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Problem 7-3 (Algo) A time study was conducted on a job that contains four elements. The observed times and performance ratings for six cycles are shown in the following table. OBSERVATIONS (minutes per cycle) Element Performance Rating 4 0.35 80 2 1 0.40 1.40 0.75 1.00 0.45 1.40 0.75 1.05 0.35 1.35 0.65 1.00 1.35 0.70 1.05 0.35 1.35 0.75 1.05 0.35 1.40 0.70 1.10 110 Click here for the Excel Data File a. Determine the average cycle time for each element (Round your answers to 3 decimal places.) Average cycle 1 2 3 4 b. Find the normal time for each element. (Round your answers to 3 decimal places.) b. Find the normal time for each element. (Round your answers to 3 decimal places.) Element Normal time 1 2 3 c. Assuming an allowance factor of 10 percent of job time, compute the standard time for this job. (Round your answers to 3 decim places.) Standard time Element 1 2 3 4