Solve the Problem Consider These Board Members to Be a Population of Interest

question 10

Short Answer

Solve the problem.
-The ages of six members on a board of directors of a nonprofit organization are shown
below. $\begin{array}{r|rrrrrr}\text { Member } & \text { A } & \text { B } & \text { C } & \text { D } & \text { E } & \text { F } \\\hline \text { Age } & 42 & 60 & 68 & 62 & 66 & 43\end{array}$
Consider these board members to be a population of interest. The table below shows all of the possible samples of size two. For each sample, the people in the sample, their ages, and the sample mean are listed. Use the table to find the mean of the variable $\bar { x }$ .
$\begin{array}{c|c|c}\text { Sample } & \text { Ages } & \bar{x} \\\hline \text { A, B } & 42,60 & 51 \\\text { A, C } & 42,68 & 55 \\\text { A, D } & 42,62 & 52 \\\text { A, E } & 42,66 & 54 \\\text { A, F } & 42,43 & 42.5 \\\text { B, C } & 60,68 & 64 \\\text { B, D } & 60,62 & 61 \\\text { B, E } & 60,66 & 63 \\\text { B, F } & 60,43 & 51.5 \\\text { C, D } & 68,62 & 65 \\\text { C, E } & 68,66 & 67 \\\text { C, F } & 68,43 & 55.5 \\\text { D, E } & 62,66 & 64 \\\text { D, F } & 62,43 & 52.5 \\\text { E, F } & 66,43 & 54.5\end{array}$

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Definitions:

Merchandise Inventory

Goods and products that a business holds in stock with the intent of selling them to customers.

FIFO

First-In, First-Out, an inventory valuation method where the first items placed in inventory are the first sold.

LIFO

An inventory valuation approach called Last In, First Out dictates that the newest items in inventory are the first to be accounted for as sold or used.

Cost of Goods Sold

Cost of Goods Sold represents the direct costs attributable to the production of the goods sold by a company, including material, labor, and overhead costs.