Lucas,age 17 and Single,earns $6,000 During 2014

question 131

True/False

Lucas,age 17 and single,earns $6,000 during 2014.Lucas's parents cannot claim him as a dependent if he does not live with them.

---

Definitions:

Periodic Inventory System

A periodic inventory system is an accounting method where inventory and cost of goods sold are calculated at set intervals, such as monthly or annually.

FIFO

A method of inventory valuation where the first items purchased are the first ones to be sold.

LIFO

A method of inventory valuation where the last items added to inventory are the first ones to be used or sold, standing for Last In, First Out.

Weighted-Average

A calculation method that takes into account the varying degrees of importance of the numbers in a dataset.