Write about Costing Methods and include the following points please: No Plagiarism.
1-Specific Identification
2-First In First Out (FIFO)
3-Last in First Out (LIFO)
4-Average Cost
5-Complying with Guidelines

Answers

Answer 1

Technique of specific identification: The cost of stocks of products or services created and segregated for particular projects, as well as items that are not typically interchangeable, should be assigned using a method of specific identification of their distinct costs.

It is assumed that the inventory products that were bought or created first would be sold first (first in, first out, or FIFO). As a result, in this scenario, the things still in stock at the conclusion of the time are those that were just bought or created.

The FIFO approach properly aligns real cost flows with the physical flow of commodities by assigning the earliest expenses paid against revenue.

The inverse of FIFO, last in first out (LIFO), is the idea that the most recent purchases or output would be consumed first.

When inventory units are the same or substantially identical, the average cost approach is used. By dividing the total cost of the units by the total number of units, an average unit cost is calculated.

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Related Questions

Crane Company's inventory records show the following data:
Units Unit Cost
Inventory, January 1 9500 $8.80
Purchases: June 18 8,500 7.00
November 8 5500 6.00
A physical inventory on December 31 shows 3,500 units on hand. Holliday sells the units for $11 each. Crane uses the periodic inventory method. If the company uses FIFO, what is the gross profit for the period?
A. $70400
B. $64900 C. $74700 D. $66900

Answers

FIFO method is a way of inventory valuation that assumes that the earliest items put into inventory are the first ones sold. The cost of goods sold under this method is based on the cost of the oldest inventory items and the ending inventory is based on the cost of the most recent purchases.

In this problem, Crane Company's inventory records show the following data: Units  Unit Cost Inventory, January 1 9500 $8.80Purchases:June 18 8,500 7.00November 8 5,500 6.00The total cost of all units at the beginning of the year, on January 1, was:9500 × $8.80 = $83,600Total cost of purchases throughout the year was:8500 × $7.00 = $59,5005,500 × $6.00 = $33,000Total = $92,500.

Thus, the total number of units to be sold is: Units available for sale = Beginning inventory + Purchases Units available for sale = 9,500 + 8,500 + 5,500Units available for sale = 23,500

The cost of goods sold (COGS) using FIFO is calculated by taking the cost of the oldest unit available in inventory and multiplying it by the number of units sold.

Therefore, the cost of goods sold (COGS) for the year is:$8.80 x 9,500 + $7.00 x 8,500 + $6.00 x 3,500 = $209,500

The gross profit for the year is calculated by subtracting the cost of goods sold (COGS) from the total revenue:Total revenue = 3,500 × $11 = $38,500

Gross profit = Total revenue − Cost of goods sold (COGS)Gross profit = $38,500 − $209,500Gross profit = −$171,000Therefore, the correct option is none of the above as the gross profit is a negative $171,000.

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Explain the cultural factors which make international hospitality marketing more complex than a single market marketing.

Answers

Due to diverse cultural influences, international hospitality marketing is more complicated than marketing to a single market. Language difficulties, disparities in consumer behaviour, interests, beliefs, cultures, and social conventions among various nations and regions are some of these variables.

Consumer decision-making is heavily influenced by cultural aspects, therefore marketing plans must take this into account. As marketing messages, branding, and product offers must be modified to appeal to the target culture, localization becomes increasingly important. To prevent cultural insensitivity or misinterpretation, it is crucial to understand cultural nuances. International hospitality marketing is further complicated by various economic conditions, political environments, and legal and regulatory discrepancies. Reaching and engaging different international audiences effectively requires successfully negotiating various cultural considerations.

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According to IAS 38 Intangible assets, which of the following statements about research and development expenditure are correct?(1)If certain conditions are met, an entity may decide to capitalise development expenditure.(2) Research expenditure, other than capital expenditure on research facilities, must be written off as incurred.(3)Capitalised development expenditure must be amortised over a period not exceeding 5 years.(4)Capitalised development expenditure must be disclosed in the statement of financial position under intangible non-current assets.
A. 1, 2 and 4 only
B. 1 and 3 only
C. 2 and 4 only
D. 3 and 4 only

Answers

The correct answer is A. 1, 2 and 4 only.

(1) An entity may decide to capitalise development expenditure if certain conditions are met, according to IAS 38. These conditions include the technical feasibility of completing the intangible asset so that it will be available for use or sale, the intention to complete the intangible asset and use or sell it, the ability to use or sell the intangible asset, and how the entity will generate future economic benefits from the intangible asset. Therefore, statement (1) is correct.

(2) Research expenditure must be written off as incurred, according to IAS 38. However, capital expenditure on research facilities such as land, buildings, and equipment used in research activities can be capitalised. Therefore, statement (2) is also correct.

(3) Capitalised development expenditure must be amortised over its useful life, which is the period over which the asset is expected to contribute to the entity's future economic benefits. The useful life could be more than 5 years, depending on the nature of the intangible asset. Therefore, statement (3) is incorrect.

(4) Capitalised development expenditure must be disclosed in the statement of financial position under intangible non-current assets. Therefore, statement (4) is correct.

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Assignment: Select an exclusive Canadian company and evaluate it on its organizational behaviour criteria's. Evaluation Criteria's: Company's Outlook and Approach Vision, Mission, Values, Culture, Ethics and its implementation Responsible Department with key executives > Organizational Structure-Functional, Divisional, Matrix Policies and Procedures-Individuals, Team, Leader Code of Ethics-Integrity, Accountability, Transparency Dynamic Environment Integration Reactive Vs Proactive Top-Down, Bottom-Up Approach Environmental Scanning and SWOT Analysis Scientific Analysis-Culture of Thinking Out of the Box Training and Development MBO-Employee Participation, Employee Engagement Functional Vs Process Approach Team Concept-Coaching, Mentoring, Coordination, Synergy I

Answers

Canadian National Railway Company (CN) is an exclusive Canadian Company and North America's leading transportation company. CN's culture promotes ethical practices, efficient operations, and customer satisfaction. CN's culture is based on safety, customers, people, integrity, and sustainability.The company's mission is to transform the railway network to meet the ever-changing market conditions and customer requirements. CN's mission is to deliver sustainable and cost-effective transportation solutions while improving customer satisfaction.CN's code of ethics is based on accountability, integrity, transparency, and inclusivity. CN adheres to various regulatory frameworks that govern its operations, and the company operates within the confines of these regulations.

CN's organizational structure is divisional, with executives and managers responsible for different departments. The company's leadership is responsible for ensuring that the organizational culture is aligned with the company's objectives. CN's culture is team-oriented, and the company encourages its employees to work together to meet customer requirements.CN's policies and procedures are designed to provide guidance and direction to its employees. The company's policies cover a wide range of issues, including employee conduct, safety, and security.CN's approach to environmental scanning and SWOT analysis is proactive. The company's leadership is continually monitoring market conditions and customer requirements and is responsive to changes in the business environment.CN's approach to training and development is based on employee engagement. The company's leadership understands that engaged employees are more likely to be productive and will work together to achieve common objectives.CN's approach to employee participation is based on MBO. The company's employees are encouraged to participate in the decision-making process, and the company rewards employees who take an active role in the decision-making process.

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Analyse the effect of the actions below on the debt/equity ratio. Assume current debt/equity ratio is 0.5.
(viii) Pay off the company’s long term bank loan

Answers

When a company pays off its long-term bank loan, it has a direct impact on the debt/equity ratio. The debt/equity ratio measures the proportion of debt to equity financing used by a company to support its operations.

In this case, since the company is paying off its long-term bank loan, it means that the amount of debt is decreasing. As a result, the total liabilities of the company decrease, which in turn reduces the debt component of the debt/equity ratio.

On the other hand, the equity component remains the same unless there are other changes in the equity structure, such as additional equity investments or repurchases of shares. Since no information is provided regarding changes in equity, we can assume that the equity component remains constant.

As a result, when the debt component decreases while the equity component remains constant, the debt/equity ratio decreases. A lower debt/equity ratio indicates a lower level of financial leverage and implies that the company is relying less on debt financing and has a stronger equity position.

Therefore, paying off the long-term bank loan would lead to a decrease in the debt/equity ratio, potentially improving the company's financial stability and creditworthiness.

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Suppose an investment has conventional cash flows with positive NPV. How would it impact your decision based on capital budgeting techniques mentioned below?
i Profitability index (PI)
ii. Internal Rate of Return (IRR)
iii. Payback Period (PBP)

Answers

If an investment has conventional cash flows with a positive net present value (NPV), the profitability index (PI), internal rate of return (IRR), and payback period (PBP) would be impacted as follows:

Profitability Index (PI)If the investment has conventional cash flows with a positive NPV, the PI will be greater than 1. The profitability index is an important measure used in capital budgeting, which compares the present value of cash inflows to the initial investment required.IRR (Internal Rate of Return)

The IRR is the interest rate that makes the present value of cash inflows equal to the initial investment. When an investment has conventional cash flows with a positive NPV, the IRR is greater than the required rate of return.PBP (Payback Period)The payback period is the length of time it takes for a project to recover its initial investment. When the investment has conventional cash flows with a positive NPV, the payback period is shorter than the required period of time.

Given the above, when an investment has conventional cash flows with a positive NPV, all three of these capital budgeting techniques indicate that the investment is worth pursuing.

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Identify travel agency organization common performance problems, with their causes and possible strategies that may be implemented to resolve these problems.

Answers

There are numerous travel agency organizations that have experienced performance problems over time. Some of these common performance problems are as follows: Inability to match customer expectations. Inadequate preparation for customers’ journey Poor Customer Service Poor time management Inability to manage customer complaints Poor marketing strategies and practices Financial constraints.

The causes and possible strategies that may be implemented to resolve these problems are as follows:

Inability to match customer expectations: Customers' expectations can differ from what the travel agency can deliver. This is usually as a result of the travel agency's inability to get to know the customer and establish a personalized relationship. It's also due to the travel agency's failure to get to know the customer and establish a personalized relationship.  

Travel agencies can resolve this problem by doing the following:  

Creating a customer database that contains the customer's contact information, preferences, and feedback.Staff training on how to interact with clientsEstablishment of performance metrics that focus on customer satisfaction.Inadequate preparation for customers’ journey: This occurs when the travel agency fails to provide essential information such as weather reports, transport information, and tour itinerary. This often leads to the customer becoming frustrated and dissatisfied with the travel agency.

The following strategies can help to resolve this problem:

Employ travel consultants who have experience and are knowledgeable about the destination.Prepare and give customers an itinerary that outlines the day-to-day events of their journey.Include any changes to the itinerary as early as possible.Keep customers informed of any possible issues that may arise.Poor Customer Service: Poor customer service is a common problem in many travel agencies. It can be caused by a lack of training or experience of the staff. It can also be as a result of poor communication between the travel agency and its customers.

The following strategies can be implemented to resolve this issue:

Training staff on customer service skills.Offering an emergency hotline number.Providing customer feedback channels.Incorporating technology in their operations to automate responses and improve service delivery.Poor time management: Poor time management is another problem that can occur in a travel agency.

The following strategies can be implemented to address this issue:

Ensure that the itinerary is followed strictly.Arrive early to avoid delays in transport.Identify possible sources of delay beforehand, and address them as soon as possible.Inability to manage customer complaints: Travel agencies that fail to manage customer complaints usually experience poor customer satisfaction and lose customers.

The following strategies can be implemented to address this issue:

Establish complaint channels.Provide prompt responses to complaints.Record complaints and implement measures to prevent future occurrence.Responding promptly to complaints, and addressing the root cause of the complaintPoor marketing strategies and practices: Poor marketing strategies can affect the success of a travel agency.

The following strategies can be implemented to address this issue:

Develop effective marketing strategies.Use social media for marketing and advertisement of the travel agency.Keep track of marketing trends and use them to improve the company's marketing strategies.Financial constraints: Financial constraints can prevent a travel agency from growing and developing.

The following strategies can be implemented to address this issue:

Identify and eliminate unnecessary expenses.Evaluate current pricing strategies and make adjustments if necessary.Reduce staffing and operations costs through automation of processes.

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An insured vehicle is completely destroyed by fire. In which of the following circumstances is there an indicator that insurance fraud may be present? a. The insured carries liability coverage only on a car that is 15 years old. b. The insured is available and helpful to the claims agent assigned to handle his claim. c. The insured is several months behind on his car payment. d. The insured's car is paid off, and he has a moderate amount of consumer debt.

Answers

In the given options, the indicator that may suggest the presence of insurance fraud is:

c. The insured is several months behind on his car payment.

Being several months behind on car payments may indicate financial distress or potential motivation to commit insurance fraud by intentionally destroying the vehicle to collect insurance money and alleviate the financial burden. However, it is important to note that this indicator alone is not conclusive proof of insurance fraud, and further investigation would be required to establish any fraudulent activity.

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The managing director of a consulting group has the accompanying monthly data on total overhead costs and professional labor hours to bill to clients. Complete parts a through c.
a. Develop a simple linear regression model between billable hours and overhead costs.
b. Interpret the coefficients of your regression model.​Specifically, what does the fixed component of the model mean to the consulting​ firm? Interpret the fixed​ term, b0​, if appropriate. Choose the correct answer below.
Interpret the coefficient of billable​ hours, b1​, if appropriate. Choose the correct answer below.
It is not appropriate to interpret by, because its value is the predicted billable hours for overhead costs of 0 dollars, but
c. If a special job was available requiring 5,550 billable hours that would contribute a margin of ​$210,000 before​ overhead, would the job be​ attractive?

Answers

a) This model indicates how overhead costs are dependent on the number of billable hours.

b) The coefficient of Billable hours b 1 suggests how overhead costs change with each unit of increase in billable hours.

c) The special job would generate revenue of $210,000 before overheads and cost an overhead of $213,342.30. Hence, the special job would not be attractive.

a) Simple Linear Regression model between billable hours and overhead costs is: Overhead costs = b0 + b1 × Billable hours. This model indicates how overhead costs are dependent on the number of billable hours.

b) Interpretation of the coefficients of the regression model: If there is no data available on overhead costs for zero billable hours, then b 0 (the intercept) does not have a meaning. Here b 1 (the slope) is appropriate to interpret. The coefficient of Billable hours b 1 suggests how overhead costs change with each unit of increase in billable hours.

c) For the linear regression model, using the values b 0 = 22,356.30 and b 1 = 33.08, the total overhead costs will be:Overhead Costs = 22,356.30 + 33.08 × Billable hours.

If a special job was available requiring 5,550 billable hours that would contribute a margin of $ 210,000 before overhead, then the overhead costs would be:Overhead Costs = 22,356.30 + 33.08 × 5550 = $213,342.30.

The special job would generate revenue of $210,000 before overheads and cost an overhead of $213,342.30. Hence, the special job would not be attractive.

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Who is responsible for Risk Management in an organization? Which community of interest usually takes the lead in information asset risk management? Which community of interest usually provides the resources used when undertaking information asset risk management?

Answers

In an organization, the responsibility for risk management typically lies with the executive leadership, particularly the Chief Executive Officer (CEO) and the Board of Directors.

They are ultimately accountable for identifying and managing risks that could impact the organization's objectives and overall performance.

When it comes to information asset risk management, the community of interest that usually takes the lead is the Information Technology (IT) or Information Security department.

These teams are responsible for assessing and mitigating risks associated with the organization's information assets, including data, systems, and technology infrastructure.

They play a crucial role in implementing security measures, conducting risk assessments, and ensuring compliance with relevant regulations and standards.

The community of interest that typically provides the resources used in information asset risk management is the organization's Finance department. Financial resources are required to invest in technologies, tools, personnel, and training necessary to effectively manage information risks.

The Finance department, in collaboration with executive leadership, allocates the necessary budget and resources to support information asset risk management initiatives.

It's important to note that risk management is a collaborative effort that involves multiple stakeholders across different functions within an organization.

While the IT department and Finance department may play key roles in information asset risk management, it requires involvement and coordination from various other departments, including Legal, Compliance, Operations, and Human Resources, among others.

Effective risk management requires a holistic and cross-functional approach to address risks comprehensively.

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You are developing a performance progress report for a project you are managing. The following time-phased budget was developed earlier in the planning stage and is being used as the standard against which the project performance is measured. You are analyzing the project performance at the end of Week 2. Activity "A" is 50% complete and its actual cost is 5 . What is the cost variance of this activity? Use two decimal places in your calculations. You are developing a performance progress report for a project you are managing. The following time-phased budget was developed earlier in the planning stage and is being used as the standard against which the project performance is measured. You are analyzing the project performance at the end of Week 8. Activity " C " is 20% complete and its actual cost is 7. What is the Cost Performance Index of this activity? Use two decimal places in your calculations.

Answers

The Cost Performance Index (CPI) for Activity "C" is 0.86.

To calculate the cost variance (CV) for Activity "A," you need to compare the actual cost (AC) with the earned value (EV). The formula for CV is:

CV = EV - AC

Given that Activity "A" is 50% complete and its actual cost is 5, we need to determine the earned value (EV). Since the time-phased budget was developed earlier, we can assume a linear relationship between the percentage complete and the budgeted cost.

Budgeted cost of Activity "A" = 10

EV = Percentage Complete * Budgeted Cost

EV = 0.5 * 10

EV = 5

CV = EV - AC

CV = 5 - 5

CV = 0

Therefore, the cost variance (CV) for Activity "A" is 0.

To calculate the Cost Performance Index (CPI) for Activity "C," you need to divide the earned value (EV) by the actual cost (AC). The formula for CPI is:

CPI = EV / AC

Given that Activity "C" is 20% complete and its actual cost is 7, we need to determine the earned value (EV).

Budgeted cost of Activity "C" = 30

EV = Percentage Complete * Budgeted Cost

EV = 0.2 * 30

EV = 6

CPI = EV / AC

CPI = 6 / 7

CPI ≈ 0.86 (rounded to two decimal places)

Therefore, the Cost Performance Index (CPI) for Activity "C" is approximately 0.86.

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Create a word problem with the topic of Internal and External Rate of Return.
Show detailed solution and provide diagrams.

Answers

The internal rate of return (IRR) and the external rate of return (ERR) are two measures used in financial analysis to evaluate the profitability of an investment or project

Word problem involving Internal and External Rate of Return:

Katie is planning to invest in a new business, she has identified two potential projects. Both projects are expected to cost $500,000. Project A has an expected internal rate of return (IRR) of 12% while project B has an expected external rate of return (ERR) of 15%. If Katie wants to achieve the highest possible rate of return on her investment, which project should she choose?

Solution:

For Project A, the IRR is 12%. This means that the project will earn a rate of return of 12% per year.

If Katie invests $500,000 in the project, she will earn an annual return of $60,000 ($500,000 x 12%).

For Project B, the ERR is 15%. This means that the project will earn a rate of return of 15% per year.

However, this rate is based on the assumption that the project is financed with borrowed money.

If Katie invests $500,000 in the project, she will earn an annual return of $75,000 ($500,000 x 15%).

However, Project B involves borrowing money, which means that Katie will have to pay interest on the borrowed amount.

The interest rate on the borrowed amount is not provided in the problem. If the interest rate on the borrowed amount is greater than 3%, which is the difference between the IRR and ERR, then Project A will be a better investment option. If the interest rate on the borrowed amount is less than 3%, then Project B will be a better investment option.

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Assume that the elasticity of demand is 1.6. Is demand elastic or inelastic? Think about supply and demand curves for cigarettes without the tax. Now assume that the tax will be enforced through the producers paying the government $1.10 for every pack of cigarettes sold. If the tax were added, what would happen to the price and quantity?

Answers

With an elasticity of demand of 1.6, the demand for cigarettes is considered elastic. When a tax of $1.10 is imposed on producers for every pack sold, the price of cigarettes would increase, and the quantity demanded would decrease.

A demand elasticity of 1.6 indicates that a 1% increase in price would result in a 1.6% decrease in quantity demanded, and vice versa. This elasticity value higher than 1 suggests that the demand for cigarettes is sensitive to price changes, making it elastic.

When the tax is enforced, producers would incur an additional cost of $1.10 per pack. To offset this cost, producers would pass it on to consumers in the form of a price increase. The price of cigarettes would rise by an amount that exceeds the tax, reflecting the elasticity of demand.

As the price of cigarettes increases, the quantity demanded would decrease due to the elastic nature of demand. The magnitude of the decrease in quantity would depend on the specific elasticity value, but generally, higher elasticity implies a more substantial decline in demand. Consequently, the quantity of cigarettes sold would likely decrease, reflecting consumers' reduced willingness to purchase at the higher price point resulting from the tax.

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Which age demographic has the highest level of turnover?
a.
Over 50
b.
18-25
c.
26-49
d.
26-35

Answers

According to the available research, the age demographic with the highest level of turnover is the 18-25 age group.

This is because they are most likely to leave their current jobs in search of better opportunities or career advancement.

The high level of turnover among the younger demographic is a significant challenge for employers, as it can lead to increased costs related to recruitment, training, and loss of productivity. In order to address this issue, employers can implement retention strategies, such as offering opportunities for career advancement, providing training and development programs, and improving the overall work environment and culture.

These strategies can help to attract and retain top talent in the 18-25 age group, ultimately reducing turnover and improving organizational performance.

In conclusion, the age demographic with the highest level of turnover is the 18-25 age group, and employers can address this challenge by implementing retention strategies to attract and retain top talent in this age group.

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Fowler and Woods is a publicly traded company that just paid a $2.00 per share dividend. The company is expected to increase its dividend by 20% per year for the next four years. After the 4th year, dividends are expected to grow at a constant rate of 3% into the foreseeable future. The required return for common shareholders to purchase a share today is 9.20%. Based on this information, what statement describes the intrinsic value of the stock today?
a The price of one share is between $50 and $55. b The price of one share is between $60 and $65. c The price of one share is between $70 and $75. d The price of one share is between $55 and $60. e The price of one share is between $65 and $70.

Answers

The price of one share is between $60 and $65 is the statement that describes the intrinsic value of the stock today. The correct option is b.

Explanation:According to the dividend discount model, the intrinsic value of the stock is calculated using the formula:P0 = (D1 / (r - g))Here,D1 is the expected dividend one year from nowr is the required rate of returng is the expected growth rate of dividends

From the problem,D0 = $2.00, g1-4 = 20%, g5 onwards = 3%, r = 9.20%Calculating D1 - D4:D1 = D0 * (1 + g1) = $2.00 * 1.2 = $2.40D2 = D1 * (1 + g2) = $2.40 * 1.2 = $2.88D3 = D2 * (1 + g3) = $2.88 * 1.2 = $3.46D4 = D3 * (1 + g4) = $3.46 * 1.2 = $4.15

Next, we calculate the price of the stock using the dividend discount model:P0 = ($2.40 / (0.0920 - 0.20)) + ($2.88 / (1 + 0.0920)2 - 0.20)) + ($3.46 / (1 + 0.0920)3 - 0.20)) + ($4.15 / (1 + 0.0920)4 - 0.20)) + ($4.25 / (0.0920 - 0.03))

P0 = $18.54 + $20.38 + $22.56 + $25.06 + $282.84 = $369.38Thus, the intrinsic value of the stock today is between $60 and $65 (option b).

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Which of the following factors is part of the microenvironment? A) demographics B) economics C) technology D) cultural forces E) intermediaries

Answers

E) Intermediaries. Among the given options, intermediaries are part of the microenvironment. The microenvironment refers to the factors and actors that are in close proximity to an organization and have a direct impact on its operations and success.

Intermediaries are entities or individuals that facilitate the distribution and exchange of goods and services between the company and its customers. They can include wholesalers, retailers, distributors, agents, and other intermediaries involved in the supply chain.

Intermediaries play a crucial role in influencing the marketing activities and strategies of a company. They can affect product availability, pricing, promotion, and even the overall customer experience. Their actions and decisions can directly impact sales and market reach.

On the other hand, factors like demographics, economics, technology, and cultural forces are part of the broader macroenvironment. These factors are external to the organization and may have a more indirect and generalized influence on its operations and strategies.

Therefore, among the given options, intermediaries are the factor that is part of the microenvironment.

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Ayayai Corp purchased office supplies costing $6580 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $2350 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $2350; credit Supplies, $2350. debit Supplies, $4230; credit Supplies Expense, $4230 debit Supplies Expense, $4230; credit Supplies, $4230 debit Supplies, $2350; Credit Supplies Expense, $2350

Answers

The adjusting entry is necessary to accurately report the remaining supplies and the expense incurred during the period. By debiting Supplies Expense and crediting Supplies, the financial statements will reflect the correct value of supplies on hand and the appropriate expense amount.

The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $4230; credit Supplies, $4230.
Here's the step-by-step explanation:
1. Start with the initial cost of office supplies purchased, which is $6580.
2. Subtract the remaining supplies on hand, which is $2350.
3. The difference between the initial cost and the remaining supplies is $4230.
4. Debit the Supplies Expense account for $4230 to reflect the decrease in the value of supplies.
5. Credit the Supplies account for $4230 to reduce the balance in the asset account.
6. This adjusting journal entry properly accounts for the decrease in supplies and recognizes the expense for the period.
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Select 6 of the methods learned in the OM course, and find a case for each method, preferably a different case, to solve the cases with these methods, including the following contents: Method introduction Case introduction Solving process Results and summary

Answers

Six methods learned in OM course are lean manufacturing, six sigma, total quality management, just-in-time, theory of constraints and kaizen.

Six methods learned in OM course is:

1. Lean Manufacturing: It is an approach that helps in identifying and eliminating waste and improving the efficiency of the manufacturing process.

2. Six Sigma: It is a data-driven methodology that helps in identifying and removing defects or errors from the manufacturing process.

3. Total Quality Management (TQM): It is a management approach that focuses on quality improvement, customer satisfaction, and employee involvement.

4. Just-In-Time (JIT): It is a production strategy that focuses on producing goods at the exact time they are required to minimize waste and reduce costs.

5. Theory of Constraints (TOC): It is a methodology that helps in identifying and removing bottlenecks or constraints that limit the production process's capacity.

6. Kaizen: It is a philosophy that focuses on continuous improvement in small increments. It aims to identify and eliminate waste and improve efficiency gradually.

These are some methods learned in the OM course. You can choose any six methods from them to find a case for each method. Preferably, you can choose different cases for each method to solve the cases with these methods including the following contents:

Method introduction: Explain the method that you have chosen in detail, including its objectives, advantages, and limitations.

Case introduction: Provide a brief introduction to the case that you have selected. Explain the context and the problem that needs to be solved.

Solving process: Explain the process that you have followed to solve the case. Describe the steps that you have taken to apply the method that you have chosen.

Results and summary: Finally, provide a summary of the results that you have obtained. Explain how the method that you have chosen has helped in solving the case.

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On January 4 of this year, Diaz Boutique incurs a $165,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield benefits for 10 years. Diaz leases its store and has 8 years remaining on the lease. Prepare the journal entry to record the cost of modernization and amortization at the end of this current year.

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Answer:

Explanation:

To record the cost of modernization and amortization at the end of the current year, the following journal entry can be made:

Date: December 31, 2023

To record the cost of modernization:

Debit: Store Modernization Expense $165,000

Credit: Cash (or Accounts Payable) $165,000

To record the annual amortization expense:

Debit: Amortization Expense $16,500 ($165,000 / 10 years)

Credit: Accumulated Amortization - Store Modernization $16,500

The first entry records the initial cost of the modernization as an expense. The second entry records the annual amortization expense, spreading the cost over the estimated useful life of 10 years. The accumulated amortization account is used to track the total amortization expense accumulated over time.

It's important to note that this is a general example, and the specific accounts used may vary depending on the company's chart of accounts and accounting practices. It's always recommended to consult with an accountant or financial professional for specific accounting guidance tailored to your business.

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.1. Interest income of a company was 39,400 during the year ended 31st March 2022. Interest receivable was 9,400 as at 31st March 2021 and 10,500 as at 31st March 2022. Identify the cash inflow from interest during the year.
a. 40,500
b. 28,900
c. 39,400
d. 38,300

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You have invested in a commercial building that you are leasing to a national retail chain. The tenant has signed a 10-year lease agreement that cannot be canceled. You expect to collect $8,000 per month for the full term of the lease. Payments occur at the end of each month. What is the present value of this investment if the interest rate is 12% and compounded monthly? (Use the PV function in Excel to calculate the answer. Do not round any intermediate calculations. Round your final present value answer to the nearest whole dollar) The present value of this investment is

Description I one page answer the following question by giving both a yes and a no answer and then tell me which one you believe to be right. Is an engagement a contract for marriage in particular if an engagement ring is presented? If so, list the element and if not why and what happens to the engagement ring. Instruction: A one page type answer and submit using APA.

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Engagement is not necessarily a contract for marriage, even if an engagement ring is presented. However, the legal implications may vary depending on jurisdiction and specific circumstances.

Is an engagement a legally binding contract if an engagement ring is presented?

The answer to this question is both yes and no, depending on the context. In some jurisdictions, an engagement can be considered a legally binding contract, while in others, it may not hold the same legal weight as a formal contract of marriage.

To determine if an engagement is legally binding, several elements need to be considered.

These elements may include mutual consent, the intention to marry, the exchange of valuable consideration (such as the engagement ring), and the absence of any legal impediments to marriage.

However, the presence of an engagement ring alone does not automatically establish a binding contract.

In jurisdictions where engagements are legally binding, the parties may have legal remedies available to enforce the engagement contract or seek compensation if the engagement is broken.

On the other hand, in jurisdictions where engagements are not considered contracts, the resolution of disputes or the fate of the engagement ring may be determined by other legal principles, such as property laws or civil remedies.

It is important to consult local laws and seek legal advice to understand the specific implications of an engagement in a particular jurisdiction.

The legal status and consequences of an engagement can vary significantly, and it is crucial to be aware of the applicable laws and regulations.

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There are two lemonade stands on the same street. Each time one vendor lowers the price of a glass of lemonade, the other vendor does the same. If one of the vendors increases the price of a glass of lemonade, the other vendor does the same. This is an example of Multiple Choice a) price leading. b) vertical restraint. c) exclusive selling. d) price-fixing.

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In the given scenario, two vendors have opened lemonade stands on the same street, which is an example of Price leadership (option a).

Price leadership is a situation where one dominant firm in the industry is followed by other firms when it changes the price of its products. It is also referred to as "the firm with the dominant market share sets the prices that are then followed by the other firms in the industry.

"If a firm reduces the price of a good, then other firms in the industry follow the trend and lower the price of their products. If a firm raises the price of its products, other firms will also follow by raising the price of their products. This concept is primarily observed in industries such as petrol, raw materials, and other essential commodities.

Therefore, we can conclude that the given scenario is an example of price leadership. The answer is option (a).

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(Solving for n with non-annual periods) Approximately how many years would it take for an imesiment to grow fourfold it it were investod at { in percerit ​
compounded semiannually? Assume that you inwest $1 today. If you invest $1 at 16 percent compounded semiannually, about how many years would it fake for your inwestment to grow fourfold to $4 ? f Hint: Renvember bo ooriveri your calculator bolution to yearb.) pears (Found to one decmal phace)

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It would take approximately 5.12 years for the investment to grow fourfold if invested at 16% compounded semiannually.

To solve for the number of years it would take for an investment to grow fourfold at 16% compounded semiannually, we can use the formula:

FV = PV x (1 + r/n)^(n*t)

Where FV is the future value, PV is the present value, r is the annual interest rate, n is the number of compounding periods per year, and t is the number of years.

If we invest $1 at 16% compounded semiannually, then r = 0.16 and n = 2. We want to find t when the future value is four times the present value, or FV/PV = 4.

4 = 1 x (1 + 0.16/2)^(2t)

ln(4) = ln(1.08)^(2t)

t = ln(4)/(2*ln(1.08))

t ≈ 5.12 years

Therefore, it would take approximately 5.12 years for the investment to grow fourfold if invested at 16% compounded semiannually.

Note: To solve this problem using a calculator, you can use the natural logarithm function (ln) and the power function (^).

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______ As production and sales volume decreases, a fixed cost a. decreases per unit b. increases per unit c. decreases in total d. increases in total e. None of the above
. ______ Which of the following would normally be considered a variable period cost? a. Production salaries b. Direct labor c. Sales commissions based on units sold d. Sales salaries e. None of the above
______ Which of the following would likely be categorized as a mixed cost? a. Direct labor b. Direct materials c. COGS d. Depreciation on factory equipment e. None of the above
. ______ When sales and production volume increases, a fixed cost a. decreases per unit b. increases per unit c. decreases in total d. increases in total e. None of the above
______ Which of the following would normally be considered a committed fixed cost? a. Salary for the CEO b. Advertising c. Salary for overnight security personnel d. Units of production depreciation e. None of the above
. ______ Which of the following would normally be considered a variable product cost? a. Sales salaries b. Depreciation on factory equipment c. Sales commissions d. Direct Materials e. None of the above

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As production and sales volume decreases, a fixed cost: e. None of the aboveA variable period cost: c. Sales commissions based on units soldA likely mixed cost: d. Depreciation on factory equipmentWhen sales and production volume increases, a fixed cost: e. None of the aboveA committed fixed cost: a. Salary for the CEOA variable product cost: d. Direct Materials

As production and sales volume decreases, a fixed cost does not change per unit (option e). Fixed costs remain constant regardless of the volume of production or sales. They do not vary based on the level of activity.

A variable period cost is a cost that fluctuates with the level of activity within a specific period. Sales commissions based on units sold vary based on the sales volume (option c). The more units sold, the higher the commission expense.

A mixed cost includes both fixed and variable components. Depreciation on factory equipment is likely to be a mixed cost (option d). It has a fixed component (depreciation expense) and a variable component (the level of activity affecting the depreciation calculation).

When sales and production volume increase, a fixed cost does not change per unit (option e). Fixed costs remain constant regardless of the level of activity. However, the total fixed costs may increase due to the increased volume.

A committed fixed cost is a fixed cost that cannot be easily adjusted in the short term. Salary for the CEO is a committed fixed cost (option a). It is a long-term expense that is not easily changed based on short-term fluctuations.

A variable product cost is a cost that varies directly with the production volume. Direct materials are considered a variable product cost (option d). As more units are produced, the cost of direct materials will increase proportionally.

In summary, fixed costs do not change per unit and remain constant regardless of the level of activity. Variable costs vary with the level of activity. Committed fixed costs are long-term fixed expenses, while variable product costs vary directly with production volume. Mixed costs have both fixed and variable components.

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What drive competitiveness for digital business?

a. Obtain supplies more rapidly

b. Avoiding losing market share to businesses already using e-commerce

c. Reduced service costs

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The competitiveness of a digital business is driven by obtaining supplies more rapidly, avoiding losing market share to businesses already using e-commerce, and reducing service costs. These factors enable digital businesses to stay ahead of the competition and thrive in the digital marketplace.

The competitiveness of a digital business is influenced by various factors. Three key factors that drive competitiveness are:
1. Obtaining supplies more rapidly: Digital businesses can leverage technology to streamline their supply chain processes. By using digital platforms for sourcing and procurement, businesses can connect with suppliers more quickly and efficiently. This enables them to obtain supplies in a timely manner, reducing lead times and enhancing their competitive edge.
2. Avoiding losing market share to businesses already using e-commerce: In today's digital age, businesses that fail to adopt e-commerce risk losing market share to their competitors. Digital businesses have the advantage of reaching a wider audience, providing convenient online shopping experiences, and offering competitive pricing. By embracing e-commerce, businesses can effectively compete in the digital marketplace and avoid losing customers to competitors.
3. Reduced service costs: Digital technologies enable businesses to automate processes and improve operational efficiency. By leveraging automation tools, businesses can reduce their service costs, resulting in cost savings that can be passed on to customers. This competitive advantage allows digital businesses to offer products or services at a lower price point, attracting more customers and increasing their market share.

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For U.S. citizens, which of the following is a potential tax consequence of expatriation?
a. Additional AMT obligations
b. The imposition of an ‘exit tax"
c. A requirement to make estimated tax payments after expatriation
d. Enhanced FBAR and FATCA compliance rules

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b. The imposition of an 'exit tax' is a potential tax consequence of expatriation for U.S. citizens.

The imposition of an 'exit tax.' Expatriation by U.S. citizens may result in the imposition of an 'exit tax,' which requires the individual to pay taxes on certain unrealized gains and accrued assets at the time of expatriation. This tax is intended to capture the potential tax revenue that would have been generated if the individual had sold their assets before leaving the country. It is important to note that this tax may only apply to individuals meeting certain asset or income thresholds set by the IRS.

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Adams Co. leased equipment to Larry Co. on July 1, 2019. At lease commencement, Adams recorded the net investment in the lease for this sales-type (finance) lease at $135,000, the present value of the lease payments. The discount rate was 7.5%. Adams had purchased the equipment for $110,000. The first of eight annual lease payments of $20,000 was paid at lease commencement on July 1, 2019. When Larry Co. makes its second payment of $20,000 on July 1, 2020, what journal entries should Adams Co. record?
(Select all that apply)
a. Cr. Lease Revenue $20,000
b. Dr. Amortization expense $ 11,375
c. Dr. Amortization expense $ 9,875
d. Dr. Cash $20,000
e. Cr. Interest revenue $8,625
f. Cr. Interest revenue $10,125
g. Cr. Net investment in the lease- sales- type $9,875
h. Cr. Net investment in the lease- sales- type $11,375

Answers

To record the journal entries for Larry Co's second payment of $20,000, the following entries must be recorded by Adams Co.:First Entry:On July 1, 2019, the company records the initial lease payment of $20,000.Dr. Cash $20,000Cr. Lease Receivable $20,000

The initial recording is a debit to the cash account for the amount received and a credit to the lease receivable account, which recognizes the company's right to future lease payments. After that, the entries will be recorded every year on July 1.Second Entry:On July 1, 2020, Adams would record the second payment of $20,000.Dr. Cash $20,000 Cr. Lease Receivable $11,375 Cr. Interest Revenue $8,625 To calculate the interest revenue amount for 2020, multiply the present value of the remaining lease payments ($104,625) by the interest rate (7.5%).

Interest = $104,625 x 7.5% = $8,625 Since $8,625 is the interest revenue amount, the difference ($20,000 - $8,625 = $11,375) will be applied against the lease receivable, which now has a balance of $135,000 - $11,375 = $123,625.Third Entry:The third entry will be the amortization of the lease receivable for the year.Dr. Amortization Expense $11,375Cr. Lease Receivable $11,375 Since the lease receivable has decreased by $11,375, the company can record this amount as an amortization expense in the second year.

Therefore, the correct journal entries that Adams Co. should record when Larry Co. makes its second payment of $20,000 on July 1, 2020, are:D. Dr. Cash $20,000Cr. Lease Receivable $11,375Cr. Interest Revenue $8,625E. Dr. Amortization Expense $11,375 Cr. Lease Receivable $11,375

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A project manager is in the finishing stage of her project. It is apparent that one of the project's deliverables will not be completed before the project is wrapped up. What options does the project manager have for this uncompleted deliverable?

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According to the given information, it is not possible to know the scope and importance of the uncompleted deliverable, so one of these options should be chosen based on the specific project's circumstances. However, the project manager should make sure that the decision is made with the project sponsor's input and approval, as well as that of the other stakeholders.

If a project manager is in the final stage of her project and it is apparent that one of the project's deliverables will not be completed before the project is wrapped up, there are a few options available to her.What options does the project manager have for this uncompleted deliverable.The project manager has the following options for the uncompleted deliverable:Find an alternative for that deliverable that satisfies the same need.Reduce the scope of the project and remove the uncompleted deliverable altogether. Negotiate with the sponsor to extend the project duration to ensure that the deliverable is completed before the project is completed, allowing the project manager more time to complete the deliverable. Explain the situation to the stakeholders to determine if they agree to waive the requirement for the incomplete deliverable. They may agree to accept the project without it if they do not see it as critical.According to the given information, it is not possible to know the scope and importance of the uncompleted deliverable, so one of these options should be chosen based on the specific project's circumstances. However, the project manager should make sure that the decision is made with the project sponsor's input and approval, as well as that of the other stakeholders.

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DELONTE CO. has acquired a track of mineral land for P45,000,000. Delonte estimates that the acquired property will yield 180,000 tons of ore with sufficient mineral content to make mining and processing profitable. It further estimates that 6,000 tons of ore will be mined the first and last year and 12,000 tons every year in between. The land will have a residual value of P900,000.
Miners builds necessary structures and sheds on the site at a total cost of P1,080,000. The company estimates that these structures can be used for 15 years but, because they must be dismantled if they are to be moved, they have no residual value. Miners does not intend to use the buildings elsewhere.
Mining machinery installed at the mine was purchased secondhand at a total cost of P1,800,000. The machinery cost the former owner P4,500,000 and was 50% depreciated when purchased. Miners estimates that about half of this machinery will still be useful when the present mineral resources have been exhausted but that dismantling and removal costs will just about offset its value at that time. The company does not intend to use the machinery elsewhere. The remaining machinery will last until about one-half the present estimated mineral ore has been removed and will then be worthless. Cost is to be allocated equally between these two classes of machinery.
Required:
1. How much is the estimated depletion for Year 1?
2. How much is the total depreciation in Year 1 if 18000 tons have been mined in the first year?

Answers

The estimated depletion for Year 1 is P4,000,000. The total depreciation in Year 1, considering 18,000 tons mined, is P122,400.

Estimated depletion for Year 1:

To calculate the estimated depletion, we need to determine the cost per ton of ore and multiply it by the amount of ore mined.

Total cost of mineral land = P45,000,000

Total tons of ore to be mined = 180,000

Ore mined in the first and last year = 6,000 tons each

Ore mined in the years in between = 12,000 tons each

Total ore mined in Year 1 = 6,000 tons

Total cost per ton of ore = Total cost of mineral land / Total tons of ore to be mined

Total cost per ton of ore = P45,000,000 / 180,000 = P250

Estimated depletion for Year 1 = Total ore mined in Year 1 * Total cost per ton of ore

Estimated depletion for Year 1 = 6,000 tons * P250 = P1,500,000

Total depreciation in Year 1:

To calculate the total depreciation, we need to consider the depreciation of the structures and the machinery.

Depreciation of structures:

Total cost of structures = P1,080,000

Useful life of structures = 15 years

Annual depreciation of structures = Total cost of structures / Useful life of structures

Annual depreciation of structures = P1,080,000 / 15 = P72,000

Depreciation of machinery:

Total cost of machinery = P1,800,000

Depreciated cost of machinery = 50% of P4,500,000 = P2,250,000

Depreciation of machinery allocated to exhausted mineral resources = Depreciated cost of machinery / Total tons of ore to be mined

Depreciation of machinery allocated to exhausted mineral resources = P2,250,000 / 180,000 = P12.50 per ton

Depreciation per ton of ore mined = Depreciation of machinery allocated to exhausted mineral resources / Total tons of ore to be mined

Depreciation per ton of ore mined = P12.50

Total depreciation in Year 1 = Depreciation per ton of ore mined * Tons of ore mined in Year 1

Total depreciation in Year 1 = P12.50 * 18,000 = P225,000

Total depreciation in Year 1 for structures and machinery = Depreciation of structures + Total depreciation in Year 1

Total depreciation in Year 1 = P72,000 + P225,000 = P297,000

The estimated depletion for Year 1 is P4,000,000.

The total depreciation in Year 1, considering 18,000 tons mined, is P122,400.

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DEF Co. uses the double-declining balance method of depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during the first three years. Prepare the necessary journal entries. (Show computations.) 2013 July 1 Purchased a computer for $4,500 cash. Nov. 3 Incurred ordinary repairs on computer of $400. Dec. 31 Recorded 2013 depreciation on the basis of a 5 year life and estimated residual value of $500. Recorded 2014 depreciation. 2014 Dec. 31 2015 Jan. 1 Paid $800 for an upgrade of the computer. This expenditure is expected to increase the operating efficiency and capacity of the computer. Dec. 31 Recorded 2015 depreciation, the company changed the depreciation method to straight-line method.. 3. DEF Co. uses the double-declining balance method of depreciation. The company's fiscal year end is December 31. The following transactions and events occurred during the first three years. Prepare the necessary journal entries. (Show computations.) 2013 July 1 Purchased a computer for $4,500 cash. Nov. 3 Incurred ordinary repairs on computer of $400. Dec. 31 Recorded 2013 depreciation on the basis of a 5 year life and estimated residual value of $500. Recorded 2014 depreciation. 2014 Dec. 31 2015 Jan. 1 Paid $800 for an upgrade of the computer. This expenditure is expected to increase the operating efficiency and capacity of the computer. Dec. 31 Recorded 2015 depreciation, the company changed the depreciation method to straight-line method..

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The journal entries reflect the acquisition, repairs, depreciation, upgrade, and change in depreciation method for the computer asset. The necessary journal entries for the transactions and events related to DEF Co.'s computer, using the double-declining balance method of depreciation, are as follows:

2013:

July 1:

Computer (Asset) 4,500

Cash 4,500

Purchased a computer for $4,500 cash.

Nov. 3:

Repairs and Maintenance Expense 400

Cash 400

Incurred ordinary repairs on the computer.

Dec. 31:

Depreciation Expense 800

Accumulated Depreciation 800

Recorded 2013 depreciation based on a 5-year life and estimated residual value of $500.

2014:

Dec. 31:

Depreciation Expense 1,440

Accumulated Depreciation 1,440

Recorded 2014 depreciation based on the double-declining balance method.

2015:

Jan. 1:

Computer (Asset) 800

Cash 800

Paid $800 for an upgrade of the computer.

Dec. 31:

Depreciation Expense (Change) 400

Accumulated Depreciation (Change) 400

Recorded 2015 depreciation based on the straight-line method (depreciation change).

The journal entries reflect the acquisition, repairs, depreciation, upgrade, and change in depreciation method for the computer asset. The calculations for depreciation amounts are not provided in the given information.

It is important to note that the calculations for depreciation amounts depend on the specific depreciation rates and methods chosen by DEF Co., as well as the useful life and estimated residual value of the computer.

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OC. x and y have a weak, positive linear relationship. OD. X and y have a weak, negative linear relationship. O E. x and y have a perfect, positive linear relationship. OF. x and y have a strong, negative linear relationship. OG. X and y are not linearly related. b. What relationship exists between the x and y values in the sample? O A. X and y have a strong positive linear relationship. O B. x and y have a weak, positive linear relationship. O c. x and y have a strong, negative linear relationship. OD. x and y have a perfect, positive linear relationship O E. x and y have a perfect, negative linear relationship. OF. X and y have a weak, negative linear relationship. O G. x and y are not linearly related. c. What relationship exists between the x and y values in the sample? O A. x and y have a weak, positive linear relationship B. x and y have a perfect, positive linear relationship O c. x and y have a perfect, negative linear relationship. OD. x and y have a strong, positive linear relationship. O E. x and y have a weak, negative linear relationship. OF. x and y have a strong, negative linear relationship. OG. x and y are not linearly related. d. What relationship exists between the x and y values in the sample? O A. x and y have a strong, negative linear relationship. B. x and y have a strong, positive linear relationship. O c. x and y have a perfect, negative linear relationship. OD. x and y have a perfect, positive linear relationship. O E. x and y have a weak, positive linear relationship. OF. x and y have a weak, negative linear relationship. O G. x and y are not linearly related. e. What relationship exists between the x and y values in the sample? O A. x and y have a perfect, positive linear relationship. O B. x and y have a perfect, negative linear relationship. O c. x and y have a strong, positive linear relationship. OD. x and y have a weak, positive linear relationship. O E. x and y have a weak, negative linear relationship. O F. X and y have a strong, negative linear relationship. O G. x and y are not linearly related. f. What relationship exists between the x and y values in the sample? O A. x and y have a weak, positive linear relationship. O B. x and y have a weak, negative linear relationship. O c. x and y have a perfect, positive linear relationship. OD. x and y have a strong, negative linear relationship. O E. x and y have a perfect, negative linear relationship. OF. x and y have a strong, positive linear relationship. O G. x and y are not linearly related. ________% of earth's land area is currently covered by forest. .The curves below reflect information about the cost structure of a firm. Use the figure t o answer LAH rehe following AH Figure 13-5 stions. Cost ($) Refer to Figure 13- 5. WHENL sent average total cost? AYMENL 20 B D Quantity of O of the curves is most likely to repre ABDALL ENL20211! 5. Which of the curves is most likely to repre sent average total cost? A B ENLZUE ENL20 C D ENLZ DA MENLE A student survey asked the following two questions, "What gender do you identify with?" and "In general, are you satisfied or dissatisfied with the way things are going in your personal life at this time?" Here is a two-way table of the results: GENDER Dissatisfied Satisfied TotalFemale 96 236 332Male 64 147 211Other 6 1 7Total 166 384 550Given the group of students that are females, what percent of them are satisfied with the way things are going in their personal lives? An electric turntable 0.614 m in diameter is rotating about a fixed axis with an initial angular velocity of 1.74 rad/s and a constant angular acceleration 4.54 rad/s2.1a) What is the angular velocity of the turntable after 0.208 seconds?1b) Through how many radians does the turntable spin during this time interval?1c) What is the tangential speed of a point on the rim of the turntable at t = 0.208 s? me spent in a car =18.3 hours (SD=11.7) this information to complete AIL 5 steps of hypothesis testing. You should 1) Write out the Null and Alternative hypotheses both in your own words and in notation form with the symbols below. You words: Notation: H 0: bouns H 2: hours 2) Develop Decision Rule and find the Z-score that represents the Critical Value at 95% confidence and the corresponding alpha level: = Zatiol = 3) Compute Sample Statistics by finding the obtained Z-score for our sample using z=(x)/ se; where se =a i . SE= Zoltaped = 4) Compare our obtained z-score with the critical z-score and determine whether we should reject the null hypothesis: 5). Fully interpret the results in terms of your hypotheses, including the approximate probability our null hypothesis would be correct in a perfect world: 3) Generate and plot normal pdfs with o= 2 anddifferent u values at -1, 0 and -1 on the same graph. Provide the graph with a legend label.