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Mamont248 [21]
2 years ago
15

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. We would like to determine if the LIFO method results in a lower cost of inventory than the FIFO method.
Product FIFO (F) LIFO (L)
1 225 221
2 119 100
3 100 113
4 212 200
5 248 245
What are the degrees of freedom
Mathematics
1 answer:
ivanzaharov [21]2 years ago
8 0

Answer: The FIFO method result in lower cost of inventory than the LIFO method.

Step-by-step explanation:

In the FIFO method old inventories are used to determine cost of goods sold (COGS), which result to less income because COGS is lesser, while it is greater in LIFO.

However, in LIFO, old and outdated inventories are valued lower than the present price. It not a good indicator of ending inventory value.

B. To calculate the degree of freedom of the inventory sample given: 1. 225221, 2. 119100, 3. 100113, 4. 212200, 5. 248245.

STEP 1. Find the mean or average of the samples.

Let x be the sample average, and N the sample size which is 5

x = 225221 + 119100 + 100113 + 212200 + 248245/5 = 180975.8

STEP 2. Degree of freedom Df is given as Df = N - 1

Remember, N is the sample size given as 5.

Df = 5 - 1 = 4.

CONCLUSION:

This shows that four numbers from the samples given have the freedom to vary as long as the average remains 180975.8.

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scZoUnD [109]

Answer:

a) P(male=blue or female=blue) = 0.71

b) P(female=blue | male=blue) = 0.68

c) P(female=blue | male=brown) = 0.35

d) P(female=blue | male=green) = 0.31

e) We can conclude that the eye colors of male respondents and their partners are not independent.

Step-by-step explanation:

We are given following information about eye colors of 204 Scandinavian men and their female partners.

              Blue    Brown     Green    Total

Blue        78         23            13          114

Brown     19         23            12          54

Green     11           9             16          36

Total      108       55            41          204

a) What is the probability that a randomly chosen male respondent or his partner has blue eyes?

Using the addition rule of probability,

∵ P(A or B) = P(A) + P(B) - P(A and B)

For the given case,

P(male=blue or female=blue) = P(male=blue) + P(female=blue) - P(male=blue and female=blue)

P(male=blue or female=blue) = 114/204 + 108/204 − 78/204

P(male=blue or female=blue) = 0.71

b) What is the probability that a randomly chosen male respondent with blue eyes has a partner with blue eyes?

As per the rule of conditional probability,

P(female=blue | male=blue) = 78/114

P(female=blue | male=blue) = 0.68

c) What is the probability that a randomly chosen male respondent with brown eyes has a partner with blue eyes?

As per the rule of conditional probability,

P(female=blue | male=brown) = 19/54

P(female=blue | male=brown) = 0.35

d) What is the probability of a randomly chosen male respondent with green eyes having a partner with blue eyes?

As per the rule of conditional probability,

P(female=blue | male=green) = 11/36

P(female=blue | male=green) = 0.31

e) Does it appear that the eye colors of male respondents and their partners are independent? Explain

If the following relation holds true then we can conclude that the eye colors of male respondents and their partners are independent.

∵ P(B | A) = P(B)

P(female=blue | male=brown) = P(female=blue)

or alternatively, you can also test

P(female=blue | male=green) = P(female=blue)

P(female=blue | male=blue) = P(female=blue)

But

P(female=blue | male=brown) ≠ P(female=blue)

19/54 ≠ 108/204

0.35 ≠ 0.53

Therefore, we can conclude that the eye colors of male respondents and their partners are not independent.

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If f(x)=3x-7, find f(x)=2
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Answer:

x = 2

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