Two Basic Questions determine, something, critical, together, convert

ruchita

Two basic questions I'm hoping I can get help with...unrelated to each other

1. What is the formula to convert LIFO net income to FIFO net income? Do you add (change in LIFO reserve * (1 - t)) to LIFO net income? Or do you simply add (LIFO reserve * (1 - t))? Or is it something else all together?

2. Can someone give me basic help on how to determine the appropriate critical values to select in a t-test for example? I often find myself struggling to determine whether to divide the significance level by two or not. The degrees of freedom obviously comes easy but I have trouble with the sig level. I know this is a little vague, but any help would be greatly appreciated.