Given a standard normal distribution, find the area under the curve that lies (a) to the right of z=1.25; (b) to the left of z= -0.4; (c) to the left of z= 0.8; (d) between z=0.4 and z=1.3; (e) between z= -0.3 and z= 0.9; and (f) outside z= -1.5 to z= 1.5.
In: Statistics and Probability
LaCrosse, Inc., sales manager Josh Brown has been receiving
calls from customers complaining about the length of time it takes
to receive an order. To help him understand the issue, he gathered
the following information from DanGold Enterprises’ most recent
order.
Days Required
Process customer order 0.2
Wait for direct materials to arrive 4.0
Fabrication of parts 3.0
Move order to assembly department 0.6
Wait for machine time 6.5
Assembly of parts 4.0
Move order to finishing department 0.3
Wait for machine time 3.0
Finishing of units 5.0
Move to packing department 0.7
Packing 1.9
Move to shipping department 0.2
Load delivery truck 0.5
Drive to customer 1.5
Unload delivery truck 0.5
Return to plant 2.0
[Incorrect answer.] Your answer is incorrect. Try
again.
(a) Calculate the delivery cycle time for DanGold’s order. (Round answer to 1 decimal place, e.g. 12.5.)
Delivery cycle time
days
(b) Calculate the manufacturing cycle time for DanGold’s order. (Round answer to 1 decimal place, e.g. 12.5.)
Manufacturing cycle time
days
(c) Calculate the value-added time for DanGold’s order. (Round answer to 1 decimal place, e.g. 12.5.)
Value-added time
days
LINK TO TEXT
[Incorrect answer.] Your answer is incorrect. Try
again.
(d) Calculate the manufacturing cycle efficiency for DanGold’s order. (Round answer to 0 decimal places, e.g. 51%.)
Manufacturing cycle efficiency
%
In: Accounting
Flaming Foliage Sky Tours is a small sightseeing tour company in
New Hampshire. The firm specializes in aerial tours of the New
England countryside during September and October, when the fall
color is at its peak. Until recently, the company had not had an
accounting department. Routine bookkeeping tasks, such as billing,
had been handled by an individual who had little formal training in
accounting. As the business began to grow, however, the owner
recognized the need for more formal accounting procedures.
Jacqueline Frost has recently been hired as the new controller, and
she will have the authority to hire an assistant.
During her first week on the job, Frost was given the following
performance report. The report was prepared by Red Leif, the
company’s manager of aircraft operations, who was planning to
present it to the owner the next morning. “Look at these favorable
variances for fuel and so forth,” Leif pointed out, as he showed
the report to Frost. “My operations people are really doing a great
job.” Later that day, Frost looked at the performance report more
carefully. She immediately realized that it was improperly prepared
and would be misleading to the company’s owner.
| FLAMING FOLIAGE SKY TOURS | ||||||||||||||||||||
| Performance Report | ||||||||||||||||||||
| For the Month of September | ||||||||||||||||||||
| Formula Flexible Budget (per air mile) |
Actual (38,000 air miles) |
Static Budget (40,000 air miles) |
Variance | |||||||||||||||||
| Passenger revenue | $ | 10.50 | $ | 399,000 | $ | 420,000 | $ | 21,000 | U | |||||||||||
| Less: Variable expenses: | ||||||||||||||||||||
| Fuel | $ | 1.40 | $ | 56,900 | $ | 56,000 | $ | -900 | F | |||||||||||
| Aircraft maintenance | 2.15 | 79,700 | 86,000 | 6,300 | F | |||||||||||||||
| Flight crew salaries | 1.40 | 54,200 | 56,000 | 1,800 | F | |||||||||||||||
| Selling and administrative | 2.50 | 92,400 | 100,000 | 7,600 | F | |||||||||||||||
| Total variable expenses | $ | 7.45 | $ | 283,200 | $ | 298,000 | $ | 14,800 | F | |||||||||||
| Contribution margin | $ | 3.05 | $ | 115,800 | $ | 122,000 | $ | 6,200 | U | |||||||||||
| Less: Fixed expenses: | Per Month | |||||||||||||||||||
| Depreciation on aircraft | $ | 10,000 | $ | 10,000 | $ | 10,000 | $ | 0 | ||||||||||||
| Landing fees | 4,000 | 4,100 | 4,000 | 100 | U | |||||||||||||||
| Supervisory salaries | 37,000 | 34,000 | 37,000 | 3,000 | F | |||||||||||||||
| Selling and administrative | 46,000 | 51,500 | 46,000 | 5,500 | U | |||||||||||||||
| Total fixed expenses | $ | 97,000 | $ | 99,600 | $ | 97,000 | $ | 2,600 | U | |||||||||||
| Operating income | $ | 16,200 | $ | 25,000 | $ | 8,800 | U | |||||||||||||
Required:
1. Prepare a columnar flexible budget for Flaming
Foliage Sky Tours’ expenses, using air miles as the cost driver at
the following activity levels: 38,000 air miles, 40,000 air miles,
and 43,000 air miles.
2. In spite of several favorable expense variances
shown on the report above, the company’s September operating income
was only about two-thirds of the expected level. Identify some of
the possible reasons.
4. Prepare a revised expense variance report for
September, which is based on the flexible budget prepared in part
(1).
5. Jacqueline Frost presented the revised expense
report to Leif along with the memo explaining why the original
performance report was misleading. Leif did not take it well. He
complained of Frost’s “interference” and pointed out that the
company had been doing just fine without her. “I’m taking my report
to the owner tomorrow,” Leif insisted. “Yours just makes us look
bad.” What are Frost’s ethical obligations in this matter?
In: Accounting
On January 1, Year 1, Friedman Company purchased a truck that cost $52,000. The truck had an expected useful life of 200,000 miles over 8 years and an $9,000 salvage value. During Year 2, Friedman drove the truck 27,000 miles. Friedman uses the units-of-production method. What is depreciation expense in Year 2? (Do not round intermediate calculations.): rev: 11_10_2018_QC_CS-147760
Multiple Choice
$5,805
$7,020
$5,375
$6,500
17)Dinkins Company purchased a truck that cost $72,000. The company expected to drive the truck 100,000 miles over its 5-year useful life, and the truck had an estimated salvage value of $11,000. If the truck is driven 32,000 miles in the current accounting period, what would be the amount of depreciation expense for the year? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
$19,520
$23,040
$12,200
$28,800
On January 1, Year 1, the City Taxi Company purchased a new taxi cab for $39,000. The cab has an expected salvage value of $4,000. The company estimates that the cab will be driven 200,000 miles over its life. It uses the units-of-production method to determine depreciation expense. The cab was driven 48,000 miles the first year and 51,000 the second year. What is the amount of depreciation expense reported on the Year 2 income statement and the book value of the taxi at the end of Year 2, respectively? (Do not round intermediate calculations.)
$9,945 and $19,695
$9,945 and $15,695
$8,925 and $21,675
$8,925 and $17,675
On April 1, Year 1, Fossil Energy Company purchased an oil producing well at a cash cost of $8,370,000. It is estimated that the oil well contains 720,000 barrels of oil, of which only 620,000 can be profitably extracted. By December 31, Year 1, 31,000 barrels of oil were produced and sold. What is depletion expense for Year 1 on this well? (Do not round intermediate calculations.):
$418,500
$558,000
$139,500
$360,375
Glick Company purchased oil rights on July 1, Year 1 for $2,800,000. A total of 200,000 barrels of oil are expected to be extracted over the assets life, and 50,000 barrels are extracted and sold in Year 1. Which of the following correctly summarizes the effect of the Year 1 depletion expense on the elements of the financial statements? (Do not round intermediate calculations.):
A decrease in stockholders’ equity of $200,000.
A decrease in assets of $500,000.
A decrease in assets of $700,000.
An increase in stockholders’ equity of $740,000.
The balance sheet of Flo's Restaurant showed total assets of $480,000, liabilities of $152,000 and stockholders’ equity of $378,000. An appraiser estimated the fair value of the restaurant assets at $565,000. If Alice Company pays $745,000 cash for the restaurant, what is the amount of goodwill?
$180,000
$265,000
$367,000
$332,000
On January 1, Year 1, Stiller Company paid $192,000 to obtain a patent. Stiller expected to use the patent for 5 years before it became technologically obsolete. The remaining legal life of the patent was 8 years. Based on this information, what is the amount of amortization expense during Year 3 and the book value of the patent as of December 31, Year 3, respectively?
$24,000 and $72,000
$38,400 and $76,800
$24,000 and $120,000
$38,400 and $115,200
In: Accounting
A computer program is tested by 5 independent tests.
If there is an error, these tests will discover it with
probabilities 0.1, 0.2, 0.3, 0.4, and 0.5, respectively. Suppose
that the program contains an error. What is the probability that it
will be found
a. by at least one test?
b. by at least two tests?
c. by all five tests?
In: Statistics and Probability
Company XYZ launches a new software which is tested using 4 independent tests. If there is an error, it will be discovered with probabilities 0.4, 0.1, 0.3 and 0.2 respectively. Suppose that the software does contain an error. What is the probability that it will be found
(b) All four tests?
In: Statistics and Probability
A 12-inch well penetrating a 100-ft thick eenfinedr aquifer is pumped at a rate of 100 gpm for 10 years. Determine the drawdown of 100-ft from the well. The storage coefficient of the aquifer is 0.001, permeability 500 gpd/ft, r/B = 0.2, and porosity= 0.3?
In: Civil Engineering
Use the accompanying table of standard scores and their percentiles under the normal distribution to find the approximate standard score of the following data values. Then state the approximate number of standard deviations that the value lies above or below the mean.
a. A data value in the 80th percentile
b. A data value in the 60th percentile
c. A data value in the 92nd percentile
a. The standard score for the 80th percentile is approximately
nothing.
(Round to two decimal places as needed.)
(Round to two decimal places as needed.)
z-score Percentile
-3.5 0.02
-3.0 0.13
-2.9 0.19
-2.8 0.26
-2.7 0.35
-2.6 0.47
-2.5 0.62
-2.4 0.82
-2.3 1.07
-2.2 1.39
-2.1 1.79
-2.0 2.28
-1.9 2.87
-1.8 3.59
-1.7 4.46
-1.6 5.48
-1.5 6.68
-1.4 8.08
-1.3 9.68
-1.2 11.51
-1.1 13.57
-1.0 15.87
-0.95 17.11
-0.90 18.41
-0.85 19.77
-0.80 21.19
-0.75 22.66
-0.70 24.2
-0.65 25.78
-0.60 27.43
-0.55 29.12
-0.50 30.85
-0.45 32.64
-0.40 34.46
-0.35 36.32
-0.30 38.21
-0.25 40.13
-0.20 42.07
-0.15 44.04
-0.10 46.02
-0.05 48.01
0.0 50.0
0.05 51.99
0.1 53.98
0.15 55.96
0.2 57.93
0.25 59.87
0.3 61.79
0.35 63.68
0.4 65.54
0.45 67.36
0.5 69.15
0.55 70.88
0.6 72.57
0.65 74.22
0.7 75.8
0.75 77.34
0.8 78.81
0.85 80.23
0.9 81.59
0.95 82.89
1.0 84.13
1.1 86.43
1.2 88.49
1.3 90.32
1.4 91.92
1.5 93.32
1.6 94.52
1.7 95.54
1.8 96.41
1.9 97.13
2.0 97.72
2.1 98.21
2.2 98.61
2.3 98.93
2.4 99.18
2.5 99.38
2.6 99.53
2.7 99.65
2.8 99.74
2.9 99.81
3.0 99.87
3.5
In: Statistics and Probability
Problem 13-09 (Algorithmic)
Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company’s new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars):
| Demand for Service | ||
| Service | Strong | Weak |
| Full price | $1380 | -$580 |
| Discount | $980 | $460 |
| Optimistic approach | Full price service |
| Conservative approach | Discount service |
| Minimax regret approach | Discount service |
In: Operations Management
Myrtle Air Express decided to offer direct service from Cleveland to Myrtle Beach. Management must decide between a full-price service using the company’s new fleet of jet aircraft and a discount service using smaller capacity commuter planes. It is clear that the best choice depends on the market reaction to the service Myrtle Air offers. Management developed estimates of the contribution to profit for each type of service based upon two possible levels of demand for service to Myrtle Beach: strong and weak. The following table shows the estimated quarterly profits (in thousands of dollars):
| Demand for Service | ||
| Service | Strong | Weak |
| Full price | $1440 | -$530 |
| Discount | $1050 | $480 |
| Optimistic approach | Full price service |
| Conservative approach | Discount service |
| Minimax regret approach | Discount service |
In: Operations Management