Problem regarding the data contradict the hospital

Reference no: EM131019853

Statistics has become a valuable tool for auditors, especiallywhere large inventories are involved. It would be costly and time consuming for an auditor to inventory each item in a large operation. Thus, the auditor frequently resorts to obtaining a random sample of items and using the sample results to check the validity of a company's financial statement. For example, a hospital financial statement claims an inventory that averages $300 per item. An auditor's random sample of 20 items yielded a mean and standard eviation of $160 and $90, respectively. Do the data contradict the hospital's claimed mean value per inventoried item and indicate that the average is less than $300? Use a = .05.

Reference no: EM131019853

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