation of those costs between completed and incomplete production.Cost of Production Report for the Mixing Department. He is concerned that the Mixing Department may not be operating efficiently, and asks for your help.

   Cost of Production

   Jonathan has noticed that his production manager has omitted some of the data on the Cost of Production. Determine the missing information. If there is no amount or an amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required.

   Grainy Goodness Company
   Cost of Production Report-Mixing Department
   For the Month Ended March 31
   Unit Information
   Units charged to production:
   Inventory in process, March 1			2,000
   Received from materials storeroom			38,000
   Total units accounted for by the Mixing Department			40,000
   Units to be assigned costs:
   		The number of production units that could have been completed within a given accounting period, given the resources consumed.Equivalent Units
   	The number of units in production during a period, whether completed or not.Whole Units	Direct Materials	Conversion
   Inventory in process, March 1 (40% completed)	2,000
   Started and completed in March	35,000	35,000	35,000
   Transferred to Baking Department in March	37,000
   Inventory in process, March 31 (80% completed)	3,000
   Total units to be assigned costs	40,000
   Cost Information
   Cost per equivalent unit:
   		Direct Materials	Conversion
   Total costs for March in Mixing Department		$40,660	$36,670
   Total equivalent units		÷	÷
   The rate used to allocate costs between completed and partially completed production.Cost per equivalent unit		$	$
   Costs assigned to production:
   	Direct Materials	Conversion	Total
   Inventory in process, March 1	$2,200	$600	$2,800
   Costs incurred in March			77,330
   Total costs accounted for by the Mixing Department			$80,130
   Cost allocated to completed and partially completed units:
   Inventory in process, March 1-balance			$2,800
   To complete inventory in process, March 1		1,140	1,140
   Cost of completed March 1 work in process			$3,940
   Started and completed in March	37,450	33,250	70,700
   Transferred to Baking Department in March			$
   Inventory in process, March 31	3,210	2,280
   Total costs assigned by the Mixing Department			$

Contribution Margin, Break-Even Sales, Cost-Volume-Profit Chart, Margin of Safety, and Operating Leverage

Belmain Co. expects to maintain the same inventories at the end of 20Y7 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows:

It is expected that 11,760 units will be sold at a price of $156 a unit. Maximum sales within the relevant range are 15,000 units.

Required:

1. Prepare an estimated income statement for 20Y7.

Feedback

1. Use the absorption costing format.

2. What is the expected contribution margin ratio? Round to the nearest whole percent.
%

3. Determine the break-even sales in units and dollars.

4. Construct a cost-volume-profit chart on your own paper. What is the break-even sales?
$

5. What is the expected margin of safety in dollars and as a percentage of sales?

6. Determine the operating leverage. Round to one decimal place.

Feedback

2. Sales minus variable costs equals contribution margin. Contribution margin divided by sales equals contribution margin ratio.

3. Fixed costs divided by unit contribution margin equals break-even point in units. Break-even units times unit sale price equals break-even dollars.

4. Draw lines for total costs and total sales. The two lines should intersect at the break-even point.

5. (Sales minus sales at break-even) divided by sales equals margin of safety.

6. Contribution margin divided by the income from operations equals operating leverage.

Wolsey Industries Inc. expects to maintain the same inventories at the end of 20Y3 as at the beginning of the year. The total of all production costs for the year is therefore assumed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit estimates of the costs for their departments during the year. A summary report of these estimates is as follows:

It is expected that 21,875 units will be sold at a price of $160 a unit. Maximum sales within the relevant range are 27,000 units.

Labels and Amount Descriptions

Income Statement

Shaded cells have feedback.

1. Prepare an estimated income statement for 20Y3. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Enter all amounts as positive values.

Question not attempted.

Score: 0/152

Please fix this code I am having issues compiling it all together there is 3 codes here and it's giving me errors in my main method..... I feel like it might be something simple but I can't seem to find it.

package assignement2;

import java.util.ArrayList;
import java.util.Scanner;

public class reg1 {
public static void main(String[] args) {
Scanner input = new Scanner(System.in);
System.out.print("Enter the number of items: ");
int number = input.nextInt();
input.nextLine();
for (int i = 0; i < number; i++) {
System.out.print("Enter item name: ");
int n = input.nextInt();
System.out.print("Enter cost of item: ");
double costs = input.nextDouble();
input.nextLine();
ArrayList<Item> items = new ArrayList<>();
ArrayList<Payment> paymentDone = new ArrayList<>();
boolean add = items.add(new Item(n,costs));
}
double total = 0.0;
int items = input.nextInt();
   for (Item i : items) {
total += i.getCost();
}
final double subT = total;
final double salesTax = 0.07 * subT;
final double totalPaymentToBeDone = subT + salesTax;
int itemNumber = 1;
for (Item i : items) {
System.out.println("Item " + itemNumber + ": " + i.getName() + ": " + i.getCost());
itemNumber += 1;
}
System.out.println("Total: " + totalPaymentToBeDone);
boolean fullPaymentDone = false;
double amountDue;
double total1 = totalPaymentToBeDone;
while (!fullPaymentDone) {
System.out.println("Please enter payment type.\n1. Cash\n2. Debit Card\n3. Credit card\n4. Check");
int choice = input.nextInt();
input.nextLine();
System.out.println("Enter the amount to pay with this type.");
double amount = input.nextDouble();
amountDue = total1 - amount;
double change = 0.0;
if (amountDue < 0)
change = Math.abs(amountDue);
System.out.println("Total after payment: " + amountDue + "\n");
if (amountDue > 0.0) {
total = amountDue;
continue;
} else {

for (Item i : items) {
System.out.println(((Item) i).getName() + ": " + i.getCost());
}
System.out.print("-----------------------------------------\n");
System.out.println("Subtotal:\t" + subT);
System.out.println("Tax: \t" + salesTax);
System.out.println("Total: \t" + totalPaymentToBeDone);

System.out.println("Change: \t" + change);
fullPaymentDone = true;
}
}
input.close();
}
}

--------------------------------------------------------------------------------------------------------------------------------------------------------

package assignement2;

public class Payment {
   private double amount;
   private PaymentType paymentType;
   public Payment(double amount, PaymentType paymentType) {
   this.amount = amount;
   this.paymentType = paymentType;
   }
   public double getAmount() {
   return amount;
   }
   public void setAmount(double amount) {
   this.amount = amount;
   }
   public PaymentType getPaymentType() {
   return paymentType;
   }
   public void setPaymentType(PaymentType paymentType) {
   this.paymentType = paymentType;
   }   
}
----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

package assignement2;

public class Item {

private String name;
private double cost;
public Item(String name, double cost) {
this.name = name;
this.cost = cost;
}
public String getName() {
return name;
}
public void setName(String name) {
this.name = name;
}
public double getCost() {
return cost;
}
public void setCost(double cost) {
this.cost = cost;
}   
}

"Don't tell me we've lost another bid!" exclaimed Sandy Kovallas, president of Lenko Products, Inc. "I'm afraid so," replied Doug Martin, the operations vice president. "One of our competitors underbid us by about $10,000 on the Hastings job." "I just can’t figure it out," said Kovallas. "It seems we’re either too high to get the job or too low to make any money on half the jobs we bid anymore. What’s happened?"  

  
Lenko Products manufactures specialized goods to customers' specifications and operates a job-order costing system. Manufacturing overhead cost is applied to jobs on the basis of direct labor cost. The following estimates were made at the beginning of the year:

    
Jobs require varying amounts of work in the three departments. The Hastings job, for example, would have required manufacturing costs in the three departments as follows:

The company uses a plantwide overhead rate to apply manufacturing overhead cost to jobs.

Required:

1. Assuming the use of a plantwide overhead rate:

a. Compute the rate for the current year.

b. Determine the amount of manufacturing overhead cost that would have been applied to the Hastings job.

2. Suppose that instead of using a plantwide overhead rate, the company had used a separate predetermined overhead rate in each department. Under these conditions:

     
a.Compute the rate for each department for the current year.(Round predetermined overhead percentages to the nearest whole percent.)

b. Determine the amount of manufacturing overhead cost that would have been applied to the Hastings job. (Round your predetermined overhead percentages to the nearest whole percent.)

4. Assume that it is customary in the industry to bid jobs at 150% of total manufacturing cost (direct materials, direct labor, and applied overhead).

a. What was the company's bid price on the Hastings job if the plantwide overhead rate had been used to apply overhead cost?

b.What would the bid price have been if departmental overhead rates had been used to apply overhead cost?

5. At the end of the year, the company assembled the following actual cost data relating to all jobs worked on during the year:

a. Compute the underapplied or overapplied overhead for the year, assuming that a plantwide overhead rate is used.

b. Compute the underapplied or overapplied overhead for the year, assuming that departmental overhead rates are used.

"Don't tell me we've lost another bid!" exclaimed Sandy Kovallas, president of Lenko Products, Inc. "I'm afraid so," replied Doug Martin, the operations vice president. "One of our competitors underbid us by about $10,200 on the Hastings job." "I just can’t figure it out," said Kovallas. "It seems we’re either too high to get the job or too low to make any money on half the jobs we bid anymore. What’s happened?"

Lenko Products manufactures specialized goods to customers' specifications and operates a job-order costing system. Manufacturing overhead cost is applied to jobs on the basis of direct labor cost. The following estimates were made at the beginning of the year:

                                                                                                              Department

                                                               Cutting                         Machining                       Assembly                   Total Plant

Direct labor                                           301,000                        219,000                           419,000                       939,000

Manufacturing overhead                       526,000                       810,890                            81,000                          1,417,890

Jobs require varying amounts of work in the three departments. The Hastings job, for example, would have required manufacturing costs in the three departments as follows:

                                                                                                                      Department

                                                                               Cutting                               Machining                                Assembly                           Total Plant

Direct Materials                                                     $11,900                              $900                                         $5,700                               $18,500

Direct labor                                                            $6,400                               $ 1,800                                     $13,000                              $21,200

Manufacturing overhead                                          ?                                          ?                                                 ?                                        ?                       

The company uses a plantwide overhead rate to apply manufacturing overhead cost to jobs. Required:

1. Assuming the use of a plantwide overhead rate:

a. Compute the rate for the current year.

Predetermined overhead rate.......................% of direct labor cost

b. Determine the amount of manufacturing overhead cost that would have been applied to the Hastings job.

Manufacturing overhead cost....................................

2. Suppose that instead of using a plantwide overhead rate, the company had used a separate predetermined overhead rate in each department. Under these conditions: a.Compute the rate for each department for the current year.(Round predetermined overhead percentages to the nearest whole percent.)

                                                                                       Predetermined Overhead Rate

Cutting department...................................%

Machining department...............................%

Assembly department.................................%

b. Determine the amount of manufacturing overhead cost that would have been applied to the Hastings job. (Round your predetermined overhead percentages to the nearest whole percent.)

Manufacturing overhead cost...........................

4. Assume that it is customary in the industry to bid jobs at 150% of total manufacturing cost (direct materials, direct labor, and applied overhead). a. What was the company's bid price on the Hastings job if the plantwide overhead rate had been used to apply overhead cost?

Bid price with plant wide rate..............................

b.What would the bid price have been if departmental overhead rates had been used to apply overhead cost?

Bid price with department rate........................................

5. At the end of the year, the company assembled the following actual cost data relating to all jobs worked on during the year:

                                                                                            Department

                                                        Cutting                      Machining                   Assembly             Total Plant

Direct materials                               $760,000                   $91,000                       $410,000               $1,261,000

Direct labor                                     $317,000                   $209,000                     $340,000                $866,000

Manufacturing overhead                 $559,000                  $831,000                      $92,000                  $1,482,000    

a. Compute the underapplied or overapplied overhead for the year, assuming that a plantwide overhead rate is used.

.............................overhead cost...........................

b. Compute the underapplied or overapplied overhead for the year, assuming that departmental overhead rates are used.

Cutting....................................overhead cost.......................

Machining...............................overhead cost.......................

Assembly................................overhead cost....................

Total plant..............................overhead cost......................

Assume that in October 2019 the Schmidt Machinery Company manufactured and sold 900 units for $710 each. During this month, the company incurred $387,000 total variable costs and $180,500 total fixed costs. The master (static) budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of 900 units. 2. Compute for October 2019: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U). b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable (F) or unfavorable (U). 3. Compute for October 2019: a. The total flexible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). b. The total variable cost flexible-budget variance. Indicate whether this variance was favorable (F) or unfavorable (U). c. The total fixed cost flexible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). d. The selling price variance. Indicate whether this variance was favorable (F) or unfavorable (U).

Given

actual fixed OH cost =$130,650

actual fixed selling and admin costs= $30,000

budgeted fixed factory OH costs =$120,000

budgeted fixed selling and admin costs=$30,000

1. fill in blanks

Prepare a flexible budget for the production and sale of 900 units.

2.

Compute for October 2019:

a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U).

b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable (F) or unfavorable (U).

3.

Compute for October 2019:

a. The total flexible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U).

b. The total variable cost flexible-budget variance. Indicate whether this variance was favorable (F) or unfavorable (U).

c. The total fixed cost flexible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U).

d. The selling price variance. Indicate whether this variance was favorable (F) or unfavorable (U).

Ice Cream Program Assignment

Write a program that uses a function to ask the user to choose an ice cream flavor from a menu (see output below.) You must validate the users input for the flavor of ice cream accounting for both upper and lower-case letters. You must give them an appropriate error message and allow them to try again.   Once you have a valid flavor, your function will return the flavor back to the main() function.   

Your main() function will then ask for the number of scoops. You must validate this data! Make sure that the user chooses at least 1 scoop but no more than 4. If they try another other, you must give them an error message and allow them to try again.   

Your program will then calculate and display the cost of the ice cream. The cost of ice cream is $ .75 for the cone and $1.25 per scoop.

Your program will continue asking customers for the flavor and number of scoops until they choose ‘Q’ to quit.

The program will then send all of the data to a function to display the total number of cones sold, the total amount collected, and the total scoops of each type of ice cream sold.  

Sample Output:

Please Choose your Favorite Flavor!

        V - Vanilla

        C - Chocolate

        F - Fudge

        Q - Quit

-----> v

How many scoops would you like? 2

Your ice cream cone cost $   3.25 Please Choose your Favorite Flavor!

        V - Vanilla

        C - Chocolate

        F - Fudge

        Q - Quit

-----> c

How many scoops would you like? 5

That is an invalid number of scoops! You may only choose between 1 and 4

Please try again!

How many scoops would you like? 0

That is an invalid number of scoops! You may only choose between 1 and 4

Please try again!

How many scoops would you like? 3

Your ice cream cone cost $   4.50 Please Choose your Favorite Flavor!

        V - Vanilla

        C - Chocolate

        F - Fudge

        Q - Quit

-----> s

How many scoops would you like? 1

Your ice cream cone cost $   2.00 Please Choose your Favorite Flavor!

        V - Vanilla

        C - Chocolate

        F - Fudge

        Q - Quit

-----> q

The total number of cones sold:           3

The total scoops of vanilla sold:         2

The total scoops of chocolate sold:       3

The total scoops of fudge sold:           1

The total amount collected:         $ 9.75