In this activity, you will create a personal budget. You will keep track of your finances for one month and then compute budget variances. Refer to your personal income and expense statement to see income and expense items you have already identified.

Review the personal budget.

For the current year ended October 31, Friedman Company expects fixed costs of $14,300,000, a unit variable cost of$250, and a unit selling price of $380. A. Compute the anticipated break-even sales (units).

Old School Publishing Inc. began printing operations on January 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $8,000 of indirect materials and$12,400 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form:

$$\begin{array}{cc} \begin{array}{cc} \begin{array}{c} \text { Job } 301 \end{array}\\ \begin{array}{lr} \hline \text { Direct materials } & \$ 10,000 \\ \text { Direct labor } & 8,000 \\ \text { Factory overhead } & \underline{6,000} \\ \text { Total } & \underline{\underline{\$ 24,000}} \end{array} \end{array} & \begin{array}{cc} \begin{array}{c} \text { Job } 302 \end{array} \\ \begin{array}{lr} \hline \text { Direct materials } & \$ 20,000 \\ \text { Direct labor } & 17,000 \\ \text { Factory overhead } & \underline{12,750} \\ \text { Total } & \underline{\underline{\$ 49,750}} \\ \end{array} \end{array} \\ \begin{array}{cc} \begin{array}{c} \text { Job } 303 \end{array}\\ \begin{array}{lr} \hline \text { Direct materials } & \$ 24,000 \\ \text { Direct labor } & 18,000 \\ \text { Factory overhead } & - \\ \end{array} \end{array} & \begin{array}{cc} \begin{array}{c} \text { Job } 304 \end{array} \\ \begin{array}{lr} \hline \text { Direct materials } & \$ 14,000 \\ \text { Direct labor } & 12,000 \\ \text { Factory overhead } & - \\ \end{array} \end{array} \end{array}$$

Journalize the summary entry to record each of the following operations for January (one entry for each operation):

a. Direct and indirect materials used

b. Direct and indirect labor used

c. Factory overhead applied to all four jobs (a single overhead rate is used based on direct labor cost)

d. Completion of Jobs 301 and 302

Describe G. Stanley Hall’s theory of adolescence. Does the research of Margaret Mead support his position? Explain.

Identifying the income, expenses, assets, and liabilities you have now is a good place to begin planning for your financial future. In this activity, you will create a personal income and expense statement and find your net worth or net loss for one month. You will also create a personal balance sheet and determine your net worth.

Review the personal income and expense statement. Create a similar document using your information. Use spreadsheet software, if available, to create the statement.

In this chapter, you created a realistic budget that applies to your needs now. In this activity, you will pretend that you have graduated from high school and are living on your own. You will create a household budget that would provide for your needs in that situation.

Review the personal budget. You will prepare a household budget for next month. Use spreadsheet software to prepare the budget, if it is available.

The division of the cytoplasm during cell division is referred to as ________.

Answer this question to help you recall what you have read. If you cannot answer a question, read the related section again.

What is the purpose of a budget?

Review the example of one goal in a financial plan.

Indirect costs incurred in a manufacturing environment that cannot be traced directly to a product are

a. product costs and expenses when incurred

b. product costs and expensed when the goods are sold

c. period costs and expensed when the goods are sold

d. period costs and expensed when incurred

Goods that are partially completed by a manufacturer are

a. merchandise inventory

b. work in process inventory

c. finished goods inventory

d. materials inventory

Lerner Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Lerner Corporation issued $12,000,000 of five-year, 8% bonds at a market (effective) interest rate of 6%, receiving cash of$13,023,576. Interest in payable semiannually on April 1 and October 1. Journalize the entries to record the following:

a. Issuance of bonds on April 1, 2016

An airplane has a mass of 19,550 kg, a wingspan of 20 m, and an average wing chord of 3 m. When flying in air of density 0.5 kg/m³, its engines provide a thrust of 12 kN against an overall drag coefficient of 0.025. What is its approximate velocity? (a) 250 mi/h, (b) 300 mi/h, (c) 350 mi/h, (d) 400 mi/h, (e) 450 mi/h

A pump increases the pressure of water from 100 kPa to 3 MPa at a rate of 0.5 $m^3/min$. The inlet and outlet diameters are identical and there is no change in elevation across the pump. If the efficiency of the pump is 77 percent, the power supplied to the pump is (a) 18.5 kW(b) 21.8 kW(c) 24.2 kW(d) 27.6 kW(e) 31.4 kW