THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 23

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The average checking account balance at a local bank is $1,742 with a standard deviation of $132.A random sample of 70 accounts is selected.
-The probability is 0.23 that the average balance for these accounts is greater than what amount?

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Definitions:

Labor Rate Variance

The difference between the actual hourly wage paid to workers and the expected wage, multiplied by the actual hours worked.

Labor Efficiency Variance

The difference between the actual labor hours taken to produce a good or service and the standard labor hours expected, multiplied by the labor rate.

Direct Labor

Labor costs directly associated with the production of goods or services, including wages for workers who physically produce a product.

Standard Costs

Preset costs for delivering a product or service under normal conditions, used as benchmarks to measure actual performance.