The Gross Profit Percentage for Smith Clothing Retailer Was 37

question 131

Essay

The gross profit percentage for Smith Clothing Retailer was 37.7% for the year ended December 31,2016 and 42.5% for the year ended December 31,2017.The industry average gross profit percentage,for both years,is 45.7%.Briefly discuss these findings.

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Definitions:

Null Hypotheses

A statistical hypothesis that assumes no significant difference or relationship exists between certain characteristics of a population or data set.

Research Hypotheses

Statements made for a study that predicts a relationship between variables, to be tested through research.

Sampling Error

The discrepancy between a sample statistic and its corresponding population parameter, arising purely by chance because the sample is not a perfect representation of the population.

Nondirectional Research Hypothesis

A hypothesis suggesting a correlation between variables without defining the nature of their interaction.