If the Five Number Summary for a Set of Data

question 38

Multiple Choice

If the five number summary for a set of data is 2, 5, 8, 9, and 18, then the mean of this set of data is

• A) 10
• B) 8
• C) 7
• D) there is insufficient information to calculate the mean

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Definitions:

Fixed Overhead

Refers to the total of all indirect costs that remain constant regardless of the level of production or business activity.

Absorption Costing

Absorption Costing is an accounting method that includes all of the manufacturing costs (direct materials, direct labor, and both variable and fixed manufacturing overhead) in the cost of a product.

Variable Overhead

Costs that fluctuate with production volume, such as utilities or materials used in production.

Variable Costing

A costing method that includes variable manufacturing costs—direct materials, labor, and variable overhead—in the cost of production.