The manager of the Ramona Inn Hotel near Cloverleaf Stadium believes that how well the local Blue sox professional baseball team is playing has an impact on the occupancy rate at the hotel during the summer months. Following are the number of victories for the Blue Sox (in a 162 game schedule) for the past 8 years and the hotel occupancy rates: | Year Number of Blue Occupancy Rate Sox Wins (%) 83 70 78 85 86 75 85 87 90 89 93 92 7 87 8 91 Develop a linear regression model for these data, and forecast the occupancy rate for next year if the Blue Sox win 88 games. In addition, calculate r and r2 and interpret each one. Is this a good forecasting method for the given data?

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19-12-2022
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The manager of the Ramona Inn Hotel near Cloverleaf Stadium believes that how well the local Blue sox professional baseball team is playing has an impact on the occupancy rate at the hotel during the summer months. Following are the number of victories for the Blue Sox (in a 162 game schedule) for the past 8 years and the hotel occupancy rates: | Year Number of Blue Occupancy Rate Sox Wins (%) 83 70 78 85 86 75 85 87 90 89 93 92 7 87 8 91 Develop a linear regression model for these data, and forecast the occupancy rate for next year if the Blue Sox win 88 games. In addition, calculate r and r2 and interpret each one. Is this a good forecasting method for the given data?

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febyyyvaalentina febyyyvaalentina · Answer 1 · 2022-12-23T05:24:55+01:00

The equivalent units of production for conversion costs are 16,000 units. Equivalent units are typically calculated for two types of costs: direct materials costs and conversion costs (which include labor and overhead).

To calculate the equivalent units of production for conversion costs, you need to determine how many units are completed during the period and how much of the ending work in process inventory is considered equivalent to a completed unit. Equivalent units are a measure of the work done on units in a production process during a specific period. They are used in process costing, which is a method of assigning costs to units of production based on the amount of work done on those units during a specific period.

First, find the number of units completed during the period by subtracting the beginning work in process inventory from the units started and added during the period:

180,000 units - 60,000 units = 120,000 units.

Next, determine the percentage of the ending work in process inventory that is considered equivalent to a completed unit by subtracting the percentage that is complete as to materials from 100%. In this case, the percentage of the ending work in process inventory that is equivalent to a completed unit is 100% - 60% = 40%.

Then, multiply the number of units in the ending work in process inventory by the percentage that is considered equivalent to a completed unit to find the equivalent units of production for conversion costs: 40,000 units * 40% = 16,000 equivalent units.

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