Solve the Problem

question 190

Multiple Choice

Solve the problem. Round results to the nearest hundredth.
-A department store, on average, has daily sales of $28,372.72. The standard deviation of sales is $2000. On Tuesday, the store sold $34,885.21 worth of goods. Find Tuesday's z score. Was Tuesday an unusually good
Day?

• A) 3.26, yes
• B) 3.57, yes
• C) 3.42, no
• D) 2.61, no

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Definitions:

Cost Flow Assumptions

Accounting principles that dictate how the cost of goods sold and ending inventory values are calculated, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

LIFO

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

FIFO

"First-In, First-Out," an inventory valuation method where goods first purchased or produced are the first to be sold or used.

Weighted Average

Weighted average is a calculation that takes into account the varying degrees of importance of the numbers in a dataset, assigning weights to some of the numbers more than others.