With forecasting error being measured in MAD (mean absolute deviation), the 3? control limits imply ______.
a. the probability that the forecasting errors are attributable to random variation is 3%
b. the probability that the forecasting errors are attributable to random variation is 99.7%
c. the probability that the forecasting errors are attributable to random variation is 2.3%
d. the probability that the forecasting errors are attributable to random variation is 50%
b. the probability that the forecasting errors are attributable to random variation is 99.7%
You might also like to view...
The component of attitude that represents the action associated with a certain type of attitude is the ____________________ component.
Fill in the blank(s) with the appropriate word(s).
If the payment in an ordinary annuity changes over time, you cannot determine the future value of the payment stream
Indicate whether the statement is true or false.
A bill of exchange is a draft that guarantees payment for goods in international trade
a. True b. False Indicate whether the statement is true or false
Vaden Incorporated makes a single product-a critical part used in commercial airline seats. The company has a standard cost system in which it applies overhead to this product based on the standard labor-hours allowed for the actual output of the period. Data concerning the most recent year appear below: Budgeted (Planned) Overhead: Budgeted variable manufacturing overhead$61,740 Budgeted fixed manufacturing overhead 390,040 Total budgeted manufacturing overhead$ 451,780 Budgeted production (a) 35,000unitsStandard hours per unit (b) 1.40labor-hoursBudgeted hours (a) × (b) 49,000labor-hours Applying Overhead: Actual production (a) 38,000unitsStandard hours per unit (b) 1.40labor-hoursStandard hours allowed for the actual production (a) ×
(b) 53,200labor-hours Actual Overhead and Hours: Actual variable manufacturing overhead$94,680 Actual fixed manufacturing overhead 405,040 Total actual manufacturing overhead$ 499,720 Actual hours 52,600labor-hoursThe total amount of manufacturing overhead applied is closest to: (Round your intermediate calculations to 2 decimal places.) A. $499,720 B. $490,504 C. $484,972 D. $505,400