The Sample Data Below Shows the Number of Hours Spent

question 142

Multiple Choice

The sample data below shows the number of hours spent by five students over the weekend to prepare for Monday's Business Statistics exam. 3 12 2 3 5.
The mean and the median of the numbers of hours spent by the five students are _______________.

• A) 2 hours and 5 hours,respectively
• B) 3 hours and 5 hours,respectively
• C) 5 hours and 2 hours,respectively
• D) 5 hours and 3 hours,respectively

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Definitions:

Cost of Goods Sold

Direct expenses involved in producing the goods that a company sells, including costs of materials and labor.

LIFO

"Last In, First Out," an inventory valuation method where the most recently produced or acquired items are sold first.

Perpetual Inventory System

An inventory system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Cost of Goods Sold

Represents the direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor used to create the product.