Thompson Company Had Beginning Inventory of $6,000,cost of Goods Sold

question 16

Multiple Choice

Thompson Company had beginning inventory of $6,000,cost of goods sold of $14,000,and ending inventory of $8,000.Purchases were:

• A) $12,000.
• B) $10,000.
• C) $9,000.
• D) $16,000.

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Definitions:

Population Proportion

The fraction or percentage of the population that shares a particular characteristic or attribute.

Chi-squared Goodness-of-fit

A specific type of goodness-of-fit test that uses the chi-squared statistic to test the hypothesis that an observed frequency distribution fits a claimed distribution.

One-tail Test

A statistical test where the region of rejection is on only one side of the sampling distribution, used when testing a directional hypothesis.

Population Proportion

The ratio of members in a population that have a particular attribute, often estimated from sample data.