Question
In: Statistics and Probability
The annual commissions earned by sales representatives of Machine Products Inc., a manufacturer of light machinery,...
The annual commissions earned by sales representatives of Machine Products Inc., a
manufacturer of light machinery, follow the normal probability distribution. The mean
yearly amount earned is $40,000 and the standard deviation is $5,000.
a. What percent of the sales representatives earn more than $42,000 per year?
b. What percent of the sales earn less than 28,000 per year?
c. The sales manager wants to award the sales representatives who earn the largest
commissions a bonus of $1,000. He can award a bonus to 20 percent of the representatives.
What is the cutoff point between those who earn a bonus and those who do not?
Solutions
orchestra answered 2 years agoRelated Solutions
The annual commissions earned by sales representatives of Machine Products Inc., a manufacturer of light machinery,...
The annual commissions earned by sales representatives of
Machine Products Inc., a manufacturer of light machinery, follow
the normal distribution. The mean yearly amount earned is $40,000
and the standard deviation is $5000.
a. What percentage of sales representatives earn between $32,000
and $42,000 per year?
b. What percentage of sales representatives earn more than
$42,000 per year?
c. The sales manager wants to award the sales representatives
who earn the largest commissions a bonus of $1000. He can award...
The annual commissions earned by sales representatives of Machine Products Inc. a manufacturer of light machinery,...
The annual commissions earned by sales representatives of
Machine Products Inc. a manufacturer of light machinery, follow the
normal probability distribution. The mean yearly amount earned is
$42,000 and the standard deviation is $4000.
a. What percent of representatives earn less than
$45,000?
b. What percent of representatives earn between $32,000 and
$45,000?
c. How much is the annual commission for the top 15% of the
sales representatives?
How to solve this question on Microsoft Excel The annual commissions earned by sales representatives of...
How to solve this question on Microsoft Excel
The annual commissions earned by sales representatives of
Machine Products Inc., a manufacturer of light machinery, follow
the normal distribution. The mean yearly amount earned is $40,000
and the standard deviation is $5000.
a. What percentage of sales representatives earn between $32,000
and $42,000 per year?
b. What percentage of sales representatives earn more than
$42,000 per year?
c. The sales manager wants to award the sales representatives
who earn the largest...
Listed below are the commissions earned ($000) last year by a sample of 15 sales representatives...
Listed below are the commissions earned ($000) last year by a
sample of 15 sales representatives at Furniture Patch Inc. $ 4.2 $
6.0 $ 8.0 $ 11.3 $ 12.5 $ 13.6 $ 14.6 $ 16.4 $ 17.1 $ 17.4 $ 18.2 $
22.3 $ 36.8 $ 43.2 $ 78.8
Determine the mean, median, and the standard deviation. (Round
your answers to 2 decimal places.)
Determine the coefficient of skewness using Pearson’s method.
(Round your answer to 3 decimal places.)...
Most brokers will set a minimum level of commissions that must be earned by a sales...
Most brokers will set a minimum level of commissions that must
be earned by a sales associate becoase of
a)
association fees
b)
insurance fees
c)
secretarial costs
d)
desk costs
A manufacturer is considering a switch from manufacturers’ representatives to an internal sales force. The following...
A manufacturer is considering a switch from manufacturers’
representatives to an internal sales force. The following cost
estimates are available. Manufacturers’ reps are paid 8.1%
commission and incur $600,000 in fixed costs, while an internal
sales force has fixed costs projected at $1,900,000 and would
receive 2.6% commission. Assume that sales revenue is double the
breakeven volume or the point at which the manufacturer would be
indifference between reps and an internal sales force. At this
volume, how much would...
Yellow Company a distributor of machinery bought a machine from manufacturer in November 2016 for P500,000....
Yellow Company a distributor of machinery bought a machine from
manufacturer in November 2016 for P500,000. On December 30, 2016,
the entity sold this machine for P750,000 under the following
terms: 2% discount if paid within 30 days, 1% discount if paid
after 30 days but within 60 days or payable in full within 90 days
if not paid within the discount period.However, the customer had
the right to return this machine to Yellow Company if it was unable
to...
Digital Solutions Inc. uses flexible budgets that are based on the following data: Sales commissions 15%...
Digital Solutions Inc. uses flexible budgets that are based on
the following data:
Sales commissions
15% of sales
Advertising expense
18% of sales
Miscellaneous administrative expense
$9,000 per month plus 12% of sales
Office salaries expense
$30,000 per month
Customer support expenses
$14,000 per month plus 20% of sales
Research and development expense
$30,000 per month
Prepare a flexible selling and administrative expenses budget
for October for sales volumes of $400,000, $500,000, and $600,000.
(Use Exhibit 5 as a model.)...
Digital Solutions Inc. uses flexible budgets that are based on the following data: Sales commissions 8%...
Digital Solutions Inc. uses flexible budgets that are based on
the following data:
Sales commissions
8% of sales
Advertising expense
15% of sales
Miscellaneous administrative expense
$10,000 per month plus 4% of sales
Office salaries expense
$50,000 per month
Customer support expenses
$20,000 per month plus 30% of sales
Research and development expense
$75,000 per month
Prepare a flexible selling and administrative expenses budget
for October for sales volumes of $500,000, $750,000, and
$1,000,000. (Use Exhibit 5 as a model.)...
Morningside Technologies Inc. uses flexible budgets that are based on the following data: Sales commissions 5%...
Morningside Technologies Inc. uses flexible budgets that are
based on the following data:
Sales commissions
5% of sales
Advertising expense
25% of sales
Miscellaneous administrative expense
$1,450 per month plus 2% of sales
Office salaries expense
$14,000 per month
Customer support expenses
$2,050 plus 3% of sales
Research and development expense
3,600 per month
Prepare a flexible selling and administrative expenses budget
for April for sales volumes of $90,000, $115,000, and $135,000.
Enter all amounts as positive numbers.
Morningside Technologies...
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