Find the Variance for the Given Sample Data $\begin{array} { l l l l l } 7 & 7 & 2 & 5 & 1\end{array}$

question 32

Multiple Choice

Find the variance for the given sample data. Round your answer to one more decimal place than the original data.
$\begin{array} { l l l l l } 7 & 7 & 2 & 5 & 1\end{array}$

• A) 11.8
• B) 7 . 7
• C) 7 . 8
• D) 6.2

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, determined by physical counts or accounting methods.

LIFO

Stands for Last In, First Out, an inventory valuation method where the most recently produced or purchased items are recorded as sold first.

Periodic Inventory System

An inventory accounting system where inventory counts are performed and updated at specific intervals to determine cost of goods sold and ending inventory levels.

Ending Inventory

The value of goods available for sale at the end of an accounting period. It is the beginning inventory plus purchases minus the cost of goods sold.