Kyra Wanted to Determine What Types of Monetary Currency Was

question 123

Multiple Choice

Kyra wanted to determine what types of monetary currency was used to pay for merchandise at a local bargain store. She noted there was an assorted use of currency including, but not limited to, dimes, quarters, $5 bills, $20 bills, and $100 bills. To easily explain the selection of currency taken by the bargain store Kyra should use_____ to describe the data collected.

• A) the mode
• B) the median
• C) the mean
• D) the range

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Definitions:

Absorption Costing

An accounting method that includes all direct costs and allocated overheads in the cost of a product or service, as opposed to variable costing which excludes certain overheads.

Ending Inventory

The total value of goods available for sale at the end of an accounting period or fiscal year.

Variable Costing

An accounting method that only includes variable production costs (direct materials, direct labor, and variable manufacturing overhead) in product costs, excluding fixed manufacturing overhead.

Net Operating Income

The profit realized from a business's operations after subtracting operating expenses from operating revenues.