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Mary Mansi claims that eighteen checks on her account contain forgeries but were nevertheless paid by her bank, Sterling National Bank. The checks bore signatures that, according to the Mansi’s handwriting expert, were apparently “written by another person who attempted to simulate her signature” and thus were not considered obvious forgeries. Sterling National Bank acknowledged that it did honor those eighteen checks, but nine of them were returned to the plaintiff more than one year prior to this action. In addition, Mansi had received bank statements and failed to examine them.

a. What are the arguments that the bank is liable to Mansi for wrongfully paying the checks?

b. What are the arguments that the bank is not be liable to Mansi for paying the checks?

c. Who should prevail? Why?

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A critical dimension of the service quality of a call center is the wait time for a caller to get to a customer service representative. Periodically, random samples of three customer calls are measured with respect to these wait times. The results of the last four such samples are provided below. Suppose that the process has been determined to be within statistical control. If the specifications for wait time are 500 ± 18 seconds, is the process capable of meeting the specifications? Justify your answer. Assume that three-sigma performance is desired; thus, the target capability measure is 1.0. Please, show excel formulas.

Sample Time 1 Time 2 Time 3 Mean Range
1 495 501 499 498 6
2 514 510 504 509 10
3 505 498 509 504 11
4 496 507 492 498.3333 15
Average 502.5 10.5

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Celebrex Celebrex, a drug manufactured by Pfizer, Inc., is used to relieve symptoms associated with osteoarthritis and rheumatoid arthritis in adults. In clinical trials of the medication, some subjects reported dizziness as a side effect. The researchers wanted to discover whether the proportion of subjects taking Celebrex who reported dizziness as a side effect differed significantly from that for other treatment groups. The following data were collected.

(a) Test whether the proportion of subjects within each treatment group who experienced dizziness are the same at the  level of significance.

(b) Construct a conditional distribution of side effect by treatment and draw a bar graph. Does this evidence support your conclusion in part (a)?

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Most companies estimate inventory and cost of goods sold amounts using one of three methods.

(a). First-in, first-out (FIFO) assumes that the units of inventory acquired first are sold first.

(b). Last-in, first-out (LIFO) assumes that the units of inventory acquired most recently are sold first.

(c). Weighted-average uses the average cost of inventory available to determine the cost of units sold.

(d). Perpetual inventory systems, which recognize cost of goods sold as inventory is sold, are used by most companies. Periodic inventory systems, which determine cost of goods sold from a count of inventory on hand at the end of a period, are used when the costs of perpetual systems exceed the benefits of timely inventory information.

(e). LIFO is used by many companies that experience increases in inventory costs over time because it results in lower income taxes and, therefore, higher net operating cash flow.

(f). Companies that use LIFO for determining their income taxes also must use LIFO in preparing their financial statements.

(g). If the market value of inventory at the end of a fiscal period is lower than the cost of the inventory, the inventory should be written down to market value, regardless of which inventory estimation method is used.

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