If a Data Set Has an Even Number of Observations

question 67

Multiple Choice

If a data set has an even number of observations, the median

• A) cannot be determined.
• B) is the average value of the two middle items.
• C) must be equal to the mean.
• D) is the average value of the two middle items when all items are arranged in ascending order.

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Definitions:

Standard Costing

An accounting method that assigns predetermined costs to cost units, used to control costs and measure performance.

Labour Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved.

Variable Overhead

Indirect manufacturing costs that vary with the level of production output, such as utilities and maintenance expenses.

Labour Rate Variance

The difference between the actual cost of labor and its budgeted (or standard) cost, often arising from paying different wages than anticipated.