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Exercise on Inventory Pricing Assume your inventory is as follows Lot Designation Number In lot Remaining Date of purchase Price/item A 90 1 Jan $85 B 75 1 Feb $83 C 85 3 Mar $87 D 100 4 April $86 E 90 1 May $86 F 100 2 June $89 Assuming all these are the items in inventory and were placed there on the dates shown: 1. What would be the price under Last in First Out (LIFO) for 25 items taken from inventory on 2 March? 2. What would be the price under First in First Out (FIFO) for 25 parts pulled on 1 May? 3. Calculate the weighted average for this part using lots A-C only 4. Assume it is 4 April. Calculate the moving average if all of lot A have been used, 50 from lot B remain, none from C have been pulled and 100 are added with lot D.
What are the 5 steps involved in hypothesis testing using the traditional/classical method; Can you use a simple real world example to explain it.
A random sample of 25 days' receipts is chosen for an audit. What is the probability that the sample mean is larger than $2,220?
Using z-scores, a population with m = 37 and s = 6 is standardized so that the new mean is m = 50 and s = 10. How does an individual's z-score in the new distribution compare with his/her z-score in the original population?
A researcher is evaluating the influence of a treatment using a sample selected from a normally distributed population with a mean of µ = 80 and a standard deviation of σ = 20. The researcher expects a 12 point treatment effect and plans to use a ..
If writing scores for population have standard deviation of σ = 20, does sample give adequate evidence to conclude that new composition course has significant effect?
At the 5% level of significance, can we infer that the population mean weight of athletic men is lower than the population mean weight of non-athletic men by more than 2 pounds?
How large a sample should he take to be within 200£ of the actual average with 99% confidence? He assumes the standard deviation of total monthly deposits for all customers is about 1000£.
Construct a 99% confidence interval for the mean bill of a customer. A) [31.355, 32.645] B) [29.747, 34.253] C) [29.421, 34.579] D) [29,740, 34.260] E) [28.570, 35.570].
Construct a hypothesis test to determine whether the average weight of a Smoky Bear moving van is more that 12,000 lb. Us a 5% level of significance.
Shank's Inc., a nationwide advertising firm, wants to know whether the size of an advertisement and the color of the advertisement make a difference in the response of magazine readers.
It has been reported that 3% of all cars on the highway are traveling at speeds in excess of 70 mph. If the speeds of four random automobiles are measured via radar, what is the probability that at least one car is going over 70 mph?
A quality inspector is interested in the time spent replacing defective parts in one of the company's products. The average time spent should be at most 20 minutes per day according to company standards.
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