Serene Dairy Has Four Product Lines: Sour Cream, Ice Cream

question 51

Multiple Choice

Serene Dairy has four product lines: sour cream, ice cream, yogurt, and butter.The total costs of producing the milk base for the products is $53,000 which has been allocated based on litres of milk base used by each product.Results of July follow: How much are total joint costs of the products?

• A)$33,000
• B)$13,500
• C)$53,000
• D)$12,500

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Definitions:

Simple Random Sample

A segment of a statistical group where every member possesses an identical probability of selection.

Sampling Plan

A strategy that outlines how samples will be collected from a population for the purpose of research or quality control.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, often used to infer about the population.

Standard Deviation

A quantification of the extent to which a group of values is varied or dispersed.