Last School Year, the Student Body of a Local University

question 35

Multiple Choice

Last school year, the student body of a local university consisted of 30% freshmen, 24% sophomores, 26% juniors, and 20% seniors.A sample of 400 students taken from this year's student body showed the following number of students in each classification. ​ We are interested in determining whether or not there has been a significant change in the classifications between the last school year and this school year.The expected number of freshmen is

• A) 120.
• B) 96.
• C) 113.
• D) 10.

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Definitions:

Perpetual Inventory System

An inventory management approach where records of inventory levels are updated on a continuous basis as transactions occur.

Merchandise Inventory

Merchandise Inventory refers to the products a company has in stock that are ready to be sold, represented as an asset on the balance sheet.

Cost of Goods Sold

This is the direct costs attributable to the production of the goods sold in a company.

Perpetual Inventory System

An inventory management system where records of inventory quantities are updated on a continuous basis as transactions occur.