A company manufactures a product that goes through two processes. You are given the following cost information about the process for the month of November 2019.

You are told:

1. The closing Work-In-Progress in process 1 was 80% complete for material, 50% complete for labor and 40% complete for overhead.
2. The opening Work-In-Progress was 40% complete for labour and 50% complete for overhead. It had a value of labour of GHS 3,200; and overhead of GHS 6,000 for work done in process 2
3. The closing Work-In-Progress was two-thirds complete for labour and 75% complete for overhead.
4. No further material needed to be added to the units transferred from Process 1.
5. Normal loss is budgeted at 5% of total input in Process 1 and Process 2. Total inputs is to be inclusive of any opening Work-In-Progress
6. Normal loss has no scrap value in Process 1 and can be sold for the input value from Process 1 and Process 2
7. Abnormal losses have no sales value
8. It is company policy to value opening WIP in a process by Weighted Average Method

You are required to prepare the following accounts for the period:

1. Process 1 Account
2. Process 2 Account
3. Normal Loss Account
4. Abnormal loss/gain account

Question 2:

Traffic Control Systems makes bright rubber traffic cones. The company has two departments, Melting and Forming. Raw materials are introduced at various stages throughout the melting process. The following is the department’s work in process T-Account for August:

The August 1 work in process includes material of $100, labour of $52, and overhead of $200.

Required:

Using the weighted average method, prepare a production cost report for the company.

Question 2:

Traffic Control Systems makes bright rubber traffic cones. The company has two departments, Melting and Forming. Raw materials are introduced at various stages throughout the melting process. The following is the department’s work in process T-Account for August:

The August 1 work in process includes material of $100, labour of $52, and overhead of $200.

Required:

Using the weighted average method, prepare a production cost report for the company.

The number of people arriving at an emergency room follows a Poisson distribution with a rate of 9 people per hour.

a) What is the probability that exactly 7 patients will arrive during the next hour?
b. What is the probability that at least 7 patients will arrive during the next hour?

c. How many people do you expect to arrive in the next two hours?

d. One in four patients who come to the emergency room in hospital.

Calculate the probability that during the next 2 hours exactly 20 people will arrive and less than 7 will be hospitalized

A certain retail store bases its staffing on the number of customers that arrive during certain time slots. Based on prior experience this store expects 32% of its customers between 8:00 am and 12:00 pm; 21% of its customers between 12:00 pm and 4:00 pm; 35% of its customers between 4:00 pm and 8:00 pm; and 12% of its customers between 8:00 pm and midnight. On a certain day, the store had 214, 198, 276, and 134 customers in those time slots, respectively. Should the store change its staffing? (Consider an alpha of 0.05.)

Solution:

Ho: The expected values match the observed values
Ha: The expected values do not match the observed values assign(“exp”,c(32,21,35,12)) assign(“obs”,c(214,198,276,134))
sum((obs-exp)^2/exp) = 5426.773
1-pchisq(5426.773,3) = 0
p < alpha, therefore RHo: the store should change its staffing.

What was wrong with this solution?

A number between 1 and 10, inclusive, is randomly chosen. Events A and B are defined as follows. A: {The number is even} B: {The number is less than 7} Identify the simple events comprising the event (A and B). Select one: {1, 2, 3, 4, 5, 6} {2, 4, 6, 8, 10} IncorrectIncorrect {1, 2, 3, 4, 5, 6, 7, 8, 9, 10} {2, 4, 6} Question 10 Incorrect 0.00 points out of 1.00 Not flaggedFlag question Question text A number between 1 and 10, inclusive, is randomly chosen. Events A and B are defined as follows. A: {The number is even} B: {The number is less than 7} Identify the simple events comprising the event (A or B). Select one: {1, 2, 3, 4, 5, 6, 8, 10} {1, 2, 3, 4, 5, 6, 7, 8, 10} {1, 2, 3, 4, 5, 6} IncorrectIncorrect {2, 4, 6}

ABC and CVP Analysis: Multiple Products Good Scent, Inc., produces two colognes: Rose and Violet. Of the two, Rose is more popular. Data concerning the two products follow: Rose Violet Expected sales (in cases) 50,000 10,000 Selling price per case $100 $80 Direct labor hours 36,000 6,000 Machine hours 10,000 3,000 Receiving orders 50 25 Packing orders 100 50 Material cost per case $50 $43 Direct labor cost per case $10 $7 The company uses a conventional costing system and assigns overhead costs to products using direct labor hours. Annual overhead costs follow. They are classified as fixed or variable with respect to direct labor hours. Fixed Variable Direct labor benefits $ — $200,000 Machine costs 200,000* 262,000 Receiving department 225,000 — Packing department 125,000 — Total costs $550,000 $462,000 * All depreciation Required: 1. Using the conventional approach, compute the number of cases of Rose and the number of cases of Violet that must be sold for the company to break even. In your computations, round variable unit cost to the nearest cent and round the number of break-even packages to the nearest whole number. Break-even cases of Rose _cases Break-even cases of Violet _cases 2. Using an activity-based approach, compute the number of cases of each product that must be sold for the company to break even. In your computations, round all computed amounts to the nearest cent and round the number of break-even packages to the nearest whole number. Break-even cases of Rose _cases Break-even cases of Violet _cases

ABC and CVP Analysis: Multiple Products

Good Scent, Inc., produces two colognes: Rose and Violet. Of the two, Rose is more popular. Data concerning the two products follow:

The company uses a conventional costing system and assigns overhead costs to products using direct labor hours. Annual overhead costs follow. They are classified as fixed or variable with respect to direct labor hours.

* All depreciation

Required:

1. Using the conventional approach, compute the number of cases of Rose and the number of cases of Violet that must be sold for the company to break even. In your computations, round variable unit cost to the nearest cent and round the number of break-even packages to the nearest whole number.

2. Using an activity-based approach, compute the number of cases of each product that must be sold for the company to break even. In your computations, round all computed amounts to the nearest cent and round the number of break-even packages to the nearest whole number.

Dorothy Kelly sells life insurance for the Prudence Insurance Company. She sells insurance by making visits to her clients homes. Dorothy believes that the number of sales should depend, to some degree, on the number of visits made. For the past several years, she kept careful records of the number of visits (x) she made each week and the number of people (y) who bought insurance that week. For a random sample of 15 such weeks, the x and y values follow.

Σx = 248; Σy = 97; Σx² = 4,844; Σy² = 775; Σxy = 1,828

(a) Find x, y, b, and the equation of the least-squares line. (Round your answers for x and y to two decimal places. Round your least-squares estimates to three decimal places.)

(b) Draw a scatter diagram for the data. Plot the least-squares line on your scatter diagram.

(c) Find the sample correlation coefficient r and the coefficient of determination. (Round your answers to three decimal places.)

What percentage of variation in y is explained by the least-squares model? (Round your answer to one decimal place.)
%

(d) In a week during which Dorothy makes 21 visits, how many people do you predict will buy insurance from her? (Round your answer to one decimal place.)
people

5.90 Genetics of peas. According to genetic theory, the blossom color in the second generation of a certain cross of sweet peas should be red or white in a 3:1 ratio. That is, each plant has probability 3/4 of having red blossoms, and the blossom colors of separate plants are independent. (a) What is the probability that exactly 8 out of 10 of these plants have red blossoms? (b) What is the mean number of red-blossomed plants when 130 plants of this type are grown from seeds? (c) What is the probability of obtaining at least 90 red-blossomed plants when 130 plants are grown from seeds?

A multiple regression model is to be constructed to predict the final exam score of a university student doing a particular course based upon their mid-term exam score, the average number of hours spent studying per week and the average number of hours spent watching television per week.

Data has been collected on 30 randomly selected individuals: hide data

Download the data

a)Find the multiple regression equation using all three explanatory variables. Assume that X₁ is mid-term score, X₂ is hours studying per week and X₃ is hours watching television per week. Give your answers to 3 decimal places.

y^ =  + mid-term score + hours studying + hours watching television

b)At a level of significance of 0.05, the result of the F test for this model is that the null hypothesis isis not rejected.

For parts c) and d), using the data, separately calculate the correlations between the response variable and each of the three explanatory variables.

c)The explanatory variable that is most correlated with final score is:

mid-term score
hours studying per week
hours watching television per week

d)The explanatory variable that is least correlated with final score is:

mid-term score
hours studying per week
hours watching television per week

e)The value of R² for this model, to 2 decimal places, is equal to

f)The value of s_e for this model, to 3 decimal places, is equal to

g)Construct a new multiple regression model by removing the variable average hours spent watching television per week. Give your answers to 3 decimal places.

The new regression model equation is:

y^ =  + mid-term score + hours studying

h)In the new model compared to the previous one, the value of R² (to 2 decimal places) is:

increased
decreased
unchanged

i)In the new model compared to the previous one, the value of s_e (to 3 decimal places) is:

increased
decreased
unchanged