If the Maximum Temperature for a Particular Day Is 26˚C

question 64

Multiple Choice

If the maximum temperature for a particular day is 26˚C and the minimum temperature is 14˚C, the daily range would be ________.

• A) 40˚C
• B) 20˚C
• C) 12˚C
• D) 13˚C

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Definitions:

Average Cost Method

A method of inventory valuation where the cost of goods sold and ending inventory are determined by calculating the weighted average of the costs of all items available for sale.

Year-End Inventory

The total counted value of inventory that a business owns at the end of its fiscal year, which is used to calculate cost of goods sold and profitability.

Weighted Average Cost

A method of calculating the cost of inventory based on the average cost of all similar goods available during a specific period.

Inventory Balance

The total value of all the goods that a company has in stock at a particular point in time.