TABLE 12-6
According to an article in Marketing News, fewer checks are being written at the grocery store checkout than in the past. To determine whether there is a difference in the proportion of shoppers who pay by check among three consecutive years at a 0.05 level of significance, the results of a survey of 500 shoppers in three consecutive years are obtained and presented below.
-Referring to Table 12-6, what is the value of the test statistic?
Definitions:
Labour Time Standard
A benchmark or norm established for the amount of time required to perform a specific task or activity under normal working conditions.
Direct Material Price Variance
The difference between the actual cost of direct materials and the expected (or standard) cost.
Direct Labour Rate Variance
The difference between the actual cost of direct labor and the expected (or standard) cost, based on the standard wages paid for that labor.
Direct Labour Efficiency Variance
A measure used in management accounting to assess the difference between the actual hours worked and the standard hours expected to produce a certain level of output.
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