Examlex
Applying LCM to the items that make up ending inventory is an application of which of the following concepts?
Standard Deviation
A statistical measure used to quantify the amount of variation or dispersion of a set of data values around the mean.
Standard Error
The standard deviation of the sample distribution of a statistic, commonly used in determining how well a sample represents a population.
Sampling Distribution
A distribution of probabilities for a statistic that is acquired by drawing numerous samples from a particular population.
Margin of Error
An expression of the amount of random sampling error in a survey's results, which indicates the precision of the estimates.
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