THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 59

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
According to the Internal Revenue Service,80% of all tax returns lead to a refund.A random sample of 100 tax returns is taken.
-What is the probability that the sample proportion is between 0.78 and 0.84?

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Definitions:

Absorption Costing

A bookkeeping approach that incorporates all costs associated with production, including direct materials, direct labor, and both variable and fixed overhead expenses, into a product's cost.

Selling and Administrative Expenses

Operating expenses related to selling products or services and managing the business, excluding production costs.

Direct Materials

Parts and raw materials of a product.

Variable Overhead

Costs that fluctuate with production levels, such as utilities or materials used in the manufacturing process.