Selected accounts and amounts appear below.Journalize the closing entry,assuming a perpetual inventory system.
Definitions:
Unbiased Estimator
A statistical estimator whose expected value equals the true value of the parameter it estimates.
Sample Mean
The arithmetic average of a set of sample values, used as an estimate of the population mean.
Population Mean
The average value of a characteristic in the entire population of interest.
Unbiased Estimator
A statistic used to estimate a population parameter that is expected to be equal to the true parameter value on average.
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