Is lifo more effective in keeping value of inventory lower

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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?

 

Reference no: EM13120311

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