A Lab Orders 100 Rats a Week for Each of the 52

question 199

Multiple Choice

A lab orders 100 rats a week for each of the 52 weeks in the year for experiments that the lab conducts.Suppose the mean cost of rats used in lab experiments turned out to be $13.00 per week.Interpret this value.

• A)Most of the weeks resulted in rat costs of $13.00.
• B)The median cost for the distribution of rat costs is $13.00.
• C)The expected or mean cost for all weekly rat purchases is $13.00.
• D)The rat cost that occurs more often than any other is $13.00.

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Definitions:

Income Summary

An account used in the closing process that summarizes the revenue and expenses of an accounting period to determine the net income or loss.

Capital Account

An account showing the net worth of a business at a specific point, calculated as assets minus liabilities and preferred stock.

Revenues

The total income generated from normal business operations, often from the sale of goods and services.

Expenses

Expenses that a company incurs while generating income.