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andreev551 [17]
3 years ago
7

To estimate the average time taken to complete the Stat 121 final exam, instructors randomly selected 150 students that had prev

iously taken the course and recorded their time on the test. The instructors then calculated a 98% confidence interval to be (98, 142) minutes. What is the parameter the instructors are trying to estimate?
Business
1 answer:
Sidana [21]3 years ago
7 0

Answer:

The population mean

Explanation:

The confidence interval gives the probability that a certain population parametwr falls in between a pair values based on the given sample mean and a stated confidence level.

The confidence interval ; (98, 142) gives the pair of interval in which the population mean time taken in stat 121 finals at 98% level of confidence.

Hence, we can be 98% confident that the the population parameter would fall within 98 and 142.

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Accounting for manufacturing overhead. Creative Woodworking uses normal costing and allocates manufacturing overhead to jobs bas
VikaD [51]

Answer:

a) Budgeted manufacturing overhead rate =  budgeted overhead cost / budgeted labor hours

                                                                       = $ 4,140,000/ 180,000 hrs

                                                                       = $23 per hour.

b. JOURNAL ENTRY

Debit Work in process $4,347,000 Credit Manufacturing overhead $4,347,000

c. under or over applied = Actual overheads - applied

                                        = $4,337,000 - $4,347,000

              Over applied   = 10,000

yes the amount of over applied overheads is significant and material enough and it should be written off against cost of sales.

JOURNAL ENTRY

Debit Manufacturing overheads $10,000 , Credit Cost of sales $10,000

Explanation:

allocated manufacturing overheard = $23 * 189000 hrs = $4,347,000

4 0
3 years ago
Cian, an automobile manufacturer, offers a new car model with features comparable to that of another popular brand. However, the
Scilla [17]

Answer:

False because Clan is most likely following more for less strategy.

Explanation:

Value proposition is a situation where the customer is answered for his question as to why he should prefer the sellers brand. It is an overall positioning strategy followed by the sellers. Such a strategy has five different propositions which are as follows out of which the last fifth one is the one followed by Clan in which the seller offers more benefits to the existing buyers of a different brand at a lower cost.

  • More for More : More benefits at a more higher prices as those offered by the competitors.
  • More for the same: More benefits at the same price offered by the competitors.
  • The same for less: Under this same benefits at a lesser price is offered as compared to those by the competitors.
  • Less for much less: Lesser benefits at lesser price.
  • More for less: Followed by companies for achieving impressive positions in the market by offering more benefits at lower costs.
4 0
3 years ago
Which of the following is not relevant when deciding whether or not to discontinue a product​ line?
FrozenT [24]

Answer:

Fixed costs that can be avoided by discontinuing the line.

Explanation:

Avoidable costs are those costs which can be eliminated by closing or rejecting a decision under evaluation. These costs are mostly variable coasts which vary with the change in activities. More activity more cost, less activity less cost and no activity no cost.

So fixed costs that can be avoidable by discontinuing the project is the only irrelevant cost between the given options.

6 0
3 years ago
What is the definition of business
tester [92]

Answer:

See below

Explanation:

Business refers to the practice of producing or purchasing goods and services for sale to make a profit. It is the act of engaging in commercial activities of buying and selling products and services for profits.

Business entails individuals and companies' activities of supplying desired products and services to customers with profit motives. A businessperson identifies a need in the community. He or she sells to the community goods or services that satisfy that need a higher price to make a profit.

7 0
3 years ago
Consulting firms are frequently characterized according to whether their primary skill is strategic planning or tactical analysi
jarptica [38.1K]

Answer:

The correct answer is (A) True.

Explanation:

Increase profitability, adapt to trends, reduce expenses, maximize production, optimize processes, improve positioning, develop the potential of human resources and achieve the long-awaited business success, are some of the advantages offered by consultancies. We could summarize four types of consulting:

1) Strategic consulting

This type of consulting is important to help owners, managers and managers in general, to have the necessary tools to solve their problems and maximize efficiencies, at a general organizational and strategic level.

2) Economic-financial consulting

The economic-financial analysis is present in any important decision that a company must make. This type of consulting helps the entrepreneur to know and analyze their own balance sheets and operating accounts, to make sense of operational decisions. Feasibility studies and investment analysis are also essential in any decision to initiate economic activity, organizational changes, diversification processes, outsourcing of services, international expansion, reduction of operating units, etc.

3) Marketing and marketing consulting

If you do not have your own marketing area, this type of consultancy will be ideal to meet this type of needs. Marketing consulting is an excellent way to give the organization help on the following topics:

4) Specialized consulting

This type of consulting requires experts who are recognized in this field to be able to provide this service.

8 0
4 years ago
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