Martha’s Quilt Shop sells homemade quilts. Martha buys the quilts from local artisans for $300 each and sells them in her shop f
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The Schedule of cost of goods manufactured for the year of Visic corporation is shown below.
Visic Corporation
Schedule of Cost of Goods Manufactured
Particulars Amount (in $)
Direct materials:
Raw materials inventory, beginning ..................... 20,000
Add: Purchases of raw materials..........................480,000
Raw materials available for use ...........................500,000
Deduct: Raw materials inventory, ending ..............30,000
Raw materials used in production........................ 470,000
Direct labor..............................................................90,000
Manufacturing overhead ........................................300,000
Total manufacturing costs.......................................860,000
Add: Work in process inventory, beginning..............50,000
910,000
Deduct: Work in process inventory, ending..............40,000
Cost of goods manufactured ..................................870,000
Hence, the schedule of cost of goods manufactured will be as shown above.
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Answer:
Explanation:
Data given and notation
represent the sample mean
represent the standard deviation for the sample
sample size
represent the value that we want to test
represent the significance level for the hypothesis test.
t would represent the statistic (variable of interest)
represent the p value for the test (variable of interest)
State the null and alternative hypotheses.
We need to conduct a hypothesis in order to determine if the mean is lower than 5600, the system of hypothesis would be:
Null hypothesis:
Alternative hypothesis:
We don't know the population deviation, so for this case is better apply a t test to compare the actual mean to the reference value, and the statistic is given by:
(1)
t-test: "Is used to compare group means. Is one of the most common tests and is used to determine if the mean is (higher, less or not equal) to an specified value".
Calculate the statistic
We can replace in formula (1) the info given like this: