You measure 44 textbooks' weights, and find they have a mean weight of 55 ounces. Assume the population standard deviation is 4.1 ounces. Based on this, construct a 95% confidence interval for the true population mean textbook weight. Give your answers as decimals, to two places

< μμ <

The best-selling basketball sneaker of all time is the converse 8220 chuck taylor 8221 all star. suppose chuck taylor 8221's are sold in holabird sports and are available in sizes from 7 to 13. the size purchased is a random variable with probability distribution given in the table below.

x - 7, 8, 9,10,11,12,13

p(x) - 0.05, 0.08, 0.10, 0.14, 0.28, 0.21, 0.14

a. find the mean, variable, and standard deviation of the sneaker size purchased.

b. find the probability that a random selected customer buys a pair of these sneakers with size greater than one standard deviation to the right of the mean.

c. suppose three randomly selected customers each purchase a pair of these sneakers. what is the probability that exactly two of the three buy size 11 sneakers?

Inventory by Three Methods

The units of an item available for sale during the year were as follows:

There are 22 units of the item in the physical inventory at December 31. The periodic inventory system is used.

Determine the inventory cost under each of the following methods.

a. Determine the inventory cost by the first-in, first-out method.
$

b. Determine the inventory cost by the last-in, first-out method.
$

c. Determine the inventory cost by the average cost method. When computing your answer, round the average cost per unit to the nearest whole dollar.
$

1. You have collected and partially analyzed the following data about three different stocks in MSM

Instructions: Assuming you are a rational investor and you plan to invest all your funds in one of the above stocks, which one would achieve your goal to balance risk with expected return.     

Appendix: Normal and Abnormal Spoilage in Process Costing, Changes in Output Measures, Multiple Departments

Grayson Company produces an industrial chemical used for cleaning and lubricating machinery. In the Mixing Department, liquid and dry chemicals are blended to form slurry. Output is measured in gallons. In the Baking Department, the slurry is subjected to high heat, and the residue appears in irregular lumps. Output is measured in pounds. In the Grinding Department, the irregular lumps are ground into a powder, and this powder is placed in 50-pound bags. Output is measured in bags produced. In April, the company reported the following data:

The Mixing Department transferred 50,000 gallons to the Baking Department, costing $250,000. Each gallon of slurry weighs two pounds.
The Baking Department transferred 100,000 pounds (irregular lumps) to the Grinding Department. At the beginning of the month, there were 5,000 gallons of slurry in process, 25 percent complete, costing $35,000 (transferred-in cost of $25,000 plus conversion cost of $10,000). No additional direct materials are added in the Baking Department. At the end of April, there was no ending work in process. Conversion costs for the month totaled $205,000. Normal loss during baking is 5 percent of good output. All transferred-in materials are lost, but since loss occurs uniformly throughout the process, only 50 percent of the conversion units are assumed to be lost.
The Grinding Department transferred 2,500 bags of chemicals to its finished goods warehouse. Beginning work in process for this department was 25,000 pounds, 40 percent complete with the following costs: transferred-in cost, $132,500; conversion cost, $15,000. Bags are used at the end of the process and cost $1.50 each. During bagging, normally one out of every 11 bags is torn and must be discarded. No powder is lost (the tearing occurs when the bag is being attached to a funnel). Conversion costs for the month's production are $172,500. There is no ending work in process.

Required:

1. Using FIFO, calculate the cost per bag of chemicals transferred to the finished goods warehouse. Round per-unit costs to the nearest cent. Round all other answers to the nearest unit or dollar, if required.

Baking Department (to obtain the cost of goods transferred out):

Units to account for:
  Beginning work in process _
  Units started _
  Total units to account for _
Units accounted for:
  Units transferred out_
  Normal spoilage_
  Abnormal spoilage_
  Total units accounted for_

Equivalent Units
Conversion Costs Transferred In

Total equivalent units __ __

Total unit cost $__

Cost of units transferred out:
Started and competed $__
Prior period costs $__
Costs to finish__
Normal spoilage__
Total $__

Grinding Department:

Total units accounted for_

Note: (For direct materials: 11 bags are used to get 10 good bags).

Unit cost of units started and completed:
Direct Materials Conversion Costs Transferred In   
Costs added $__ $__ $__
Total equivalent units __ __ __

Cost per equivalent unit $__ $__ $__ $__

Unit cost of units from beginning work in process:
Prior period costs $__
Costs to finish: __
Direct materials __
Conversion costs __

Total $__

Unit cost $__ per unit

2. Prepare the journal entry needed to remove abnormal spoilage from the Baking department.

____ __

____ __

• Criterion: Calculate an independent samples t test in SPSS.
• Data: Ms Z has two groups of band students. She asks Group 1 to use her new embouchure strengthening cream before practice and asks Group 2 to practice as usual. The groups practiced for the following number of minutes:
  • Minutes of practice:
    • Group 1: 55, 44, 62, 30, 78, 50, 52.
    • Group 2: 31, 40, 53, 22, 41, 16, 33.
• Instruction: Complete the following steps:

1. Open SPSS and create a New Dataset.
2. Click the Variable View tab and type Groups in the Name column. Click on the gray box in the Values column. Value Labels window appears. Enter 1 in the Value area and enter Embouchure Cream in the Label area. Click Add. Now enter 2 in the Value area and enter No Cream in the Label area. Click Add. Click OK. The Variable View screen appears.
3. In row two, enter Minutes in the Name column.
4. Click Data View.

(Assignment continues on next page.)

5. Enter the minutes of practice data (g., 1 under Groups and 55 under Minutes; 2 under Groups and 31 under Minutes).
6. In the Toolbar, click Analyze, select Compare Means, and then select Independent-Samples t Test.
7. Select Minutes, then click Arrow to send it over to the Test Variable box.
8. Select Groups and then click Arrow to send it over to the Grouping Variable box.
1. Click Define Groups and enter 1 for Group 1 and enter 2 for Group 2. Click Continue.
10. Click OK and then copy and paste the output to the Word document.

    Problem Set 6.6: Independent Samples t Test

    Criterion: Identify IV, DV, and hypotheses and evaluate the null hypothesis for an independent samples t test.

    Data: Use the information from Problem Set 6.5.

    Instruction: Complete the following:

11.    Identify the IV and DV in the study.
12.    State the null hypothesis and the directional (one-tailed) alternative hypothesis.
13.    Can you reject the null hypothesis at α = .05? Explain why or why not.

Match each scenario with the SINGLE MOST appropriate test. Each answer choice may be used once, more than once, or not at all. Assume all data collection is by random sampling unless the question suggests otherwise.

Albany has recently spent some time on researching and developing a new product for which they are trying to establish a suitable price. Previously they have used cost-plus 20 per cent to set the selling price.

The standard cost per unit has been estimated as follows:

Required:

1. Using the standard costs calculate two different cost-plus prices using two different bases and explain an advantage and disadvantage of each method.

2. Give two other possible pricing strategies that could be adopted and describe the impact of each one on the price of the product.

Suppose that the term structure of interest rates is flat in England and Germany. The GBP interest rate is 6% per annum and the EUR rate is 4% per annum. In a swap agreement, a financial institution pays 10% per annum in GBP and receives 8% per annum in EUR. The exchange rate between the two currencies has changed from 1.1 EUR per GBP to 1.05 EUR per GBP since the swap’s initiation. The principal in British pounds is 10 million GBP. Payments are exchanged every year, with one exchange having just taken place. The swap will last three more years. What is the value of the swap to the financial institution in terms of euros? Assume all interest rates are continuously compounded.