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) Performance Element Rating 1 2 3 4 5 6 1 85% 0.40 0.45 0.35 0.35 0.35 0.35 2 1.40 1.40 1.35 1.35 1.35 1.40 3 125 0.75 0.75 0.65 0.70 8.75 0.70 4 110 1.00 1.05 1.00 1.05 1.05 1.10 80 Click here for the Excel Data File a. Determine the average cycle time for each element. (Round your answers to 3 decimal places.) Element Average cycle 1 2 3 4 b. Find the normal time for each element. (Round your answers to 3 decimal places.) Element Normal time 1 2 3 4 c. Assuming an allowance factor of 10 percent of job time, compute the standard time for this job. (Round your answers to 3 decimal places.) Standard time Element 1 2 3 4