19. Craighead Products made the following purchases of fuel tanks during the year: 25 at $270 each, 40 at $330 each, 15 at $217 each, and 30 at $284 each. An inventory shows that 45 fuel tanks remain. Find the inventory value using the weighted-average method. [8.4]
Inverse Normal Distribution
The method used for finding the corresponding z-critical value in a normal distribution using the known probability is said to be an inverse normal distribution. The inverse normal distribution is a continuous probability distribution with a family of two parameters.
Mean, Median, Mode
It is a descriptive summary of a data set. It can be defined by using some of the measures. The central tendencies do not provide information regarding individual data from the dataset. However, they give a summary of the data set. The central tendency or measure of central tendency is a central or typical value for a probability distribution.
Z-Scores
A z-score is a unit of measurement used in statistics to describe the position of a raw score in terms of its distance from the mean, measured with reference to standard deviation from the mean. Z-scores are useful in statistics because they allow comparison between two scores that belong to different normal distributions.
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19. Craighead Products made the following purchases of fuel tanks during the year: 25 at
$270 each, 40 at $330 each, 15 at $217 each, and 30 at $284 each. An inventory shows that
45 fuel tanks remain. Find the inventory value using the weighted-average method. [8.4]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F6642ca7b-d299-4174-84f6-d3b067b52177%2F6dcc2d0a-239a-4781-a85b-c6db2f972fe6%2Fqypw2r_processed.jpeg&w=3840&q=75)
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