Suppose ? = 50 And $\sigma$ = 10 for a Population

question 32

True/False

Suppose ? = 50 and $\sigma$ = 10 for a population.In a sample where n = 100 is randomly taken,95% of all possible sample means will fall between 48.04 and 51.96.

---

Definitions:

Direct Labor Payroll

The total cost of wages and benefits paid to employees who are directly involved in the production of goods or delivery of services.

Predetermined Overhead Rate

An estimated rate used to allocate manufacturing overhead costs to individual products or job orders based on a predetermined base, such as labor hours or machine hours.

Labor Quantity Variance

This refers to the difference between the expected amount of labor hours necessary to produce a good or service and the actual hours used, measured in financial terms.

Labor Rate Variance

The difference between the actual cost of labor and the expected (or standard) cost, used as a measure to control and optimize labor expenses.