A Change in the Method of Inventory Pricing from FIFO

question 13

Multiple Choice

A change in the method of inventory pricing from FIFO to LIFO would be accounted for as a (an) :

• A) Part of discontinued operations
• B) Part of gross profit
• C) Change in accounting principle
• D) Change in estimate.

---

Definitions:

Muscle Contraction

The process where muscle fibers shorten and generate force, leading to movement or the maintenance of a stationary position.

Confidence Interval

A set of values, calculated from sample data, expected to encompass an unknown parameter of a population, with a specified confidence level.

Population Proportions

The fraction or percentage of members in a population that possess a particular attribute or characteristic.

Normally Distributed

Describes a distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.