Concept explainers
Goods that a company has in its possession at any given time are known as __________. (16-1)
To fill: The blank space in the statement, “Goods that a company has in its possession at any time are known as _____”.
Answer to Problem 1CR
Solution:
The complete statement is “Goods that a company has in its possession at any time are known as inventory”.
Explanation of Solution
Inventory term is generally used to describe the goods that a company has in its possession at any given time.
It also refers to goods that are in various stages of being made ready for sale.
Therefore for companies involved in manufacturing inventories are divided into:
Raw materials (used to make other products)
Partially completed products (in process of being made)
Finished goods (that are available to sale)
Thus, goods that a company has in its possession at any time are known as inventory.
Want to see more full solutions like this?
Chapter 16 Solutions
Contemporary Mathematics for Business & Consumers
- 55 5.5 A glass bottle manufacturing company has recorded data on the average number of defects per 10,000 bottles due to stones (small pieces of rock embedded in the bottle wall) and the number of weeks since the last furnace overhaul. The data are shown below. Defects per 10,000 Weeks 13.0 4 16.1 5 14.5 6 17.8 7 22.0 8 27.4 9 16.8 10 65.6 ☐☐ Defects per 10,000 Weeks 34.2 11 12 49.2 13 66.2 81.2 87.4 14 15 16 114.5 17 a. Fit a straight-line regression model to the data and perform the standard tests for model adequacy. b. Suggest an appropriate transformation to eliminate the problems encoun- tered in part a. Fit the transformed model and check for adequacy.arrow_forwardAn article describes an experiment in which several types of boxes were compared with respect to compression strength (lb). The table below presents the results of a single-factor ANOVA experiment involving I = 4 types of boxes. Type of Box Compression Strength (lb) Sample Mean Sample SD 1 655.5 788.3 734.3 721.4 679.1 699.4 713.00 46.55 2 3 789.2 772.5 786.9 686.1 732.1 774.8 737.1 639.0 696.3 671.7 717.2 727.1 756.93 40.34 4 535.1 628.7 542.4 559.0 586.9 520.0 698.07 562.02 37.20 39.87 ЛUSE SALT Suppose that the compression strength observations on the fourth type of box had been 648.1, 741.7, 655.4, 672.0, 699.9, and 633.0 (obtained by adding 113 to each previous X4;). Assuming no change in the remaining observations, carry out an F test with α = 0.05. State the appropriate hypotheses. O Ho M₁ =μ₂ = μ3 = μ4 Ha at least two μ's are unequal Ho: M₁ = μ2 #M3 #μ4 H₂: all four μ's are equal O Ho M₁ = M2 = μ3 = μ4 Ha all four μ's are unequal # = O Ho: M1 M2 M3 & M4 Ha at least two μ's are…arrow_forwardFind the domain of each function. f(x) = tan 2x - πT 6arrow_forward
- One estimate of the proportion of children with autism in the United States is 1 in 100 (Source: http://www.cbsnews.com/stories/2009/10/05/health/main5363192.shtml). Suppose you are interested in the rate of autism among current school-aged children in Utah. You collect a sample of 400 children between the ages of 5 and 18 and find that three have had a previous diagnosis of an autism disorder. You plan to calculate a 95% confidence interval estimator of the proportion of school-aged children in Utah who have ever had a diagnosis of an autism disorder. Which of the following is the most likely reason you would use a Wilson estimator to calculate the confidence interval estimator? It is uncomfortable to define having been diagnosed with autism as a success. It is possible that if even the actual proportion in Utah is 1%, your sample may only have very few children who have had a previous diagnosis of an autism disorder. It is an easier way to calculate the confidence…arrow_forwardIn an experiment to compare the tensile strengths of I = 6 different types of copper wire, J = 5 samples of each type were used. The between-samples and within-samples estimates of σ² were computed as MSTr = 2623.3 and MSE = 1193.2, respectively. Use the F test at level 0.05 to test Ho: μ₁ = M2 μ6 versus Ha: at least two μ's are unequal. = ...= You can use the Distribution Calculators page in SALT to find critical values and/or p-values to answer parts of this question. Calculate the test statistic. (Round your answer to two decimal places.) f = What can be said about the P-value for the test? P-value>0.100 0.050 P-value < 0.100 0.010 P-value < 0.050 0.001 P-value < 0.010 P-value <0.001 State the conclusion in the problem context. Reject Ho. The data indicates there is not a difference in the mean tensile strengths. Fail to reject Ho. The data indicates a difference in the mean tensile strengths. Reject Ho. The data indicates a difference in the mean tensile strengths. Fail to reject…arrow_forwardshow step by step answerarrow_forward
- Write the given third order linear equation as an equivalent system of first order equations with initial values. Use Y1 = Y, Y2 = y', and y3 = y". - - √ (3t¹ + 3 − t³)y" — y" + (3t² + 3)y' + (3t — 3t¹) y = 1 − 3t² \y(3) = 1, y′(3) = −2, y″(3) = −3 (8) - (888) - with initial values Y = If you don't get this in 3 tries, you can get a hint.arrow_forwardThe system of first order differential equations y₁ = -4y1 - 1y2 y2 = 1y1 - 2y2 where y1(0) = −8, y2(0) = 6 has solution yı(t) = Y2(t) =arrow_forwardQuestion 2 1 pts Let A be the value of the triple integral SSS. (x³ y² z) dV where D is the region D bounded by the planes 3z + 5y = 15, 4z — 5y = 20, x = 0, x = 1, and z = 0. Then the value of sin(3A) is -0.003 0.496 -0.408 -0.420 0.384 -0.162 0.367 0.364arrow_forward
- Question 1 Let A be the value of the triple integral SSS₂ (x + 22) = 1 pts dV where D is the region in 0, y = 2, y = 2x, z = 0, and the first octant bounded by the planes x z = 1 + 2x + y. Then the value of cos(A/4) is -0.411 0.709 0.067 -0.841 0.578 -0.913 -0.908 -0.120arrow_forwardProblem 2-6. Need help on why its 1.22arrow_forwardScenario: As a data analyst for a retail company, you are tasked with examining the relationship between televisions screen size, and prices. Your analysis will involve both correlation and regression methods to quantify and interpret this relationship Make a Scatterplot of screen size vs. price. Explain in one sentence, does there appear to be a positive or a negative correlation between price and screen size? Paste a snapshot of the plot here. Please do not copy paste. Question 1: What is the value of correlation coefficient between screen size and price? Discuss the direction of the relationship (positive, negative, or zero relationship). Also discuss the strength of the relationship Estimate the relationship between screen size and price using a simple linear regression model and interpret the estimated coefficients. In your interpretation, tell the dollar amount by which price will change for each unit of increase in screen size. (The answer for the second part of this…arrow_forward
- Algebra & Trigonometry with Analytic GeometryAlgebraISBN:9781133382119Author:SwokowskiPublisher:CengageAlgebra: Structure And Method, Book 1AlgebraISBN:9780395977224Author:Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. ColePublisher:McDougal Littell