Cost of Direct Materials Used in Production for a Manufacturing Company Walker Manufacturing Company reported the following materials data for the month ending June 30: Materials purchased $215,500 Materials inventory, June 1 68,000 Materials inventory, June 30 56,700 Determine the cost of direct materials used in production by Walker during the month ended June 30.

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.