Answer:
Hourly Rate = $12.22 per hour
Step-by-step explanation:
Overhead Rate = 95%
Retail price of parts = $134.75
Total cost of job = $241.98
Cost of labor = Total cost - Retail price
= 241.98 - 134.75
= $107.23
Now, labor works for 4.5 hours and ears a total amount of $107.23
Now, Labor will get 95% overhead rate
⇒ The labor is getting 100% already but an overhead of 95% is also given
Answer:
92.9997<<99.5203
Step-by-step explanation:
Using the formula for calculating the confidence interval expressed as:
CI = xbar ± Z * S/√n where;
xbar is the sample mean
Z is the z-score at 90% confidence interval
S is the sample standard deviation
n is the sample size
Given parameters
xbar = 96.52
Z at 90% CI = 1.645
S = 10.70.
n = 25
Required
90% confidence interval for the population mean using the sample data.
Substituting the given parameters into the formula, we will have;
CI = 96.52 ± (1.645 * 10.70/√25)
CI = 96.52 ± (1.645 * 10.70/5)
CI = 96.52 ± (1.645 * 2.14)
CI = 96.52 ± (3.5203)
CI = (96.52-3.5203, 96.52+3.5203)
CI = (92.9997, 99.5203)
<em>Hence a 90% confidence interval for the population mean using this sample data is 92.9997<</em><em><99.5203</em>