In order to evaluate the reasonableness of a firm’s stated total value of its parts inventory, an auditor randomly samples 50 of the total 400 parts in stock, prices each part, and reports the results shown 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 value of the parts inventory. b. Find the estimated standard error of the point estimate of part a. c. The author estimates the mean value of the parts to be in the interval … with 95% confidence (Find the limits of a 95% confidence interval for the mean.

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