A Graphical Method of Representing the Sample Points of a Multiple-Step

question 68

Multiple Choice

A graphical method of representing the sample points of a multiple-step experiment is a(n) _____.

• A) frequency polygon
• B) histogram
• C) ogive
• D) tree diagram

---

Definitions:

Average Cost Method

An inventory costing method in which all goods are assigned a price based on the average cost of all units purchased, factoring in all inventory acquired.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated using various valuation methods like FIFO, LIFO, or average cost.

FIFO Method

"First In, First Out," an inventory valuation method where goods produced or acquired first are sold, used, or disposed of first.

Periodic System

An inventory system that updates inventory and cost of goods sold only at the end of the accounting period based on a physical count.