In Computing Descriptive Statistics from Grouped Data

question 134

Multiple Choice

In computing descriptive statistics from grouped data,

• A)data values are treated as if they occur at the midpoint of a class
• B)the grouped data result is more accurate than the ungrouped result
• C)the grouped data computations are used only when a population is being analyzed
• D)None of these alternatives is correct.

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Definitions:

Direct Labor Hour

A measure of the amount of time workers spend directly manufacturing a product.

Direct Materials

Raw materials that can be directly traced to the production of specific goods or services and are significant in cost.

Total Cost

The complete amount of costs involved in producing, purchasing, and/or selling goods or services, including fixed and variable costs.

Inventory Information

Details about the quantities, locations, and values of a company's inventory, used for managing and reporting purposes.