Consider the Following Statistics:   Test 1 Test 2 Test

question 11

Multiple Choice

Consider the following statistics:   Test 1 Test 2 Test 3 Test 4 Mean 56.59 68.24 76.47 89.14 Standard Deviation 14.29 11.34 8.98 4.21 Which of the above tests would produce the widest distribution of scores?

• A) Test 1
• B) Test 2
• C) Test 3
• D) Test 4

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Definitions:

Cost Flow Assumptions

An accounting method that determines the cost of goods sold and ending inventory based on the presumed flow of inventory costs.

Cost-to-Retail Ratio

A method used in retail to calculate the cost of goods sold based on the ratio of the cost of goods available for sale to the retail price of the goods.

Retail Inventory Method

An accounting method used by retailers to estimate inventory levels by incorporating the cost to retail price ratio.

Sales Discounts

Reductions in the price of goods or services offered to customers, typically as an incentive to encourage prompt payment.