Show a histogram of data set with 10 bins of equal size

Sigchi4life
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Business & Finance
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Question description

1. 
Assume the following data were gathered by a manufacturer of a robotics component, in
units of days of continuous use until the component fails. There are 60
measurements in this data set. Show a histogram of this data set with 10 bins
of equal size, spanning the range from the data minimum to the data maximum.

142, 147, 127, 161, 145, 137, 122, 123, 141, 139, 139

135, 135, 130, 147, 118, 154, 133, 136, 129, 139, 131

143, 130, 160, 127, 127, 145, 144, 155, 128, 124,144

133, 136, 133, 151, 131, 133, 119, 122, 139, 128, 121

142, 136, 148, 136, 121, 131, 125, 120, 123, 145, 140

150, 136, 135, 133, 134


2. 
A university has been tracking the percentage of alumni giving to its annual fund
each year for the past 10 years. The data is given here.

14%, 13%, 15%, 21%, 19%, 24%, 25%, 28%, 25%. 31%

Answer the following questions about this data.

a.what are its mean and median?

b.What is the procedure for using mean and median to determine whether the data
is skewed, and if so, in what direction?

c.Apply the procedure you described to the mean and median computed in part a.


3. 
Assume you have a data set from a normally distributed random variable. Answer the
following questions about it.

a.Will the random variable be discrete, continuous, or neither? How do you
know?

b. Will the data be qualitative or quantitative? How do you know?

4. 
A nurse is considering going back to graduate school to earn a Ph.D. in
biochemistry. One of the schools she visits tells her that the average time to
earn the degree she’s considering is 5.5 years. Show that this statement is not
sufficiently precise by giving two different explanations of what it might
mean.

. 
Under which of the following conditions would it be appropriate to use a Binomial
random variable? In each case, explain why your answer is correct.

a. A department will interview 10 candidates for a position, and call back for
second interviews those who answer the interview questions to the satisfaction
of all the interviewers. They hope to call back at least 3, but past experience
suggests an average of about 1 call back per 4 interviews.

b. A factory posts on the wall the number of days since its last safety
infraction of injury. In the past year, the factory has had a safety infraction
or injury on 6 different days. The factory is interested in the n umber of days
that can be expected to elapse without an injury.

c. Fifteen of a doctor’s patients have the same ailment. Studies have shown
that about 86.5% of patients with this ailment respond to a certain drug. The
doctor prescribes the drug to all 15, but the number who will respond in this
case is, of course, not known in advance.

 

6. 
The mean time for a racecar driver’s crew to perform a pit stop is 13.2 seconds,
with a standard deviation of 0.9 seconds. To maintain his current lead, the
driver needs a pit stop in 12.5 seconds or less. Assuming this random variable
is normally distributed, what is the probability of the driver getting the pit
stop in a short enough time to maintain is lead?

 

7. 
From a sample of size 175, the sample mean is x bar=54.37 and sample standard
deviation is s= 7.07.

a. Construct a 95% confidence interval for the population mean and show your
work.

b. Explain how your work in part a would have been different if the sample size
had been only 12 instead.

 

8. 
A random sample from the population of registered voters in California is to be
taken and then surveyed about an upcoming election. What sample size should be
used to guarantee a sampling error of 3% or less when estimating p at the
95%confidence level?

 

9. 
Explain the two conditions required for a valid large-sample test of hypothesis for a
mean. B. Explain the two different possible outcomes of a test of hypothesis.

10. 
The following information pertains to Skandalis Company's production of one unit of
its manufactured product during the month of June:

Standard quantity of materials   10 pounds
 
Standard cost per pound        $0.75
 
Standard direct labor hours      0.50
 
Standard wage rate per hour  $10.00
 
Materials purchased        200,000 pounds
 
Cost of materials purchased   $0.72 per pound
 
Materials consumed for manufacture of 10,000 units  112,000 pounds  

Actual direct labor hours required for 10,000 units    4,600
 
Actual direct labor cost per hour   $10.20
The materials price variance is recognized when materials are purchased.
 
 a. Compute the materials price and quantity variances.
 b. Compute the labor rate and efficiency variances.  

c. Indicate whether each of the above variances is favorable or unfavorable


11. 
Dye and Dye, Attorneys-at-Law, each
bill 1,500 hours per year and receive pay of $100,000. Four paralegals work
2,000 hours each for the firm
and receive annual pay of $32,500. Overhead of $396,000 is
anticipated, of which $204,000 is attorney support and the rest is paralegal
support.  


Determine the overhead application rate under each of the following circumstances:
 
a. A simplified cost approach is used based on hours.
 b. A simplified cost approach is used based on payroll dollars.
 c. An activity-based cost approach is used. Attorney support is based on labor costs,
and paralegal support is based on hours worked

12.  The following accounts are maintained by the Riverside
Manufacturing Company in its general ledger: Materials, Work in Process,
Factory Overhead, and Accounts Payable.  The materials account had a debit
balance of $40,000 on November 1.

 

A summary of material transactions for November shows the following transactions:

(1)
Materials acquired on account, $62,000

(2)
Direct materials issued, $58,500

(3)
Direct materials returned to storeroom, $1,200

(4)
Indirect materials issued, $3,600

(5)
Indirect materials returned to storeroom, $550

(6)
Materials on hand were $200 less than the company's ledger balance.

a. Prepare journal entries to record these transactions.

b. Post the journal entries to T-accounts.

c. Determine the balance of the materials account on November 30.

13.  Under a process cost system, why is it necessary to
estimate the stage or degree of completion of work in process at the end of the
accounting period?


14.  An employee who manufactures goods for her employer earns
$12 an hour for regular wages. He’s paid time and a half for all hours worked
in excess of 40 hours per week. In a recent week, she worked 50 hours.

a. How much of her gross pay that week was direct labor?

b. How much was indirect labor?

15.  A company has $80,000 in fixed costs and makes one
product with a selling price of $20 per unit. If variable costs are $10 per
unit, what is the break-even sales volume in units?


16.  What are the advantages and disadvantages of a stable
inventory policy for a company that has greatly fluctuating sales during the
year?




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(Top Tutor) Daniel C.
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School: Boston College
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