A Sample of 24 Observations Is Taken from a Population

question 82

Multiple Choice

A sample of 24 observations is taken from a population that has 150 elements. The sampling distribution of is

• A) approximately normal because is always approximately normally distributed
• B) approximately normal because the sample size is large in comparison to the population size
• C) approximately normal because of the central limit theorem
• D) normal if the population is normally distributed

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Definitions:

Manufacturing Overhead

All indirect costs associated with the manufacturing process, including but not limited to utilities, supervision, and factory equipment maintenance.

Direct Labor-Hours

Aggregate work hours of employees directly participating in production activities.

Overapplied Overhead

A scenario in which the overhead costs assigned to manufacturing exceed the overhead expenses actually incurred.

Overapplied Manufacturing Overhead

Occurs when the allocated manufacturing overhead costs exceed the actual overhead expenses incurred.