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What is the purpose of rounding numbers?

the purpose of rounding numbers is that you can get closer to the actual answer


The inventory valuation method that has the advantages that it assigns a value to the inventory on the balance sheet that approximates current cost and also mimics the actual flow of goods is called.?

lifo


Which inventory valuation method assigns a value to the inventory on the balance sheet that approximates current cost and also mimics the actual flow of goods for most businesses?

fifo


How do you estimate the product by rounding both factors to the gr eatest place value 81x 58?

Rounding off, 80 x 60 = 4800. The actual product is 4698.


What can you say about your estimated sum when you decrease both addends when rounding to add?

The Answer will be lower the the actual sum


When you use compatible numbers to estimate 9.4 plus 62.6 is it closer to the actual answer then using rounding?

Not in this case.


How does an underestimate relate to rounding factors before estimating?

Rounding factors can lead to underestimates or overestimates: the outcome depends on the rounding.


Why is rounding closer to the actual weight than compatible with these numbers 9.4 and 62.6?

Rounding is closer because the amount added to one number is the same as the amount subtracted from the other number which makes the answer match exactly.


How do you estimate the product by rounding the greater factor 2 x 6254?

2 x 6300 = 12,600 The actual answer is 12,508.


Estimate the total weight of two boxes that weight 9.4 lb and 62.6 lb using rounding and compatible numbers which estimate is closer to the actual total weight why?

Rounding the weights to 10 lb and 60 lb gives an estimated total weight of 70 lb. Using compatible numbers by rounding to 9 lb and 60 lb, the estimated total weight is 69 lb. The estimate using compatible numbers (69 lb) is closer to the actual total weight of 71.6 lb.


When you find actual distance on a map do you expect to get exact or approximate answers?

Approximate.


Which number is closest to the product of 22 and 49?

Actual answer = 1078. Rounding to the nearest 10 = 20+50=70