A Work Sampling Study Requires an Acceptable Error Level of 10

question 30

Multiple Choice

A work sampling study requires an acceptable error level of 10% and z = 2 for 95.45% confidence. The adequate sample size is ________ if the sample proportion is thought to be as large as 50%, but ________ if the sample proportion is thought to be about 20%.

• A) 50;20
• B) 100; 64
• C) 100; 16
• D) 20; 50
• E) cannot be determined from the information given

Understand the concept of long-run marginal cost and its implications on business expansion decisions.

Analyze the effects of swing shifts on short-run marginal cost and pricing strategies.

Comprehend the process of yield rate improvement and its impact on cost schedules in production.

Calculate the number of batches required to meet specific production targets given an increasing yield rate.

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Definitions:

Customer Refunds Payable

A liability account for estimated refunds and allowances that will be paid or granted to customers in the future.

Estimated Returns Inventory

A current asset account for the estimated amount of merchandise that will be returned by customers.

Customer Refunds Payable

Liabilities owed to customers for products or services that were sold but later returned or found unacceptable.

Perpetual Inventory

An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized systems.