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Suppose that in a random sample of 30 men, the correlation between hours spent working per week and hours spent playing with their children per week is -.50. The men in the sample spent an average of 50 hours per week working, with a standard deviation of 10. They spent an average of 6 hours per week playing with their children, with a standard deviation of 3. If you knew that one man spent 40 hours per week working, how many hours would you predict that he spent playing with his kids?
Weighted Average
A calculation that takes into account the varying degrees of importance of the numbers in a data set.
Weighted Average Method
An inventory costing method that averages the cost of all similar items in inventory, assigning a single cost to each unit regardless of purchase date.
Cost Per Equivalent Unit
A calculation used in process costing that divides the total cost by the number of units produced, taking into account partial completion of units at the end or beginning of an accounting period.
Conversion Costs
The combined costs of direct labor and manufacturing overheads that are incurred in turning raw materials into finished products.
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