A Survey of Full Professors (Highest Ranking) in History Found

question 48

Multiple Choice

A survey of full professors (highest ranking) in History found that the average income is $74,914. Because that survey is now over 8 years old, an institutional researcher wants to test this figure by taking a random sample of 112 History professors with full professorship status. The researcher finds a sample mean of $81,342. The population standard deviation is known to be $15,121.
-The test statistic is _____.

• A)4.50
• B)47.61
• C)9.00
• D)-47.61
• E)-4.50

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Definitions:

Inventory Costing

The method of assigning costs to inventory and goods sold, which affects the gross profit and cost of goods sold reported.

First-In, First-Out

An inventory valuation method where the oldest inventory items are recorded as sold first, leaving the most recent purchases in inventory.

Direct Materials

Raw materials that can be directly traced to the production of goods.

Conversion Costs

Costs incurred in the process of converting raw materials into finished products, typically including direct labor and manufacturing overhead.