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##### accounting problems with all solutions

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Question;Problem 1Suppose a manufacturing company makes a certain item. The time to produce each item isnormally distributed around a mean of 27 minutes with a standard deviation of 2.5 minutes.Thus, the population of production times is normal in shape. Find the mean and standarddeviation of the sample.Problem 2The average prices for a product in 12 stores in a city are shown below.\$2.99, \$2.85, \$3.25, \$3.55, \$3.00, \$2.99, \$2.76, \$3.50, \$3.20, \$2.85, \$3.75, \$3.85Test the hypothesis that the average price is higher than \$2.87. Use level of significance? =0.05.Problem 3A store wishes to predict net profit as a function of sales for the next year. The following tablegives the years 1998 to 2005.Year19981999200020012002200320042005Sales(thousands ofdollars)5155658275718281Net Profit510.29.6-32.83.2-2.3-2.6(a) Graph the points from 1998 through 2005 on a scatter diagram using Sales as theindependent variable and Net Profit as the dependent variable.(b) Draw the regression line on the graph you constructed in Part (a).(c) What is the value of the coefficient of determination for this regression model? Comment onthe strength of the regression line for this model.(d) What is the predicted net profit for 2006 if sales are expected to be 125?Problem 4Last week?s sales of iMac computers at an Apple Store in Oklahoma City, OK, are shown in thefollowing table:Day1234567Sales (Dollars)180150210225195190230(a) Use the 3-day moving average method for forecasting days 4?7.(b) Use the 3-day weighted moving average method for forecasting days 4?7. Use Weight 1 dayago = 2, Weight 2 days ago = 4, and Weight 3 days ago = 3.(c) Compare the techniques using the mean absolute deviation (MAD).Problem 5The following table shows six years of average annual cost-of-living index data:Year200820092010201120122013Annual Cost of LivingIndex105.8111.4121.9134.3128.6125.2(a) Forecast the average annual food price index for all years from 2008 to 2013. Use a 3-yearweighted moving average with weights of 0.5, 0.3, and 0.2. Use the largest weight with themost recent data.(b) Forecast the average annual food price index using exponential smoothing with? = 0.7 forall years from 2008 to 2014. Use the rate for 2008 as the starting forecast for 2008.(c) Which of the methods in parts (a) and (b) produces better forecasts for the 3 years from 2011to 2013? Answer on the basis of mean square error (MAD).Problem 6A company manufactures two products, Product A and Product B. The wholesale price andmanufacturing cost of each product are shown below.ItemABPrice\$30\$45Cost\$10\$15Assembly Times (hr)24The company will produce a minimum of 5,000 of each item. Given the number of hours, thecompany can sell no more than 8,000 of Item A and 10,000 of Item B. Suppose the company has50,000 hours of assembly time available. How many of each item should it produce in order tomaximize profits while meeting all necessary constraints? Give the LP model and use thegraphical method to find the optimal solution.Problem 7A commercial real estate company is evaluating a proposed warehouse. The proposed site is neara rail terminal, but the state government may extend the highway to the area. In addition, thefederal government is considering rebuilding the local port facilities. Below is the payoff table inmonthly profit depending upon what government actions are taken. Based on the followingcriteria, what are the correct choices for terminal rental?(a) Optimistic or maximax criterion(b) Pessimistic or maximin criterion(c) Equally likely or principle of insufficient reason criterionWarehouse size (ft2)150003000060000100000Railterminalonly10152015Development projectsPortHighwayrehabilitatioexpansionn2535254030452040All40507590

Paper#43259 | Written in 18-Jul-2015

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