If Inventory Items May Be Identified Individually, the Business Could

question 64

Multiple Choice

If inventory items may be identified individually, the business could easily use this method of inventory costing:

• A)average cost.
• B)specific-unit-cost.
• C)FIFO.
• D)weighted-average cost.

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Definitions:

Conservation

The principle that certain properties, like volume, mass, and number, remain the same despite changes in the forms of objects, in cognitive development.

Centration

In Piaget’s theory, the tendency of a young child to focus only on one feature of an object while ignoring other relevant features.

Appearance

The way that someone or something looks to others, encompassing aspects of physical presentation and style.

Cognitive Development

The study of how thinking, problem solving, and understanding of the world evolve from infancy through adulthood, influenced by genetics, experience, and education.