If the Estimated Range of Incomes for 30 Medium Size

question 20

Multiple Choice

If the estimated range of incomes for 30 medium size businesses is $60,000,a rough estimate of one standard deviation would be

• A)$10,000.
• B)$12,000.
• C)$8,000.
• D)$8,500.
• E)$9,000.

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Definitions:

Indirect Labor

Describes labor costs associated with employees who do not directly work on a product, but whose services are necessary for the manufacturing process.

Work in Process

Inventory items that are in the process of being transformed from raw materials into finished goods but are not yet complete.

Overapplied Manufacturing Overhead

A situation where the allocated amount for manufacturing overhead costs exceeds the actual amount incurred.

Manufacturing Costs

Expenses incurred in the process of producing goods, including direct materials, direct labor, and both fixed and variable manufacturing overhead.