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Mamont248 [21]
3 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]3 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However, in LIFO, old and outdated inventories are valued lower than the present price.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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Jacob went on a fishing trip. This year he caught 30 fish, which is six more than twice the number he caught last year. How many
NARA [144]

Answer:

12 fish

Step-by-step explanation:

You need to work this problem backwards. If he caught 30 fish, which was six more than twice the number he caught last year, you would start by subtracting six, leaving you with 24. Then you'd have to divide by 2, because it was twice plus six as many fish, which would give you 12 fish.

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cause you add 24, 30, 36

then divide it by 3

that is how i learnt it

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3 years ago
The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 21 people reveals the mean yearly consum
PIT_PIT [208]

Correct question is;

The U.S. Dairy Industry wants to estimate the mean yearly milk consumption. A sample of 21 people reveals the mean yearly consumption to be 74 gallons with a standard deviation of 16 gallons.

a. What is the value of the population mean? What is the best estimate of this value?

b. Explain why we need to use the t distribution. What assumption do you need to make?

c. For a 90 percent confidence interval, what is the value of t?

d. Develop the 90 percent confidence interval for the population mean.

e. Would it be reasonable to conclude that the population mean is 68 gallons?

Answer:

A) Best estimate = 74 gallons

B) because the population standard deviation is unknown. The assumption we will make is that the population follows the normal distribution.

C) t = 1.725

D) 90% confidence interval for the population mean is (67.9772, 80.0228) gallons

E) Yes

Step-by-step explanation:

We are given;

Sample mean; x' = 74

Sample population; n = 21

Yearly Standard deviation; s = 16

A) We are not given the population mean.

So the closest estimate to the population mean would be the sample mean which is 74.

B) We are not given the population standard deviation and as such we can't use normal distribution. So what is used when population standard deviation is not known is called t - distribution table. The assumption we will make is that the population follows the normal distribution.

C) At confidence interval of 90% and DF = n - 1 = 21 - 1 = 20

From t-tables, the t = 1.725

D) Formula for the confidence interval is;

x' ± t(s/√n) = 74 ± 1.725(16/√21) = 74 ± 6.0228 = 67.9772 or 80.0228

Thus 90% confidence interval for the population mean is (67.9772, 80.0228) gallons

E) 68 gallons lies within the range of the confidence interval, thus we can say that "Yes, it is reasonable"

8 0
3 years ago
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