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[Steps Shown] Accounting procedures allow a business to evaluate their inventory at LIFO (Last In First Out) or FIFO (First In First Out). A manufacturer evaluated

Question: 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 (F) LIFO (L)
1 225 221
2 119 100
3 100 113
4 212 200
5 248 245
  1. What is the null hypothesis? (B) What is the alternate hypothesis? (C) What are the degrees of freedom? (D) If you use the 5% level of significance, what is the critical t value? (E) What is the value of calculated t ? (F) What is the decision at the 5% level of significance?

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