In a retail store the stock turnover rate of an item is the number of times that the average inventory of the item needs to be replaced as a result of sales in a given time period. It is an important measure of sales demand and merchandising efficiency. Suppose a retail clothing store maintains an average inventory of 50 shirts of a particular brand. (a) Suppose that the clothing store sells 300 shirts of that brand each year. How many orders of 50 shirts will be needed to replace the items sold? orders (b) What is the annual stock turnover rate for that brand of shirt if the store sells 300 shirts each year? times/yr (c) What would be the annual stock turnover rate if 600 shirts were sold? times/yr (d) Write a formula expressing the annual stock turnover rate as a function of the number of shirts sold. (Let T be the annual stock turnover rate and S the number of shirts sold in a year.) T =
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
In a retail store the stock turnover rate of an item is the number of times that the average inventory of the item needs to be replaced as a result of sales in a given time period. It is an important measure of sales demand and merchandising efficiency. Suppose a retail clothing store maintains an average inventory of 50 shirts of a particular brand.
orders
(b) What is the annual stock turnover rate for that brand of shirt if the store sells 300 shirts each year?
times/yr
(c) What would be the annual stock turnover rate if 600 shirts were sold?
times/yr
(d) Write a formula expressing the annual stock turnover rate as a function of the number of shirts sold. (Let T be the annual stock turnover rate and S the number of shirts sold in a year.)
T =
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
