Identify the Given Random Variable as Being Discrete or Continuous

question 32

Multiple Choice

Identify the given random variable as being discrete or continuous. The cost of a randomly selected orange.

• A) Discrete
• B) Continuous

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Definitions:

Conversion Costs

The combined costs of direct labor and manufacturing overheads, which are incurred to convert raw materials into finished products.

Equivalent Units

A concept used in process costing that converts partially completed goods into a number of fully completed units.

Weighted-Average Method

A method of inventory valuation that assigns a cost to inventory on the basis of the average cost of all similar items in the inventory.

Direct Materials

Raw materials that are directly traceable to the manufacturing of a specific product and included in its cost.