Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve Weighted Mean (text p. 64-65) The following is a listing of raw material purchases by Acme Manufacturing over the past year: Purchase Cost

please solve

image text in transcribed
Weighted Mean (text p. 64-65) The following is a listing of raw material purchases by Acme Manufacturing over the past year: Purchase Cost Per Pound $ Number of Pounds 3.00 1200 3.40 500 UAWNH 2.80 2750 2.90 1000 3.25 800 Your boss wants you to calculate the mean cost of these raw materials. You could calculate the mean (arithmetic) by adding the five dollar amounts and dividing by 5 to get $3.07 per pound mean cost. However, this would not be the correct answer because you failed to account for the weighting (the number of pounds purchased at each price). Calculate the correct mean value for your boss by figuring the weighted mean cost per pound of this set of purchases

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essential Discrete Mathematics For Computer Science

Authors: Harry Lewis, Rachel Zax

1st Edition

0691190615, 9780691190617

More Books

Students also viewed these Mathematics questions

Question

What does this look like?

Answered: 1 week ago