The Mean (Average) U

question 31

Multiple Choice

The mean (average) U.S. family income in 2016 was approximately

• A) $15,000.
• B) $83,000.
• C) $51,000.
• D) $102,000.

---

Definitions:

Raw Materials Price Variance

The difference between the actual cost of raw materials purchased and the standard or expected cost, reflecting variances in purchase prices.

Raw Materials Quantity Variance

The difference between the expected and actual quantity of raw materials used in production, affecting manufacturing costs.

Materials Price Variance

This is the difference between the actual cost of direct materials and the standard cost, multiplied by the quantity purchased.

October

The tenth month of the year in the Gregorian calendar, preceding November.