Use the Following to Answer the Question(s) Below

question 18

Multiple Choice

Use the following to answer the question(s) below.
For many countries tourism is an important source of revenue. Data are collected on the number of foreign visitors to a country (in millions) and total tourism revenue (in billions of dollars) for a sample of 10 countries. Below is the regression analysis output with tourism revenue as the dependent variable.
-How much of the variability in tourism revenue is accounted for by the number of foreign visitors?

• A) 63.4%
• B) 13.8%
• C) 2.58 billion $
• D) 21.464%
• E) 3.73 billion $

---

Definitions:

Standard Cost System

An accounting method that uses standard costs for the cost of materials, labor, and overhead to evaluate performance and control costs.

Cost of Goods Sold

The total cost directly associated with producing goods which have been sold, including materials and labor.

Work in Process Inventories

Items in a manufacturing process that are not yet completed products, including raw materials, labor, and overhead costs.

Standard Cost Variances

refer to the differences between the expected (standard) costs and the actual costs incurred.