Accounting Procedures Allow a Business to Evaluate Their Inventory at LIFO

question 75

Multiple Choice

Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First Out) or FIFO (First In First Out) .A manufacturer evaluated its finished goods inventory (in $ thousands) for five products both ways.Based on the following results,is LIFO more effective in keeping the value of his inventory lower? If you use the 5% level of significance,what is the critical t value?

• A)+2.132
• B)\(\pm\)2.776
• C)+2.262
• D)\(\pm\)2.228

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