See attached file for full problem description.
Cannondale bikes manufactures a basic road bicycle. Production and sales data
for the most recent year are as follows(no beginning inventory):
Variable production costs $90 per bike
Fixed production costs $450,000
Variable selling & administrative costs $22 per bike
Fixed selling & administrative costs $500,000
Selling Price $200 per bike
Production 20,000 bikes
Sales 17,000 bikes
(a) Prepare a brief income statement using variable costing.
(b) Compute the amount to be reported for inventory in the year end variable
costing balance sheet.
Solution in excel file
Statistics: Sample of Cannondale bicycle users
A sample of 200 users of Cannondale bicycles was surveyed to ask them then whether they would describe themselves as physically fit, and whether or not they use their bicycles primarily on weekends.
The table below contains the result:
Uses bicycle primarily on weekends: -Yes -No Physically Fit 20 80 Not Physically Fit 70 30.
If the sample is a good representation of the population of Cannondale bicycle users, we can expect that ________ percent of the population of Cannondale users to be physically fit and use their bicycles primarily on weekend: