SOLVE THE FOLLOWING

The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labor. The Seneca Corporation manufactures lamps. It has set up the following standards per finished unit for Assume that there was no beginning inventory of either direct materials or finished units. During the direct materials and direct manufacturing labor. month, materials purchased amounted to 98,800 b, at a total cost of $583,290. Input price wirianous (Click the icon to view the standards.) and isolated upon purchase, Input-eficiency variances are baolated at the time of usage. The number of finished units budgeted for January 2017 was 9,650: 9,150 units were actualy produced. X IT (Click the icon to view actual data.) Standards Requirement 1. Compute the January 2017 price and efficiency variances of direct materials and direct $ 54.00 Let's begin by calculating the actual input at the budgeted price. (Round your answers to the nearest who Direct materials: 10 lb. at $4.40 per lb. Direct manufacturing labor: 0.5 hour at $32 per hour 18.00 Actual Input Budgalod price Coal Direct materials (purchas) 531 520 Print Done Direct materials (usage) 5.40 Direct manufacturing labor 4.700 32.DO 150 400 Next determine the formula and calculate the costs for the flexible budget Budgeted input for actual output Budgeted price Flexible budiget cost Direct materials 98,500 5.40 531,900 Direct manufacturing labor 3200 157,800 Now compute the price and efficiency variances for direct materials and direct manufacturing labor. Label each wines as favorable (F) or underearable (U). Price Efficiency Actual Data . X Dingot materials F Direct manufacturing labor F Actual results in January 2017 were as follows: Direct materials: 97,000 lb. used Direct manufacturing labor: 4,700 hours 168,828 Print Done(3) Consider an exchange economy with two consumers. Consumer A has utility function U($1, 12) = x1 + 12 and endowment we = (60, 10). Consumer B has utility function UB($1, 12) = $142 and endowment w = (20, 30). (a) Draw wn Edgeworth box with the initial endowment and the correspond indifference curves through the endowment for consumer A and consumer B. (b) Note that at any Pareto efficient allocation where both consumers get strictly positive amounts of each good, their MRS must be the same. Use this observation to construct the contract curve. Are there Pareto effcient point where consumer A does not get a strictly positive allocation of both goods.? Draw the contract curve in the Edgeworth box. (c) Find the competitive equilibrium prices and competitive allocation. (d) Now consider an economy with 1000 consumers identical to consumer A and 1000 con- sumers identical to consumer B. That is each consumer A has the same initial endowment and utility functon, and similarly, each consumer B has the same endowment and utility function. Find a competitive equilibrium of the economy with 2000 consumers.(3) Consider an exchange economy with two consumers. Consumer A has utility function U($1, 12) = 21 + 12 and endowment wal = (60, 10). Consumer B has utility function UB($1, 12) = $142 and endowment w = (20, 30). (a) Draw wn Edgeworth box with the initial endowment and the correspond indifference curves through the endowment for consumer A and consumer B. (b) Note that at any Pareto efficient allocation where both consumers get strictly positive amounts of each good, their MRS must be the same. Use this observation to construct the contract curve. Are there Pareto effcient point where consumer A does not get a strictly positive allocation of both goods.? Draw the contract curve in the Edgeworth box. (c) Find the competitive equilibrium prices and competitive allocation. (d) Now consider an economy with 1000 consumers identical to consumer A and 1000 con- sumers identical to consumer B. That is each consumer A has the same initial endowment and utility functon, and similarly, each consumer B has the same endowment and utility function. Find a competitive equilibrium of the economy with 2000 consumers.8= Bot ByX Assumption (Under simple linear regression model ) I . X2 .... Xn are nonrandom II. X1 .. X, are not all equa III . E ( Us ) =0, E ( U. ) = 0.. E ( un) = 0 IZ. var (us) = var (U2)= var(us) In other words, var (ulx) cdoes not depend on X ( HomesKaclasticty ) V. Us, Uz.. Un are mutually indeperant Provide a mathematical proof for the equation E (62 ) = 62 using assumptions I! - V. 62 = n - 2 nAn individual has the following preferences dened oyerconsumption of a composite good c [with a per unit price p normalized to 1] and leisure h a D measured in hours: U = h "1 f 3 c" 2;" 3. Hertotal daily time constraint is H = 24 = h + l hours {where I a I] denotes her labor supply in hours] and her daily non-labor income is y ' = 8 480. Answer each of the following questions based on the above information. You have three attempts {your highest score will be recorded]. Round your FINAL numerical answers to the nearest 2nd decimal place [0.61]. {31: Assuming the hourly wage is w = S 5, calculate this individual's daily consumption of leisure, h. 02: Again, assuming the houdy wage is w = $ 5, calculate her daily consumption ofthe composite good, c. [33: Assuming the hourly wage isw = S 15, calculate this in dividual's daily consumption of leisure, h. DA: Again assuming the hourly wage is w = S 15, calculate this individual's daily consumption of the composite good c . DE: Calculate the threshold level ofthe wage, above which she would work [I :5 D} or {h a: H = 24]. D6: Is she happier when the going wage is lower {e.g., $5} or higher [e.g., 315}? Group of answer choices When the wage is higher. When the wage is lower. Total budgeted marketing, distribution, customer service, and administrative costs for 2019 are $2,333,000. Of this amount, $1,100,000 is considered fixed and includes depreciation expense of $110,000. The remainder varies with sales. The budgeted total sales for 2019 are $4 million. All marketing and administrative costs are paid in the month incurred. Management desires to maintain an end-of-month minimum cash balance of $36,000. The firm has an agreement with a local bank to borrow its short-term needs in multiples of $1,000 up to $100,000 at an annual interest rate of 12%. Borrowings are assumed to occur at the end of the month. Bank borrowing at July 1 is SO. Required: Using the information presented above: 1. Prepare the cash budget for July 2019. 2. Prepare the budgeted income statement for July 2019. (Assume that the company uses a LIFO cost-flow assumption.)Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the cash budget for July 2019. (Round your answers to the nearest whole dollar amount.) HANSELL COMPANY Cash Budget For July 2019 Cash balance, beginning (given) 36,000 Cash flow from operations July cash sales 128.760 Collections of receivables from credit sales in June: Collections of receivables from credit sales in June - Within the discount period 253.734 Collections of receivables from credit sales in June - After the discount period 107,880 Collections of receivables from credit sales in May 42.458 532.830 Cash disbursements Materials purchases June 8,310 Materials purchases July Direct manufacturing labor Variable factory overhead Fixed factory overhead 30,000 Variable marketing. customer services, and administrative expenses Fixed marketing, customer services, and administrative expenses Total cash flow from operations 5 494.520 Investing activities Financing activitiesS Financing activities: New borrowing. and of month 0 Cash balance, July 31, 2019 S 530,520 Required 1 Required 2 Prepare the budgeted income statement for July 2019. (Assume that the company uses a LIFO cost-flow assumption.) (Round per unit" to 2 decimal places and other answers to the nearest whole dollar amount.) HANSELL COMPANY Budgeted Income Statement For July 2019 Cost of goods sold Gross margin $ Seling and administrative expenses - Variable Seling and administrative expenses - Vanablo Operating income before tax $ Direct materials - Dura-1000 Direct materials - Flexplas Direct labor - K102 labor Direct labor - K175 labor Factory overhead - Batch-related Factory overhead - Direct-labor hour-related Factory overhead - Fixed