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Principles of Managerial Accounting

Question 1. (10 Marks)
Case 1 (1 Mark) A company’s prime costs total $3,000,000 and its conversion costs total $7,000,000. If direct materials are $1,000,000 and factory overhead is $5,000,000, then what is the amount of direct labor?

Answer

Case 2 (1 Mark)The following information relates to the manufacturing operations of the McMillan Publishing Corporation for the year:

The raw materials used in manufacturing during the year totaled $118,000.
Determine the amount of Raw materials purchased during the year.

Answer

Case 3 (1 Mark)The following information is available for the year ended December 31:

Determine the amount of raw materials used in production for the year.

Answer
Case 4 (1 Mark) If beginning and ending goods in process inventories are $5,000 and $15,000, respectively, and cost of goods manufactured is $170,000, what is the total manufacturing cost for the period?

Answer

Case 5 (1 Mark) Using the information below for Talking Toys, Inc., determine the cost of goods manufactured for the year:

Answer

Case 6 (1.5 Marks) Current information for the Austin Company follows:

All raw materials used were traceable to specific batches of product.

Required:
Prepare the Austin Company’s cost of goods manufactured for the year:

Case 7 (2 Marks) Use the following data to prepare the statement of cost of goods manufactured.

Answer

Statement of Cost of Goods manufactured

Case 8 (1.5 Marks) The following information pertains to the Hewett Company

Required

Calculate the cost of goods sold for the period:

Answer

Question 2. (5 Marks)
Case 1 (1 Mark) The GDK Company expects to sell 25,000 units of its product at $11 per unit. Pretax income is predicted to be $60,000. If the variable costs per unit are $5, what the amount of total fixed costs?

Answer

Case 2 (1 Mark) During its most recent fiscal year, Majid Corporation sold 200,000 electric screwdrivers at a price of $16 each. Fixed costs amounted to $600,000 and pretax income was $800,000. What amount should have been reported as variable costs in the company’s contribution margin income statement for the year in question?

Answer

Case 3 (1 Mark) Management anticipates fixed costs of $72,500 and variable costs equal to 40% of sales. What will pretax income equal if sales are $440,000?

Answer

Case 4 (1 Mark) Hamad Company has total fixed costs of $112,000. Its product sells for $35 per unit and variable costs amount to $25 per unit. Next year Hamad Company wishes to earn a pretax income that equals 10% of fixed costs.
How many units must be sold to achieve this target income level?

Answer

Case 5 (1 Mark) The Grand Canyon Company has total fixed costs of $110,000. Its product sells for $25 per unit and variable costs amount to $15 per unit. The company projects an 18% increase in its sales price and a 5% increase in its variable costs. How many units must be sold to achieve this target income level of $80,000?

Answer

Sample Solution

And even if these claims are true, an identification rate of 95 percent is not enough for any system to rely on for society. If a facial recognition system makes a decision (e.g. if a person has committed a crime, by matching the face to e.g. images collected from security cameras), the outcome is purely based on the face features of that specific person. When this same task is given to a human being, the human will base his/her decision on other factors as well (e.g. voice, height, body language, confidence), this makes the decision more authentic. Hence, to make the chances of falsely identifying a person as low as possible, the system will still need a human judge. 4. Ethics The improvement of facial recognition technologies can be a great help for national security. But it raises strong concerns regarding the individual’s privacy. When there are cameras everywhere, individuals will be continually watched. This possible violation of privacy creates fear in people. Another point that raises fear, is that the data of facial recognition can be misused. There is always tension between the need for privacy and what this loss of privacy can bring us (security). Is it acceptable to use facial recognition technologies in all situations? That is what will be discussed in this paragraph. A reason why facial recognition technologies should be used is because of its contribution to security. There is belief that these technologies can offer solutions, it can for example help by the identification of suspects and thus help prevent crimes. With these systems there is a broader intelligence and security infrastructure [13]. But are the technologies safe enough? There is one big ethical issue, that is the right to privacy. Misuse of data and the problem of error are related to this. i. Privacy Every person has the right to have privacy and protection of his or her personal data. Facial recognition systems are a threat to the individual’s privacy. It can lead to a society in which the government knows everything about an individual. The law should protect individuals against the dangers facial recognition technologies entail. The privacy law in Europe, the GDPR, is as follows: “the use of biometric data for identification is in principle prohibited (Art. 9.1). Article 9.2 GDPR however contains many exceptions to the prohibition of bio-metric data use for identification, including the explicit consent of the person.” [18]. The use of facial recognition data is forbidden, unless a legal justification exists. Whether this law protects persons adequately from violation of their privacy is arguable. The law allows the usage of different technologies, provided that certain principles are being followed in the application of the technology. For example, the facial recognition technology may only be used for a specific purpose and only with consent of the individual. Interpretation of the law remains difficult, especially if there is an increase of n
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