Exhibit 12-7
You want to test whether or not the following sample of 30 observations follows a normal distribution. The mean of the sample equals 11.83, and the standard deviation equals 4.53. 
-Refer to Exhibit 12-7. The p-value is
Definitions:
Profit Requirement
The minimum level of earnings necessary for a business to sustain its operations or fulfill its financial goals.
Profit Mark-Up
The percentage added to the cost of goods to arrive at the selling price.
Target Selling Prices
The intended price at which a company aims to sell its products, often determined by market conditions and cost considerations.
Target Cost
The desired cost of a product derived from its expected selling price and desired profit.
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