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In order to evaluate a graduate program in psychology, a decision is made to compare the scores of the recent graduates on the national licensure exam to scores nationally. The internal consistency reliability of the test = .84. The program therefore follows up with their students and finds 24 students who have taken the exam in its most recent form. The scores of the students in the program are as follows:
Given information:
Mean = 144; Median = 142; Mode = 142; Range = 50
-Knowing that the national mean is 134 with a SD of 19.0, write a statement as to how this school's students have done as compared to the national group.
Weighted Average Method
An inventory valuation method that calculates the cost of goods sold and ending inventory based on the average cost of all inventory items.
Overhead Costs
Indirect costs incurred in the running of a business that cannot be directly attributed to any specific product or service.
Process Costing System
A method of costing used where identical or similar items are produced in mass, costs are accumulated for a fixed period and assigned to all units produced.
FIFO Method
"First In, First Out" inventory valuation method where goods purchased or produced first are sold or used first.
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