On average, commuters in Phoenix, Arizona, area require m= 40.0 minutes to get to work.  Assume that for all commuters the times to get to work are normally distributed with the standard deviation of s= 10 minutes.  Joe is an average Phoenix resident and goes to work every day.

1. 1. What is the probability that on any given day it will take Joe over 45 minutes to get to work?
2. 2. What is the probability that it will take Joe exactly 40.0 minutes to get to work on any given day?
3. 3. Joe has just left home to attend a meeting with the CEO in 30 minutes.  If the CEO routinely fires employees who are tardy for meetings, what is the probability that Joe will still be employed tomorrow?
4. 4. Joe is so punctual, that he leaves home for work at exactly same time.  His work starts at 8:00 AM sharp.  Due to traffic jams during morning rush hours Joe historically was tardy for work on 38.2% of days.  What time does Joe leave home for work every morning?  Briefly explain your train of thoughts in arriving to the answer.

Key concepts in statistics for business decision making are “Population”, “Census”, “Random Sample” and “Sampling Error”.

The Foodmart CEO (Chief Executive Officer) has very little knowledge about statistics and believes that a sample should not be used for gathering data as a sample cannot provide accurate information about a whole population.

Explain briefly each of the terms given below, drawing on the pleminary comments from the previous page. In your answers below, use the Foodmart supermarkets to provide examples.

(a) Define the term “population”, and explain what the population is for the Foodmart situation outlined in the Preliminary Comment.

(b) Define the term “census”, and explain what this would mean in studying supermarkets in the Foodmart chain.

(c) Define the term “random sample”. In your answer also include an explanation of a “biased sample”. Also explain how you would take a random sample of 150 supermarkets for Foodmart.

(d) Define the term “Sampling Error” and explain in plain language for the CEO how we can manage this if we have a random sample.

I have figured them all out except D

On average, commuters in Phoenix, Arizona, area require m= 40.0 minutes to get to work.  Assume the times to get to work are normallydistributed with a standard deviation of s= 10 minutes, and that Joe is an average Phoenix resident.

1. What is the probability that on any given day Joe will require over 45 minutes to get to work?

2. What is the probability it will take Joe exactly40.0 minutes to get to work on any given day?

3. Joe has just left home from lunch to attend a meeting with the CEO in 30 minutes.  If the CEO routinely fires employees who are tardy for meetings, what is the probability the Joe will still be employed tomorrow?

4. Joe leaves home for work at exactly the same time.  His work starts at 8:00 AM sharp.  Due to traffic jams during the morning rush hour, Joe was tardy for work on 38.2% of the time.  What time does Joe leave home for work every morning?  Briefly explain your train of thought in arriving to the answer.

Richard Scott, CEO of XYZ Enterprises, is considering a merger with Empire Inc., which is led by CEO Mickey Thompson. The merger of their two firms will enable the creation of a very large diversified conglomerate, with businesses ranging from office supplies to sporting goods, industrial paints, consumer electronics, video games, and marine engines. Consultants from Boston Consulting Group have advised Scott and Thompson that the merger could create a great deal of value, because the new combined entity can use several lucrative yet mature "cash cows" within Empire Inc. to fund the growth of several promising, but not yet highly profitable, young businesses. Scott and Thompson have decided to seek a second opinion from your consulting firm, International Associates.

Please respond to the following questions posed to you by these two CEOs:

• Could you please explain the BCG matrix to us? What is the logic of this model? What are the model’s limitations and weaknesses?
• Should we be employing the matrix to evaluate this merger? Could we create value in the manner that BCG has described?

Question 6 [24] Hardware House (Pty) Ltd is a retailer of a wide range of hardware products. It has branches throughout the country and its strategy is to increase its sales revenue by opening more stores. The company rents the premises of all its stores. The executive management, however, is concerned that its strategy could be very harmful to operating profits should there be a downturn in the economy, such as a recession. One of the financial tools management wants to use to assess the vulnerability of its profits is to determine the operating leverage of the business. At the last executive management meeting, the following information was tabled, discussed and approved to be used to determine operating leverage: 2019 Actual 2020 projected increase (decrease) Revenue R25 670 000 R30 804 000 Cost of goods sold 17 110 000 20 874 200    Operating expenses 3 523 000 3 748 460 Selling expenses 1 080 000 1 004 400 General and administrative expenses 1 870 000 1 944 800 Property rent expense 350 000 549 500 Depreciation 223 000 1249 760 Required: 6.1. Complete the information in the table for 2019 and 2020, and then use the information in the table to calculate Hardware House’s degree of operating leverage (DOL) and explain its effect on operating profit. (18) 6.2. Should the company be concerned about the possible negative effect that its strategy can have on profits in poor economic conditions? Give reasons for your answer. (6)

Ivanhoe Company bottles and distributes B-Lite, a diet sot drink. The beverage is sold for 50 per cent theme for the estimates the following revenues and costs Sales $1,650,000 Selling expenses variable $76,500 Direct materials 460,000 Selling expenses-food 51.000 Direct labor 330,000 Administrative expenses variable Manufacturing overhead variable 350,000 Administrative expenses 9,000 Manufacturing overhead-fixed 180,000.Home edugen.wileyplus.com/edugen/lti/main.uni Return to t S Weygandt, Managerial Accounting, 8e Help System Announcements Prepare a CVP income statement for 2020 based on management's estimates. IVANHOE COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Calculate variable cost per bottle. (Round variable cost per bottle to 3 decimal places es and Windows e the Calculate variable cost per bottle. (Round variable cost per bottle to decimal places,...) Variable cost per bottle $ Compute the break-even point in (1) itsand (2) dollars. (Round answers to decimal places 1.225.) (1) Compute the break-even point units (2) Compute the break even point Compute the contribution margin ratio and the margin of safety ratio (Round variable cost per hottle to decimal places Contribution margin ratio Margin of safety ratio Determine the sales dollars required to earn net income of $240,000. (Round antiver to decimal places, c.9. 1,725.) Required sales dollars

Ivanhoe Company bottles and distributes B-Lite, a diet sot drink. The beverage is sold for 50 per cent theme for the estimates the following revenues and costs Sales $1,650,000 Selling expenses variable $76,500 Direct materials 460,000 Selling expenses-food 51.000 Direct labor 330,000 Administrative expenses variable Manufacturing overhead variable 350,000 Administrative expenses 9,000 Manufacturing overhead-fixed 180,000.Home edugen.wileyplus.com/edugen/lti/main.uni Return to t S Weygandt, Managerial Accounting, 8e Help System Announcements Prepare a CVP income statement for 2020 based on management's estimates. IVANHOE COMPANY CVP Income Statement (Estimated) For the Year Ending December 31, 2020 Calculate variable cost per bottle. (Round variable cost per bottle to 3 decimal places es and Windows e the Calculate variable cost per bottle. (Round variable cost per bottle to decimal places,...) Variable cost per bottle $ Compute the break-even point in (1) itsand (2) dollars. (Round answers to decimal places 1.225.) (1) Compute the break-even point units (2) Compute the break even point Compute the contribution margin ratio and the margin of safety ratio (Round variable cost per hottle to decimal places Contribution margin ratio Margin of safety ratio Determine the sales dollars required to earn net income of $240,000. (Round antiver to decimal places, c.9. 1,725.) Required sales dollars

The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation.

Production: 6,180 units finished and transferred out; 3,000 units started that are 100% complete as to materials and 20% complete as to conversion costs.

Manufacturing costs: Materials $28,917; labor $20,500; overhead $33,062.

Prepare a production cost report. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

Derby Inc. is a manufacturer and retailer of bicycles. The company offers a 2 year standard (assurance type) warranty with all bikes sold to cover normal manufacturing defects. In the first quarter of 2020, Derby sold a total of 250 bikes at a retail price of $400 each. Each bike costs on average $225 to produce and, historically, the costs associated with the warranty average $75 per bike. The company accepts cash and debit cards as payment for the bikes. a) Prepare all journal entries related to the sale of the 250 bikes that occurred in the first quarter of 2020. b) In the second quarter, Derek brings in his bike for some repairs due to faulty steering. Derby paid $100 of labour and $30 for parts to repair Derek’s bike. These costs were covered by the basic warranty. Prepare the journal entry to account for the repairs made to Derek’s bike. c) The repairs on Derek’s bike totalled $130 while the estimated average cost of the warranty was $75. Do you think that Derby made an error in estimating the warranty cost? Explain and support your answer. d) At the end of the second quarter, because of adverse economic conditions associated with a global pandemic, the expected selling price per bike has fallen to $230. The cost to sell each bike averages $20 per bike. There are 100 bikes in inventory at the end of the second quarter. What impact, if any, does this information have on the financial statements at the end of the second quarter? Explain and support your

Decide whether a booking must be made for the following business transactions and enter the account name and amount. The sales tax (VAT) may have to be taken into account with 18%. If no booking record has to be formed, please make this clear with "No booking record".

Info:

Elektrovolt A.Ş., an industrial company, produces sockets and mainly supplies them to Cereyan A.Ş., a trading company. Unless otherwise stated, create the posting records for the following business transactions as of December 31, 2019.

1. The managing director of Cereyan A.Ş. buys from Elektrovolt A.Ş. 5000 pieces of sockets each at 5 € (net) per piece on target. From the perspective of Cereyan A.Ş. to book?

2. In order to increase the production capacity, the board of Elektrovolt A.Ş. determined to buy bigger machines. Based on this, Elektrovolt A.Ş. at Parasever Bank A.Ş. for a loan in the amount of Advertised € 30 million. How is Elektrovolt A.Ş. to book?

3. The accounting department of Cereyan A.Ş. got an electricity bill. The date of the invoice is December 31, 2019 and the due date is January 10, 2020. The amount payable is € 1,000.

4. On December 27, 2019, two new employees joined Cereyan A.Ş. set. At Cereyan A.Ş. Salaries are paid on the last day of each month (The December salary at the end of December). The salaries of the newly hired employees are € 5,000 and € 2,500.

5. Elektrovolt A.Ş. received a letter from the tax office stating that the filing of the tax return for November 2019 is late and therefore a fine in the amount of € 10,000 is payable by the end of January 2020.