Match Each Description to the Appropriate Cost Flow Assumption (A-C)

question 6

Multiple Choice

Match each description to the appropriate cost flow assumption (a-c) .
-Produces the highest ending inventory when costs are increasing

• A)FIFO
• B)LIFO
• C)Weighted average

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Definitions:

Journal

A detailed record where all financial transactions of a business are initially recorded in chronological order.

Laser Equipment

Tools or devices that use laser technology for various applications such as cutting, engraving, or medical surgery.

Purchased

Acquiring goods, services, or assets in exchange for money or its equivalent.

Trial Balance

A bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns that are equal.