Question: As part of the human resource group

> Which of these situations fit the conditions for using Bernoulli trials? Explain. a) You are rolling 5 dice and need to get at least two 6s to win the game. b) We record the distribution of home states of customers visiting our website. c) A committee co

> A company selling glass ornaments by mail-order expects, from previous history, that 6% of the ornaments it ships will break in shipping. You purchase two ornaments as gifts and have them shipped separately to two different addresses. What is the probabi

> A broker has calculated the expected values of two different financial instruments X and Y. Suppose that E(X) = $100, E(Y) = $90, SD(X) = $12, and SD(Y) = $8. Find each of the following. a) E(X + 10) and SD(X + 10) b) E(5Y) and SD(5Y) c) E(X + Y) and SD(

> Given independent random variables, X and Y, with means and standard deviations as shown, find the mean and standard deviation of each of the variables in parts a to d. a) X - 20 b) 0.5Y c) X + Y d) X - Y Mean SD X 80 12 Y 12 3.

> A company’s employee database includes data on whether or not the employee includes a dependent child in his or her health insurance. a) Is this variable discrete or continuous? b) What are the possible values it can take on?

> Using the table from Exercise 7, a) What is the probability that a randomly selected U.S. adult who is a Republican believes that global warming is a serious issue? b) What is the probability that a randomly selected U.S. adult is a Republican given that

> Multigenerational families can be categorized as having two adult generations, such as parents living with adult children, “skip” generation families, such as grandparents living with grandchildren, and three or more g

> The airline company in Exercise 6 has realized that some of its customers don’t have e-mail or don’t read it regularly. They decide to restrict the mailing only to customers who have recently registered for a “Win a trip to Miami” contest, figuring that

> The following contingency table shows opinion about global warming among U.S. adults, broken down by political party affiliation (based on a poll in October 2012 by Pew Research found at www.people-press.org/2012/10/15/ more-say-there-is-solid-evidence-o

> For the data in Exercise 2: a) Would you expect the mean purchase to be smaller than, bigger than, or about the same size as the median? Explain. b) Find the mean purchase. c) Find the median purchase.

> For the data in Exercise 1: a) Would you expect the mean age to be smaller than, bigger than, or about the same size as the median? Explain. b) Find the mean age. c) Find the median age.

> At your school, 10% of the class are marketing majors. If you are randomly assigned to two partners in your statistics class, a) What is the probability that the first partner will be a marketing major? b) What is the probability that the first partner

> For the histogram you made in Exercise 2a: a) Is the distribution unimodal or multimodal? b) Where is (are) the mode(s)? c) Is the distribution symmetric? d) Are there any outliers?

> For the histogram you made in Exercise 1a: a) Is the distribution unimodal or multimodal? b) Where is (are) the mode(s)? c) Is the distribution symmetric? d) Are there any outliers?

> The five-number summary for the ages of 100 respondents to a survey on cell phone use looks like this: Are there any outliers in these data? How can you tell? What might your next steps in the analysis be? Min Q1 Med Q3 Max 13 24 38 49 256

> The five-number summary for the total revenue (in $M) of the top 100 movies of 2015 looks like this: (Data selected from Movies 06-15) Are there any outliers in these data? How can you tell? What might your next steps in the analysis be? Min Q1 Med

> Recall the distributions of the weekly sales for the regional stores in Exercise 19. Following are boxplots of weekly sales for this same food store chain for three stores of similar size and location for two different states: Massachusetts (MA) and Conn

> As the new manager of a small convenience store, you want to understand the shopping patterns of your customers. You randomly sample 20 purchases from yesterday’s records (all purchases in U.S. dollars): a) Make a histogram of the dat

> An intern for the environmental group in Exercise 5 has decided to make the survey process simpler by calling 150 of the members who attended the recent symposium on coping with climate change that was recently held in Burlington, VT. He has all the phon

> Here are boxplots of the weekly sales (in $ U.S.) over a two-year period for a regional food store for two locations. Location #1 is a metropolitan area that is known to be residential where shoppers walk to the store. Location #2 is a suburban area wher

> The store manager from Exercise 2 has collected data on purchases from weekdays and weekends. Here are some summary statistics (rounded to the nearest dollar): Weekdays: n = 230 Min = 4, Q1 = 28, Median = 40, Q3 = 68, Max = 95 Weekends: n = 150 Min = 10,

> The survey from Exercise 1 had also asked the customers to say whether they were male or female. Here are the data: Construct boxplots to compare the ages of men and women and write a sentence summarizing what you find. Age Sex Age Sex Age Sex Age

> A survey of major universities asked what percentage of incoming freshmen usually graduate “on time” in 4 years. Use the summary statistics given to answer these questions. a) Would you describe this distribution as

> A recent survey found that, despite airline requests, about 40% of passengers don’t fully turn off their cell phones during takeoff and landing (although they may put them in “airplane mode”). The two passengers across the aisle (in seats A and B) clearl

> Here are summary statistics for the sizes (in acres) of upstate New York vineyards from Exercise 10. a) From the summary statistics, would you describe this distribution as symmetric or skewed? Explain. b) From the summary statistics, are there any ou

> For the data in Exercise 2: a) Draw a boxplot using the quartiles from Exercise 8b. b) Does the boxplot nominate any outliers? c) What purchase amount would be considered a high outlier? Exercise 2: As the new manager of a small convenience store, you w

> For the data in Exercise 1: a) Draw a boxplot using the quartiles from Exercise 7b. b) Does the boxplot nominate any outliers? c) What age would be considered a high outlier?

> Using the purchases from Exercise 2: a) Standardize the minimum and maximum purchase using the mean from Exercise 6b and the standard deviation from Exercise 8d. b) Which has the more extreme z-score, the min or the max? c) How large a purchase would a p

> Using the ages from Exercise 1: a) Standardize the minimum and maximum ages using the mean from Exercise 5b and the standard deviation from b) Which has the more extreme z-score, the min or the max? c) How old would someone with a z-score of 3 be?

> The investment club described in Exercise 2 decided to repeat their experiment in a different way. Three members of the club took responsibility for one of each of the three investment “strategies,” making the final choices and allocations of investment

> Adair Vineyard is a 10-acre vineyard in New Paltz, New York. The winery itself is housed in a 200-year-old historic Dutch barn, with the wine cellar on the first f loor and the tasting room and gift shop on the second. Since they are relatively small and

> For the table in Exercise 7: b) Looking at the column percentages in part a, does the tenure distribution (how long the employee has been with the company) for each educational level look the same? Comment briefly. c) Make a segmented or stacked bar char

> In addition to their age levels, the movie audiences in Exercise 2 were also asked if they had seen the movie before (Never, Once, More than Once). Here is a table showing the responses by age group: a) Find the marginal distribution of their previous

> From Exercise 1, we also have data on how long each person has been with the company (tenure) categorized into three levels: less than 1 year, between 1 and 5 years, and more than 5 years. A table of the two variables together looks like: a) Find the m

> For the same kind of lottery as in Exercise 3, which of the following strategies can improve your chance of winning? If the method works, explain why. If not, explain why using appropriate statistics terms. a) Choose randomly from among the numbers that

> For the ages described in Exercise 2: a) Write two to four sentences summarizing the distribution. b) What possible problems do you see in concluding that the age distribution from these surveys accurately represents the ages of the national audience for

> For the educational levels described in Exercise 1: a) Write two to four sentences summarizing the distribution. b) What conclusions, if any, could you make about the educational level at other companies? Exercise 1: As part of the human resource group

> From the age distribution data described in Exercise 2: a) Make a bar chart using counts on the y-axis. b) Make a relative frequency bar chart using percentages on the y-axis. c) Make a pie chart.

> From the educational level data described in Exercise 1: a) Make a bar chart using counts on the y-axis. b) Make a relative frequency bar chart using percentages on the y-axis. c) Make a pie chart.

> In the experiment described in Exercise 1, in fact the study also compared the use of butter or margarine in the recipes. The design was balanced, with each combination of chip type and oil type tested. a) What were the factors and factor levels? b) Wh

> As part of the marketing group at Pixar, you are asked to find out the age distribution of the audience of Pixar’s latest film. With the help of 10 of your colleagues, you conduct exit interviews by randomly selecting people to question at 20 different m

> A student finds data on an Internet site that contains financial information about selected companies. He plans to analyze the data and use the results to develop a stock investment strategy. What kind of data source is he using? What concerns might you

> For the real estate data of Exercise 1, do the data appear to have come from a designed survey or experiment? What concerns might you have about drawing conclusions from this data set? Data Table from Exercise 1: House_ID Neighborhood Mail_ZIP Acre

> Referring to the bookstore data table of Exercise 2, a) For each variable, would you describe it as primarily categorical, or quantitative? If quantitative, what are the units? If categorical, is it ordinal or simply nominal? b) Are these data a time se

> Referring to the real estate data table of Exercise 1, a) For each variable, would you describe it as primarily categorical, or quantitative? If quantitative, what are the units? If categorical, is it ordinal or simply nominal? b) Are these data a time

> A local bookstore is keeping a database of its customers to find out more about their spending habits so that the store can start to make personal recommendations based on past purchases. Here are the first five rows of their database: a) What does a row

> In many state lotteries, you can choose which numbers to play. Consider a common form in which you choose 5 numbers. Which of the following strategies can improve your chance of winning? If the method works, explain why. If not, explain why using appropr

> A real estate major collected information on some recent local home sales. The first 6 lines of the database appear below. The columns correspond to the house identification number, the community name, the ZIP code, the number of acres of the property, t

> For the table in Exercise 8: a) Find the column percentages. b) Looking at the column percentages in part a, does the distribution of how many times someone has seen the movie look the same for each age group? Comment briefly. c) Make a segmented bar cha

> Is the experiment of Exercise 5 blind? Could it be made double blind? Explain. Exercise 5: An Internet sale site randomly sent customers to one of three versions of its welcome page. It recorded how long each visitor stayed in the site. Here is a diagra

> For the following experiment, identify the experimental units, the treatments, the response, and the random assignment. A commercial food lab compared recipes for chocolate chip cookies. They baked cookies with different kinds of chips (milk chocolate,

> Product R is normally sold for $52 per unit. A special price of $42 is offered for the export market. The variable production cost is $30 per unit. An additional export tariff of 30% of revenue must be paid for all export products. Assume there is suffic

> My Life Chronicles Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $170,000 for June and $200,000 for July, what are the budgeted cash receipts from sales

> Determine the average rate of return for a project that is estimated to yield total income of $170,000 over five years, has a cost of $320,000, and has a $20,000 residual value.

> The following information was taken from Kellman Company’s balance sheet: Determine the company’s (a) ratio of fixed assets to long-term liabilities and (b) ratio of liabilities to stockholders’ equ

> The actual price for a product was $28 per unit, while the planned price was $25 per unit. The volume decreased by 20,000 units to 410,000 actual total units. Determine (a). the sales quantity factor and (b). the unit price factor for sales.

> The costs per equivalent unit of direct materials and conversion in the Filling Department of Lilac Skin Care Company are $0.45 and $0.15, respectively. The equivalent units to be assigned costs are as follows: The beginning work in process inventory ha

> Hosmer Company completed 312,000 units during the year at a cost of $7,800,000. The beginning finished goods inventory was 22,000 units at $440,000. Determine the cost of goods sold for 325,000 units, assuming a FIFO cost flow.

> Prepare a 2016 income statement through gross profit for Lo-bed Company, using the variance data in Practice Exercises 22-1A, 22-2A, 22-3A, and 22-4A. Assume Lo-bed sold 4,000 units at $250 per unit. Exercises 22-1A: Lo-bed Company produces a product t

> On the basis of the following data, the general manager of Featherweight Shoes Inc. decided to discontinue Children’s Shoes because it reduced income from operations by $17,000. What is the flaw in this decision, if it is assumed fixed

> Frigid Motors Inc. assembles and sells snowmobile engines. The company began operations on July 1, 2016, and operated at 100% of capacity during the first month. The following data summarize the results for July: a. Prepare an income statement accordin

> Fancy Fixture Company manufactures faucets in a small manufacturing facility. The faucets are made from brass. Manufacturing has 100 employees. Each employee presently provides 40 hours of labor per week. Information about a production week is as follows

> Prepare a cost of goods sold budget for Magnolia Candle Inc. using the information in Practice Exercises 21-3B and 21-4B. Assume the estimated inventories on January 1, 2016, for finished goods and work in process were $9,800 and $3,600, respectively. Al

> Boswell Company incurred an activity cost of $68,000 for inspecting 16,000 units of production. Management determined that the inspecting objectives could be met without inspecting every unit. Therefore, rather than inspecting 16,000 units of production,

> Ebony Company has the following information for July: For July, determine (a) the cost of goods manufactured and (b) the cost of goods sold. Cost of direct materials used in production. $67,200 Direct labor 88,000 Factory overhead - 44,800 Work in

> The cost of direct materials transferred into the Rolling Department of Keystone Steel Company is $510,000. The conversion cost for the period in the Rolling Department is $81,200. The total equivalent units for direct materials and conversion are 8,500

> Lo-bed Company produces a product that requires two standard gallons per unit. The standard price is $20.00 per gallon. If 4,000 units required 8,200 gallons, which were purchased at $19.75 per gallon, what is the direct materials (a) price variance, (b)

> Einhorn Company has fixed costs of $105,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products follow: The sales mix for products QQ and ZZ is 40% and 60%, respectively. De

> Project A requires an original investment of $32,600. The project will yield cash flows of $7,000 per year for nine years. Project B has a calculated net present value of $3,500 over a six-year life. Project A could be sold at the end of six years for a

> Lexter Company incurred an activity cost of $180,000 for inspecting 25,000 units of production. Management determined that the inspecting objectives could be met without inspecting every unit. Therefore, rather than inspecting 25,000 units of production,

> The cost of direct materials transferred into the Filling Department of Lilac Skin Care Company is $20,250. The conversion cost for the period in the Filling Department is $6,372. The total equivalent units for direct materials and conversion are 45,000

> At the end of April, Almerinda Company had completed Jobs 50 and 51. Job 50 is for 23,040 units, and Job 51 is for 26,000 units. Using the data from Practice Exercises17-1A, 17-2A, and 17-4A, determine Practice Exercises17-1A On April 6, Almerinda Com

> The financial statements for Nike, Inc., are presented in Appendix B at the end of the text. The following additional information (in thousands) is available: Instructions 1. Determine the following measures for the fiscal years ended May 31, 2013 (fi

> The following data were extracted from the income statement of Saleh Inc.: a. Determine for each year (1) the inventory turnover and (2) the number of days’ sales in inventory. Round to the nearest dollar and one decimal place. b. Wha

> A company reports the following: Determine (a) the inventory turnover and (b) the number of days’ sales in inventory. Round to one decimal place. Cost of goods sold. $630,000 Average inventory. 90,000

> Draper Bank uses activity-based costing to determine the cost of servicing customers. There are three activity pools: teller transaction processing, check processing, and ATM transaction processing. The activity rates associated with each activity pool a

> The Consumer Division of Hernandez Company has income from operations of $90,000 and assets of $450,000. The minimum acceptable rate of return on assets is 10%. What is the residual income for the division?

> Lo-bed Company produced 4,000 units that require two standard gallons per unit at $20.00 standard price per gallon. The company actually used 8,200 gallons in production. Journalize the entry to record the standard direct materials used in production.

> The following information is for Olivio Coaster Bikes Inc.: Determine the contribution margin for (a) Red Dream and (b) North Region. North South Sales volume (units): Red Dream 50,000 66,000 Blue Marauder 112,000 140,000 Sales price: Red Dream $48

> At the beginning of the period, the Assembly Department budgeted direct labor of $112,000 and property tax of $12,000 for 7,000 hours of production. The department actually completed 7,500 hours of production. Determine the budget for the department, ass

> Product T is produced for $5.90 per pound. Product T can be sold without additional processing for $7.10 per pound, or processed further into Product U at an additional cost of $0.74 per pound. Product U can be sold for $8.00 per pound. Prepare a differe

> Prepare a cost of goods sold budget for My Life Chronicles Inc. using the information in Practice Exercises 21-3A and 21-4A. Assume the estimated inventories on January 1, 2016, for finished goods and work in process were $25,000 and $19,000, respectivel

> Wide Open Industries Inc. has fixed costs of $475,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products follow: The sales mix for products AA and BB is 60% and 40%, respec

> Fixed manufacturing costs are $60 per unit, and variable manufacturing costs are $150 per unit. Production was 453,000 units, while sales were 426,000 units. Determine (a). whether variable costing income from operations is less than or greater than abs

> In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the nu

> Prior to the first month of operations ending July 31, 2016, Muzenski Industries Inc. estimated the following operating results: The company is evaluating a proposal to manufacture 36,000 units instead of 28,800 units, thus creating an ending inventory

> A quality control activity analysis indicated the following four activity costs of a hotel: Sales are $3,000,000. Prepare a cost of quality report. Inspecting cleanliness of rooms $ 108,000 Processing lost customer reservations ...... 450,000 Rewor

> Briggs Company has income from operations of $36,000, invested assets of $180,000, and sales of $720,000. Use the DuPont formula to compute the rate of return on investment and show (a) the profit margin, (b) the investment turnover, and (c) the rate

> Magnolia Candle Inc. budgeted production of 74,200 candles in 2016. Each candle requires molding. Assume that 12 minutes are required to mold each candle. If molding labor costs $14.00 per hour, determine the direct labor cost budget for 2016.

> The Rolling Department of Keystone Steel Company had 400 tons in beginning work in process inventory (20% complete). During the period, 7,900 tons were completed. The ending work in process inventory was 1,000 tons (30% complete). What are the total equi

> A machine with a book value of $126,000 has an estimated six-year life. A proposal is offered to sell the old machine for $84,000 and replace it with a new machine at a cost of $145,000. The new machine has a six-year life with no residual value. The new

> A quality control activity analysis indicated the following four activity costs of a manufacturing department: Sales are $1,000,000. Prepare a cost of quality report. Round percents to one decimal place. Rework. $ 39,000 Inspecting incoming raw mate

> Light Company has the following information for January: Determine (a) the manufacturing margin, (b) the contribution margin, and (c) income from operations for Light Company for the month of January. Sales . $648,000 Variable cost of goods sold .

> Fancy Feet Company manufactures and sells shoes. Fancy Feet uses activity-based costing to determine the cost of the sales order processing and the shipping activity. The sales order processing activity has an activity rate of $12 per sales order, and th

> During the first month of operations ended May 31, 2016, Frost Point Fridge Company manufactured 40,000 mini refrigerators, of which 36,000 were sold. Operating data for the month are summarized as follows: Instructions 1. Prepare an income statement

> A project is estimated to cost $104,328 and provide annual net cash flows of $21,000 for eight years. Determine the internal rate of return for this project, using Exhibit 5. Exhibit 5: Present Value of an Annuity of $1 at Compound Interest Year 6%

> Lo-bed Company produced 4,000 units of product that required four standard hours per unit. The standard fixed overhead cost per unit is $1.20 per hour at 16,400 hours, which is 100% of normal capacity. Determine the fixed factory overhead volume variance

> The comparative accounts payable and long-term debt balances for a company follow. Based on this information, what is the amount and percentage of increase or decrease that would be shown in a balance sheet with horizontal analysis? Current Year Pr

> My Life Chronicles Inc. budgeted production of 238,900 diaries in 2016. Each diary requires assembly. Assume that six minutes are required to assemble each diary. If assembly labor costs $12.00 per hour, determine the direct labor cost budget for 2016.

> Variable manufacturing costs are $13 per unit, and fixed manufacturing costs are $75,000. Sales are estimated to be 12,000 units. a. How much would absorption costing income from operations differ between a plan to produce 12,000 units and a plan to prod