The cost of taking your pet aboard the air flight with you in the continental US varies according to the airlines. The five number summary for prices based on a sample of major U.S. airlines was:Min = 60, Q1 = 100, Median = 110, Q3 = 125, Max = 150Which of the following is true about this data?
Question
The cost of taking your pet aboard the air flight with you in the continental US varies according to the airlines. The five number summary for prices based on a sample of major U.S. airlines was:Min = 60, Q1 = 100, Median = 110, Q3 = 125, Max = 150Which of the following is true about this data?
Solution
The given data represents the cost of taking a pet aboard an air flight with major U.S. airlines in the continental US. The five number summary provides information about the distribution of prices.
- The minimum cost for taking a pet aboard is $60.
- The first quartile (Q1) represents the 25th percentile, indicating that 25% of the prices are below $100.
- The median, also known as the second quartile, is 110.
- The third quartile (Q3) represents the 75th percentile, indicating that 75% of the prices are below $125.
- The maximum cost for taking a pet aboard is $150.
Based on this information, we can conclude that the range of prices for taking a pet aboard an air flight with major U.S. airlines in the continental US is from 150. The prices are relatively spread out, with the majority falling between 125.
Similar Questions
The cost of taking your pet aboard the air flight with you in the continental US varies according to the airlines. The five number summary for prices based on a sample of major US airlines was:Min = 60, Q1 = 100, Median = 110, Q3 = 125, Max = 150If we were to build the box plot for this data, the box would stretch between which two values?What would be the lowest value:
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Exercise 16-40 (Algo) Variable Cost Variances (LO 16-5)Golden Food Products produces special-formula pet food. The company carries no inventories. The master budget calls for the company to manufacture and sell 129,000 cases at a budgeted price of $60 per case this year. The standard direct cost sheet for one case of pet food follows:Direct materials (3 pounds @ $2) $ 6Direct labor (0.25 hours @ $32) 8Variable overhead is applied based on direct labor-hours. The variable overhead rate is $16 per direct labor-hour. The fixed overhead rate (at the master budget level of activity) is $10 per unit. All nonmanufacturing costs are fixed and are budgeted at $2.2 million for the coming year.At the end of the year, the costs analyst reported that the sales activity variance for the year was $336,000 favorable.The following is the actual income statement (in thousands of dollars) for the year for Golden Food Products:Sales revenue $ 16,800Less variable costs Direct materials 836Direct labor 1,028Variable overhead 551Total variable costs $ 2,415Contribution margin $ 14,385Less fixed costs Fixed manufacturing overhead 2,410Nonmanufacturing costs 2,143Total fixed costs $ 4,553Operating profit $ 9,832During the year, the company purchased 329,000 pounds of material and employed 35,020 hours of direct labor.Required:Compute the direct materials price and efficiency variances.Compute the direct labor price and efficiency variances.Compute the variable overhead price and efficiency variances.Note: For all requirements, enter your answers in whole dollars. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.
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