A suburban hotel derives its revenue from its hotel and restaurant operations. The owners are interested in the relationship between the number of rooms occupied on a nightly basis and the revenue per day in the restaurant. Below is a sample of 25 days (Monday through Thursday) from last year showing the restaurant income and number of rooms occupied. Day Income Occupied Day Income Occupied 1 $ 1,452 20 14 $ 1,425 31 2 1,361 20 15 1,445 51 3 1,426 21 16 1,439 62 4 1,470 80 17 1,348 45 5 1,456 70 18 1,450 41 6 1,430 29 19 1,431 62 7 1,354 70 20 1,446 47 8 1,442 21 21 1,485 43 9 1,394 15 22 1,405 38 10 1,459 36 23 1,461 36 11 1,399 41 24 1,490 30 12 1,458 35 25 1,426 65 13 1,537 51 PictureClick here for the Excel Data File Use a statistical software package to answer the following questions.
b. Determine the coefficient of correlation between the two variables. (Round your answer to 3 decimal places.) Pearson correlation State the decision rule for 0.01 significance level: H0: ρ ≤ 0; H1: ρ > 0 (Round your answer to 3 decimal places.) Reject H0 if t > Compute the value of the test statistic. (Round your answer to 2 decimal places.) Value of the test statistic
c. Is it reasonable to conclude that there is a positive relationship between revenue and occupied rooms? Use the 0.01 significance level. H0, There is a between revenue and occupied rooms.
d. What percent of the variation in revenue in the restaurant is accounted for by the number of rooms occupied? (Round your answer to 1 decimal place.) % of the variation in revenue is explained by variation in occupied rooms.
In: Math
THE PALM OASIS SUITE HOTEL
Cody Michlon, manager of the Palm Oasis Suite Hotel in Miami Beach is requesting your help to improve the guest
experience at the hotel. Cody Michlon plans to remodel the front desk to provide a more customer-centric
experience and create an optimal level of staff efficiency and guest service. Historical data of arrivals during the
peak check-in time of 5:00PM to 7:00PM showed that an average of 80 guests arrive each hour. It takes an average
of 3 minutes for the front-desk clerk to register each guest.
Mr. Michlon wants to improve guest service by reducing the length of time that guests spend waiting in line.
CURRENT (PLAN 0): At present, the hotel has five clerks on duty, each with a separate waiting line.
PLAN I. The first proposal would designate one employee as a quick-service clerk for guests registering under
corporate accounts, a market segment that fills about 30% of all occupied rooms. Because corporate
guests are preregistered, the registration takes an average of just 2 minutes. With these guests separated
from the rest of the clientele, the average time for registering a typical guest would climb to 3.4 minutes.
Under this plan non-corporate guests would choose any of the remaining four separate lines.
PLAN II. The second plan is to implement a single-line system. All guests could form a single waiting line to be
served by whichever of five clerks became available. (The only difference between the current scenario
and this proposed Plan II is the line formation – currently it is set up with five separate lines one in
front of each of the clerks, this plan II proposes a single line that wraps around with a corral and the
next guest will go to the next available clerk). This option would require sufficient lobby space for
what could be a substantial queue.
PLAN III. The use of a self-service kiosk for check-ins is the basis for the third proposal. This kiosk would provide
about the same service rate as would a clerk, however, since check-ins are automated the service time
would be a constant 3 minutes. Because initial use of this technology is minimal, Cody estimates that
20% of customers, primarily frequent guests, would be willing to use this machine – hopefully this
percent will increase in the future. Cody would set-up a single queue for customers who prefer human
check-in clerks (the remaining 80% of the customers). This line would be served by only four clerks,
because of the space requirement for the self-serve kiosk and the extra expense of the technology.
PLAN IV. Please provide your suggestion for a “better” queuing system. Be sure to compare your performance
measures to the other plans. Your idea??????
INSTRUCTIONS: Prepare a one to two page Executive Summary which should include the following
In: Operations Management
In a potentiometric pH titration of a weak acid, why does the pH change rapidly with the addition of NaOH near the endpoint but changes very slowly for pH values near the pKa of the acid?
In: Chemistry
) Suppose you work for Meijer, a large grocer headquartered in
Michigan. 20 years ago, Meijer bought a parcel of land on the
outskirts of Lafayette, Indiana. It is currently being rented to a
farmer. They intended to build a new store on the lot after a
proposed new highway was complete. However, when the new highway
was built it went in a different direction and now they must decide
whether to build the new store. You ask around and find the
following information from the following departments (all numbers
are in thousands of dollars):
The sales department tells you: Annual Revenue: $2400
The operations department tells you: Inventory Required on Shelves:
$140 Annual Cost of Goods Sold: $1500 Annual Cost of Running Store:
$500 Annual Allocated Overhead from HQ: $80
The forecasting department tells you: Loan to fund construction:
$300 Interest Rate: 4%, loan is interest only (no principle
payments) Weighted Average Cost of Capital: 13% Depreciation
Schedule: Straight-line depreciation over 40 years Tax Rate:
30%
The construction department tells you: Cost of environmental review
(already completed): $65 Purchase Price of Land 20 years ago: $1000
(hint: land is not depreciated) Current Market Value of Land: $1100
(hint: land is not depreciated) Current Pre-Tax Income from renting
land out: $75/year Cost of Construction (Labor & Materials):
$1800
1a) Your boss tells you to find the unleveraged incremental cash
flow of the project for the next four years. Write your answer in
the form of a pro forma statement on the next page.
1b) Should you approve this project? Why or why not?
In: Finance
Provide 3 types of construction permits may be required in a construction project and elaborate on their impact on the construction schedule.
In: Civil Engineering
Hickory Company manufactures two products—13,000 units of Product Y and 5,000 units of Product Z. The company uses a plantwide overhead rate based on direct labor-hours. It is considering implementing an activity-based costing (ABC) system that allocates all $630,000 of its manufacturing overhead to four cost pools. The following additional information is available for the company as a whole and for Products Y and Z:
| Activity Cost Pool | Activity Measure | Estimated Overhead Cost | Expected Activity | ||
| Machining | Machine-hours | $ | 228,000 | 12,000 | MHs |
| Machine setups | Number of setups | $ | 40,000 | 100 | setups |
| Product design | Number of products | $ | 74,000 | 2 | products |
| General factory | Direct labor-hours | $ | 288,000 | 14,400 | DLHs |
| Activity Measure | Product Y | Product Z |
| Machine-hours | 10,000 | 2,000 |
| Number of setups | 40 | 60 |
| Number of products | 1 | 1 |
| Direct labor-hours | 7,000 | 7,400 |
Foundational 7-5
5. What is the activity rate for the Product Design activity cost pool?
6. What is the activity rate for the General Factory activity cost pool? (Round your answer to 2 decimal places.)
7. Which of the four activities is a batch-level activity?
Machine setups activity
Machining activity
Product design activity
General factory activity
8. Which of the four activities is a product-level activity?
General factory activity
Product design activity
Machine setups activity
Machining activity
9. Using the ABC system, how much total manufacturing overhead cost would be assigned to Product Y? (Round all intermediate calculations to 2 decimal places.)
10. Using the ABC system, how much total manufacturing overhead cost would be assigned to Product Z?
11. Using the plantwide overhead rate, what percentage of the total overhead cost is allocated to Product Y and Product Z? (Round your "Percentage" answers to 2 decimal place.)
12. Using the ABC system, what percentage of the Machining costs is assigned to Product Y and Product Z? (Round your "Percentage" answers to 2 decimal places.)
13. Using the ABC system, what percentage of Machine Setups cost is assigned to Product Y and Product Z? (Round your "Percentage" answers to 2 decimal places.)
14. Using the ABC system, what percentage of the Product Design cost is assigned to Product Y and Product Z?
15. Using the ABC system, what percentage of the General Factory cost is assigned to Product Y and Product Z? (Round your
In: Accounting
|
years |
Project a |
Project b |
|
Yr1 |
316000 |
200000 |
|
Yr2 |
350000 |
200,000 |
|
Yr3 |
(20000) |
(15000) |
|
yr 4 |
280000 |
390000 |
The cost of capital for Project A is 13% and the cost of capital
for project B is 15%.
Calculate the following;
Managemet can only accept one project. Which project should
management accept? Explain your answer.
In: Finance
You are given the sample mean and the population standard deviation. Use this information to construct the 90% and 95% confidence intervals for the population mean. Interpret the results and compare the widths of the confidence intervals. If convenient, use technology to construct the confidence intervals. A random sample of 60 home theater systems has a mean price of $120.00. Assume the population standard deviation is $15.40. Construct a 90% confidence interval for the population mean.
In: Statistics and Probability
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2023. Information related to
the contract is as follows:
| 2021 | 2022 | 2023 | |||||||||
| Cost incurred during the year | $ | 1,584,000 | $ | 3,240,000 | $ | 2,613,600 | |||||
| Estimated costs to complete as of year-end | 5,616,000 | 2,376,000 | 0 | ||||||||
| Billings during the year | 1,200,000 | 3,624,000 | 5,176,000 | ||||||||
| Cash collections during the year | 1,000,000 | 2,800,000 | 6,200,000 | ||||||||
Assume that Westgate Construction’s contract with Santa Clara
County does not qualify for revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years.
2-a. In the journal below, complete the necessary
journal entries for the year 2021 (credit "Various accounts" for
construction costs incurred).
2-b. In the journal below, complete the necessary
journal entries for the year 2022 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2023 (credit "Various accounts" for
construction costs incurred).
3. Complete the information required below to
prepare a partial balance sheet for 2021 and 2022 showing any items
related to the contract.
4. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
| 2021 | 2022 | 2023 | |||||||||
| Cost incurred during the year | $ | 2,580,000 | $ | 3,890,000 | $ | 3,280,000 | |||||
| Estimated costs to complete as of year-end | 5,780,000 | 3,280,000 | 0 | ||||||||
5. Calculate the amount of revenue and gross profit (loss)
to be recognized in each of the three years assuming the following
costs incurred and costs to complete information.
| 2021 | 2022 | 2023 | |||||||||
| Cost incurred during the year | $ | 2,580,000 | $ | 3,890,000 | $ | 4,170,000 | |||||
| Estimated costs to complete as of year-end | 5,780,000 | 4,280,000 | 0 | ||||||||
In: Accounting
In 2021, the Westgate Construction Company entered into a
contract to construct a road for Santa Clara County for
$10,000,000. The road was completed in 2023. Information related to
the contract is as follows:
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,400,000 | $ | 3,600,000 | $ | 2,200,000 | |||
| Estimated costs to complete as of year-end | 5,600,000 | 2,000,000 | 0 | ||||||
| Billings during the year | 2,000,000 | 4,000,000 | 4,000,000 | ||||||
| Cash collections during the year | 1,800,000 | 3,600,000 | 4,600,000 | ||||||
Assume that Westgate Construction’s contract with Santa Clara
County does not qualify for revenue recognition over time.
Required:
1. Calculate the amount of revenue and gross profit (loss)
to be recognized in each of the three years.
2-a.In the journal below, complete the necessary
journal entries for the year 2021 (credit "Various accounts" for
construction costs incurred).
2-b.In the journal below, complete the necessary
journal entries for the year 2022 (credit "Various accounts" for
construction costs incurred).
2-c. In the journal below, complete the necessary
journal entries for the year 2023 (credit "Various accounts" for
construction costs incurred).
3. Complete the information required below to
prepare a partial balance sheet for 2021 and 2022 showing any items
related to the contract.
4. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete information.
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,400,000 | $ | 3,800,000 | $ | 3,200,000 | |||
| Estimated costs to complete as of year-end | 5,600,000 | 3,100,000 | 0 | ||||||
5. Calculate the amount of revenue and gross
profit (loss) to be recognized in each of the three years assuming
the following costs incurred and costs to complete
information.
| 2021 | 2022 | 2023 | |||||||
| Cost incurred during the year | $ | 2,400,000 | $ | 3,800,000 | $ | 3,900,000 | |||
| Estimated costs to complete as of year-end | 5,600,000 | 4,100,000 | 0 | ||||||
In: Accounting