Suppose We Wish to Test H₀: μ = 45 Vs

question 28

Multiple Choice

Suppose we wish to test H₀: μ = 45 vs.H₁: μ > 45.What will result if we conclude that the mean is greater than 45 when the actual mean is 50?

• A)We have made a Type I error.
• B)We have made a Type II error.
• C)We have made both a Type I error and a Type II error.
• D)We have made the correct decision.

Calculate and interpret variances in direct materials, direct labor, and manufacturing overhead.

Analyze the impact of actual production activities against standard cost benchmarks.

Understand the purpose and calculation of labour rate and efficiency variances.

Calculate variable and fixed manufacturing overhead variances.