The Random Variable X Has the Following Probability Distribution

question 67

Essay

The random variable x has the following probability distribution:

a.Is this probability distribution valid? Explain and list the requirements for a valid probability distribution.
b.Calculate the expected value of x.
c.Calculate the variance of x.
d.Calculate the standard deviation of x.

Calculate the ending balances of Work in Process accounts.

Determine the total manufacturing overhead incurred.

Identify underapplied or overapplied manufacturing overhead.

Determine the ending balance in the Finished Goods inventory account.

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Definitions:

Income Tax Expense

The amount of money that a company is required to pay in taxes based on its taxable income.

Depreciation Expense

The method of allocating the cost of a tangible asset over its useful life, reflecting its decrease in value over time.

Operating Income

Earnings before interest and taxes (EBIT), calculated as gross profit minus all operating expenses, including depreciation and amortization.

Investments

Financial assets purchased with the aim of generating income or appreciation in value over time.