Which of the Following Statements About Probability of Occurrence Is

question 39

Multiple Choice

Which of the following statements about probability of occurrence is correct?

• A) The range of values found by adding and subtracting one standard deviation to the mean of the random variable accounts for 68.26 percent of the area under the curve.
• B) The range of values found by adding and subtracting two standard deviations to the mean of the random variable accounts for 68.26 percent of the area under the curve.
• C) The range of values found by adding and subtracting two standard deviations to the mean of the random variable accounts for 99.74 percent of the area under the curve.
• D) All of the above are incorrect.

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Definitions:

Weighted-Average Method

An inventory costing method that averages the cost of all similar items available for sale during a period, assigning a consistent cost per unit sold.

Molding Department

A specialized section within a manufacturing facility where the shaping or molding of materials into finished products occurs.

Conversion Costs

Expenses associated with transforming raw materials into complete goods, which encompass both direct labor and the costs of manufacturing overhead.

Weighted-Average Method

An inventory costing method that assigns a cost to inventory on the basis of the average cost of all similar items in the inventory.