The Next Questions Are Based on the Following Information

question 30

Multiple Choice

The Next Questions Are Based On The Following Information:
The manufacturer of a new chewing gum claims that at least 80% of dentists surveyed prefer their type of gum and recommend it for their patients who chew gum.An independent consumer research firm decides to test their claim.The findings in a sample of 200 dentists indicate that 74.1% of the respondents do actually prefer their gum.
-Which of the following statements is most accurate?

• A)Fail to reject the null hypothesis at α ≤ 0.10
• B)Reject the null hypothesis at α = 0.05
• C)Reject the null hypothesis at α = 0.10,but not 0.05
• D)Reject the null hypothesis at α = 0.01

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Definitions:

Inventory Costing

The approach employed for inventory valuation, incorporating methods such as FIFO (First In, First Out), LIFO (Last In, First Out), and the weighted average cost technique.

Gross Profit

The difference between revenue and the cost of goods sold, indicating the basic profitability of a company's core business activities.

FIFO

FIFO, or "First-In, First-Out," is an inventory valuation method wherein the oldest inventory items are recorded as sold first.

Inventory Costing Methods

Various approaches to valuing inventory, including First-In, First-Out (FIFO); Last-In, First-Out (LIFO); and Weighted Average Cost.