During the Past Six Months,73

question 24

Multiple Choice

During the past six months,73.2% of US households purchased sugar.Assume that these expenditures are approximately normally distributed with a mean of $8.22 and a standard deviation of $1.10.99% of the households spent less than what amount?

• A)$5.66
• B)$10.78
• C)$6.81
• D)$9.63

---

Definitions:

Weighted-Average Method

An inventory costing method that calculates the cost of goods sold and ending inventory using the average cost of all goods available for sale during the period.

Process Costing System

is an accounting method used for homogeneous products, where costs are assigned to batches of products instead of individual units, typical in industries like refining or food production.

Molding Department

A specialized department in manufacturing that is responsible for shaping materials using molds.

FIFO Method

A method of inventory valuation where the earliest items added to the inventory are the first to be sold.