____Variables Can Assume Only a Finite Number of Values Between

question 115

Multiple Choice

____variables can assume only a finite number of values between any two points;____ variables theoretically can assume an infinite number of values between any two points.

• A)Discrete;continuous
• B)Continuous;discrete
• C)Discrete;qualitative
• D)Quantitative;continuous

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Definitions:

Conversion Costs

The sum of labor and overhead expenses required to convert raw materials into finished products.

Process Costing

Process costing is an accounting methodology adopted by companies manufacturing homogeneous products, where the costs of production are accumulated by process or department and averaged over the units produced.

Weighted-Average Method

An inventory costing method that assigns the average cost of the goods available for sale to both ending inventory and cost of goods sold.

Process Costing

A costing method used for homogeneous products that are continuously produced, calculating costs for each process or department and averaging it over all units produced.