Kennedy Inc

question 123

Multiple Choice

Kennedy Inc. has the following data for its operation in August: What was the actual purchase price (AP) per set of direct materials purchased (to two decimal places) ?

• A) $3.35.
• B) $3.40.
• C) $3.72.
• D) $3.80.
• E) $3.85.

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Definitions:

Normal Approximation

A method used in statistics to approximate a binomial distribution with a normal distribution when the sample size is large and the probability of success is not too close to 0 or 1.

Cumulative Binomial Probabilities

The sum of probabilities of achieving a given number of successes in a fixed number of Bernoulli trials.

Relative Frequency

The ratio of the number of times a specific value or event occurs to the total number of occurrences in a given dataset.

Population

The entire group of individuals or instances about whom the research is concerned.