Use of the FIFO Cost Flow Assumption Means That

question 29

Multiple Choice

Use of the FIFO cost flow assumption means that

• A) Ending inventory items are the ones most recently purchased
• B) Goods are removed from inventory at their average cost
• C) The periodic costing system is used
• D) The beginning inventory contains the oldest costs
• E) All of these are correct answers.

---

Definitions:

Brain

The organ in the head of animals, including humans, that controls functions, movements, sensations, and thoughts.

Newborns

Infants who are in the very first weeks of life, typically up to one month old.

Social Smiles

Smiles that are expressed intentionally by infants, starting around the age of 6 to 8 weeks, in response to interactions with humans, indicating early social communication.

Attachment

A deep and enduring emotional bond that connects one person to another across time and space.