In an Effort to Determine the Average Loaded Weight of Trucks

question 55

Short Answer

In an effort to determine the average loaded weight of trucks leaving a gypsum wallboard plant,a random sample is to be taken from the 600 trucks scheduled for this month.From past studies,the population standard deviation is known to be 2500 lbs.A 95-percent confidence interval is to be used and the average, $\mu$ ,is to be estimated within 500 pounds.Determine the sample size needed.

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Definitions:

Accounts Payable

Liabilities owed by a business to its creditors for goods and services purchased on credit, which are due within a short period.

Debit Memorandum

A document issued by a buyer to a seller indicating returned goods or a request for a price reduction, increasing the buyer's accounts payable.

Sales Returns and Allowances

A reduction in sales revenue for returned goods or provided allowances due to dissatisfaction or defects.

Merchandise Inventory

Goods that a merchandising company holds for the purpose of resale to customers in the ordinary course of business.