Instruction 11-6
as Part of an Evaluation Program,a Sporting Goods

question 14

True/False

Instruction 11-6
As part of an evaluation program,a sporting goods retailer wanted to compare the downhill coasting speeds of four brands of bicycles.She recorded three trials of each brand and determined their maximum downhill speeds.The results are presented in kilometres per hour in the table below.
$\begin{array}{lcccc}\text { Trial } & \frac{\text { Barth }}{} & \frac{\text { Tomado }}{} & \frac{\text { Reiser }}{} & \frac{\text { Shaw }}{} \\1 & 43 & 37 & 41 & 43 \\2 & 46 & 38 & 45 & 45 \\3 & 43 & 39 & 42 & 46\end{array}$
-Referring to Instruction 11-6,the decision made implies that all four means are significantly different.

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Definitions:

Dollar-Value LIFO

Dollar-value LIFO (Last In, First Out) is an accounting method used for inventory that measures the cost of inventory in dollar terms, adjusting for inflation.

Cost Index

An index that measures the changes in the cost or price of specific goods or services over time.

FIFO Cost

FIFO, or First-In, First-Out, is an inventory valuation method where the costs of the earliest goods purchased or produced are the first to be recognized in determining cost of goods sold.

Dollar-Value LIFO

An inventory valuation method under Last-In, First-Out principle, adjusting for changes in price level or inflation, allowing for a more accurate financial analysis over time.