Pierre's Motorized Pirogues and Mudboats is setting up an acceptance sampling plan for the special air cleaners he manufactures for his boats.His specifications,and the resulting plan,are shown on the POM for Windows output below.In relatively plain English (someone else will translate for Pierre),explain exactly what he will do when performing the acceptance sampling procedure,and what actions he might take based on the results. 
Definitions:
Base Year Cost
The initial cost of an asset or investment, used as a reference point to measure the cost growth or performance over time.
Price Index
A statistical measure that shows changes in the price level of a basket of consumer goods and services over time, used to gauge inflation or deflation.
Dollar-Value LIFO
An inventory valuation method that uses the last-in, first-out (LIFO) principle, but accounts for changes in inventory value due to inflation by measuring inventory in dollar amounts rather than units.
Year-End Price
The market price of a stock or any other security on the last trading day of the year.
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