What Type of Data Values Are Quantitative and the Number

question 34

Multiple Choice

What type of data values are quantitative and the number of values is finite or countable?

• A) Interval
• B) Discrete
• C) Categorical
• D) Continuous

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Definitions:

Conversion Costs

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

Units in Process

An inventory classification representing products partially completed in the manufacturing process, often evaluated at the end of an accounting period.

First-In, First-Out

An inventory valuation method where goods first acquired are the first to be sold.

Process Costing

A costing method used for homogeneous products, where costs are accumulated for a process or department and averaged over all units produced.