Accounting Procedures Allow a Business to Evaluate Their Inventory at LIFO

question 24

Multiple Choice

Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First Out) or FIFO (First In First Out) . A manufacturer evaluated its finished goods inventory (in $1000) for five products both ways. Based on the following results, is LIFO more effective in keeping the value of his inventory lower? This example is what type of test?

• A) One sample test of means.
• B) Two sample test of means.
• C) Paired t-test.
• D) Test of proportions.

---

Definitions:

Fraternal Twins

Also known as dizygotic twins, these are siblings born at the same time who have developed from two different eggs fertilized by two different sperm, thus they are genetically distinct and not identical.

Behavioral Geneticists

Behavioral geneticists study the role of genetics in influencing human behavior, including how genes interact with the environment to affect individual differences.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring.

Genes And Environment

The interplay between genetic predispositions and environmental factors that influence the development and behavior of organisms.