Consider the Following Hypothesis Test:
H_o $\mu$ 40
H_a $\mu$ < 40
a Sample of 49 Provides a Sample Mean

question 86

Essay

Consider the following hypothesis test:
H_o: $\mu$ 40
H_a: $\mu$ < 40
A sample of 49 provides a sample mean of 38 and a sample standard deviation of 7.
a.Determine the standard error of the mean.
b.Compute the value of the test statistic.
c.Determine the p-value; and at 95% confidence, test the above hypotheses.

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Definitions:

Job Costing System

An accounting system that tracks costs individually for each job, suitable for companies that produce unique products or jobs.

Direct Materials

Raw materials that are directly traced and are integral to the production of finished goods.

Direct Labor

The labor costs directly attributable to the production of goods or services.

Overhead Rate

The ratio used to allocate overhead costs to produced units, calculated by dividing total overheads by an allocation base like labor hours.