Under Which of the Following Inventory Costing Methods Is the Cost

question 102

Multiple Choice

Under which of the following inventory costing methods is the Cost of sales based on the cost of the oldest purchases?

• A)Last- In, First- Out
• B)Average- cost
• C)First- In, First- Out
• D)Specific- unit- cost

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Definitions:

Quality

Good or service that is free of deficiencies.

Prices

The amounts of money expected, required, or given in payment for something.

Dependability of Delivery

The reliability with which a company or supply chain delivers products or services to its customers in the promised time frame.

Competing Companies

Businesses that operate in the same market or industry and vie for the same customer base, market share, or resources.