A Survey of Salary Increases Received During a Recent Year

question 55

Multiple Choice

A survey of salary increases received during a recent year by 44 working MBA students is shown. Find the approximate mean percent raise. $$\begin{array} { c c } \text { Percent Increase } & \text { Number } \\0 \text { but less than } 2 & 3 \\2 \text { but less than } 4 & 4 \\4 \text { but less than } 6 & 10 \\6 \text { but less than } 10 & 27 \\\text { Total } & 44\end{array}$$

• A)6.56
• B)6.74
• C)5.90
• D)6.39

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Definitions:

Direct Labor-Hours

The total hours of labor directly involved in manufacturing a product, often used as a basis for allocating overhead costs.

Overhead Assigned

The allocation of overhead costs to specific jobs or cost objects based on a predetermined rate or method.

Product X0

A specific product identifier used in inventory and production tracking, symbolizing a unique item or variant within a company's product line.

Overhead Applied

The portion of manufacturing overhead costs assigned to each unit of production, based on a predetermined rate.