After deducting grants based on need, the average cost to attend the University of Southern California (USC) is $29,225. Assume the population standard deviation is $8,500. Suppose that a random sample of 60 USC students will be taken from this population. Use z-table.
a. What is the value of the standard error of the mean?
980
(to nearest whole number)
b. What is the probability that the sample mean will be more than $29,225?
(to 2 decimals)
c. What is the probability that the sample mean will be within $500 of the population mean?
(to 4 decimals)
d. How would the probability in part (C) change if the sample size were increased to 170?
83
(to 4 decimals)

Example1 lcnrv: ted company uses the lower of cost or nrv method in valuing its inventory items. the inventory at december 31, 2017, consists of products a, b and c, each having 1,000 units. relevant unit data for these products appear below: item a item b item c cost $ 80 $80 $80 estimated selling price 180 100 90 estimated selling cost 30 30 30 required: using the lower of cost or net realizable value rule, determine the proper value of inventory for balance sheet reporting purposes at december 31, 2017. prepare any necessary journal entry. apply the lower of cost or nrv method: • on an individual inventory basis; • on a group basis; • on a total inventory basis. solution worksheet: inventory (on an individual basis): inventory value item nrv cost lc- item a item b item c total inventory (on a group basis): inventory value item nrv cost lc- group 1 (item a and b) group 2 (item c) total inventory (on an aggregate inventory basis): inventory value item nrv cost lc- total inv