Smith Company reports the following information: 
Factory overhead is 75% of the cost of direct labor. Work in process inventory on December 31 is
Definitions:
Population Proportion
A fraction or percentage that represents part of a whole or group within a population that shares a particular characteristic.
Formula
A symbolic representation of a principle or a set of mathematical relations, often used to solve problems or to define scientific laws.
Z Test Statistic
A statistic that measures the difference between the observed value and the hypothesized population mean in units of the standard deviation.
Null Hypothesis
Refers to a statement or assumption that there is no difference or effect, used as a starting point for statistical testing to be challenged by the alternative hypothesis.
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