A Real Estate Appraiser Is Gathering Housing Sales Data by Street

question 53

Short Answer

A real estate appraiser is gathering housing sales data by street in the neighborhood in preparation for his next job. Listed below are the six streets and the average sales price and the houses sold in the last 12 months. Calculate the mean sales price for the neighborhood.

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Definitions:

Direct Materials

Raw materials that are directly traceable and allocable to a finished product in the manufacturing process.

Direct Labor-Hours

A unit of measure for the time workers spend producing goods or services, indicative of the labor cost attributed per hour.

Variable Overhead

Costs that vary with production volume, such as utilities or materials, as opposed to fixed overhead costs.

Direct Materials

Raw materials that can be directly attributed to the production process of specific goods or services.