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 1 2 3 4 Rating 901 85 120 105 1 0.45 1.45 0.80 1.05 2 8.50 1.45 8.80 1.10 3 0.40 1.48 0.70 1.05 4 0.40 1.40 0.75 1.10 5 0.40 1.40 @.80 1.10 6 @.40 1.45 0.75 1.15 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 1 Normal time 2 3 4 C. Assuming an allowance factor of 15 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