The time that customers wait to be served at the delicatessen for a grocery store follows the uniform distribution between 0 and 7 minutes. What is the probability that a randomly selected customer will wait more than 4 minutes at the deli?

Peter Smith has just won the state lottery and has the following three payout options for after-tax prize money

1. $64,000 per year at the end of each of the next six years 2. $304,000 (lump sum) now 3. $502,000 (lump sum) six years from now The annual discount rate is 9%. Compute the present value of the third option. (Round to nearest whole dollar.) Present value of $1: 8% 9% 10% 1 0.926 0.917 0.909 2 0.857 0.842 0.826 3 0.794 0.772 0.751 4 0.735 0.708 0.683 5 0.681 0.650 0.621 6 0.630 0.596 0.564 7 0.583 0.547 0.513 A) $240,000 B) $98,133 C) $101,717 D) $299,192

Which of the following statements is true of the flow of product and period costs for a manufacturer?

A) When the manufacturing process is completed, the costs are transferred to the Work-in-Process Inventory account. B) The cost of the finished goods that the manufacturer sells becomes its Cost of Goods Sold on the income statement. C) Period costs remain in inventory accounts on the balance sheet until the product is sold. D) All product costs that have been paid are expensed and reported on the income statement at the end of the accounting period.