Identify Which Inventory Costing Method LIFO or FIFO Achieves the Effect

question 178

Multiple Choice

Identify which inventory costing method LIFO or FIFO achieves the effect listed in the following items:
-Which one of the following best explains the distinction between inventory and an operating asset?
a. ownership
b. intent
c. cost
d. purchase price

• A)LIFO
• B)FIFO

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Definitions:

Nervous

Characterized by or experiencing a state of unease, anxiety, or apprehension.

Eating Disorder

Psychological disorders characterized by abnormal or disturbed eating habits, which significantly impact health and daily functioning, including anorexia nervosa and bulimia nervosa.

Overcontrolled/Constrictive

Personality characteristics involving excessive restraint, control over impulses, and avoidance of risks or spontaneity.

Neuroticism

A personality trait characterized by the tendency to experience negative emotions, such as anxiety, depression, or anger, more frequently and intensely than others.