Which Inventory Method Generally Results in Costs Allocated to Ending

question 66

Multiple Choice

Which inventory method generally results in costs allocated to ending inventory that will approximate their current cost?

• A)LIFO
• B)FIFO
• C)Average cost method
• D)Whichever method that produces the highest ending inventory figure

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Definitions:

Latent Learning

A form of learning that is not immediately expressed in an overt response; it occurs without obvious reinforcement.

Tolman

An American psychologist known for his work in cognitive psychology and for his theory that learning involves the formation of mental maps.

Classically Conditioned

A learning process that occurs when two stimuli are repeatedly paired; a response that is at first elicited by the second stimulus is eventually elicited by the first stimulus alone.

Involuntary Responses

Automatic physical reactions to stimuli that do not require conscious thought, such as reflexes.