If the Normal Distribution Is to Be Used as an Approximation

question 2

Multiple Choice

If the normal distribution is to be used as an approximation to the binomial with n = 200 and p = 0.78 what value should be used to approximate the standard deviation (1 decimal place) ?

• A) 5.8
• B) 5.9
• C) 6.0
• D) 6.1

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Definitions:

Cost of Goods Manufactured

The cost of goods manufactured is the total production cost of goods completed during a specific period, including materials, labor, and overhead expenses.

Product Cost

The total expense incurred in the manufacturing of a product, including the costs of raw materials, labor, and overhead.

Period Cost

Costs that are not directly tied to the production of goods and are expensed in the period they are incurred.

Financial Accounting

The practice of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.