Using the answer line provided, complete item below with the correct word from the box. Use each word once. A. clamor B. contract c. duplicity D. equivocal E. irresolute F. rescind G. stagnant H. uniform I. untenable J. vilify Lenore insisted that she had paid all the rent she owed, but her claim was _____. She was unable to substantiate ${ }^{\circ}$ it by producing any canceled checks or receipts.

The file Tax contains the quarterly sales tax receipts (in $thousands) submitted to the comptroller of the Village of Fair Lake for the period ending March 2013 by all 50 business establishments in that locale:$

$$\begin{array}{rrrrrrrrrr} 10.3 & 11.1 & 9.6 & 9.0 & 14.5 & 13.0 & 6.7 & 11.0 & 8.4 & 10.3 \\ 8.0 & 11.2 & 7.3 & 5.3 & 12.5 & 8.0 & 11.8 & 8.7 & 10.6 & 9.5 \\ 11.1 & 10.2 & 11.1 & 9.9 & 9.8 & 11.6 & 15.1 & 12.5 & 6.5 & 7.5 \\ 10.0 & 12.9 & 9.2 & 10.0 & 12.8 & 12.5 & 9.3 & 10.4 & 12.7 & 10.5 \\ 9.3 & 11.5 & 10.7 & 11.6 & 7.8 & 10.5 & 7.6 & 10.1 & 8.9 & 8.6 \end{array}$$

$a. Compute the mean, variance, and standard deviation for this population.

b. What percentage of the 50 businesses has quarterly sales tax receipts within$\pm1, \pm2$or$\pm3$ standard deviations of the mean?

c. Compare your findings with what would be expected on the basis of the empirical rule. Are you surprised at the results in (b)?

A series of titrations of lactic acid, $\mathrm{CH}_3 \mathrm{CH}(\mathrm{OH}) \mathrm{COOH}$ $\left(\mathrm{p} K_{\mathrm{a}}=3.86\right)$ is planned. About $1.00 \mathrm{mmol}$ of the acid will be titrated with $\mathrm{NaOH}(\mathrm{aq})$ to a final volume of about $100 \mathrm{~mL}$ at the equivalence point.
(a)To assist in locating the equivalence point in the titration, a buffer solution is to be prepared to have the same $\mathrm{pH}$ as that at the equivalence point. A few drops of the indicator in this buffer will produce the color to be matched in the titrations.

Viviana's Foods produces frozen meals that it sells for $11 each. The company computes a new monthly fixed manufacturing overhead allocation rate based onthe planned number of meals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Viviana's Foods's first month in business:

$$\begin{array}{ll} \hline&\textbf{January 2016}\\ \hline \text{Units sold produced and sold:}\\ \hspace{10pt}\text{Sales}&\text{800 meals}\\ \hspace{10pt}\text{Production}&\text{1,000 meals}\\ \text{Varible manufacturing cost per meal}&\$5\\ \text{Sales commission cost per meal}&1\\ \text{Total fixed manufacturing overhead}&650\\ \text{Total fixed selling and administrative costs}&750\\ \hline \hline \end{array}$$

Requirements

1. Compute the product cost per meal produced under absorption costing and under variable costing.
2. Prepare income statements for January 2016 using a. absorption costing. b. variable costing.
3. Is operating income higher under absorption costing or variable costing in January?

Sure Sound, Inc., is valuing its inventory of AM/FM cassette portable players. On April 1, Sure Sound had 53 players on hand.

a. What is the average cost per player?
b. What is the value of the inventory of players on April 1?

The total sustained load on the concrete footing of a planned building is the sum of the dead load plus the occupancy load. Suppose that the dead load

$$X _ { 1 }$$

has a gamma distribution with

$$\alpha _ { 1 } = 50 \text { and } \beta _ { 1 } = 2$$

, whereas the occupancy load

$$X _ { 2 }$$

has a gamma distribution with

$$\alpha _ { 2 } = 20 \operatorname { and } \beta _ { 2 } = 2$$

. (Units are in kips.) Assume that

$$X _ { 1 } \text { and } X _ { 2 }$$

are independent. Find a value for the sustained load that will be exceeded with probability less than 1/16.

Chef Whiz manufactures premium food processors. The following are some manufacturing overhead data for Chef Whiz for the year ended December 31, 2014:

$$\begin{array}{lccc} \textbf { Manufacturing Overhead } & \textbf { Actual Results } & \textbf { Flexible Budget } & \textbf { Allocated Amount } \\ \hline \text { Variable } & \$ 51,480 & \$ 79,950 & \$ 79,950 \\ \text { Fixed } & 350,210 & 343,980 & 380,250 \end{array}$$

Budgeted number of output units: 588

Planned allocation rate: 3 machine-hours per unit

Actual number of machine-hours used: 1,170

Static-budget variable manufacturing overhead costs: $72,324

Compute the following quantities (you should be able to do so in the prescribed order):

1. Budgeted number of machine-hours planned

2. Budgeted fixed manufacturing overhead costs per machine-hour

3. Budgeted variable manufacturing overhead costs per machine-hour

4. Budgeted number of machine-hours allowed for actual output produced

5. Actual number of output units

6. Actual number of machine-hours used per output unit

During a recent month, Cleveland Company planned to provide cleaning services to 30 customers for $25 per hour. Each job was expected to take 3 hours. The company actually served 10 more customers than expected, but the average time spent on each job was only 2.5 hours each. Cleveland's revenues for the month were

• a.$250 more than expected.
• b. $250 less than expected.
• c.$750 more than expected.
• d. Cannot be determined from the data given

J. Lo’s Clothiers has forecast credit sales for the fourth quarter of the year. Experience has shown that 30 percent of sales are collected in the month of sale, 60 percent are collected in the following month, and 10 percent are never collected. Prepare a schedule of cash receipts for J. Lo’s Clothiers covering the fourth quarter (October through December).

A cash receipts journal and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as: check, C; receipt, R.

Using the current year, journalize the following transactions.

Wright Company deposits all cash receipts on the day when they are received and it makes all cash payments by check. At the close of business on May 31, 2017, its Cash account shows a $27,500 debit balance. The company’s May 31 bank statement shows$25,800 on deposit in the bank. Prepare a bank reconciliation for the company using the following information. a. The May 31 bank statement lists $100 in bank service charges; the company has not yet recorded the cost of these services. b. Outstanding checks as of May 31 total$5,600. c. May 31 cash receipts of $6,200 were placed in the bank’s night depository after banking hours and were not recorded on the May 31 bank statement. d. In reviewing the bank statement, a$400 check written by Smith Company was mistakenly drawn against Wright’s account. e. The bank statement shows a $600 NSF check from a customer; the company has not yet recorded this NSF check.

Indicate whether each of the following donated services situations would require a journal entry for contribution revenue and a related expense or asset by answering Y for yes or N for no.

Y N 1. Volunteers worked as sales assistants in a not-for-profit hospital snack shop.
Y N 2. An architect provided pro bono design services for the planned remodeling of a local museum.
Y N 3. A member of a church volunteered to repaint the church’s activities room to make it more attractive. Church leaders had not planned to repaint the room.
Y N 4. Several local persons used their cars to deliver meals to senior citizens for Meals on Wheels.
Y N 5. A psychiatrist volunteered several hours each week at a not-for-profit counseling center to assist persons with alcohol and drug addiction.
Y N 6. A local CPA firm performed the regular annual financial statement audit for the university’s chapter of Beta Alpha Psi.
Y N 7. A local pastor donated several hours weekly to the local food bank run by an NFP.
Y N 8. A registered dietitian donates several hours each summer providing dietary instruction to children with diabetes who are attending a camp sponsored by the local chapter of the American Diabetes Association.

Janet Black, the owner of Janet’s Catering, has delegated the management of the business to Danielle Vale, a friend. Black drops by to meet customers and check up on cash receipts, but Vale buys the merchandise and handles cash payments. Business has been very good lately, and cash receipts have kept pace with the apparent level of sales. However, for a year or so, the amount of cash on hand has been too low. When asked about this, Vale explains that suppliers are charging more for goods than in the past. During the past year, Vale has taken two expensive vacations, and Black wonders how Vale can afford these trips on her $52,000 annual salary and commissions.

List at least three ways Vale could be defrauding Black of cash. In each instance, also identify how Black can determine whether Vale’s actions are ethical. Limit your answers to the store’s cash payments. The business pays all suppliers by check (no EFTs).

Gia's Foods produces frozen meals that it sells for $8 each. The company computes a new monthly fixed manufacturing overhead allocation rate based on the planned number of meals to be produced that month. Assume all costs and production levels are exactly as planned. The following data are from Gia's Foods's first month in business:

$$\begin{array}{ll} \hline&\textbf{January 2016}\\ \hline \text{Units sold produced and sold:}\\ \hspace{10pt}\text{Sales}&\text{950 meals}\\ \hspace{10pt}\text{Production}&\text{1,150 meals}\\ \text{Varible manufacturing cost per meal}&\$4\\ \text{Sales commission cost per meal}&1\\ \text{Total fixed manufacturing overhead}&690\\ \text{Total fixed selling and administrative costs}&700\\ \hline \hline \end{array}$$

Requirements

1. Compute the product cost per meal produced under absorption costing and under variable costing.
2. Prepare income statements for January 2016 using a. absorption costing. b. variable costing.
3. Is operating income higher under absorption costing or variable costing in January?