Use the Following Information for Boxter, Inc A)$535
B)$85
C)$42
D)$58

question 150

Multiple Choice

Use the following information for Boxter, Inc., Clifford Company, Danforth Industries, and Evans Services to answer the question "What is Danforth's LIFO reserve for 2016?" $\begin{array}{|l|c|c|c|c|}\hline {\text { (amounts in \$ millions) }} & \text { Boxter } & \text { Clifford } & \text { Danforth } & \text { Evans } \\\hline \text { Inventory Method for 2016 \& 2017 } & \text { LIFO } & \text { FIFO } & \text { LIFO } & \text { FIFO } \\\hline 2016 \text { Ending inventory assuming LIFO } & \$ 324 & \text { N/A } & \$ 225 & \text { N/A } \\\hline 2016 \text { Ending inventory assuming FIFO } & \$ 427 & \$ 535 & \$ 310 & \$ 663 \\\hline 2017 \text { Ending inventory assuming LIFO } & \$ 436 & \text { N/A } & \$ 167 & \text { N/A } \\\hline 2017 \text { Ending inventory assuming FIFO } & \$ 578 & \$ 612 & \$ 209 & \$ 542 \\\hline \begin{array}{c}2016 \text { Current assets } \\\text { (reported on balance sheet) }\end{array} & \$ 1,677 & \$ 2,031 & \$ 1,308 & \$ 2,748 \\\hline 2016 \text { Current liabilities } & \$ 987 & \$ 1,209 & \$ 545 & \$ 1,200 \\\hline \begin{array}{l}2017 \text { Current assets } \\\text { (reported on balance sheet) }\end{array} & \$ 2,225 & \$ 2,605 & \$ 1,100 & \$ 2,390 \\\hline 2017 \text { Current liabilities } & \$ 1,306 & \$ 1,410 & \$ 465 & \$ 1,000 \\\hline 2017 \text { Cost of goods sold } & \$ 4,678 & \$ 1,410 & \$ 465 & \$ 1,000 \\\hline\end{array}$

• A)$535
• B)$85
• C)$42
• D)$58

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Definitions:

Blocking

A technique used in experimental design to reduce sources of variability within a test by grouping experimental units that are similar in ways that are expected to affect the response to the treatments.

Extraneous Factors

These are variables that affect the relationship between the independent and dependent variables but are not the variables of interest in the study.

Two-way ANOVA

Two-way ANOVA is a statistical test that analyzes the effect of two independent categorical variables on a dependent variable, allowing for the assessment of interactions between factors.

Treatments

In experimental design, refers to the different conditions applied to groups of subjects to observe their effects on some outcome.