Is lifo more effective in keeping value of inventory lower

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Reference no: EM13120311

Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First 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? Product FIFO LIFO. What is the null hypothesis?

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