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Statistics in Practice Food Lion SALISBURY, NORTH CAROLINA Founded in 1957 as Food Town, Food Lion is one of the largest supermarket chains in the United States, with over 1000 stores in 10 Southeastern and Mid-Atlantic states. The company sells more than 24,000 different products and offers nationally and regionally advertised brand-name merchandise, as well as a growing number of high- quality private label products manufactured especially for Food Lion. The company maintains its low price leadership and quality assurance through operating efficiencies such as standard store formats, innovative warehouse design, energyefficient facilities, and data synchronization with suppliers. Food Lion looks to a future of continued innovation, growth, price leadership, and service to its customers. Being in an inventory-intense business, Food Lion made the decision to adopt the LIFO (last-in, first-out) method of inventory valuation. This method matches current costs against current revenues, which minimizes the effect of radical price changes on profit and loss results. In addition, the LIFO method reduces net income, thereby reducing

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