Davenport Merchandising Company Uses the FIFO Periodic Method of Cost

question 64

Multiple Choice

Davenport Merchandising Company uses the FIFO periodic method of cost assignment. The following data are available: The value of the ending inventory will be:

• A) $2400.
• B) $4800.
• C) $5866.
• D) $6400.

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, often used to estimate the accuracy of sample mean as an approximation of the population mean.

Means

The arithmetic averages of a set of numbers or data points.

N = 11

A statement indicating a sample size, or total number of observations, equals to eleven.

Critical Value

A threshold in statistics above or below which a statistical result is considered significant.