Give a point estimate of the mean value of the parts

Assignment Help Basic Statistics

Reference no: EM13611600

In order to evaluate the reasonableness of a firm's stated total value of its parts inventory, an auditor randomly samples 50 of the total 400 parts in stock, prices each part, and reports the results shown below.

Part Price: $55 $34 $57 $52 $85 $100 $39 $76

Sample size 3 8 5 8 8 9 8 1

a. Give a point estimate of the mean value of the parts inventory. (round to the nearest cent)

b. Find the estimated standard error of the point estimate of part a. (round to nearest cent)

c. The auditor estimates the mean value of the parts to be in the interval $_____ to $_____ with 95% confidence. (round to nearest cent)

d. The firm reported a mean parts inventory value of $65. What does the confidence interval of part c suggest about the resonableness of the firm's reported figure? Options: Means nothing, reasonable value, not a resonable value.

Reference no: EM13611600

Questions Cloud

Assume that on january 1 2012 kimberly-clark corp signs a : assume that on january 1 2012 kimberly-clark corp. signs a 10-year noncancelable lease agreement to lease a storage

A computer manufacturer is introducing a new product : a computer manufacturer is introducing a new product specifically targeted at the home market and wishes to compare the

Rayac is about to go public its stcokholders own 50000 : rayac is about to go public. its stcokholders own 50000 shares. the new public issue will represent 700000 shares. the

Ludwick steel company as lessee signed a lease agreement : ludwick steel company as lessee signed a lease agreement for equipment for 5 years beginning december 31 2012. annual

Give a point estimate of the mean value of the parts : in order to evaluate the reasonableness of a firms stated total value of its parts inventory an auditor randomly

Market enterprises would like to issue bonds and needs to : market enterprises would like to issue bonds and needs to determin the approximare rate they would need tp pay

Wadkins company a machinery dealer leased a machine to : wadkins company a machinery dealer leased a machine to romero corporation on january 1 2012. the lease is for an 8-year

Prepare crrcs income statement for the year ended december : classic reserve rare coins crrc was formed on january 1 2012. additional data for the year followsa. on january 1 2012

Production and cash-outlay computations rpr inc anticipates : production and cash-outlay computations rpr inc. anticipates that 120000 units of product k will be sold during may.

User Account

All Pages