A Total of 23 Gossett High School Students Were Admitted $\text { Composite ACT Score }$

question 32

Essay

A total of 23 Gossett High School students were admitted to State University. Of those students, 7 were offered athletic scholarships. The school's guidance counselor looked at their composite ACT scores (shown in the table), wondering if State U. might admit people with lower scores if they also were athletes. Assuming that this group of students is representative of students throughout the state, what do you think?
$\text { Composite ACT Score }$
$\begin{array}{|c|c|}\hline\text { Non-athletes} &\text { Athletes} \\\hline 25 \quad21 & 22 \\22\quad 27 & 21 \\19 \quad 29 & 24 \\25 \quad 26 & 27 \\24 \quad 30 & 19 \\25 \quad 27 & 23 \\24 \quad 26 & 17 \\23 \quad 23 & \\\hline\end{array}$

-Create and interpret a 90% confidence interval.

Understand the concept and components of standard direct materials and labor costs, including calculations and variances.

Comprehend the significance of allowances for waste, spoilage, and other factors in setting standards for materials and labor.

Identify and calculate variances in direct materials (quantity and price) and direct labor (efficiency and rate).

Grasp the role of freight-in, receiving, handling costs, and discounts in calculating the standard cost of direct materials.

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Definitions:

Supplies

Materials and items that are used in the day-to-day operations of a business, not directly tied to a finished product.

Liability

A financial obligation or debt that an entity owes to another party, which is expected to be paid in the future.

Unearned Revenue

Money received by a company for goods or services yet to be provided, recognized as a liability until the service or product is delivered.

General Journal

The general journal is a primary accounting record used to document all business transactions in chronological order, detailing debits and credits for each entry.