Paramel Beverages bottles two soft drinks under licence to Cadaver Ltd. at its Newcastle plant. Bottling at this plant is highly repetitive, automated process. Empty bottles are removed from their carton, placed on a conveyor, and cleaned, rinsed, dried, filled, capped and heated (to reduce condensation). The only stock held is direct materials or else finished goods. There is no work in process. The two soft drinks bottled by Paramel Beverages are lemonade and diet lemonade. The syrup for both soft drinks is purchase from Cadaver Ltd. Syrup for the regular brand contains a higher sugar content than the syrup for the diet brand. Paramel Beverages uses a lot size of 1,000 cases as the unit of analysis in its budget. (Each case contains 24 bottles). Direct materials are expressed in terms of lots, where one lot of direct materials is the input necessary to yield one lot (1,000 cases) of beverage. In 2010, the following purchase prices ae forecast for direct materials: Lemonade Diet Lemonade Syrup $1,200 per lot $1,100 per lot Containers (bottles, caps, etc.) $1,000 per lot $1,000 per lot Packaging $800 per lot $800 per lot The two soft drinks are bottled using the same equipment. The equipment is cleaned daily, but it is only rinsed when a switch is made during the day between diet lemonade and 3 lemonade. Diet lemonade is always bottled first each day to reduce the risk of sugar contamination. The only difference in the bottling process for the two drinks is syrup. Summary data used in developing budgets for 2010 are as follows: a Sales • Lemonade, 1080 lots at $9,000 selling price per lot • Diet lemonade, 540 lots at $8,500 selling price per lot b Opening (1 January 2010) stock of direct materials • Syrup for lemonade, 80 lots at $1,100 purchase price per lot • Syrup for diet lemonade, 70 lots at $1,000 purchase price per lot • Containers, 200 lots at $950 purchase price per lot • Packaging, 400 lots at $900 purchase price per lot c Opening (1 January 2010) stock of finished goods • Lemonade, 100 lots at $5,300 per lot • Diet lemonade, 50 lots at $5,200 per lot d Target closing (31 December 2010) stock of direct materials • Syrup for lemonade, 30 lots. • Syrup for diet lemonade, 20 lots. • Containers, 100 lots. • Packaging, 200 lots. e Target closing (31 December 2010) stock of finished goods • Lemonade, 20 lots. • Diet lemonade, 10 lots. f Each lot requires 20 direct manufacturing labour hours at the 2010 budgeted rate of $25 per hour. Indirect manufacturing labour costs are included in the manufacturing overhead budget. g Variable manufacturing overhead is forecast to be $600 per hour of bottling time; bottling time is the time the filling equipment is in operation. It takes 2 hours to bottle 4 one lot of lemonade and 2 hours to bottle one lot of diet lemonade. Fixed manufacturing overhead is forecast to be $1,200,000 for 2010. h Hours of budgeted bottling time is the sole allocation base for all fixed manufacturing overheads. I Administration costs are forecast to be 10% of the cost of goods manufactured for 2010. Marketing costs are forecast to be 12% of sales for 2010. Distributions costs are forecast to be 8% of sales for 2010. Required: Assume Paramel Beverages uses the first in– first out (FIFO) method of costing all stock. On the basis of the preceding data, prepare the following budgets (in units and/or dollars as applicable) for 2010: 7. Closing finished goods stock budget 8. Cost of goods sold budget 9. Marketing cost budget (1 mark) 10. Distribution cost budget (1 mark) 11. Administration cots budget 12. Budgeted profit & loss.

REQUIRED ANS OF POSTED QUS AS IT IS NOT AVAILABLE IN YOUR WEBSITE

Question 1

Chaos Manufacturing had the following financial information for the year ended December 31 2018:

Inventory Balances:                Beginning                    Ending

Work in Progress                    $ 90,000                      $ 80,000

Finished Goods                        $ 77,000                      $ 67,000

Raw Materials                         $ 10,000                      $ 10,000

During the year, the budgeted and actual costs were as follows:

Sales for the year were $1,500,000

Note 1 – Raw material

For both budget and actual materials: 90% of raw materials are traced directly to specific jobs, and the remaining 10% of raw materials are used throughout the production process and not traced. $290,000 in materials was purchased in the year.

Note 2 – Labour

Budget: Direct Labour $300,000 + Factory Salaries $80,000 + Head Office Salaries $160,000 = $540,000

Actual: Direct Labour $270,000 + Factory Salaries $85,000 + Head Office Salaries $163,000 = $518,000

Note 3 – Building Rent

The building is shared between the factory and the administrative office. 68% of the building is related to the factory, and the remaining 32% is related to the administrative office.

Note 4 – Utilities Electrical

For both budget and actual, 90% of these costs are related to the factory, and 10% of these costs are related to the administrative office.

Note 5 – Utilities - Gas

All of the Gas is used to heat production equipment.

Note 6 – Shipping

All of the shipping costs are to ship finished goods to customers

Note 7 – Overhead

The manufacturer uses Normal Costing. Overhead is allocated based on Direct Labour costs. Any under/over applied overhead is allocated to Cost of Goods Sold.

Required:

Prepare an income statement. You may include a schedule of Cost of Goods Manufactured and Cost of Goods Sold as separate schedules or as part of the Income Statement.

Question 2

What is most likely a good cost driver (or drivers) for each of the following Cost Objects:

1. Large warehouse
2. University
3. Canada Post
4. OC Transpo

Income Statements under The reporting of the costs of manufactured products, normally direct materials, direct labor, and factory overhead, as product costs.Absorption and The concept that considers the cost of products manufactured to be composed only of those manufacturing costs that increase or decrease as the volume of production rises or falls (direct materials, direct labor, and variable factory overhead).Variable Costing

Shawnee Motors Inc. assembles and sells MP3 players. The company began operations on August 1 and operated at 100% of capacity during the first month. The following data summarize the results for August:

If required, round interim per-unit calculations to the nearest cent.

a. Prepare an income statement according to the absorption costing concept.

Feedback

b. Prepare an income statement according to the variable costing concept.

Feedback

c. What is the reason for the difference in the amount of income from operations reported in (a) and (b)?

Under the

absorption costing

variable costing

method, the fixed manufacturing cost included in the cost of goods sold is matched with the revenues. Under < role="button" >absorption costing

variable costing

, all of the fixed manufacturing cost is deducted in the period in which it is incurred, regardless of the amount of inventory change. Thus, when inventory increases, the < role="button" >absorption costing

variable costing

income statement will have a higher income from operations than will the variable costing income statement

Entries and Schedules for Unfinished Jobs and Completed Jobs

Hildreth Company uses a job order cost system. The following data summarize the operations related to production for April, the first month of operations:

1. Materials purchased on account, $3,230.
2. Materials requisitioned and factory labor used:
   

   Job No.	Materials		Factory Labor
   101	$2,030		$1,940
   102	2,480		2,620
   103	1,640		1,280
   104	5,560		4,810
   105	3,530		3,670
   106	2,580		2,330
   For general factory use	690		2,870

3. Factory overhead costs incurred on account, $3,880.
4. Depreciation of machinery and equipment, $1,380.
5. The factory overhead rate is $40 per machine hour. Machine hours used:
   

   Job No.	Machine Hours
   101		30
   102		36
   103		25
   104		68
   105		33
   106		37
   Total		229

6. Jobs completed: 101, 102, 103, and 105.
7. Jobs were shipped and customers were billed as follows: Job 101, $6,200; Job 102, $7,850; Job 105, $11,370.

Required:

1. Journalize the entries to record the summarized operations. For a compound transaction, if an amount box does not require an entry, leave it blank.

2. Post the appropriate entries to T accounts for Work in Process and Finished Goods, using the identifying letters as transaction codes. Insert memo account balances as of the end of the month.

3. Prepare a schedule of unfinished jobs to support the balance in the work in process account.

4. Prepare a schedule of completed jobs on hand to support the balance in the finished goods account.

Feedback

1a & b.

Materials are recorded in the Materials Inventory account until requisitioned.

All direct costs: materials and labor are recorded in the Work in Process account.

All indirect costs are considered overhead and are recorded in the Factory Overhead account.

Overhead is applied to Work in Process using a predetermined overhead rate.

The cost of completed jobs should be moved to the Finished Goods account.

The cost of sold jobs should be moved to the Cost of Goods Sold account.

2. Post entries to the Work in Process T account and to the Finished Goods T account.

3. Include the direct materials, direct labor, and factory overhead for each unfinished job.

4. Include the direct materials, direct labor, and factory overhead for each finished job.

Write 3 paragraphs for reflection and should be do the following:

1. In first paragraph, Summarize the article (attached below).
2. In second paragraph, Connect the article with one of those "The Fossil Record of Human Biological Evolution", "Habitual Bipedalism" or "Fossil Skeleton". Be specific about the connections you make.
3. In third paragraph, Include your own reflection on what you’ve read/learned. What do you think about it?

Article Here: "Evidence Indicates Humans' Early Tree-dwelling Ancestors Were Also Bipedal"

Experiments by a UA anthropologist and his colleagues show that fossil footprints made 3.6 million years ago are the earliest direct evidence of early hominins using the kind of efficient, upright posture and gait now seen in modern humans. More than three million years ago, the ancestors of modern humans were still spending a considerable amount of their lives in trees, but something new was happening. David Raichlen, an assistant professor in the University of Arizona School of Anthropology, and his colleagues at the University at Albany and City University of New York's Lehman College have developed new experimental evidence indicating that these early hominins were walking with a human-like striding gait as long as 3.6 million years ago. The results of their research appears in Monday's edition of PLoS ONE, a journal from the Public Library of Science. A trackway of fossil footprints preserved in volcanic ash deposited 3.6 million years ago was uncovered in Laetoli, Tanzania, more than 30 years ago. The significance of those prints for human evolution has been debated ever since. The most likely individuals to have produced these footprints, which show clear evidence of bipedalism, or walking on two legs, would have been members of the only bipedal species alive in the area at that time, Australopithecus afarensis. That species includes "Lucy," whose skeletal remains are the most complete of any individual A. afarensis found to date. A number of features in the hips, legs and back of this group indicate that they would have walked on two legs while on the ground. But the curved fingers and toes as well as an upward-oriented shoulder blade provide solid evidence that Lucy and other members of her species also would have spent significant time climbing in trees. This morphology differs distinctly from our own genus, Homo, who abandoned arboreal life around 2 million years ago and irrevocably committed to human-like bipedalism. Since the Laetoli tracks were discovered, scientists have debated whether they indicate a modern human-like mode of striding bipedalism, or a less-efficient type of crouched bipedalism more characteristic of chimpanzees whose knees and hips are bent when walking on two legs. To resolve this, Raichlen and his colleagues devised the first biomechanical experiment explicitly designed to address this question. The team built a sand trackway in Raichlen's motion capture lab at the UA and filmed human subjects walking across the sand. The subjects walked both with normal, erect human gaits and then with crouched, chimpanzee-like gaits. Three-dimensional models of the footprints were collected by biological anthropologist Adam Gordon using equipment brought from his Primate Evolutionary Morphology Laboratory at the University at Albany. The researchers examined the relative depth of footprints at the heel and toe, and found that depths are about equal when made by a person walking with an erect gait. In contrast, the toe print is much deeper than the heel print when produced by a crouched gait, a product of the timing of weight transfer over the length of the foot. "Based on previous analyses of the skeletons of Australopithecus afarensis, we expected that the Laetoli footprints would resemble those of someone walking with a bent knee, bent hip gait typical of chimpanzees, and not the striding gait normally used by modern humans," Raichlen said. "But to our surprise, the Laetoli footprints fall completely within the range of normal human footprints." The fossil footprints at Laetoli preserve a remarkably even depth at the toe and heel, just like those of modern humans. "This more human-like form of walking is incredibly energetically efficient, suggesting that reduced energy costs were very important in the evolution of bipedalism prior to the origins of our own genus, Homo," Raichlen said. If the Laetoli footprints were made by Lucy's species, as most scientists agree to be the case, these experimental results have interesting implications for the timing of evolutionary events. "What is fascinating about this study is that it suggests that, at a time when our ancestors had an anatomy well-suited to spending a significant amount of time in the trees, they had already developed a highly efficient, modern human-like mode of bipedalism," said Gordon. "The fossil record indicates that our ancestors did not make a full-time commitment to leaving the trees and walking on the ground until well over a million years after these (Laetoli) prints were made. The fact that partially tree-dwelling animals, like Lucy, had such a remarkably modern gait is a testament to the importance of energetic efficiency in moving around on two legs," Gordon said. "Laetoli Footprints Preserve Earliest Direct Evidence of Human-like Bipedal Biomechanics" will be published in PLoS ONE on Monday, March 22 and can be accessed online.

(DRUG DOSAGE PROBLEM) A drug company wants to know how to calculate a suitable dose and time between doses to maintain a safe but effective concentration of a drug in the blood. To be simple for the users of the drug, only a fixed dose at regular time intervals is considered possible. Suggest a way to model the problem, determine the main issues involved, and work out a solution. The answer should be a formula or algorithm for computing the dose and time interval.

It is up to you to make the problem formulation precise, to determine what additional input data you might need, to make necessary reasonable assumptions and simplifications, and to decide how to organize your work in suitable subtasks. Hint: Do not mix all difficulties at the same time. First think just on a suitable model rather than trying to solve the problem. Only consider the most basic aspects first, and make appropriate simplifications. The model can be extended later if this is needed.

Multiple Choice

• 12.93%

• 9.42%

• 9.12%

• 18.54%

• 9.27%

Your friend, Diana Wood, recently completed the second year of her business and just received annual financial statements from her accountant. Wood finds the income statement and balance sheet informative but does not understand the statement of cash flows. She says the first section is especially confusing because it contains a lot of additions and subtractions that do not make sense to her. Wood adds, “The income statement tells me the business is more profitable than last year and that's most important. If I want to know how cash changes, I can look at comparative balance sheets.

”Write a half-page memorandum to your friend explaining the purpose of the statement of cash flows. Speculate as to why the first section is so confusing and how it might be rectified. Any sources used to support the information included in your memorandum should be cited using APA Style.