In Gym Class, Everyone Was Tested to Determine How Many

question 28

Multiple Choice

In gym class, everyone was tested to determine how many sit-ups they could do in one minute. Ming's performance was at the 61st percentile. Which of the following is true?

• A)Ming did fewer sit-ups than 61 percent of the students in the class.
• B)Ming did 61 sit-ups.
• C)Ming was one standard deviation above the mean.
• D)Ming did more sit-ups than 61 percent of the students in the class.

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Definitions:

Lower-Of-Cost-Or-Market

An accounting principle that values inventory at the lower of either its historical cost or its current market price.

Inventory Valuation

The method used to calculate the cost of goods available for sale and determining the ending inventory value for financial reporting purposes.

Ending Inventory

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

Net Realizable Value

The estimated selling price in the ordinary course of business, minus the estimated costs necessary to make the sale.