Which Method Assigns the Cost of the Most Recent Items

question 118

Multiple Choice

Which method assigns the cost of the most recent items purchased to ending inventory?

• A)Specific identification
• B)Weighted average cost
• C)FIFO
• D)LIFO

Grasp the basic ingredients and outcomes of economic decisions, including choice and competitive behavior.

Understand the mechanisms of rationing in an economy and the role of price as a rationing criterion.

Identify goods that are not considered scarce and understand exceptions to the scarcity principle.

Understand the impact of international trade on domestic market prices and quantities.

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Definitions:

Fertilizer

Materials applied to crops to supply essential nutrients needed for growth, typically containing nitrogen, phosphorus, and potassium.

Experimental Group

In a scientific experiment, a group in which the experimental variable is manipulated. Compare with control group.

Cladogram

A branching diagram that illustrates taxonomic relationships based on the principles of cladistics.

Relationships

The way in which two or more concepts, objects, or people are connected, or the state of being connected.