Accounting Procedures Allow a Business to Evaluate Their Inventory at LIFO

question 76

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 $1000) 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) +2.571
• B) ±2.776
• C) +2.262
• D) ±2.228
• E) +2.132

---

Definitions:

Adherence

The act of sticking closely to instructions, rules, or guidelines.

Resistance

The opposition or pushback by individuals or groups towards proposals, changes, or authoritative decisions within organizations.

Compliance

The act of adhering to rules, standards, or laws, often within regulatory, policy, or organizational contexts.

Adherence

Maintaining loyalty or commitment to a plan, decision, or instruction, especially in the context of health, policies, or personal goals.