Solve the Problem. Round to Four Decimal Places

question 71

Multiple Choice

Solve the problem. Round to four decimal places.
-If x is a binomial random variable, compute p(x) for n = 5, x = 3, q = 0.2.

• A)0.1946
• B)0.0512
• C)0.0548
• D)0.2048

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Definitions:

Standard Labor Rate

A predetermined cost per labor hour, used in budgeting and cost control for planning and evaluating labor expenses.

Actual Hours Incurred

The real number of hours worked or used in the completion of a task or production of a good, as opposed to the estimated hours.

Materials Price Variance

The difference between the actual cost of materials and the expected (standard) cost multiplied by the quantity of materials used.

Standard Costing System

A cost accounting system that uses standard costs for product costs and measures variances to actual costs for performance evaluation.