The Relative Frequency of a Class Is Computed by

question 22

Multiple Choice

The relative frequency of a class is computed by

• A) dividing the midpoint of the class by the sample size.
• B) dividing the frequency of the class by the midpoint.
• C) dividing the sample size by the frequency of the class.
• D) dividing the frequency of the class by the sample size.

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Definitions:

Variable Costing

An accounting method that only considers variable costs (costs that fluctuate with the level of output) in calculating the cost of goods sold and in decision-making.

Closing Inventory

The total value of goods remaining unsold at the end of an accounting period.

Finished Goods

Products that have completed the manufacturing process but have not yet been sold or distributed to end customers.

Standard Costs

Predetermined or budgeted costs for products, services, or operations that serve as benchmarks for measuring performance by comparing them with actual costs.