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A real estate company is analyzing the selling prices of residential homes in a given community.140 homes that have been solved in the past month are randomly selected and their selling prices are recorded.The statistician working on the project has stated that in order to perform various statistical tests,the data must be distributed according to normal distribution.In order to determine whether the selling prices of homes included in the random sample are normally distributed,the data is divided into 6 classes of equal size and the number of observations in each class is recorded.The chi-square goodness of fit test for normal distribution is performed and the results are summarized in the following table: What are the degrees of freedom for the chi-square test?
Predetermined Overhead Rate
A rate used to allocate manufacturing overhead costs to products based on a predetermined formula, typically involving estimated costs and activity levels.
Job Cost Sheet
A job cost sheet is a document or record that collects and summarizes the costs associated with a specific job or project, tracking materials, labor, and overhead.
Factory Overhead Account
An account that accumulates all indirect costs associated with the manufacturing process, excluding direct materials and direct labor.
Period Balance
The amount of money remaining at the end of a financial or accounting period, after all transactions have been accounted for.
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