Find the Midrange for the Given Sample Data $$\begin{array} { l l l l l l l l l l l } 1.6 & 2.3 & 3.1 & 1.0 & 1.2 & 3.8 & 1.7 & 3.5 & 2.2 & 2.9 & 1.7\end{array}$$

question 185

Multiple Choice

Find the midrange for the given sample data.
- $$\begin{array} { l l l l l l l l l l l } 1.6 & 2.3 & 3.1 & 1.0 & 1.2 & 3.8 & 1.7 & 3.5 & 2.2 & 2.9 & 1.7\end{array}$$

• A) 2.2
• B) 2.25
• C) 2.40
• D) 1.7

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Definitions:

Cost of Goods Sold

This refers to the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Inventory Turnover

A measure of how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.

Receivables Turnover

A financial metric that measures how efficiently a company collects cash from its credit sales by calculating the number of times receivables are turned over during a period.

Payables Turnover

A financial ratio that measures how fast a company pays its suppliers, calculated as the cost of sales divided by average accounts payable.