Accounting Procedures Allow a Business to Evaluate Its Inventory Costs

question 55

Multiple Choice

Accounting procedures allow a business to evaluate its inventory costs based on two methods: LIFO (last in first out) or FIFO (first in first out) . A manufacturer evaluated its finished goods inventory (in $000s) for five products with the LIFO and FIFO methods. To analyze the difference,they computed FIFO − LIFO for each product. We would like to determine if the LIFO method results in a lower cost of inventory than the FIFO method. What is the value of calculated t?

• A)+0.933
• B)±2.776
• C)+0.47
• D)−2.028

Distinguish between categorical and quantitative data variables.

Interpret graphical representations of data (e.g., histograms, pie charts, bar graphs, stemplots, line graphs).

Evaluate the distribution features of quantitative data, including shape, center, spread, symmetry, skewness, and outliers.

Identify appropriate methods for displaying different types of data.

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