In order to evaluate the reasonableness of a firms stated totalvalue of its parts inventory an auditor randomly samples 50 of thetotal 400 parts in stock prices each part and reports the resultsshown in the table. Part Price Sample Size $62 6 $36 6 $35 9 $99 9$15 1 $77 5 $58 9 $87 5 a. Give a point estimate of the mean valueof the parts inventory. b. Find the estimated standard error of thepoint estimate of part a. c. The author estimates the mean value ofthe parts to be in the interval with 95% confidence (Find thelimits of a 95% confidence interval for the mean.

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