________ Means That Services Cannot Be Stored for Later Sale

question 149

Multiple Choice

________ means that services cannot be stored for later sale or use.

• A) Service consistency
• B) Service perishability
• C) Service variability
• D) Service intangibility
• E) Service inseparability

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Definitions:

Periodic Inventory Method

An accounting method where the inventory is physically counted and valued at the end of a specific period to determine cost of goods sold and ending inventory.

Cost of Goods Sold

The total cost directly associated with producing or purchasing the goods sold by a business during a specific period, including materials and labor.

Selling Expense

Expenses directly related to the selling of products or services, such as advertising, sales commissions, and retail store expenses.

Inventory Shrinkage

The loss of products between purchase and sale, typically due to theft, damage, or errors in counting.