In 2014, the world's population reached 7.17 billion 1 and was increasing at a rate of 1.1% per year. assume that this growth rate remains constant. (in fact, the growth rate has decreased since 2008.) (a) enter a formula for the world population, p, (in billions) as a function of the number of years, t, since 2014.

The formula is:

P= (population in 2014) x (1+r) ^n

where: r= rate

           n=number of years

and to solve using the formula above :

Population = 7.17 * 1.011^(2018-2014)  

Population = 7.17 * 1.011^4

Population = 7.49 Billion (Rounded)  

The question is 1.1% per year

Example:  

Lets say you start at 1000  

1.1% of 1000 is 11  

Making the next population after 1000 be 1000+11 = 1011  

Given initial population=Po=7.17 billion

and rate=r=1.1

The population is increasing exponentially

P=poe^rt

P=7.17e^0.011*t

After 6 years the population will be is 7.66 billion

Hence population in 2020 will be 7.66 billion.

Beck Manufacturing

1. Schedule of Cost of Goods Manufactured for the Year:

Inventory of Work in Process       $17,400

Direct materials used                    48,500

Direct labor                                    30,700

Overhead                                      63,000

Cost of production                   $159,600

Less Ending Inventory of WIP      14,400

Cost of Manufactured Goods $145,200

2. Cost of goods sold for the year

Beginning inventory of finished goods   $16,600

Cost of manufactured goods                  145,200

Cost of goods available for sale            $161,800

Less Ending inventory of finished goods 18,600

Cost of Goods Sold                               $143,200

Explanation:

a) Data and Calculations:

Raw Materials Inventory Begin. Inv. 12,900

Purchases                                         48,000

Avail. for use                                    60,900

DM used                                          48,500

End. Inv.                                            12,400

Work in Process Inventory

Begin. Inv.                                        17,400

DM used                                         48,500

Direct labor                                    30,700

Overhead                                      63,000

Avail. for mfg.                              159,600

Cost of goods mfg                     145,200

End. Inv.                                        14,400

Finished Goods Inventory

Begin. Inv.                                   16,600

Cost of goods mfg                   145,200

Avail. for sale                            161,800

Cost of Goods Sold                 143,200

End. Inv.                                     18,600