Which of the Following Statements Regarding Inventories Is Correct

question 56

Multiple Choice

Which of the following statements regarding inventories is correct?

• A) FIFO assumes that the costs of the earliest goods acquired are the last to be sold.
• B) It is generally good business management to sell the most recently acquired goods first.
• C) Under FIFO, the ending inventory is based on the latest units purchased.
• D) FIFO seldom coincides with the actual physical flow of inventory.

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Definitions:

Data Collection Plan

A detailed strategy outlining the methods, timing, and resources necessary to gather information for a study or project.

Program Evaluator

A professional responsible for assessing the effectiveness, quality, and value of programs through systematic methods of data collection and analysis.

Program Analyses

Systematic evaluations of the processes and outcomes of a program to understand its effectiveness, efficiency, and impact.

Program Evaluation

The systematic collection of information about the activities, characteristics, and outcomes of programs to make judgments, improve effectiveness, and/or inform decisions about future programming.