If a company knows that the EVPI= $85,000 and the efficiency of the sample is 27%, and the cost for conducting the survey is 5,000 and EMV is three times the price then the expected value of sample information is:
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A: a)
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A: Static budget is the original budget, which is not revised according to the actual units.
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- A simple random sample of 5 months of sales data provided the following information: a. Develop a point estimate of the population mean number of units sold per month. b. Develop a point estimate of the population standard deviation.Using the weighted procedure method of setting rates, calculate the relative value and cost per procedure for the following lab procedures, given a total lab cost is $1.25 million and average hourly lab tech rate of $15(to calculate the RVU, divide the total sample expense by common Denominator of 0.25) Procedures Projected volumes Labor in minutes supply expense Amylase 4,000 15 0.75 Bleeding time 5,000 12 0.50 Uric Acid 3,000 10 0.50 Platelet count 7,800 9 0.25 Hematocrit 7,600 8 0.25 Calculate charges necessary to realize a 10 per cent gain at the lab using the job order costingusing the weighted procedure method of setting rates, calculate the relative value and cost per procedure for the following lab procedures, given a total lab cost is $1.25 million and average hourly lab tech rateof $15(to calculate the RVU, divide the total sample expense by common Denominator of 0.25) Procedures Projected volumes Labor in minutes supply expense Amylase 4,000 15 0.75 Bleeding time 5,000 12 0.50 Uric Acid 3,000 10 0.50 Platelet count 7,800 9 0.25 Hematocrit 7,600 8 0.25 calculate charges necessary to realize a 10 percent gain at the lab using the job order costing
- The following data show the results of random sample of 10 batches of one pattern of product: Sample Batch Size X Support Costs Y 1 10 10$ 2 12 15 3 15 20 4 20 22 5 10 15 6 25 25 7 20 30 8 12 10 9 15 20 10 30 30 Calculate: Using regression analysis (Y=a + bx ) and predict support cost for a batch size X = $10 then what is Mixed Cost ?Given: Population- 500 accounts Sample- 100 accounts Book Value of Sample- $20,000 Population Book Value- $75,000 Audit Value of Sample- $18,000 Tolerable error- $8,000 Using difference estimation, the projected population value is a. $83,000 b. $90,000 c. $67,000 d. $65,000 e. $85,000Given: Population- 500 accounts Sample- 100 accounts Book Value of Sample- $20,000 Population Book Value- $75,000 Audit Value of Sample- $18,000 Tolerable error- $8,000 Using $ ratio estimation, the total projected error is Using $ ratio estimation, the total projected error is a. $8,000 b. $10,000 c. $7,500 d. $25,000 e. $17,000
- The president of Doerman Distributors, Inc., believes that 30% of the firm’s orders come from first-time customers. A random sample of 100 orders will be used to estimate the proportion of first-time customers. Assume that the president is correct and p = 0.30. What is the sampling distribution of for this study?Duke Energy reported that the cost of electricity for an efficient home in a particular neighborhood of Cincinnati, Ohio, was $104 per month. A researcher believes that the cost of electricity for a comparable neighborhood in Chicago, Illinois, is higher. A sample of homes in this Chicago neighborhood will be taken and the sample mean monthly cost of electricity will be used to test the following null and alternative hypotheses. Assume the sample data lead to rejection of the null hypothesis. What would be your conclusion about the cost of electricity in the Chicago neighborhood? What is the Type I error in this situation? What are the consequences of making this error? What is the Type II error in this situation? What are the consequences of making this error?Kavallia Company set a standard cost for one item at 328,000; allowable deviation is 14,500. Actual costs for the past six months are as follows: Required: 1. Calculate the variance from standard for each month. Which months should be investigated? 2. What if the company uses a two-part rule for investigating variances? The allowable deviation is the lesser of 4 percent of the standard amount or 14,500. Now which months should be investigated?
- Refer to the information for Farnsworth Company (p. 139) for the first 10 months of data on receiving orders and receiving cost. Now suppose that Tracy has gathered 2 more months of data: Note: For the following requirements, round the intercept terms to the nearest dollar, round the variable rates to the nearest cent, and R2 to two decimal places. Required: 1. Run two regressions using a computer spreadsheet program such as Excel. First, use the method of least squares on the first 10 months of data. Then, use the method of least squares on all 12 months of data. Write down the results for the intercept, slope, and R2 for each regression. Compare the results. 2. CONCEPTUAL CONNECTION Prepare a scattergraph using all 12 months of data. Do any points appear to be outliers? Suppose Tracy has learned that the factory suffered severe storm damage during Month 11 that required extensive repairs to the receiving areaincluding major repairs on a forklift. These expenses, included in Month 11 receiving costs, are not expected to recur. What step might Tracy, using her judgment, take to amend the results from the method of least squares? 3. CONCEPTUAL CONNECTION Rerun the method of least squares, using all the data except for Month 11. (You should now have 11 months of data.) Prepare a cost formula for receiving based on these results, and calculate the predicted receiving cost for a month with 1,450 receiving orders. Discuss the results from this regression versus those from the regression for 12 months of data.his year’s total sales of Bulldogs Inc. is P4,600,000. The following variances are determined:· Sales Price Variance – 750,000 favorable· Cost Price Variance – 100,000 unfavorable· Sales Volume Variance – 150,000 unfavorableUsing horizontal analysis, determine the percentage change from the prior year total sales to the current year total sales. 20% 10% 25% 15%This year’s total sales of Bulldogs Inc. is P4,600,000. The following variances are determined:· Sales Price Variance – 750,000 favorable· Cost Price Variance – 100,000 unfavorable· Sales Volume Variance – 150,000 unfavorableUsing horizontal analysis, determine the percentage change from the prior year total sales to the current year total sales. A. 10% B. 15% C. 20% D. 25%
