Exhibit 20

question 99

Multiple Choice

Exhibit 20.13.An energy analyst wants to test if U.S.oil production is random over time.The analyst has monthly production values for the two years.The analyst finds 12 months are above the median,12 months are below the median,6 runs are below the median,and 5 runs are above the median. Refer to Exhibit 20.13.Assuming has the standard normal distribution,the p-value for the test is:

• A)Less than 0.01
• B)Between 0.01 and 0.05
• C)Between 0.05 and 0.10
• D)Greater than 0.10

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Definitions:

Cost of Goods Sold

The total cost associated with producing goods that have been sold during a specific period, including materials and labor.

Favourable Variances

Financial indicators that actual revenues are higher or costs are lower than what was originally planned or budgeted.

Standard Costs

Predetermined costs for manufacturing a product or providing a service, used as benchmarks for measuring performance.

Product Costing

The process of determining the total cost involved in the production of a product, including material, labor, and overhead expenses.