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Bayesian revision of probabilities
The manager of ABC Co. is concerned that a competing firm might be planning to introduce a new product that could seriously affect his sales. He feels that the chances are only one in five that the competitor is actually planning to introduce a new product.
He then discovers that the competitor is building a new plant. After careful consideration he decides that if a new product is to be introduced the odds would be 3 to 2 in favour of the building of a new plant, but if a new product is not to be introduced, the odds would be 4 to 1 against the building of a new plant.
(a) What is the manager's prior probability that his competitor is planning to introduce a new product?
(b) What is his revised probability of a new product given that the competitor is building a new plant?
How much is the total amount of budgeted direct labor for March and What are the direct materials per unit - How much is budgeted sales revenue for the third quarter of 2008?
Aussie Yarn Co. is a U.S. producer of woolen yarn made from wool imported from Australia. Raw wool is processed, spun, and finished before being shipped out to knitting and weaving companies.
Recognize three key learning points with respect to application of concepts like fixed costs, variable costs, contribution margin, breakeven analysis, indifference point, and operating leverage to organization's overall financial performance.
Prepare a schedule that shows the gross margin for both products and identify the formula labels, then compute the allocated production support cost.
Your company has developed the drug called Matrox that is an effective treatment for migraine headaches. You have just discovered that it can also be employed for organ transplant patients to reduce risk of organ rejection.
Jessep Corporation has a standard cost system in which manufacturing overhead is applied to units of product on the basis of direct labor hours. The company has provided the following data concerning its fixed manufacturing overhead costs in March..
The DiCiolla Co has sales of $12 million, CGS of $9 MM, and has $2.5 MM of inventory. Receivables are $750,000, payables are $666,667 and the company pays its payables in 30 days.
The above costs include all of the costs of the restaurant except for organization-sustaining costs such as rent, property taxes, and top-management salaries.
Northeast Logging Co. of $120,000. The seller agreed to allow a 5 percent discount because Northeast paid cash. Determine the amount to be capatilized in an asset account for the purchase of the saw.
Prepare schedules for (1) expected collections from customers and (2) expected payments for direct materials purchases. Prepare a cash budget for January and February in columnar form.
Prepare a schedule showing the allocation of service department costs to other departments. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign. Do not round intermediate calculat..
Describe the components of cost-volume-profit analysis. Employ cost-volume-profit analysis and break-even analysis to make business decisions.
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