For the Following Time Series,you Are Given the 3-Year Moving

question 71

Multiple Choice

For the following time series,you are given the 3-year moving total. The three-year moving average for 2004 is ________.

• A)22
• B)21
• C)14.33
• D)166

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Definitions:

Price Variance

The difference between the actual cost of a good or service and its expected or budgeted cost.

Quantity Variance

The difference between the actual quantity of materials or labor used in production and the expected (or standard) quantity, affecting cost and efficiency.

Direct Labor Price Variance

The difference between the expected cost of direct labor and the actual cost incurred.

Standard Hours

The predetermined amount of time expected to be required to complete a task or produce a unit of product under normal conditions.