The fiVe-Number Summary of the Ages of a Group of 100

question 53

Multiple Choice

The five-number summary of the ages of a group of 100 adults is listed below. Consider the following two statements regarding outliers for this data and determine which, if any, are correct. (i) There is at least one adult whose age is a low outlier. (ii) There is at least one adult whose age is a high outlier.

• A)Only statement (i) is correct.
• B)Only statement (ii) is correct.
• C)Both statements (i) and (ii) are correct.
• D)Neither statement (i) or (ii) is correct.

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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 weighted average cost of all goods available for sale.

Finished Goods

Items that have been fully produced but are still awaiting sale or distribution to buyers.

Weighted Average Method

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

Conversion Activities

Activities in manufacturing that convert raw materials into finished goods.