Valuation of Inventory

Nonfiction, Social & Cultural Studies, Social Science, Statistics
Cover of the book Valuation of Inventory by Homework Help Classof1, Classof1
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Author: Homework Help Classof1 ISBN: 1230000120874
Publisher: Classof1 Publication: April 10, 2013
Imprint: Language: English
Author: Homework Help Classof1
ISBN: 1230000120874
Publisher: Classof1
Publication: April 10, 2013
Imprint:
Language: English

"A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory.  A random sample of 100 greeting cards indicates a mean value  of $2.55 and a standard deviation of $0.44.
a. Assuming  a normal  distribution, construct a 95% confidence interval estimate of the mean value of all greeting cards in the store’s inventory.
b. Suppose there were 2,500 greeting cards in the store’s inventory. How are the results in (a) useful in assisting the store owner to estimate the total value of her inventory?
"

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"A stationery store wants to estimate the mean retail value of greeting cards that it has in its inventory.  A random sample of 100 greeting cards indicates a mean value  of $2.55 and a standard deviation of $0.44.
a. Assuming  a normal  distribution, construct a 95% confidence interval estimate of the mean value of all greeting cards in the store’s inventory.
b. Suppose there were 2,500 greeting cards in the store’s inventory. How are the results in (a) useful in assisting the store owner to estimate the total value of her inventory?
"

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