A New Car with a $19,700 List Price Can Be

question 37

Multiple Choice

A new car with a $19,700 list price can be bought for different prices from different dealers. In one city the car can be bought for $18,900 from 2 dealers, for $17,500 from 1 dealer, for $17800 from 3 dealers, for $18,300 from 2 dealers, and for $18,200 from 2 dealers. What are the mean and standard deviation of this sample of car prices? Round your answer to two decimal places wherever applicable. ​

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Definitions:

Direct Materials Quantity Variance

A measure of the difference between the actual quantity of materials used in production and the expected amount, indicating efficiency in material usage.

Direct Materials

Raw materials that are directly incorporated into a finished product and can be easily traced to it.

Rate Variance

Refers to the difference between an actual rate and a standard or expected rate, often used in budgeting and financial analysis to understand variances in performance.

Direct Labor Hours

The total hours of labor directly involved in the manufacturing of a product, directly tied to the production process.