________ Are a Form of Product That Consists of Activities

question 129

Short Answer

________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
Line extensions
Services
Brands
Consumer products
Supplements

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Definitions:

Periodic Inventory System

An accounting method where inventory is physically counted and valued at specific intervals, used to determine cost of goods sold and ending inventory.

FIFO

"First In, First Out," an inventory valuation method where the first items placed into inventory are the first sold.

LIFO

An accounting method for valuing inventory that assumes the last items produced or purchased are the first ones sold.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.