A Study of the Amount of Time It Takes a Mechanic

question 208

Multiple Choice

A study of the amount of time it takes a mechanic to rebuild the transmission for a 2005 Chevrolet Cavalier shows that the mean is 8.4 hours and the standard deviation is 1.8 hours. If 40 mechanics are randomly selected, find the probability that their mean rebuild time exceeds 8.7 hours.

• A) 0.1469
• B) 0.1346
• C) 0.1285
• D) 0.1946

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Definitions:

Specific Identification

An inventory valuation method where each item in inventory is matched with a specific cost.

Inventory Costing

Inventory costing is the method used to assign costs to inventory items, determining the cost of goods sold and remaining inventory value.

Average Cost Formula

A method for determining the cost of inventory by dividing the total cost of goods available for sale by the total number of units available for sale.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, after accounting for sales and purchases during the period.