The Five-Number Summary Refers to the Five Descriptive Measures: Minimum,mean,median,mode,and

question 298

True/False

The five-number summary refers to the five descriptive measures: minimum,mean,median,mode,and maximum;therefore it is sometimes known as the five-m summary.

---

Definitions:

Gross Profit Method

A technique used in accounting to estimate the amount of ending inventory and cost of goods sold by applying a gross profit margin to sales.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.

Estimated Cost

An approximation of the cost of a product, project, or operation based on available information prior to actual expenditure.

FIFO Perpetual

A method of inventory valuation where goods are sold based on the order they were acquired, constantly updated to reflect transactions in real time.