Use the Following Information for Questions
the Following Data

question 71

Multiple Choice

Use the following information for questions
The following data are available for Wheels 'N Spokes Repair Shop for 2016: $$\begin{array} { l r } \text { Repair technician's wages } & \$ 150,000 \\\text { Fringe benefits } & 50,000 \\\text { Overhead } & { 80,000 } \\\text { Total } & \$ 280,000\end{array}$$ The desired profit margin is $15 per labour hour.The material loading charge is 35% of invoice cost.It is estimated that 4,000 labour hours will be worked in 2016.
-Wheels 'N Spokes' labour charge in 2016 would be

• A)$50.
• B)$65.
• C)$70.
• D)$85.

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Definitions:

Mean

The mean is the arithmetic average of a set of numbers, calculated by dividing the sum of all values by the count of the values.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how spread out the values are from the mean.

Confidence Interval

A confidence interval provides a range of values that likely contain the true value of an unknown population parameter, with a certain level of confidence.

Mean

The average of a set of numbers, calculated by adding them together and dividing by the number of values.