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?
ProductFIFO (F)LIFO (L)
The 5% level of significance was selected for the t value. This example is what type of test?
A. Paired t-test.
B. Test of proportions.
C. One sample test of means.
D. Two sample test of means.
The owner of a bottling company is considering buying a new bottling machine. He has been testing two different machines that are being considered. After collecting 300 samples from each machine over several weeks, he