Describe the Rank Correlation Test

question 38

Essay

Describe the rank correlation test. What types of hypotheses is it used to test? How does the rank correlation coefficient rs differ from the Pearson correlation coefficient r?

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Definitions:

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all units available for sale.

Equivalent Units Of Production

A concept in cost accounting used to allocate costs to partially completed goods, based on the amount of work done on them.

Equivalent Units Of Production

A calculation used in the production process to equate the amount of work done on partially finished goods to the quantity of completed goods.

Process Costing

A method of costing used to ascertain the cost of a product at each process or stage of manufacture.