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Refer to the following distribution of commissions: What is the relative frequency of those salespersons that earn $1,600 or more?
Retail Method
An accounting method used to estimate the ending inventory and cost of goods sold based on the retail price of merchandise.
Estimated Cost
An approximation of the financial outlay required to complete a project, acquire a service, or purchase goods, often used in budgeting and planning.
Inventory
A company's inventory of products and materials, accumulated for selling or using in production.
March 31
A specific date marking the end of the first quarter in a calendar year.
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