Hanson Company Uses a Periodic Inventory System

question 143

Multiple Choice

Hanson Company uses a periodic inventory system.For 2012,its beginning inventory was $74,000; purchases of inventory were $328,000; and inventory at the end of the period was $89,000.What was the amount of Hanson's cost of goods sold for 2012?

• A) $343,000
• B) $328,000
• C) $313,000
• D) $165,000

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Definitions:

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating how much the values deviate from the mean.

Standard Error

The standard deviation of the sampling distribution of a statistic, typically the mean, indicating the variability of an estimate.

Mean

The mean is the average of a set of numbers, calculated by adding them all together and then dividing by the count of those numbers.

Z-statistic

A statistical metric that measures the number of standard deviations a data point is from the mean, used in hypothesis testing.