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Exhibit 15 -Refer to Exhibit 15

question 62

Multiple Choice

Exhibit 15.2
USE THE INFORMATION BELOW FOR THE FOLLOWING PROBLEM(S)
The table below provides five days of trade data.  Issues  Day  Traded  Advances  Declines  Unchanged 12245615698615860022301314560821024332312410324126781224226789867115671244521897867812561658\begin{array}{l}\begin{array} { c c c c c } &\text { Issues }\\\text { Day } & \text { Traded } & \text { Advances } & \text { Declines } & \text { Unchanged } \\\hline 1 & 22456 & 15698 & 6158 & 600 \\2 & 23013 & 14560 & 8210 & 243 \\3 & 23124 & 10324 & 12678 & 122 \\4 & 22678 & 9867 & 11567 & 1244 \\5 & 21897 & 8678 & 12561 & 658\end{array}\end{array}
-Refer to Exhibit 15.2. Calculate the net advance-decline for day 5.

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Definitions:

Net Operating Income

The profit realized from a business's operations after subtracting operating expenses but before deducting taxes and interest.

Variable Costing

A cost accounting method that includes only variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs and treats fixed manufacturing overhead as a period expense.

Net Operating Income

The profit a company makes after deducting operating expenses but before interest and taxes from its total revenue.

Direct Labor Cost

The expense associated with employees who physically convert raw materials into the company's products; considered a variable cost.

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