How does adding product and package weights affect shipping settings?

Macadelico
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I have some questions if i add my weight in shipping settings of my package and then add my weight of my product on my product variants will it automatically merge the two weights together to get accurate shipping for various shipping options?

 

Another question, my product weight for example is 1lb and 6.7 oz. how can i input that onto my product weight when it only gives me lbs,oz,kg and g options at a time? 

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