University Florists Makes Bouquets from a Variety of Materials

question 36

Essay

University Florists makes bouquets from a variety of materials. The Daily Special Bouquet is priced at $20. The florist assembles this bouquet each day from a variety of low cost flowers he buys from his flower supplier. The actual cost of flowers ranges uniformly from $2 to $7, with all intermediate values being equally likely. The florist (who studied management science many years ago) knows that the time to assemble a bouquet is normally distributed with a mean time of 5 minutes and standard deviation of 1 minute. This will be the time required for all of the Daily Special Bouquets for that day. The florist values his labor time at $10 per hour. Sales are normally distributed with a mean of 10 bouquets per day with a standard deviation of 1 bouquet. What formulas should go in cells B8:B14 to simulate daily profits for the store?

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Definitions:

Vendor Section

A designated area within a software application or platform where information and transactions related to suppliers are managed.

Customers List

A record or database that contains information about a business's customers, including contact information and transaction history.

Create Invoices

The process of generating bills for goods or services provided, requesting payment from customers.

Sales Account

An account in the general ledger that records the revenue from goods sold or services rendered to customers.