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 1 2 3 4 Performance Rating 95% 90 115 100 1 0.38 1.38 0.73 0.98 2 0.43 1.38 0.73 1.03 3 0.33 1.33 0.63 0.98 4 0.33 1.33 0.68 1.03 5 0.33 1.33 0.73 1.03 6 0.33 1.38 0.68 1.08 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 Element 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 8 percent of job time, compute the standard time for this job. (Round your answers to 3 decimal places.) Element Standard time 1 2 3 4