Which of the Following Is an Example of a Possible

question 19

Multiple Choice

Which of the following is an example of a possible cost object?

• A)a product
• B)a customer
• C)a department
• D)All of these could be possible cost objects.

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Definitions:

FIFO Method

An inventory valuation method where it is assumed that the first items placed in inventory are the first sold, standing for "First-In, First-Out."

Weighted-Average Method

An inventory costing approach that averages the cost of goods available for sale for the allocation of cost of goods sold and ending inventory.

Ending Inventory

The aggregate worth of all products ready to be sold at the conclusion of a fiscal period.

FIFO Method

An inventory valuation method that assumes the first goods purchased or produced are the first ones sold, standing for "First In, First Out".