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Aleksandr-060686 [28]
3 years ago
10

The mean amount spent by a family of four on food per month is $700 with a standard deviation of $85. Assuming that the food exp

enditures are normally distributed, what is the proportion of families of four that spend more than $900 per month?
Business
1 answer:
Soloha48 [4]3 years ago
3 0

Answer:

0.93% of the persons spend above 900 dollars on food per month

Explanation:

Pz = (X - mean) / standard deviation

Pz = (900-700)/85 = 2,3529

Now we look for the value of a Pz of 2.35 in a normal distribution table to know the accumulated persons which are below 900 per month

PZ 2.3529 = 0.99068721

there is a 0.99068721 of the population which spend  less than 900 per month on food

We now do 1 - 0.99068721 = 0,00931279‬ = 0.93% this is the percentage of person who spend above 900 dollar per month on food

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3 years ago
How can specialization benefit both producers and consumers in a free market economy?
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Specialization benefits buyers and sellers. Focusing on a limited number of related products or services allows them to use capital and labor more efficiently.So , buyers get better products at lower price and sellers sell more products and they manufacture more products at lower costs.
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3 years ago
An ice cream manufacturer makes ice cream in two processes, Mixing and Packaging. During April, its first month of business, the
Mazyrski [523]

Based on the sales revenue that the ice cream manufacturer got and the cost of goods sold, the total gross profit on ice cream sales is $300,000.

<h3>How is the total gross profit calculated?</h3>

This can be found as:

= Sales revenue - Cost of goods sold

Sales revenue:

= 200,000 x 4.70

= $940,000

Cost of goods sold:

= Total production cost / Total units produced x Units sold

= 665,600 / 208,000 x 200,000

= $640,000

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3 0
1 year ago
Rebel Sound Inc. produced 30,000 audio devices last month. Rebel started the month with $10,000 worth of inventory in Finished G
Arada [10]

Answer:

$120,000

Explanation:

Step 1 Prepare a Cost of Manufacturing Schedule

Materials ($50000-$6,000)                              $44,000

Various utility and rent charges on factory       $15,000

Salaries and Wages                                           $60,000

Other Costs(Balancing figure)                           $35,000

Less Work in Process                                       ($24,000)

Cost of Goods Manufactured                           $120,000

Step 2 Prepare a cost of Goods Sold Schedule

Opening  inventory in Finished Goods             $10,000

Add Cost of Goods Manufactured                  $120,000

Less Closing  inventory in Finished Goods      ($5,000)

Cost of Goods Sold                                          $125,000

7 0
3 years ago
Compton Company expects the following total sales: Month Sales March $ 37,000 April $ 27,000 May $ 21,000 June $ 32,000 The comp
Rina8888 [55]

Answer:

$11,025

Explanation:

From May sales, Total Credit sales = $21,000*70% = $14,700

Cash Collected in May (for sales) = Total Credit sales * 25%

Cash Collected in May = $14,700*25%

Cash Collected in May = $3,675

Accounts Receivables Balance = Total Credit sales (May) - Cash Collected in May

Accounts Receivables Balance = $14,700 - $3,675

Accounts Receivables Balance = $11,025

So, the budgeted accounts receivable balance on May 31 is $11,025.

5 0
2 years ago
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