For an Odd Number of Observations, the Median Is the Mean

question 62

True/False

For an odd number of observations, the median is the mean of the two middle numbers.

---

Definitions:

Ending Work

The inventory or work-in-process at the end of an accounting period that has not yet been completed.

Equivalent Units

A concept used in cost accounting to standardize the quantities of produced goods, accounting for partially completed units.

Physical Units

Refers to the actual count or quantity of items, products, or assets, without regard to their value or cost.

Materials Added

Raw materials introduced into the production process to create a product.