THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION

question 147

Essay

THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
You have recently joined a country club.Suppose that the number of times you expect to play golf in a month is represented by a normally distributed random variable with a mean of 10 and a standard deviation of 2.4.
-The number of orders that come into a mail-order sales office each month is normally distributed with a mean of 298 and a standard deviation of 15.4.For a particular sample size,the probability that the sample mean exceeds 300 is 0.2.How big must the sample be?

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Definitions:

Inventory Cost

The cost associated with acquiring, storing, and managing inventory including purchase price, warehousing, and handling costs.

Dollar-Value LIFO Retail Inventory Method

An inventory valuation method that uses the last-in, first-out (LIFO) principle combined with dollar values, adjusting for changes in the price level.

Price Index

A statistical measure that examines the weighted average of prices of a basket of consumer goods and services, showing trends in inflation or deflation.

Inventory Value

The total cost or market value of all the goods held by a company that are available for sale.