Each Day for Twenty Days a Record Store Owner Counts

question 31

Multiple Choice

Each day for twenty days a record store owner counts the number of customers who purchase an album by a certain artist. The data and a dotplot of the data are shown below: Data set: 1, 3, 4, 4, 5, 6, 7, 2, 3, 4, 4, 5, 6, 8, 2, 3, 4, 5, 6, 7, 9
Which of the following statements can be made using the given information?

• A)During the twenty days when the record store owner collected data, there were some days when no one purchased an album by the artist.
• B)On the first day of collecting data the record store owner had one person purchase an album by the artist.
• C)The dotplot shows that this data has a roughly bell- shaped distribution.
• D)None of these

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Definitions:

Average Cost

A method of inventory valuation that calculates the cost of goods sold and ending inventory based on the weighted average cost of all items.

Cost Flow Assumption

An accounting principle that determines the method used to assign costs to inventory and to cost of goods sold, including FIFO, LIFO, and average cost methods.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company. This includes the cost of materials and direct labor.

LIFO Liquidation

The process of selling older inventory items purchased at lower costs, which can lead to an artificially higher reported profit due to inflation.