I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:

I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results:

Required:

1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year:

     a. Direct materials price variance, direct materials quantity variance, and total variance.

     b. Direct labor rate variance, direct labor time variance, and total variance.

Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. If there is no variance, enter a zero.

2. The variance analyses should be based on the amounts at volumes. The budget must flex with the volume changes. If the volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the production. In this way, spending from volume changes can be separated from efficiency and price variances.

A recent study in the Journal of Consumer Research suggests that appetite stimuli can make people more impatient in unrelated areas. Participants in the study, all college students, were asked to serve as photo editors for a magazine. Half were randomly selected to view appetite-stimulating pictures of desserts, and the other half viewed non-appetite-stimulating nature pictures. Then the participants were offered a choice between an apartment with a great view and an apartment close to work. The apartment with a great view is the impatient option because it’s associated with more immediate (less delayed) benefits than the apartment close to work. [Source: Li, X. (2008). The effects of appetitive stimuli on out-of-domain consumption impatience. Journal of Consumer Research, 34.]

A total of 65% of the students who viewed dessert photographs picked the apartment with a great view, while 60% of the students who viewed nature photographs chose this option.

Consider this experiment: The study is rerun on a randomly selected college student.

The following tree diagram depicts the process of the student being randomly assigned to view either dessert or nature pictures (Step 1) and his or her subsequent choice between the apartment with a great view and the apartment close to work (Step 2).

Find the values of the three designated probabilities, and enter them in the following table (round probabilities to two decimal places).

What is the probability that the randomly selected student picks the apartment with a great view?

0.375

0.5

0.975

0.625

What is the prior probability that the randomly selected student viewed nature pictures?

0.6

0.8

0.3

0.5

Now use the information that the student picked the apartment with a great view to compute the posterior probability that the student viewed nature pictures. The posterior probability is   .

Given the information that the student picked the apartment with a great view, what’s the posterior probability that the student viewed dessert pictures?

0.33

0.30

1.92

0.52

1)

Assume that the national average score on a standardized test is 1010, and the standard deviation is 200, where scores are normally distributed. What is the probability that a test taker scores at least 1600 on the test?

• Round your answer to two decimal places.

_________________________________________

2)

Assume that the salaries of elementary school teachers in a particular country are normally distributed with a mean of $38,000 and a standard deviation of $4,000. What is the cutoff salary for teachers in the top 7%?

• Use Excel, and round your answer to the nearest dollar.

___________________________________________

3) A cookie manufacturer sells boxes of cookies that claim to weigh 16 ounces on the packaging. Due to variation in the manufacturing process, the weight of the manufactured boxes follows a normal distribution with a mean of 16 ounces and a standard deviation of 0.25 ounce. The manufacturer decides it does not want to sell any boxes with weights below the 1st percentile so as to avoid negative customer responses. What is the minimum acceptable weight, in ounces, of a box of cookies? Round your answer to two decimal places.

_____________________________________________

4) The weights of bags of raisins are normally distributed with a mean of 175 grams and a standard deviation of 10 grams. Bags in the upper 4.5% are too heavy and must be repackaged. Also, bags in the lower 5% do not meet the minimum weight requirement and must be repackaged. What are the ranges of weights for raisin bags that need to be repackaged? Use a TI-83, TI-83 plus, or TI-84 calculator, and round your answers to the nearest integer.

___________________________________________

5)

The resistance of a strain gauge is normally distributed with a mean of 100 ohms and a standard deviation of 0.3 ohms. To meet the specification, the resistance must be within the range 100±0.7 ohms. What proportion of gauges is acceptable?

• Round your answer to four decimal places.

________________________________________________

6)

Suppose that the weight of sweet cherries is normally distributed with mean μ=6 ounces and standard deviation σ=1.4 ounces. What proportion of sweet cherries weigh more than 4.7 ounces?

• Round your answer to four decimal places.

___________________________________________

7)

Suppose X∼N(8,1.5), and x=5. Find and interpret the z-score of the standardized normal random variable.

The z-score when x=5 is ___. The mean is ____

This z-score tells you that x=5 is ___ standard deviations to the left of the mean.

____________________________________

An important quality characteristic used by the manufacturers of ABC asphalt shingles is the amount of moisture the shingles contain when they are packaged. Customers may feel that they have purchased a product lacking in quality if they find moisture and wet shingles inside the packaging.   In some cases, excessive moisture can cause the granules attached to the shingles for texture and colouring purposes to fall off the shingles resulting in appearance problems. To monitor the amount of moisture present, the company conducts moisture tests. A shingle is weighed and then dried. The shingle is then reweighed, and based on the amount of moisture taken out of the product, the pounds of moisture per 100 square feet is calculated. The company claims that the mean moisture content cannot be greater than 0.35 pound per 100 square feet.
The file (A & B shingles.csv) includes 36 measurements (in pounds per 100 square feet) for A shingles and 31 for B shingles.

3.1. For the A shingles, form the null and alternative hypothesis to test whether the population mean moisture content is less than 0.35 pound per 100 square feet.

3.2. For the B shingles, form the null and alternative hypothesis to test whether the population mean moisture content is less than 0.35 pound per 100 square feet.

3.3. Do you think that the population means for shingles A and B are equal?
Form the hypothesis and conduct the test of the hypothesis.
What assumption do you need to check before the test for equality of means is performed?

3.4. What assumption about the population distribution is needed in order to conduct the hypothesis tests above?

Please help solutions in Python.

Please find the required data

I don’t understand this. Last year [year 1], we decided to drop our highest-end Red model and only produce the Yellow and Green models, because the cost system indicated we were losing money on Red. Now, looking at the preliminary numbers, our profit is actually lower than last year and it looks like Yellow has become a money loser, even though our prices, volumes, and direct costs are the same. Can someone please explain this to me and maybe help me decide what to do next year?

Robert Dolan

President & CEO

Dolan Products

Dolan Products is a small, family-owned audio component manufacturer. Several years ago, the company decided to concentrate on only three models, which were sold under many brand names to electronic retailers and mass-market discount stores. For internal purposes, the company uses the product names Red, Yellow, and Green to refer to the three components.

Data on the three models and selected costs follow.

This year (year 2), the company only produced the Yellow and Green models. Total overhead was $426,400. All other volumes, unit prices, costs, and direct labor usage were the same as in year 1. The product cost system at Dolan Products allocates manufacturing overhead based on direct labor-hours.

Required:

a. Compute the product costs and gross margins (revenue less cost of goods sold) for the three products and total gross profit (loss) for year 1.

b. Compute the product costs and gross margins (revenue less cost of goods sold) for the two remaining products and total gross profit (loss) for year 2.

c. Should Dolan Products drop Yellow for year 3?

Question 1 Deleon Inc. is preparing its annual budgets for the year ending December 31, 2017. Accounting assistants furnish the data shown below. Product JB 50 Product JB 60 Sales budget: Anticipated volume in units 402,500 202,500 Unit selling price $23 $28 Production budget: Desired ending finished goods units 30,000 16,000 Beginning finished goods units 33,500 13,800 Direct materials budget: Direct materials per unit (pounds) 1 3 Desired ending direct materials pounds 32,700 18,900 Beginning direct materials pounds 43,300 14,200 Cost per pound $3 $4 Direct labor budget: Direct labor time per unit 0.3 0.6 Direct labor rate per hour $12 $12 Budgeted income statement: Total unit cost $12 $21 An accounting assistant has prepared the detailed manufacturing overhead budget and the selling and administrative expense budget. The latter shows selling expenses of $661,000 for product JB 50 and $363,000 for product JB 60, and administrative expenses of $545,000 for product JB 50 and $343,000 for product JB 60. Interest expense is $150,000 (not allocated to products). Income taxes are expected to be 30%. Prepare the sales budget for the year. DELEON INC. Sales Budget JB 50 JB 60 Total Expected unit sales Unit selling price $ $ Total sales $ $ $ LINK TO TEXT LINK TO TEXT Prepare the production budget for the year. DELEON INC. Production Budget JB 50 JB 60 : : LINK TO TEXT LINK TO TEXT Prepare the direct materials budget for the year. DELEON INC. Direct Materials Budget JB 50 JB 60 Total : : $ $ $ $ $ LINK TO TEXT LINK TO TEXT Prepare the direct labor budget for the year. (Round Direct labor time per unit answers to 1 decimal place, e.g. 52.5.) DELEON INC. Direct Labor Budget JB 50 JB 60 Total $ $ $ $ $ LINK TO TEXT LINK TO TEXT Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not allocated to the products). DELEON INC. Budgeted Income Statement JB 50 JB 60 Total $ $ $ $ $ $

Please show all the work

Question 1

A manufacturer produces umbrellas with the following parameters:

The monthly demand for umbrellas is 3000

Daily usage is 100 (assume 1 month = 30 days and demand is uniform throughout the month)

The production rate is 400 per day

Setup cost is $200 for a run

Holding cost is $1 per umbrella per month

What is the economic production quantity?

Question 2

Suppose a gas station has expected sales of 6000 gallons during lead time. Sales are normally distributed with a standard deviation of 400 gallons.

To avoid stockouts with probability P(z < +3.00), what should be the reorder point?

Question 3

Suppose a gas station has daily sales of 1500. Expected lead time is four days, normally distributed with a standard deviation of one day.

To avoid stockouts with probability P(z < +3.00), what should be the reorder point?

Question 4

Suppose a gas station has expected daily sales of 1500 gallons, normally distributed with a standard deviation of 400 gallons. Expected lead time is four days, normally distributed with a standard deviation of one day.

To avoid stockouts with probability P(z < +3.00), what should be the reorder point?

Question 5

Suppose a gas station has daily sales of 1500. Lead time is four days and orders are placed every Monday to arrive on Fridays.

What should the order quantities be if:

Safety stock and on-hand inventory at the time of ordering are zero?

Safety stock is 1000 gallons and on-hand inventory at the time of ordering is 3000 gallons?

Safety stock is 3000 gallons and on-hand inventory at the time of ordering is also 3000 gallons?

Question 6

A grocery store sells fresh cookies, which are only sold for one day. Any unsold cookies are donated to charity for a tax deduction:

Unit revenue is $1.00

Unit cost is $0.50

Unit salvage value is $0.20

What is the optimal service level?

Assume demand is normally distributed with mean = 200 and standard deviation = 25, and the z-score for the optimal service level was approximated as 0.3, what is the optimal stocking level?

- For Coronado Industries, sales is $2500000, fixed expenses are $900000, and the contribution margin ratio is 36%. What is required sales in dollars to earn a target net income of $700000?

- Swifty Corporation reported sales of $1600000 last year (80000 units at $20 each), when the break-even point was 72000 units. Swifty’s margin of safety ratio is?

- In 2016, Coronado Industries sold 3000 units at $750 each. Variable expenses were $460 per unit, and fixed expenses were $780000. The same variable expenses per unit and fixed expenses are expected for 2017. If Coronado cuts selling price by 4%, what is Coronado’s break-even point in units for 2017?

- Vaughn Manufacturing sells two types of computer hard drives. The sales mix is 30% (Q-Drive) and 70% (Q-Drive Plus). Q-Drive has variable costs per unit of $165 and a selling price of $210. Q-Drive Plus has variable costs per unit of $180 and a selling price of $255. The weighted-average unit contribution margin for Vaughn is?

- Bramble Corp. sells two types of computer hard drives. The sales mix is 30% (Q-Drive) and 70% (Q-Drive Plus). Q-Drive has variable costs per unit of $150 and a selling price of $210. Q-Drive Plus has variable costs per unit of $165 and a selling price of $255. Bramble’s fixed costs are $729000. How many units of Q-Drive would be sold at the break-even point?

- Crane Company can produce and sell only one of the following two products:

The company has oven capacity of 2250 hours. How much will contribution margin be if it produces only the most profitable product?

- Crane Company has sales of $1000000, variable costs of $400000, and fixed costs of $500000. Crane’s degree of operating leverage is?

- Sheridan Company has sales of $2500000, variable costs of $1000000, and fixed costs of $810000. Sheridan’s margin of safety ratio is?

Flexible Budgeting and Variance Analysis

I Love My Chocolate Company makes dark chocolate and light chocolate. Both products require cocoa and sugar. The following planning information has been made available:

I Love My Chocolate Company does not expect there to be any beginning or ending inventories of cocoa or sugar. At the end of the budget year, I Love My Chocolate Company had the following actual results:

Required:

1. Prepare the following variance analyses for both chocolates and the total, based on the actual results and production levels at the end of the budget year:

     a. Direct materials price variance, direct materials quantity variance, and total variance.

     b. Direct labor rate variance, direct labor time variance, and total variance.

Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number.

2. The variance analyses should be based on the   amounts at   volumes. The budget must flex with the volume changes. If the   volume is different from the planned volume, as it was in this case, then the budget used for performance evaluation should reflect the change in direct materials and direct labor that will be required for the   production. In this way, spending from volume changes can be separated from efficiency and price variances.

The following multipart problem asks you to derive a number of characteristics of an extrasolar planetary system. Assume that the planet has been detected by Kepler with the transit method, and that the transits are periodic (as shown below, a dip in the lightcurve indicates that a planet has moved in front of the star).

(a) The star has 3 times the mass of the sun (i.e., M∗ = 3.0M⊙) and the period of the transits are 2.0 Earth years (i.e, the orbital period of the planet around its star is twice the orbital period of the Earth around the sun Tp = 2.0T⊕). To make things interesting, let’s imagine that the planet is in an elliptical orbit with eccentricity e = 0.3. What is the perihelion of the extrasolar planet to it’s star in a.u.? (Remember that the radius of the Earth’s orbit around the sun is a⊕ = 1 a.u., it might help to eliminate some constants).

(b) If the star has its maximum emission (observed flux per unit wavelength interval) at a wavelength of λp,∗ = 250nm what is the temperature of the star T∗? (Hint: note that the sun has it’s peak emission λp,⊙ = 500nm and has a temperature of T⊙ = 5, 800K, use ratios!)

(c) If the star has twice the radius of the sun R∗ = 3.0R⊙, what is the luminosity of the star relative to that of the sun L∗/L⊙?

(d) Now, using the relative luminosity of the star to the sun, L∗/L⊙, from part (c), the relative distances of the Earth to the sun, d⊕, and the average distance of the planet to its star, dp calculate the no-greenhouse temperature of the planet as follows: First, assume that all of the properties of the atmosphere and the planet’s surface (i.e., the emissivity, absorptivity, pollution, etc.) are the same as those of the Earth. Also assume that the radius of the planet is equal to twice that of the Earth Rp = 2R⊙. Solve for the ratio of the temperature of the planet to that of the Earth (Tp = T⊙). Then, use the average temperature of the Earth T⊕ = 256K to find Tp. Do you want to live on this planet? (Note: the no- greenhouse temperature is that temperature for which the total power absorbed by the planet, equals the total power re-radiated into space assuming the planet is a perfect black-body)