A Sampling Procedure That Assures Each Element in the Population

question 33

Multiple Choice

A sampling procedure that assures each element in the population of an equal chance of being included in the sample is called:

• A)simple random sampling
• B)primary random sampling
• C)primary sampling
• D)stratified sampling

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Definitions:

Cost Per Equivalent Unit

A measurement used in cost accounting to calculate the cost assigned to each unit produced, by considering the costs incurred at each stage of production.

Materials Used

The cost of raw materials and supplies that are consumed in the manufacturing process to produce goods.

First-In, First-Out Method

An inventory valuation method assuming that the first items purchased or produced are the first ones sold, affecting the cost of goods sold and inventory valuation.

Conversion Cost

The total cost of converting raw materials into finished goods, generally comprising labor and overhead expenses.