The Total Daily Sales, X, in the Deli Section of Carter

question 7

Short Answer

The total daily sales, x, in the deli section of Carter, a local market in Big Rapids, is the sum of the sales generated by a fixed number of customers who make purchases on a given day.
Is the sampling distribution of the total daily sales approximately normal?
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For this particular market, the average sale per customer in the deli section is $10.50 with = $2.50. If 30 customers make deli purchases on a given day, give the mean and standard deviation of the probability distribution of the total sales, x.
What is the mean?
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What is the standard deviation?
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Definitions:

Inventory Records

Documentation that tracks the quantity, purchase costs, and sale prices of products available for sale, crucial for accurate inventory management and financial reporting.

Periodic Inventory

An inventory system where the inventory level is updated at specific intervals.

Ending Inventory

Ending inventory is the total value of inventory still on hand at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting the goods sold.

LIFO

Last In, First Out (LIFO) is an inventory valuation method which assumes that the most recently produced items are the first to be sold.