The Phantom Corporation Started 4,800 Units During February

question 54

Multiple Choice

The Phantom Corporation started 4,800 units during February. Phantom started the month with 700 units in process (40% complete) and ended the month with 400 units in process (40% complete) . How many units were transferred to the Finished Goods Inventory during February?

• A) 5,500 units
• B) 5,380 units
• C) 5,100 units
• D) 4,400 units

---

Definitions:

Point Estimate

A single value given as the best guess or estimate of a population parameter based on sample data.

Interval Estimate

An interval estimate is a range of values derived from sample statistics that is likely to contain the value of an unknown population parameter.

Population Parameter

A numerical value summarizing the entire population that can often be estimated by a statistic derived from a sample.

Margin of Error

The maximum expected difference between the true population parameter and a sample estimate of that parameter.