The Following Materials Standards Have Been Established for a Particular

question 28

Multiple Choice

The following materials standards have been established for a particular product: The following data pertain to operations concerning the product for the last month: What is the materials price variance for the month?

• A) $2,250 F.
• B) $7,540 U.
• C) $7,660U.
• D) $24,317 U.

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Definitions:

Mean

The arithmetic average of a set of values, found by adding them together and dividing by the number of terms.

Normal Distribution

Data points nearest to the mean occur more frequently in this symmetric probability distribution, with diminishing occurrences of data points as they deviate from the mean.

Standard Deviation

A measure of the dispersion or spread of a set of data points relative to their mean.

Mean

The average of a set of numbers, calculated by dividing the sum of the values in the set by their number.