Determine the Variance of the Following Population of Survey Data

question 33

Multiple Choice

Determine the variance of the following population of survey data: 3, 4, 4, 1, 2

• A) 1.17
• B) 1.36
• C) 1.70
• D) 1.30

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Definitions:

Efficiency Variance

A measure used in cost accounting to evaluate the efficiency of resource usage, calculated as the difference between actual usage and the standard or expected usage.

Materials Price Variance

The variance between the standard cost and the actual expense of materials, calculated by multiplying the amount bought.

Direct Materials

Raw materials that are directly traceable to the production of a specific product, representing a significant portion of the costs of goods sold.

Variable Overhead Rate Variance

The difference between the actual variable overhead costs incurred and the expected costs based on the predetermined overhead rate.