The Categories of a Variable Have ONLY the Following Properties

question 23

Multiple Choice

The categories of a variable have ONLY the following properties: the categories are different and the categories have rank order. What level of measurement does this variable have?

• A) nominal
• B) ordinal
• C) interval/ratio

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Definitions:

Weighted-Average Method

An inventory costing method that assigns a cost to inventory on the basis of the average cost of all similar goods available during the period.

Conversion Costs

The combined costs of direct labor and manufacturing overhead involved in transforming raw materials into finished goods.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases less cost of goods sold.

Conversion Costs

are the costs required to convert raw materials into finished goods, comprising direct labor and manufacturing overhead.