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In 1999, the utilities fund had a return rate of 4.3%, the small company mutual fund had a return rate of 1.4%, and the technology stock mutual fund had a return rate of 8.5%. Find the average rate of return on this investment.r A. 4.11%r B. 14.2%r C. 4.73%r Answer: Ar Explanation:The average return is the weighted average.r r NEW QUESTION 25 A probability function is a rule of correspondence or equation that:r A. Assigns values of x to the events of a probability experiment.r B. Defines the variability in the experiment.r C. Assigns probabilities to the various values of x.r Answer: Cr r NEW QUESTION 26 Diane Corporation had 400 units of inventory on hand at July 1, 2002, costing $20 each. Purchases and sales of goods during the month of July were as follows:July 12, 2002 Sales 200 units @ $40 July 15, 2002 Purchases 100 units @ $26 July 25, 2002 Purchases3 00 units @ $28 July 30, 2002 Sales 200 units @ $40Assume Diane Corporation does not maintain perpetual inventory records. According to a physical count,4 00 units were on hand on July 31, 2002.The cost of ending inventory using the FIFO cost method is:r A. $8,000r B. $9,000r C. $11,000r Answer: Cr Explanation:The cost of inventory is the ending inventory value on the balance sheet on July 31, 2002.Using FIFO, the costs allocated to ending inventory will be the most recent costs. Therefore, if 400 units are remaining, the ending inventory value will be 300 @$28 100 @$26.r r NEW QUESTION 27 Merry Lucnhco Co., Corporation uses the percentage-of-completion method to recognize revenue. In2 000, Merry Lucnhco Co., agreed to construct a facility at a total contract price of $28.0 million and a total expected cost of $24.0 million. Actual costs and cash inflow information are presented below (in$ millions):How much income did Merry Lucnhco Co., earn from the contract for years 1998, 1999, 2000 respectively?r A. 0.4700 0.9400 0.9900r B. 0.7833 1.5667 1.6500r C. 0.2350 0.4700 0.4950r Answer: Br Explanation:Cumulative Cost 1998 = (4.7/24.0)*100 19.5833% Cumulative Revenue 1998=(4.7/24.0)*28.0 = 5.483333 Profit= Current Revenue - Expense = 0.783333r r NEW QUESTION 28 Under U.S. GAAP, impairment of an asset must be recognized in a firm's accounts when:r A. there has been a decrease in the market value of the asset.r B. the carrying value of the asset is higher than the expected future cash flows from the use of the asset plus its disposal value.r C. the carrying value of the asset is higher than the present value of expected future cash flows from the use of the asset plus its discounted disposal value.r Answer: Br Explanation:A does not automatically lead to a write down if the value of the asset can be recovered through future cash flows. C is not correct; this is one of the calculations that can be done to work out the size of the loss on an impaired asset.r r NEW QUESTION 29......r Tags: Exam CFA-Level-I Study Solutions,Sample CFA-Level-I Questions Answers,Practice CFA-Level-I Test Engine,Current CFA-Level-I Exam Content,Pass4sure CFA-Level-I Exam Prep,CFA-Level-I Questions Answers,New CFA-Level-I Test Format,Test CFA-Level-I Tutorials,Latest CFA-Level-I Dumps Pptr
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