Exercise 7-29 (LO. 6) Tim, a single taxpayer, operates a business as a single-member LLC. In 2018, his LLC reports business inco
1 answer:
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Answer:
Sample size is 16
Mean 4
Standard deviation of the sample is 0.3.
Explanation
The Central Limit Theorem estabilishes that, for a random variable X, with mean and standard deviation
, a large sample size can be approximated to a normal distribution with mean
and standard deviation
.
In this problem, we have that:
The population has a mean of four hours, with a standard deviation of 1.2 hours. The sample is the 16 of the employees.
So
The sample size is 16, so
The mean of the sample is the same as the population mean, so .
The standard deviation of the sample is
Answer:
$1,290
Explanation:
The work in process inventory account balance is given by the sum of the direct material cost, direct labor cost and the amount of applied overhead.
If the balance is $3,850, with material cost of $1,790 and direct labor cost of $770, the applied overhead is:
The amount of the applied overhead is $1,290.