Accounting procedures allow a business to evaluate their inventory costs based o

Question

Accounting procedures allow a business to evaluate their inventory costs based on two methods: LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated its finished goods inventory (in $000s) for five products with the LIFO and FIFO methods. To analyze the difference, they computed (FIFO - LIFO) for each product. Based on the following results, does the LIFO method result in a lower cost of inventory than the FIFO method? Product!FIFO (FJUFO (L) 225 221 119 100 100 113 4 212 200 248 245 2 3 5 This example is what type of test? Select one: a. A z test for the mean b. A one-sample test of means C. A two-sample test of means d. A test of proportions e. A paired t-test

Explanation / Answer

Option E is Correct

This is an example of Paired T test because, because both samples are dependent samples

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