59% of all violent felons in the prison system are repeat offenders. If 46 violent felons are randomly selected, find the probability that  

a. Exactly 24 of them are repeat offenders.
b. At most 29 of them are repeat offenders.
c. At least 27 of them are repeat offenders.
d. Between 24 and 30 (including 24 and 30) of them are repeat offenders.

***Please show the work in Excel***

Use the following data to construct a scatter diagram. Does there appear to be a relationship between hours of overtime and number of rejects? Discuss.

Hours of Overtime                  Number of Rejects

                                    127                                          33

                                     90                                           25

                                     95                                           23

                                    160                                          40

                                     10                                           9

                                     80                                           19

                                     27                                           14

                                    103                                          28

                                     48                                           19

                                     65                                           31

just want to talk about three questions managers should answer when setting regular prices are:

What is the company’s target profit?

How much will customers pay?

Is the company a price-taker or a price-setter for this product or service?

The Schmedley Discount Department Store has approximately 300 customers shopping in its store between 9 A.M. and 5 P.M. on Saturdays. In deciding how many cash registers to keep open each Saturday, Schmedley’s manager considers two factors: customer waiting time (and the associated waiting cost) and the service costs of employing additional checkout clerks. Checkout clerks are paid an average of $8 per hour. When only one is on duty, the waiting time per customer is about 10 minutes (or hour); when two clerks are on duty, the average checkout time is 6 minutes per person; 4 minutes when three clerks are working; and 3 minutes when four clerks are on duty. Schmedley’s management has conducted customer satisfaction surveys and has been able to estimate that the store suffers approximately $10 in lost sales and goodwill for every hour of customer time spent waiting in checkout lines.

Number of customers
Average waiting time (per customer)  
Total customer waiting time
Cost per waiting hour
Total waiting cost
Checkout clerk hourly salary
Total pay of clerks for an 8-hour shift
Total expected cost    

A garage sells three types of fuel: unleaded petrol, diesel and tractor diesel. The probability that a randomly selected customer will buy a particular fuel is shown in the table:
Fuel Probability
Unleaded 0.40
Diesel 0.45
Tractor Diesel 0.15
1. Find the probability that of two randomly selected customers: (i) Both will buy diesel (ii) Exactly one will buy diesel 2. Find the probability that of three randomly selected customers: (i) All will buy unleaded (ii) Exactly two will buy diesel (ii) One will buy tractor diesel, one will buy unleaded and one will buy diesel

2. A mechanical device has a wearout time distributed normally with a mean of 1100 hours and a standard deviation of 50 hours. Find the values that constitute the central 95% of the wearout times.

The manager of a fast-food restaurant determines that the average time that her customers wait for service is 5.5 minutes. (a) Find the probability that a customer has to wait more than nine minutes. (Round your answer to three decimal places.)

(b) Find the probability that a customer is served within the first five minutes. (Round your answer to three decimal places.)

(c) The manager wants to advertise that anybody who isn't served within a certain number of minutes gets a free hamburger. But she doesn't want to give away free hamburgers to more than 2% of her customers. What should the advertisement say? (Give your answer to the nearest integer that satisfies the conditions.) "If you aren't served within ???? minutes, you get a free hamburger."

Allocating Selling and Administrative Expenses using Activity-Based Costing

Shrute Inc. manufactures office copiers, which are sold to retailers. The price and cost of goods sold for each copier are as follows:

Price$690 per unit

Cost of goods sold(410)

Gross profit$280 per unit

In addition, the company incurs selling and administrative expenses of $263,410. The company wishes to assign these costs to its three major retail customers, The Warehouse, Kosmo Co., and Supply Universe. These expenses are related to its three major nonmanufacturing activities: customer service, sales order processing, and advertising support. The advertising support is in the form of advertisements that are placed by Shrute Inc. to support the retailer's sale of Shrute copiers to consumers. The budgeted activity costs and activity bases associated with these activities are:

ActivityBudgeted Activity CostActivity Base

Customer service $30,030 Number of service requests

Sales order processing 27,880 Number of sales orders

Advertising support 205,500 Number of ads placed

Total activity cost $263,410  

Activity-base usage and unit volume information for the three customers is as follows:

The WarehouseKosmo Co.Supply UniverseTotal

Number of service requests40  10 160 210

Number of sales orders230  100 490 820

Number of ads placed20  20 110 150

Unit volume690  690 690 2,070

Required:

1.   Determine the activity rates for each of the three nonmanufacturing activities. Round to the nearest whole dollar.

Activity Rate

Customer Service$per serv. req.

Sales Order Processing$per sls. order

Advertising Support$per ad

2. Determine the activity costs allocated to the three customers, using the activity rates in (1).

Activity Costs

The Warehouse$

Kosmo Co.$

Supply Universe$

3.   Construct customer profitability reports for the three customers, dated for the year ended December 31, using the activity costs in (2). The reports should disclose the gross profit and operating income associated with each customer.

Shrute Inc.

Customer Profitability Report

For the Year Ended December 31

The WarehouseKosmo Co.Supply Universe

Revenues$$$

Cost of goods sold

Gross profit$$$

Selling and administrative activities:

Customer service$$$

Sales order processing

Advertising support

Total selling and administrative activities$

Operating income$$$

Presented below are three independent situations.

1. Ivanhoe Stamp Company records stamp service revenue and provides for the cost of redemptions in the year stamps are sold to licensees. Ivanhoe’s past experience indicates that only 80% of the stamps sold to licensees will be redeemed. Ivanhoe’s liability for stamp redemptions was $13,180,300 at December 31, 2019. Additional information for 2020 is as follows.

If all the stamps sold in 2020 were presented for redemption in 2021, the redemption cost would be $5,191,300. What amount should Ivanhoe report as a liability for stamp redemptions at December 31, 2020?

2. In packages of its products, Shamrock Inc. includes coupons that may be presented at retail stores to obtain discounts on other Shamrock products. Retailers are reimbursed for the face amount of coupons redeemed plus 10% of that amount for handling costs. Shamrock honors requests for coupon redemption by retailers up to 3 months after the consumer expiration date. Shamrock estimates that 60% of all coupons issued will ultimately be redeemed. Information relating to coupons issued by Shamrock during 2020 is as follows.

What amount should Shamrock report as a liability for unredeemed coupons at December 31, 2020?

3. Bridgeport Company sold 692,300 boxes of pie mix under a new sales promotional program. Each box contains one coupon, which submitted with $4.50, entitles the customer to a baking pan. Bridgeport pays $6.50 per pan and $1.00 for handling and shipping. Bridgeport estimates that 70% of the coupons will be redeemed, even though only 244,200 coupons had been processed during 2020. What amount should Bridgeport report as a liability for unredeemed coupons at December 31, 2020?

Gunst Company produces three video games: Android, Bio-Mutant, and Cyclops. Cost and revenue data pertaining to each product are as follows.

Android Bio-Mutant Cyclops

Selling price $100 $65 $125

Direct labor 48 24 60

Direct materials 9 8 16  

Variable overhead 7 4 9

At the present time, demand for each of the company's products far exceeds its capacity to produce them. Thus, management is trying to determine which of its games to concentrate on next week in filling its backlog of orders. Gunst's direct labor rate is $12 per hour, and only 1,000 hours of direct labor are available each week.

Determine the maximum total contribution margin the company can make by its best use of the 1,000 available hours. (Do not round intermediate calculations.)

Total contribution Margin ________________?