Accounting procedures allow a business to evaluate their

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Reference no: EM13611158

Accounting procedures allow a business to evaluate their inventory at LIFO (Last In Fi rst Out) or FIFO (First In First Out). A manufacturer evaluated its finished goods inventory (in $ thousands) for five products both ways. Based on the following results, is LIFO more effective in keeping the value of his inventory lower? What is the decision at the 5% level of significance?

Product FIFO LIFO

1 225 221

2 119 100

3 100 113

4 212 200

5 248 245

Reference no: EM13611158

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