What is the sample mean of the following cost data?
Supplier: Cost of Sonar Inspection Unit
CUES:$ 80,000
RedZone: $ 92,500
Olsen Equipment: $ 92,500
Envirosight: $ 100,200
Collins: $ 140,000

Question

Quizplus · Accepted Answer

The sample mean of the cost data provided is $101,040. The sample mean is the "average" of the values provided. The mean is calculated by summing the costs and dividing the total sum by the number of costs (n).
Solution: mean = ($80,000 + 92,500 + 92,500 + 100,200 + 140,000)/5
= $101,040

What Is the Sample Mean of the Following Cost Data