Listed Below Is the Box Plot of Average Earnings Ratio

question 85

Multiple Choice

Listed below is the box plot of average earnings ratio for full-year, full-time female workers from
1999 to 2008:
From this we can interpret that the third quartile of average earnings for women for the years 1999-
2008 was approximately:

• A) $27,600
• B) $27,900
• C) $28,500
• D) $28,900
• E) $30,200

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Definitions:

LIFO Method

Last In, First Out method; an inventory valuation technique where the latest items added to the inventory are the first to be sold.

Cost of Merchandise Sold

The total cost incurred to purchase or produce the goods sold by a company during a specific period.

Gross Profit

The financial metric representing the difference between revenue and the cost of goods sold, indicating how efficiently a company is producing its goods.

Cost Flow Assumption

A method of accounting designated to assess inventory worth and calculate the cost of goods sold, which can be either FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).