Examlex
i. 90% of total variation in the dependent variable is explained by the independent variable for a multiple R2 = 0.90. ii. The multiple standard error of estimate measures the variation about the regression plane when two independent variables are considered.
iii. The multiple coefficient of determination, R2, reports the proportion of the variation in Y that is not explained by the variation in the set of independent variables.
LIFO
"Last In, First Out," an inventory valuation method where the most recently acquired items are the first to be sold, affecting cost of goods sold and inventory valuation.
FIFO
"First In, First Out," an inventory valuation method where goods first added to inventory are the first to be sold or used.
Gross Profit
A company's revenue minus its cost of goods sold, indicating the efficiency of its core operation excluding overhead.
LIFO
"Last In, First Out," an inventory valuation method where the last items added to inventory are the first to be used or sold.
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