Here Is a Set of Data: 31, 54, 26, 42

question 40

Multiple Choice

Here is a set of data: 31, 54, 26, 42, 39, 45, 38, 42.What is the range?

• A) 26
• B) 28
• C) 42
• D) 54

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Definitions:

Retail Method

An accounting technique used to estimate the ending inventory and cost of goods sold by calculating a cost to retail price ratio.

Cost-To-Retail Ratio

A method used to estimate the ending inventory of a business, calculated by dividing the cost of goods available for sale by the retail price of the goods.

Gross Profit Rate

The ratio of gross profit to net sales, used to assess a company's financial health by indicating the efficiency of its production process.

Gross Profit

The financial difference between sales and the cost of goods sold, indicating the efficiency of a company in managing its production and inventory.