Charleston Company has elected to use the dollar-value LIFO retail method to value its inventory.The following data has been accumulated from the accounting records:
Required:
Estimate the ending inventory for December 31,2016.
Definitions:
Distributions
Statistical data arrangements showing the frequencies of potential outcomes or occurrences.
Normal
A term describing data or a distribution that conforms to a normal curve, typically indicating a balanced or typical state.
Standard Scores
Scores that are derived from the process of standardization, allowing different datasets to be compared by converting variables to a common scale.
Debt-equity Ratio
An indicator of a business's debt leverage, computed by dividing the sum of its liabilities by the equity owned by its stockholders.
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