The 5% level of significance was selected for the t value. This example is what type of test?
A. Two sample test of means.
B. One sample test of means.
C. Test of proportions.
D. Paired t-test.
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?