Q1 The following is a description of the conversion cycle of Central Production Limited: The conversion cycle of the company is triggered by a report from the warehouse. When the quantity of an inventory item falls below a pre-set minimum level, the warehouse manager sends an online inventory status report to production department advising them to schedule a production batch run for the item. Upon receipt of the report, the production clerk assesses the digital bill of materials and the route sheet files for the item to be produced and adds the production details to the online production schedule. The system automatically adds a record to the open work order file and sends an online work order to the work centre supervisor’s computer and to the accounting clerk’s computer. The work centre supervisor receives the work order from his computer and print hard-copy move tickets and materials requisitions for each production process. Production employees take the materials requisitions to store clerk and receives the materials and subassemblies needed to perform the production tasks. If additional materials beyond the standard amount is needed, the work centre supervisor prepares additional materials requisitions. Production employees complete job time tickets after completing a production process to record the time spent on the job. The job time tickets are then sent together with the move tickets to the accounting department. After releasing the materials into production, the store clerk updates the material inventory records and send the materials requisitions to accounting department. The clerk prepares a journal voucher and posts to the general ledger material control account at the end of each day. The accounting clerk assesses the work orders and set up a work-in-process account for a production batch. Throughout the production period, the clerk also receives move tickets, job tickets, and materials requisitions, which he uses to post to the work-in-process account. At the end of each day, the accounting clerk prepares a digital journal voucher and post it to the general ledger work-inprocess and finished goods control accounts. Q) Identify the risks exist in the conversion cycle of Central Production Limited. (10 marks 300 words) Q3 Elegant Limited sells restored classic cars. Most of its customers are private buyers who buy cars for themselves. However, some of them are investors who buy multiple cars and hold them for resale. All sales of Elegant Limited are for cash. Depict the association and cardinality for the sales of cars at Elegant Limited based on REA model. (10 marks, maximum 300 words) Q4 You are currently working in a mid-tier accounting firm. In an engagement meeting with a client, the management of your client is concerned that the audit tests that you perform will disrupt operations. Your client has recently implemented a data warehouse and the management suggests that you draw the data for analytical reviews and substantive testing from the data warehouse instead of the operational database. The management points out that operational data are copied weekly into the data warehouse and all data you need are contained there. Outline your response to the management’s proposal and mention any concerns you might have. (10 marks, maximum 300 words) Q5 The Chief Information Officer (CIO) and the Managing Director (MD) of Illustrious Limited recently had the following conversation regarding the development of a new information system for the company: CIO: The way to go about the analysis is to first examine the old system, such as reviewing key documents and observing the workers performing their tasks. Then we can determine which aspects are working well and which should be preserved. MD: We have been through these types of projects before, and what always ends up happening is that we do not get the new system we are promised. Instead we get a modified version of the old system. CIO: I can assure you that will not happen this time. My team just want a thorough understanding of what is working well and what is not. MD: I would feel much more comfortable if we first started with a list of our requirements. We should spend more time in determining what exactly we want the system to do upfront. Then your team can come in and determine what portions to salvage if you wish. Just don’t constrain us to the old system! Required: a) The CIO and MD have different views on how the system analysis should be performed. Comment on whose position you sympathise with the most. (6 marks, maximum 200 words) b) What method would you recommend to Illustrious Limited for system analysis? Explain. (4 marks, maximum 150 words)

Answer:

a. The capital account balance of each partner after the liquidation of assets and the payment of creditors would be as follows:

                                   Field          Brown         Snow

Capital Balance         -4,200          31,800         19,500

b. a  

                          Debit       Credit

Cash                  4,200

Field capital                       4,200

b.                          Debit       Credit

Brown capital   31,800

Snow capital     19,500

Cash                                    51,300

c. a                        Debit       Credit

Brown capital  2100

Snow capital   2100

Field Capital                    4,200

b.                          Debit       Credit

Brown capital  29,700

Snow capital   17,400

Cash                               47,100

Explanation:

a. In order to calculate the capital account balance of each partner after the liquidation of assets and the payment of creditors we would have to make the following calculations:

                                             Field          Brown         Snow         Total

Initial Investment                 $131,700     $167,700    $155,400   454,800

Allocation of all losses:       135,900       135,900       135,900   407,700

(454,800-47,100)/3            

Capital Balance                   -4,200          31,800         19,500       47,100

b. a. The record of the cash receipt from the deficient partner(s) would be as follows:

                          Debit       Credit

Cash                  4,200

Field capital                       4,200

   b. The record the final  disbursement of cash to the partners would be as follows:

                          Debit       Credit

Brown capital   31,800

Snow capital     19,500

Cash                                    51,300

c. a Record to transfer the deficit of any deficient partners to the other partners would be as follows:

                         Debit       Credit

Brown capital  2100

Snow capital   2100

Field Capital                    4,200

Brown capital= 4,200/2=2100

Snow capital=4,200/2=2100

b. Record the final disbursement of cash to the partners would be as follows:

                        Debit       Credit

Brown capital  29,700

Snow capital   17,400

Cash                               47,100

Brown capital=31,800-2,100 =29,700

Snow capital=19,500-2,100=17,400

Answer:

3.17 years

Explanation:

We can calculate the duration of Investment by duration formula,

Duration= Sum of (PV of each cashflow x year)

PV of each cash flow can be understood as Dolar return % given in the Question.

                   Year1        Year2         Year3         Year4

Duration= (12% x 1) + (18% x 2) + (11% x 3) + (59% x 4)

Duration= 0.12 + 0.36 + 0.33 + 2.36

Duration= 3.17 years

Note: (100%-12%-18%-11%)59% can be calculated as the remainder of 100% after deducting each year's %.

Answer:

You should invest $8,970 in stock X and $4,030 in stock Y.

Explanation:

These can be estimated as follows:

PER = (ERX * wX) + (ERY * wY) ....................... (1)

Where,

PER = Portfolio expected return = 11.45%, or 0.1145

ERX = Expected return of X = 13%, or 0.13

ERY = Expected retun of Y = 8%, or 0.08

wX = Weight of X = ?

wY = Weight of Y = 1 - wX = ?

Substituting the values into equation (1), we have:

0.1145 = [0.13 * wX] + [0.08 * (1 - wX)]

0.1145 = 0.13wX + [0.08 - 0.08wX]

0.1145 = 0.13wX + 0.08 - 0.08wX

0.1145 - 0.08 = 0.13wX - 0.08wX

0.0345 = 0.05wX

wX = 0.0345 / 0.05

wX = 0.69

Since wY = 1 - wX

Therefore,

wY = 1 - 0.69

wY = 0.31

Total amount to invest = $13,000

Investment in stock X = Amount to invest * 0.69 = $13,000 * 0.69 = $8,970

Investment in stock Y = Amount to invest * 0.31 = $13,000 * 0.31 = $4.030

Therefore, you should invest $8,970 in stock X and $4,030 in stock Y.

Answer:

Apartment (1)=====> (N) Purchases (M) =====> Product(1).

Explanation:

So, in this question we are given the following; Name, Apt # , Products, Price and Quantity. With this data or parameters or information we will be able to know that there should be another parameters in a table which are;

=> Apartment: with this parameter and the apt # each person or Individual can be Identifed.

=> Purchases: this table will be about the details of the person or Individuals the bought the products and what quantity was bought.

=> Product: here, this parameter can be used in saving or storing the name of each products and the prices of each one of them.

Hence;

(1). APARTMENT = Apt#, Name => where Apt# will be the primary key because it is unique.

(2). PRODUCTS= Products, Price => where product is the unique key.

(3). PURCHASES = Apt #, product quantity => where Apt # is a foreign key and an attribute of product in the ''purchases" table.

Kindly check the attachment for the diagram

Answer:

Instructions are below.

Explanation:

Giving the following information:

Estimated machine-hours= 157,000

Estimated fixed manufacturing overhead= $650,000

Variable manufacturing overhead cost per machine-hour $4.40

First, we need to calculate the predetermined overehad rate:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (650,000/157,000) + 4.4

Predetermined manufacturing overhead rate= $8.54 per machine-hour

Job 400:

Direct materials $320

Direct labor cost $230

Machine-hours used 37

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Allocated overhead= 8.54*37= $315.98

Finally, we need to determine the unitary cost for Job 400:

Total cost= 320 + 230 + 315.98= $865.98

Unitary cost= 865.98/50= $17.32

Answer:

Explanation:

From the question given; The objective here is to determine the profit maximizing bid-ask spread per unit for a market maker. In order to achieve that; The demand supply schedule of the number of units bought and sold need to be computed which is shown in the table below.

Price       Quantity demanded by buyers        Quantity sold by sellers

$14                 1                                                         11

$13                 2                                                         10

$12                 3                                                         9

$11                  4                                                         8

$10                 5                                                         7

$9                  6                                                         6

$8                  7                                                         5

$7                  8                                                         4

$6                  9                                                         3

$5                 10                                                         2

$4                  11                                                         1

However; As the two transactions are happening simultaneously; There are 11 people participating in buying of a good and selling from one person to the other.

But the maximum even number of people that can be part of this trade is only 10 people.

So; for the individual having an higher value for the good will be able to afford it and which are those that falls into the category of  $14,$13,$12,$11,$10,$9 can place bid for the good.

On the other hand,  the individual having a lower  value for the good will sell it and which are those that falls into the category of  $4,$5,$6,$7,$8,$9 and would want to  sell it for the ask price of the good.

In this trend, we understand that the individual valuing the good for $9 won't be able to participate due to the fact that He appears on both trends because in the demand side , he have the lowest willingness to pay and at the seller's side he has the the highest value for the good and that the equilibrium price in this market is $ 9 because at this price the quantity demanded equals quantity supplied .

Thus; we can conclude that there are 5 transactions in the maximizing bid-ask spread per unit for a market maker.

Answer:

A. living standards.

Explanation:

HDI( Human development index) has been trying to assess 189 different countries and territories, with very different price levels. In order to compare economic statistics across countries, the data must first be converted into a common currency. In contrast to market exchange rates, PPP exchange rates make it possible for this conversion to take into account price differences between countries. This best represents the standard of living of people, GNI per capita (PPP)

Answer:

The annual holding period returns for 2012 through 2016 is 199.21%

Explanation:

In order to Calcualte the Holding Period Return for 2012 through 2016

we would have to use and calculate the following formula :

HPR = [(P1-P0) +D] / P0

P0 = Beginning value of stock = $39.26

P1 = The closing value of stock = $111.07

D = Dividends received during the year =($0.75 + $0.99 + $0.96 + $1.65 + $2.05) = $6.40

Substituting all the values in the formula , we will get Holding period return

HPR = [($111.07 - $39.26) + $6.40] / $39.26

= $78.21/ $39.26

= 1.9921

= 199.21%

Therefore, the annual holding period returns for 2012 through 2016 is 199.21%

Answer: Please see below for answers

Explanation:

Journal to record Purchase of goods.

Date                General Journal                  Debit      Credit

5TH July  Inventory ( 58 x 3400)     $197, 200

               Accounts Payable                                     $197,200

journal to record goods returned

Date                General Journal                  Debit           Credit

8TH July   Accounts Payable (2 x 3400)     $6,800

               inventory                                                        $  6,800

journal to record payment made to supplier

Date                General Journal                              Debit           Credit

13TH July Accounts Payable (197,200-6,800)     $190,400

               inventory  ( 190,400 x2%)                                    $3808

              Cash( 190,400 - 3,808)                                      $186,592

From the question, the conditions for payment states 2/10 and n/30 meaning that the company will get 2% discount if they pay for products in 10 days of payment. the company paid on 13th and therefore will get a discount which is $3,808.

journal to record sale of goods

Date                General Journal                              Debit           Credit

28TH July Accounts receivable(56x 3900)     $218,400

                  Sales revenue                                               $218,400  

Journal to record cost of good sold

Date                General Journal                Debit           Credit

28TH July  cost of good sold               $186,592

               inventory                                                         $186,592      

Answer:

The firm's cost of preferred stock is  9.10%

Explanation:

The cost of preferred stock with the flotation of 5% would be the dividend payable by the preferred stock divided by the adjusted current market price(adjusted for flotation cost)

The dividend per year is $8

The adjusted price of the stock=$92.50*(1-f)

where f is the flotation cost in percentage terms i.e 5%

adjusted price of the stock is =$92.50*(1-5%)=$ 87.88  

Cost of preferred stock=$8/$87.88*100  = 9.10%

Answer:

d. May report interest expenditure of either $0 or $600,000

Explanation:

Government entities used modified accrual accounting system and one of the main difference with accrual accounting system used by private businesses is that they do not have to report accrued interests on their end of year balance sheets. They can choose to report them or not, it is optional.

Answer: Please refer to Explanation

Explanation:

B. What are the company policies when it comes to handling bribery?

This is a good question to ask because it aims to find out how the company deals with a very important ethical issue which is that of bribery. Your supervisor needs to tell you how the company normally deals with bribery so that you can act appropriately and abide by the ethics of the company.

B. Inform the executive that this extra $10,000 wasn’t in the original contract. Avoid assuming unethical behavior until you clarify what he is asking for in relation to the agreed-upon contract.

You should tell the Executive that the sum of money he is requesting for was not in the original budget and inquire to know why he needs it so that you may know if it is something you can acquire. It is sometimes best to wait for an explanation first before rushing to conclusions and this is one of those times.

A. Find alternatives.

B. Don’t rationalize shady decisions.

D. Refuse business if it violates you basic values.

When dealing with other culture and you see that there are different values from the ones you are used to and therefore different ways of doing things, it is imperative that you find alternatives to your course if action that can still serve your purpose while not antagonizing the people.

Also very important to to avoid rationalizing shady deals because once you start you will find that UNETHICAL decisions are easy to engage in.

Also as much as you are in a different cultures, some behaviours will always be unethical, refusing business that violates your basic values shoeshowss Moral Initiative.

A. Team members with different backgrounds come up with more effective problem-solving techniques, providing your company with a competitive advantage over other companies.

As the saying goes, "two heads are better than one". This is very important in teams with diversity because different cultures and backgrounds have evolved differently and found out different ways to come up with solutions to problems with some being better than others. Having team members from various backgrounds brings that information together to chart a better path forward which can then give a Competitive Advantage.

Build on Similarities. Coexist Peacefully.

By posting this tip, you encourage team members to communicate well with each other by first finding similarities. Human beings regardless of culture can have similarities and from these we can see that we are not all that different. Once that is found out, it is easier to coexist peacefully.

Answer:

The correct option is true

Explanation:

The book value of the old fixtures at the date of exchange which is the cost less accumulated depreciation till date is computed thus:

Book value of old fixtures=$48,000-$14,000=$34000

Expected cash payable by the company for the new fixtures is the market value of the new fixtures minus the carrying value of the old fixtures.

Expected cash=$117,000-$34,000=$83,000.00  

Loss on the exchange =cash paid -expected cash payable=$101,000-$83,000=$18000

Find the given attachment

Answer:

Mar.1

Rent Expense $2,500 (debit)

Cash $2,500 (credit)

Mar.3

Advertising Expense $675 (debit)

Cash $675 (credit)

Mar.5

Supplies $1,250 (debit)

Cash $1,250 (credit)

Mar.6

Office equipment $9,500 (debit)

Accounts Payable $9,500 (credit)

Mar.10

Cash $16,550 (debit)

Accounts Receivable $16,550 (credit)

Mar.15

Accounts Payable $3,180  (debit)

Cash $3,180 (credit)

Mar.27

Miscellaneous Expense $540 (debit)

Cash $540 (credit)

Mar.30

Utility Expense $375 (debit)

Cash $375 (credit)

Mar. 31

Accounts Receivable $49,770 (debit)

Fees Earned $49,770 (credit)

Mar. 31

Utility Expense $830 (debit)

Cash $830 (credit)

Explanation:

Telephone Bill and Electricity Bill are both utilities used for operations hence entered under Utility Expense Account.

Repairs to Office Equipment was entered in the Account Title Miscellaneous Expense because of all the Account Titles for this Company, this is the most appropriate.

Answer:

$7,560,000

Explanation:

To solve this problem, the Present Value (PV) of a growing annuity formula is used.

The Present Value of a growing annuity is the current value of a series of payments which grows or diminishes at a constant rate each period.

The formula below represents the PV of a growing annuity:

[tex]PV=PMT *\frac{(1-(1+g)^{n}*(1+i)^{-n}) }{i-g}[/tex],  ............................................. (i)

where,

PV = Present Value = ?

PMT = Periodic Payment = $960,000

i = Interest Rate = 9% = 0.09

g = Growth Rate = 5% = 0.05

n = Number of periods = 10 years

Substituting these values in equation (i), we have

[tex]PV=960000*\frac{(1-(1+0.05)^{10}*(1+0.09)^{-10} }{0.09-0.05}[/tex]

[tex]PV=960000*\frac{(1-(1.05^{10})*(1.09)^{-10}) }{0.04}[/tex]

[tex]PV=960000*\frac{(1-(1.63*0.42))}{0.04}[/tex]

[tex]PV=960000*\frac{(1-0.685)}{0.04}[/tex]

[tex]PV=960000*\frac{0.315}{0.04}[/tex]

[tex]PV=960000*7.875[/tex]

[tex]PV=$7,560,000[/tex]

PV = $7,560,000

Answer:

$30,000

$6,000

Explanation:

Carlos risk = $30,000

Carlos risk of $30,000 is the amount of funds which he had invested in the course of his business which is why Carlos is not considered at-risk for the nonrecourse loan reason been that carlos is not found liable because the loan was not used in the business which makes him to have a risk of $30,000.

$24,000 loss that occured will reduces Carlos’ amount at-risk to $6,000

($30,000 - $24,000)

=$6,000

Answer:

1. Total cost of purchases for the month

2. Materials price variance

3. Materials quantity variance

= (actual quantity used - standard quantity allowed) x standard price = (185,000 - 170,000) x $0.17 = $2,550 unfavorable

4. Net materials variance

Explanation:

Actual purchase price  $0.175 per page

Standard quantity allowed for production  170,000 pages

Actual quantity purchased during month  200,000 pages

Actual quantity used during month  185,000 pages

Standard price per page  $0.17 per page

Answer:

The cost of the machine will be $85,358.88‬

Explanation:

To calculate the present value of the machine is given by:

Present value=$16000*Present value of annuity factor(10%,8)

=$16000*5.33493

= $85,358.88‬

Answer:

The answer is option A

Explanation:

                                     Amount($)       Activity cost pools    Allocated amount($)

Wages and salaries    340,000                   30%                     102,000

Depreciation                160,000                   15 %                     24,000

Occupancy                  220,000                   15 %                     33,000

Total                             720,000                                              159,000

Cost driver (hours)                                                              30,000 machine hours

Rate per machine hr                                                          159,000 ÷ 30,000

                                                                                                =$ 5.30    

Answer:

January 24, 2022, Madonna Inc.'c account is written off

Dr Allowance for doubtful accounts 4,245

    Cr Accounts receivable 4,245

the cash realizable value of the accounts receivable account:

The net balance of the account does not change because the allowance for doubtful accounts is a contra asset account that already decreased the accounts receivable balance.  

Answer:

False

Explanation:

Porter's Five Forces framework is a list of factors which provide an explanation to the forces affecting competition in industries. These five forces include;

1. Competition in the industry

2. Potential of new entrants into the industry

3. Power of suppliers

4. Power of customers

5. Threat of substitute products

Over the years, these five forces have been used in explaining the structure of certain industries. The framework however has limitations, some of which include,

1. It is not in terms with current realities, such as new advancements in technology which were not available as at the time the framework was formed.

2.  Some companies operate different structures, whereas, the framework classifies each industry under one structure.

3. There is the possibility of industries to give equal consideration to all five factors, whereas in reality only some of the factors might be applicable to them.

4. Individual companies instead of industries now use the framework to make their business analysis which is not the real reason for the development of the framework. It was meant for industries as a whole.

Answer: No deduction can be claimed this year.

Explanation:

The options to the question are:

a. No deduction can be claimed this year.

b. $5.50 million

c. $2,500,000

d. $5.50 million only if the professional golf tournament is played before April 15.

Answer:

Since Ajax Computer company is an accrual method calender-year tax payer, the computer company would recognize the expenses only when such expenses are incurred and not at the time that cash is being paid for the the expenses

Ajax computer company already paid in advance for both advertisements the following year even though the advertisement eanst taking place that year. Therefore, the payments will not be considered to be an expense until advertisements has actually taken place. Because of this, Ajax cannot deduct the amounts paid for the advertisements next year and hence, no deduction will be claimed this year.

Answer:

An correct statement was prepared for a comprehensive income which is given below.

Explanation:

Solution

Given that:

                                  Cheyenne Corporation              

          Correct Statement  of Comprehensive/General Income

Income before income taxes           $371,000

The less Tax ($371,000 * 35%)         $129,850

The Net Income                                                         $241,150

Other Comprehensive income

Unrealized profit on present for

sales securities, net of tax                                          $57,655

The comprehensive income

($241,150 +$57,655)                                                    $298,805      

Note:

The Unrealized profit on present for sales securities, net of tax is given as

=($88,700 * (100% -35%))

=$88,700 * 65%

=$57,655    

Answer:

$45.28

Explanation:

The computation of price of a forward contract is shown below:-

      Cash flows      Future Value Amount               Amount

A     $45.60       $45.6 × exponential(0.021 × 2)    $47.55599

B     $1.10            $1.10 × exponential(0.021 × 1)      $1.123344

C     $1.15            $1.15 × exponential(0.021 × 0)     $1.15

So, The value of forwards contract = Amount of A - Amount of B - Amount of C

= $47.55 - $1.12334 - $1.15

= $45.28

Answer: 20

Explanation:

Total cost of Option B = 4 billion

Total fixed cost = 10% of 4 billion

= 10/100 × 4,000,000,000

= 0.1 × 4,000,000,000

= 400,000,000

The average fixed cost is the total cost divided by the total number of output that is given. In this case, this can be calculated as:

= 400,000,000/20,000,000

= 20

The average fixed cost at production level of 20,000,000 bottles per year for the Option B facility will be 20.

Answer:

$1,073.60

Explanation:

bond's current price = PV of face value + PV of coupons

maturity = 10 years

face value = $1,000

coupon rate = 7% annual

market rate = 6%

PV of face value = $1,000 / (1 + 6%)¹⁰ =$558.39

PV of coupons = coupon x annuity factor (10 years, 6%) = $70 x 7.3601 = $515.21

market value at issue date = $558.39 + $515.21 = $1,073.60

since the bond's coupon rate was higher than the market rate, the bond was sold at a premium.

Answer:

(A)0.6600 (B) 1.325 (C) 0.997 or 1 minute

Explanation:

Solution

Given that:

The constant rate = 30 seconds

The arrival rate according to Poisson distribution is = 45 seconds

Now,

(A) We solve for the average length line of cars

The formula is given below:

Lq = λ²/ 2μ ( μ -λ)

Here,

λ = this is the mean time of arrival rate

μ = This is the mean service rate

Thus we compute for the mean time arrival rate which is given below:

The mean arrival rate λ = arrival rate/ 60 seconds

= 60/45

= 1.33 customer per minute

Then we solve for the means service rate which is given below

The mean service rate μ = 60 seconds/ mean rate

= 60/30 = 2 customer per minute

We will now solve for the average line length in cars which is shown below:

Lq = λ²/ 2μ ( μ -λ)

Lq = 1.33²/2*2 (2-1.33)

Lq = 1.7689/4 (0.67)

Lq = 1.7689/2.68

Lq = 0.6600

Therefore the average length in line for cars is 0.6600 cars

(B) We solve for the average number of cars in the system

Ls =Lq + λ /μ

Ls =0.600 + 1.33/2

Ls =0.6600 + 0.665

Ls = 1.325

(C) Finally we need to find the expected average time in the system which is shown below:

Ws = Ls/λ

Ws= 1.325/1.33 = 0.997 or 1.00

The expected time average  in the system is 0.997 or 1.00 minutes.

(A) The average length in line for cars is 0.6600 cars

(B) Ls = 1.325  

(C)The predicted time standard in the system is 0.997 or 1.00 minutes.

The constant rate = 30 seconds

The arrival rate according to Poisson disbandment is = 45 seconds

(A) We solve for the average stature line of cars

The formula is given below:

Lq = λ²/ 2μ ( μ -λ)

Here,

λ = this is the meantime of arrival rate

μ = This is the mean service rate

Thus we compute for the meantime arrival rate which is given below:

The mean formation rate λ = arrival rate/ 60 seconds

= 60/45

= 1.33 customer per minute

Then we solve for the concessions service rate which is given below

The mean service rate μ = 60 seconds/ mean rate

= 60/30 = 2 consumer per minute

We will now solve for the average line length in cars which is shown below:

Lq = λ²/ 2μ ( μ -λ)

Lq = 1.33²/2*2 (2-1.33)

Lq = 1.7689/4 (0.67)

Lq = 1.7689/2.68

Lq = 0.6600

Hence the average length in line for cars is 0.6600 cars

(B) We solve for the average number of cars in the system

Ls =Lq + λ /μ

Ls =0.600 + 1.33/2

Ls =0.6600 + 0.665

Ls = 1.325

(C) Finally we need to find the anticipated average time in the system which is shown below:

Ws = Ls/λ

Ws= 1.325/1.33 = 0.997 or 1.00

The predicted time standard in the system is 0.997 or 1.00 minutes.

Find out more information about Average Time here:

https://brainly.com/question/1081216

Answer:

$33,000

Explanation:

assets = liabilities + stockholders' equity

assets include current assets + non current or fixed assets = $5,000 + $28,000 = $33,000

liabilities and stockholders' equity include current liabilities + long term liabilities + equity = $4,000 + $12,000 + $17,000 = $33,000

both sides of the accounting equation must always be equal, that is meant by balance.

Answer:

1. Calculate (a) the product cost for one tent

and (b) the total product cost for last year.

2. (a) Prepare an income statement for external users.

                                    Laworld Inc.

                                Income Statement

Total revenue                                                          $12,000,000

Cost of goods sold:

Total COGS                                                             ($9,200,000)

Gross profit                                                               $2,800,000

Operating expenses:

Total operating expenses                                        ($800,000)

Net profit from operations                                      $2,000,000

(b) Did you need to prepare a supporting statement of cost of goods manufactured? Explain.

3. Suppose 200,000 tents were produced (and 200,000 sold) but that the company had a beginning finished goods inventory of 10,000 tents produced in the prior year at $40 per unit. The company follows a first-in, first-out policy for its inventory (meaning that the units produced first are sold first for purposes of cost flow). (a) What effect does this have on the income statement?

(b) Prepare a cost of goods sold statement.

Incurred costs:

Direct materials                                                            $3,600,000

Direct labor                                                                   $2,400,000

Manufacturing overhead                                             $3,200,000

Cost of goods manufactured                                      $9,200,000

Beginning inventory of finished units                            $400,000

Ending inventory of finished units                                ($460,000)

Cost of goods sold                                                       $9,140,000

Explanation:

revenue = 200,000 x $60 = $12,000,000

manufacturing costs:

product cost per unit = $18 + $12 + $16 = $46

S&A expenses: