Basic inventory data for April 30 are presented below for a business that employs the lower-of-cost-or-market basis of inventory valuation to each category. 
What is the amount of reduction in the inventory at April 30 attributable to market decline?
Definitions:
Acceptance
The act of agreeing that something is satisfactory or adequate, often referring to the acceptance of hypotheses or theories based on evidence.
Statistic Probability
The likelihood of an event occurring based on the analysis of a set of predefined numerical data.
Null Hypothesis
In statistical testing, it's the presumption that there is no effect or difference among groups or variables being studied.
Probability
A numerical value ranging from 0 to 1, representing the chance of an event's occurrence.
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