Use the Following to Answer Questions

question 1

Short Answer

Use the following to answer questions :
The following data represent the ages of 15 people buying lift tickets at a ski area.
15 25 26 17 38 16 74 41 30 24 28 40 20 34 31
-What is the value of the lower inner fence?

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Definitions:

Mixed Cost

A cost that contains both fixed and variable components, changing with the level of activity but not in direct proportion.

Variable Cost

Variable cost refers to expenses that change directly with the level of production or business activity, such as raw materials and labor costs.

Fixed Cost

Expenses that do not change with the level of production or sales activity, such as rent or salaries.

Work in Process-Department X

Inventory representing partially completed goods that are still in the production process within a specific department.