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If variable cost of goods sold totaled $80,000 for the year (16,000 units at $5.00 each) and the planned variable cost of goods sold totaled $86,250 (15,000 units at $5.75 each) ,the effect of the unit cost factor on the change in contribution margin is:
Population Standard Deviation
A measure of the spread of a set of values within a population, calculated as the square root of the variance.
Degrees Of Freedom
The number of independent pieces of information upon which a statistical estimate is based, minus the number of parameters estimated.
T-Distribution
A probability distribution that is used in hypothesis testing for small sample sizes, where the population standard deviation is unknown.
Random Variable
A variable whose values depend on outcomes of a random phenomenon, with each outcome having a certain probability.
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