When Two Things (E

question 11

True/False

When two things (e.g., grades and time spent studying) are vary together in a systematic manner, they are said to be correlated.

---

Definitions:

Process Costing

Process costing is a method of assigning production costs to units of output in industries where the products are indistinguishable from each other and produced in a continuous process.

Weighted-Average Method

An inventory costing method that assigns an average cost to each unit of inventory, factoring in both the cost and quantity of goods available.

Material Cost

The total expense incurred to acquire materials used in the making of a product, including direct and indirect materials.