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Mary collected data on women's summer Olympic 100 meter winning times and performed the trend analysis shown below.Describe the data and discuss her fitted trend's adequacy for making a 2008 forecast.What trend alternative(s),if any,might be preferred? Explain your reasoning.
Conservatism
An accounting principle that requires uncertainties and risks to be accounted for by reporting lower potential profits and higher liabilities.
Replacement Cost
The cost to replace an asset at its current market price, often used in insurance and accounting.
Inventory
The total amount of goods or materials a company has in stock for sale or production.
LIFO Method
Last In, First Out method; an inventory valuation method where the last items added to inventory are assumed to be sold first.
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