Answer:
Step-by-step explanation:
Answer:
Just Between Friends
The percentage of consignors who receive a check for more than $370 is:
= 16%.
Step-by-step explanation:
Mean of consignor check, μ = $480
Standard deviation, σ = $110
Value of check received, x > $370
Solution: find the z-score to determine the percentage of consignors who receive a check for more than $370:
z = (x-μ)/σ
z= ($370 - $480)/$110
z = -$110/$110
z = -1.00
Percentage of consignors who receive a check for more than $370
= 0.15866
= 0.16
= 16%
Cost of goods = 1,500
Selling expense = 500
Total cost in selling = 1500 + 500 = 2000
Profit = Total Revenue - Total cost in selling = 3000 - 2000 = 1000
Profit = 1000
Hope this explains it.
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