A major insurance firm interviewed a random sample of 1200 university students to find out the type of life insurance preferred, if any. The results follow: 
Is there evidence that life insurance preference of male students is different than that of female students? Explain. Test using the 5% level of significance.
Definitions:
Job Order Cost System
An accounting system used to assign costs to specific jobs or batches, ideal for customized orders.
Indirect Product Costs
Costs that are not directly traceable to a specific product but are necessary for the production process, such as utilities or managerial salaries.
Predetermined Overhead Rate
An estimated rate used to allocate manufacturing overhead costs to products or job orders, based on a set activity measure.
Raw Materials
Basic materials that are used in the production process to manufacture finished goods.
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