THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 246

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
The following numbers represent the distance,in miles,that randomly selected ten employees of a firm must travel each way to work from home: 6.5,14.8,18.6,6.5,17.4,12.3,1.9,12.9,11.1,and 8.0.
-Calculate the mean number of miles driven by the ten employees.

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Definitions:

Weighted Average

It's a calculation that takes into account the varying degrees of importance of the numbers in a data set, often used in determining the cost of inventory.

Erratic Changes

Unpredictable fluctuations that do not follow a set pattern or trend, often affecting financial markets or economic conditions.

Inventory Cost Method

An accounting technique used to determine the value of a business's inventory and cost of goods sold, such as FIFO (First In, First Out) or LIFO (Last In, First Out) methods.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenues, indicating financial performance over a specific period.