If you were interested in minimizing the average number of items inspected, which type of sampling plan would you choose? Why?
What will be an ideal response?
The sequential sampling plan minimizes the average number of items inspected because with each item inspected, there is a chance that a decision can be made to accept or reject the lot.
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What situations could cause a decrease in the current ratio, but an increase in the acid-test ratio? If this happens, is management to be commended or is a problem evident? Explain
At the end of an accounting period, the balance in the Finished Goods Inventory account is made up of the costs of products completed but not sold as of that date
Indicate whether the statement is true or false
Sparrow Corporation The items listed below were identified while preparing a bank reconciliation for the checking account of Sparrow Corporation as of March 31, 2012. Sparrow's balance according to the general ledger ? Bank statement balance $18,500 Outstanding checks 2,700 A customer's NSF check returned by the bank 350 Bank service charges 100 Deposits in transit 1,000 Interest earned on the
checking account 60 Refer to the information presented for Sparrow Corporation. How will the deposits in transit be handled within a bank reconciliation? A) Add to the balance from the company records B) Subtract from the balance from the company records C) Add to the bank statement balance D) Subtract from the bank statement balance
For a single server, single queue system with an arrival rate of 12 customers per hour and a service rate of 20 customers per hour, what is the mean number of customers in the queue (to two decimal places)?
a. 0.90 b. 0.60 c. 1.50 d. Cannot be determined from the information given