The Following Amounts Are Always Known Under Which Inventory Costing

question 66

Multiple Choice

The following amounts are always known under which inventory costing system?
Current inventory      Cost of goods sold          Inventory shrinkage

• A)Periodic               Periodic                            Perpetual
• B)Perpetual              Perpetual                          Periodic
• C)Perpetual              Perpetual                          Perpetual
• D)Periodic               Periodic                            Periodic

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Definitions:

Semantic Knowledge

A kind of declarative knowledge that includes factual information (“There are 50 states in the U.S.”), rules (“Ride a bicycle on the right-hand side of the street”), and concepts (“Green is a color”).

Episodic

Pertaining to or consisting of separate events or incidents, often used to describe memory or narrative structure.

Procedural

Relating to the process by which something is done or accomplished, often used in context with rules or methods in various fields.

Information Processing

The mental activities involved in the understanding, processing, and storage of information.