Consider the Data in the Following Frequency Distribution

question 62

Short Answer

Consider the data in the following frequency distribution. Assume the data represent a population. For the above data, compute the following.
a.The mean
b.The variance
c.The standard deviation

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Definitions:

Direct Labor Standard

A predefined measure of the amount of labor time that is considered necessary to produce one unit of output.

Cost Standards

Predetermined costs that serve as a benchmark for evaluating the actual performance and budgeting of a company.

Past Cost Data

Historical financial information on the costs associated with production, operations, or projects, used for planning and analysis.

Technology

The application of scientific knowledge for practical purposes, especially in industry.