How Many Observations Should Be Made If He Wants to Be

question 120

Multiple Choice

How many observations should be made if he wants to be 95.44 percent confident that the maximum error in the observed time is one second?

• A)64
• B)86
• C)100
• D)144
• E)169

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Definitions:

Job-Order Costing

An accounting method that tracks costs individually for each job, rather than by process or department, making it suitable for companies producing unique or custom products.

Process Costing

A method of costing used to ascertain the cost of a product at each process or stage of manufacture.

Weighted-Average Method

An inventory costing method that assigns a weighted average cost to each unit of inventory on hand.

Equivalent Unit

An accounting measure used to compute the number of units produced during a reporting period, converting partially completed units into an equivalent number of fully completed units.