The Standard Deviation of a Sample of 100 Elements Taken

question 56

Multiple Choice

The standard deviation of a sample of 100 elements taken from a very large population is determined to be 60. The variance of the population

• A) cannot be larger than 60.
• B) cannot be larger than 3600.
• C) must be at least 100.
• D) can be any value greater or equal to zero.

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Definitions:

Specific Identification

A method of inventory costing that identifies and assigns the actual cost to each individual item of inventory.

High-cost Items

Products or services that have a significant purchase price or maintenance cost.

Periodic Inventory System

An inventory system where inventory levels and the cost of goods sold are updated in the accounting records periodically, often at the end of an accounting period.

Gross Profit Method

An accounting technique used to estimate the amount of inventory a company has by using the gross margin percentage.