A Corporation Compiled the Information Given Below for Their Auditor

question 43

Multiple Choice

A corporation compiled the information given below for their auditor.The corporation uses a periodic inventory system. $\begin{array}{|l|l|l|}\hline &2001&2002\\\hline \text { Purchases................. } & \$ 240 & \$ 160 \\\hline \text { Goods out on consignment .... } & 0 & 80 \\\hline \text { Beginning inventory } & 900 & ? \\\hline \text { Ending inventory } & ? & ? \\\hline \text { Physical inventory count .................... } & \text { Unavailable } & 240 \\\hline \text { Cost of goods sold. ............. } & 360 & ?\\\hline \end{array}$ What was the amount of cost of goods sold for 2002?

• A)$620
• B)$700
• C)$780
• D)$900

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Definitions:

Coefficient Of Variation

A standardized measure of dispersion of a probability distribution or frequency distribution, calculated as the ratio of the standard deviation to the mean, expressed as a percentage.

Range

The difference between the highest and lowest values in a dataset.

Coefficient Of Variation

A standardized measure of the dispersion of a probability distribution or frequency distribution.

Chebysheff's Theorem

A statistical theorem that provides a minimum probability for the distribution of values within k standard deviations from the mean for any data set, regardless of the distribution's shape.