LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:

During June, direct labor cost was $134,500, direct materials purchases were $339,500, and the total overhead cost was $369,600. The inventories at the end of June were:

Required:

1. Prepare a cost of goods manufactured statement for June.

2. Prepare a cost of goods sold schedule for June.

Han Merchants has a periodic inventory system, uses the earnings approach to recognize revenue, and has the following accounts in its chart of accounts for its income statement.

For each account listed below:

CASE 6B – CHESTER & WAYNE
Chester & Wayne is a regional food distribution company. Mr. Chester, CEO, has asked your
assistance in preparing cash-flow information for the last three months of this year. Selected
accounts from an interim balance sheet dated September 30, have the following balances:
Cash $142,100 Accounts payable $354,155
Marketable securities 200,000 Other payables 53,200
Accounts receivable $1,012,500
Inventories 150,388
Mr. Wayne, CFO, provides you with the following information based on experience and
management policy. All sales are credit sales and are billed the last day of the month of sale.
Customers paying within 10 days of the billing date may take a 2 percent cash discount. Forty
percent of the sales is paid within the discount period in the month following billing. An
additional 25 percent pays in the same month but does not receive the cash discount. Thirty
percent is collected in the second month after billing; the remainder is uncollectible. Additional
cash of $24,000 is expected in October from renting unused warehouse space.
Sixty percent of all purchases, selling and administrative expenses, and advertising expenses is
paid in the month incurred. The remainder is paid in the following month. Ending inventory is
set at 25 percent of the next month's budgeted cost of goods sold. The company's gross profit
averages 30 percent of sales for the month. Selling and administrative expenses follow the
formula of 5 percent of the current month's sales plus $75,000, which includes depreciation of
$5,000. Advertising expenses are budgeted at 3 percent of sales.
Actual and budgeted sales information is as follows:
Actual: Budgeted:
August $750,000 October $826,800
September 787,500 November 868,200
December 911,600
January 930,000
The company will acquire equipment costing $250,000 cash in November. Dividends of $45,000
will be paid in December.
The company would like to maintain a minimum cash balance at the end of each month of
$120,000. Any excess amounts go first to repayment of short-term borrowings and then to
investment in marketable securities. When cash is needed to reach the minimum balance, the
company policy is to sell marketable securities before borrowing.
The company will acquire equipment costing $250,000 cash in November. Dividends of $45,000
will be paid in December.
The company would like to maintain a minimum cash balance at the end of each month of
$120,000. Any excess amounts go first to repayment of short-term borrowings and then to
investment in marketable securities. When cash is needed to reach the minimum balance, the
company policy is to sell marketable securities before borrowing.
Questions (use of spreadsheet software is recommended):
1. Prepare a cash budget for each month of the fourth quarter and for the quarter in total.
Prepare supporting schedules as needed. (Round all budget schedule amounts to the
nearest dollar.)
2. You meet with Mr. Chester and Mr. Wayne to present your findings and happen to bring
along your PC with the budget model software. They are worried about your findings in
Part 1. They have obviously been arguing over certain assumptions you were given.
a. Mr. Wayne thinks that the gross margin may shrink to 27.5 percent because of
higher purchase prices. He is concerned about what impact this will have on
borrowings. Comment.
b. Mr. Chester thinks that "stock outs" occur too frequently and wants to see the
impact of increasing inventory levels to 30 and 40 percent of next quarter's sales
on their total investment. Comment on these changes.
c. Mr. Wayne wants to discontinue the cash discount for prompt payment. He thinks
that maybe collections of an additional 20 percent of sales will be delayed from
the month of billing to the next month. Mr. Chester says "That's ridiculous! We
should increase the discount to 3 percent. Twenty percent more would be
collected in the current month to get the higher discount." Comment on the cashflow
impacts.

1. These items are taken from the financial statements of Grouper Corporation for 2022.

Prepare a classified balance sheet as of December 31, 2022. (List Current Assets in order of liquidity.)

2. You are provided with the following information for Ayayai Enterprises, effective as of its April 30, 2022, year-end.

Prepare a classified balance sheet for Ayayai Enterprises as of April 30, 2022. (List Current Assets in order of liquidity.)

3. These financial statement items are for Pharoah Corporation at year-end, July 31, 2022.

Prepare a classified balance sheet at July 31. (List Current Assets in order of liquidity.)

Two firms, 1 and 2, are engaged in Bertrand price competition. There are10possible buyers, each of whom is willing to pay up to $4, and no more, for an item the firms sell .Firms 1 and 2 have identical unit costs of $2. However, each firm has a capacity of 8units, so that it cannot satisfy the whole market by itself (it can only satisfy 8 possible buyers, at most).The firms simultaneously announce prices, p1 and p2 respectively and the prices are publicly known. If p1=p2<=4; the first five buyers buy from firm 1 and the remaining 5from firm 2. Then firm 1's profit becomes (p1-2)*5 and similarly for firm 2.If p1< p2<=4; the first eight buyers buy from firm 1 and the remaining 2 from firm 2.If p2< p1<=4; then only the first two buyers buy from firm 1 and the remaining 8 from firm 2. If a firm charges a price above $4, it does not get any buyers. The prices p1;,p2 are restricted to be $0,$1, $2, $3, $4..

Find all the Nash equilibria in pure strategies for this game.

Plant Evolution. As far as we know, land plants evolved only once, and therefore all land plants alive today share a common ancestor from which the various plant lineages have evolved.

(A) From which taxonomic group of organisms (please be specific) did all land plants evolve, and approximately when did this occur? In what sort of habitat did these organisms live and how might this have helped facilitate their transition to land? What adaptations did the first land plants have that set them apart from their ancestors and allow them to move out of aquatic environments and into terrestrial environments? Which extant (still living) group of plants is probably most similar to those first land plants?
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(B) Now consider the five major taxonomic groups of plants we discussed in class (bryophytes, lycophytes, pteridophytes, gymnosperms, and angiosperms). For the last three groups (pteridophytes, gymnosperms, and angiosperms), give the approximate time when each group first evolved and briefly describe the key adaptations that set each of them apart from other plant taxa. Describe how these adaptations helped individuals be successful, given the environmental conditions in which they evolved.
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Problem LIFO TO FIFO:

Most inventories owned by Deere & Company and its United States equipment subsidiaries are valued at cost, on the “last-in, first-out” (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the “first-in, first-out” (FIFO) basis, or market. The value of gross inventories on the LIFO basis represented 58 percent and 60 percent of worldwide gross inventories at FIFO value on October 31, 2007 and 2006, respectively. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 31 in millions of dollars would have been as follows:

2007   2006

Raw materials and supplies ...........................................               $ 882    $ 712

Work-in-process ...........................................................                   425       372

Finished machines and parts .........................................               2,263 2,013

Total FIFO value ........................................................ 3,570 3,097

Less adjustment to LIFO value .......................................              1,233    1,140

Inventories .................................................................                 $2,337 $1,957

Other Key information from Deere & Company

                                                     2007                2006      

Sales                                        $ 21,489.1        $ 19,884.0

COGS                                         16,252.8           15,362.0

Current Assets                             25,503.0           23,387.0

Current Liabilities                       15,738.1           12,787.5       

What adjustments to the financial statements (balance sheet and income statement) are necessary to convert from LIFO to FIFO for 2007: Assume 31% tax rate.

Problem 1 LIFO TO FIFO:

Most inventories owned by Deere & Company and its United States equipment subsidiaries are valued at cost, on the “last-in, first-out” (LIFO) basis. Remaining inventories are generally valued at the lower of cost, on the “first-in, first-out” (FIFO) basis, or market. The value of gross inventories on the LIFO basis represented 58 percent and 60 percent of worldwide gross inventories at FIFO value on October 31, 2007 and 2006, respectively. If all inventories had been valued on a FIFO basis, estimated inventories by major classification at October 31 in millions of dollars would have been as follows:

2007   2006

Raw materials and supplies ...........................................                $ 882 $ 712

Work-in-process ...........................................................                      425    372

Finished machines and parts .........................................               2,263 2,013

Total FIFO value ........................................................                       3,570 3,097

Less adjustment to LIFO value .......................................               1,233    1,140

Inventories .................................................................                      $2,337 $1,957

Other Key information from Deere & Company

                                                     2007               2006      

Sales                                       $ 21,489.1       $ 19,884.0

COGS                                        16,252.8          15,362.0

Current Assets                          25,503.0          23,387.0

Current Liabilities                     15,738.1          12,787.5      

What adjustments to the financial statements (balance sheet and income statement) are necessary to convert from LIFO to FIFO for 2007: Assume 31% tax rate.

Programming in C (not C++)

## Requirements

Only need to edit the challenge.c

You have one function to implement: void fork_exec(char** argv):
This takes in an array of strings representing arguments.
The first argument is the filename of an executable (which will be given as a relative filepath, such as "./a")
The remaining terms would be arguments for said executable.
The array is null terminated
You need to fork your process.
The child needs to call exec (rather, a variant thereof) to execute the specified file with the specified arguments.

challenge.c

#include "challenge.h"

// goal: fork the process and have the child execute a process
// param argv: the argument vector for the process to be executed
// assumptions:
//   the first argument of argv is the file name of the executable
//   argv is null terminated
//
// TODO: complete the function
//   fork
//   exec (child), probably most convenient to use execvp
//   have the parent wait on the child
void fork_exec(char** argv)
{

}

challenge.h

#include <stdio.h>
#include <stdlib.h>
#include <unistd.h>
#include <sys/wait.h>

#ifndef CH_HEAD
#define CH_HEAD

// goal: fork the process and have the child execute a process
// param argv: the argument vector for the process to be executed
// assumptions:
//   the first argument of argv is the file name of the executable
//   argv is null terminated
void fork_exec(char** argv);

#endif