Furnco sells secretarial chairs. Annual demand is normally distributed, with mean of 1,040 chairs and standard deviation of 50.99 chairs. Furnco orders its chairs from its flagship store. It costs $100 to place an order, and the lead time is two weeks. Furnco estimates that each stockout causes a loss of $50 in future goodwill. Furnco pays $60 for each chair and sells it for $100. The annual cost of holding a chair in inventory is 30% of its purchase cost.

determine the reorder point that yields 80%, 90%, 95%, and 99% values of SLM. What reorder point would yield an average of two stockouts per year?

There are two major tests of readiness for college: the act and the sat. act scores are reported on a scale from 1 to 36. the distribution of act scores in recent years has been roughly normal with mean µ = 20.9 and standard deviation s = 4.8. sat scores are reported on a scale from 400 to 1600. sat scores have been roughly normal with mean µ = 1026 and standard deviation s = 209. reports on a student's act or sat usually give the percentile as well as the actual score. the percentile is just the cumulative proportion stated as a percent: the percent of all scores that were lower than this one. tanya scores 1260 on the sat. what is her percentile (± 1)?