Suppose a Uniform Random Variable Can Be Used to Describe

question 30

Multiple Choice

Suppose a uniform random variable can be used to describe the outcome of an experiment with the outcomesranging from 30 to 70. What is the probability that this experiment results in an outcome less than 40?

• A) 0.25
• B) 0.1
• C) 0.31
• D) 1

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Definitions:

Periodic Inventory System

An inventory system that updates inventory records and calculates cost of goods sold at the end of a reporting period, rather than continuously.

LIFO

Last In, First Out refers to an approach for evaluating inventory in which the items that were produced last are considered to be the first ones sold.

Weighted-Average Cost

A calculation used in inventory management and cost accounting that takes into account the varying costs of goods and determines an average cost for the goods sold.

Periodic Inventory System

An inventory system that updates inventory balances after a specific period, calculating COGS by a physical count.