Computer Services, Inc.wants to determine a confidence interval for the average CPU time of their teleprocessing transactions.A sample of 64 transactions yielded a mean of 6 seconds with a standard deviation of .8 seconds.Determine a 98% confidence interval for the average CPU time of all the teleprocessing transactions.
A small-appliance merchant using the FIFO method of valuing inventory has 60 toasters remaining in inventory. The merchant purchased toasters over a three month-period as follows: 30 purchased at $7.80 on April 1, 50 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at FIFO cost.