THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING

question 91

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING:
It is known that 70% of the customers in a sporting goods store purchase a pair of running shoes.A random sample of 25 customers is selected.Assume that customers' purchases are made independently,and let X represent the number of customers who purchase running shoes.(Hint: Solve using Excel. )
-What is the probability that no more than 19 customers purchase running shoes?

---

Definitions:

Absorption Costing

An accounting method that includes all of the costs associated with manufacturing a product in the product's cost.

Closing Inventory

The value of the goods remaining unsold at the end of an accounting period, which becomes the opening inventory for the next period.

Finished Goods

Goods that have gone through the entire manufacturing cycle and are prepared for customer acquisition.

Standard Costs

Preset costs for materials, labor, and overhead used to measure the performance of manufacturing activities against planned costs.