A Company Had Net Sales and Cost of Goods of $545,000

question 128

True/False

A company had net sales and cost of goods of $545,000 and $345,000, respectively. Its gross margin equals $890,000.

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Definitions:

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of many types of data where most values cluster around the mean.

Inferential Statistics

The branch of statistics that allows one to make predictions or inferences about a population based on a sample of data taken from that population.

Normal Distribution

A statistical distribution where data is symmetrically distributed around the mean, forming a bell-shaped curve.

Random Sampling

Sampling in which every member of a population has an equal chance to be selected and in which selection is determined by “luck of the draw” rather than a decision by the researcher.