The Owner of a Fish Market Has an Assistant Who

question 1

Multiple Choice

The owner of a fish market has an assistant who has determined that the weights of catfish are
Normally distributed, with mean of 3.2 pounds and standard deviation of 0.8 pound.If a sample of
64 fish yields a mean of 3.4 pounds, what is probability of obtaining a sample mean this large or
Larger?

• A) 0.0001
• B) 0.0013
• C) 0.0228
• D) 0.4987

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Definitions:

Variable Overhead Efficiency Variance

A measure in cost accounting showing the difference between the actual variable overhead incurred and the expected (or standard) variable overhead based on the actual hours worked.

Variable Overhead Standards

Predetermined rates used to control and budget for the variable portion of manufacturing overhead costs, adjusting with production volumes.

Direct Labor-hours

The cumulative hours spent by workers who are primarily engaged in creating products or providing services.

Quantity Standard

A predetermined measure of the quantity of inputs expected to be used in the production of goods or services, used for budgeting and performance evaluation.