For the Past 50 Days,daily Sales of Laundry Detergent in a Large

question 48

Essay

For the past 50 days,daily sales of laundry detergent in a large grocery store have been recorded (to the nearest 10). $$\begin{array} { c c } \text { Units Sold } & \text { Number of Times } \\\hline 30 & 8 \\40 & 12 \\50 & 15 \\60 & 10 \\70 & 5\end{array}$$
a.Determine the relative frequency for each number of units sold.
b.Suppose that the following random numbers were obtained using Excel:.12.96.53.80.95.10.40.45.77.29Use these random numbers to simulate 10 days of sales.

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Definitions:

Merchandise Inventory

The total value of a company's goods that are ready for sale at any given time, including both finished goods and goods in various stages of production.

Consigned Goods

Items that are sent by their manufacturer to a third party, but still remain the property of the manufacturer until sold.

Goods in Transit

Items that have been shipped by a seller but have not yet been received by the buyer.

Days' Sales in Inventory

A measure of how quickly inventory is sold and replaced over a period, calculated by dividing the ending inventory by the cost of goods sold and multiplying by 365.