Question 3. Question:( TCO 3) Which cost estimation method uses a formal mathematical method to develop cost functions based on past data? Question 4. Question:( TCO 3) Penny ' s TV and Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 20X2 operations: Sales( 2,000 televisions) $ 900,000; Cost of goods sold $ 400,000; Store manager ' s salary per year $ 70,000; Operating costs per year $ 157,000; Advertising and promotion per year $ 15,000; Commissions( 4 % of sales) $ 36,000. What are the estimated total costs if Penny ' s expects to sell Question 5. Question:( TCO 4) A decision model involves Question 6. Question:( TCO 4) When using the five-step decision process, which one of the following steps should be done last? Question 7. Question:( TCO 4) Sunk costs Question 8. Question:( TCO 4) Northwoods Incorporated manufactures rustic furniture. The cost accounting system estimates manufacturing costs to be $ 90 per table, consisting of 80 % variable costs and 20 % fixed costs. The company has surplus capacity available. It is Northwoods ' policy to add a 50 % markup to full costs. Northwoods is invited to bid on a one-time-only special order to supply 100 rustic tables. What is the lowest price Northwoods should bid on this special order? Question 9. Question:( TCO 5) Piels Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the production of 10,000 units of this part are as follows. Direct materials $ 90,000 Direct labor 130,000 Variable factory overhead 60,000 Fixed factory overhead 140,000 Total costs $ 420,000 Of the fixed factory overhead costs, $ 60,000 is avoidable. Assuming no other use of their facilities, the highest price that Piels should be willing to pay for 10,000 units of the part is _____. If there are 600 machine-hours available per week, how many rockers of each model should Jim Helmer produce to maximize profits?