The Sales of Products and Services to Consumers Through Personal

question 59

Multiple Choice

The sales of products and services to consumers through personal interactions and demonstrations in their homes or offices is referred to as

• A) direct selling.
• B) person-to-person sales.
• C) face-to-face selling.
• D) direct-response selling.
• E) customized selling.

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Definitions:

First-In, First-Out Method

An inventory valuation method where the earliest items purchased or produced are the first to be sold, affecting the cost of goods sold and inventory valuation.

Costs Accounted For

Total costs that have been recognized and recorded within a specific accounting period.

Ending Work in Process Inventory

The value of partially completed goods at the end of an accounting period.

Weighted-Average Methods

An inventory costing method that assigns an average cost to each unit, based on the weighted average of the costs of the goods available for sale.