Define Rank

question 26

Essay

Define rank. Explain how to find the rank for data which repeats (for example, the data set: 4, 5, 5, 5, 7, 8, 12, 12, 15, 18).

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Definitions:

Joint Costs

Costs incurred in the process of producing two or more products simultaneously, where the costs cannot be separated easily for each product.

Skimmed Milk

A dairy product from which almost all the fat has been removed.

Physical Units Method

An accounting approach used to allocate joint costs among products based on the number of physical units at a split-off point.

Joint Costs

Costs incurred in the process of producing two or more products before the point where these products are separately identifiable.