The following information is available for Digital Image Corporation for the year ended December 31, 2013:
Ending inventory:
a. Compute gross margin as it would appear on the income statement valuing ending inventory at historical cost.
b. Compute gross margin as it would appear on the income statement valuing ending inventory at lower-of-cost-or-net-realizable-value.
Definitions:
Test Validity
The extent to which a test accurately measures what it is supposed to measure.
Reliability
The extent to which a measurement instrument yields reliable and uniform outcomes.
Validity
The degree to which an idea, inference, or measurement is substantiated and probably accurately reflects reality.
Reliability
How much a testing tool delivers steady and dependable results throughout time.
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