Match the Descriptions with Inventory Costing Methods by Entering the Proper

question 101

Short Answer

Match the descriptions with inventory costing methods by entering the proper letter in the space to the left.
A. Specific identification
B. Weighted average
C. FIFO
D. None of the above is correct. $$\begin{array} { | c | l | } \hline 1 . & \text { Tends to match older costs with current revenue. } \\ \hline 2 . & \text { Cost of goods sold and inventory are costed at the oldest costs. } \\ \hline 3 . & \text { Inventory and cost of goods sold are valued at the same unit cost. } \\\hline \text { 4. } & \begin{array} { l } \text { Requires computation of an average cost for the entire period excluding beginning } \\\text { inventory. }\end{array} \\ \hline 5 . & \text { Requires computation of a new unit cost after each purchase and after each sale. } \\ \hline \text { 6. } & \text { Subject to manipulation by arbitrary choice of unit costs when sold or issued. } \\\hline \text { 7. } & \text { Cost of goods sold is costed at the oldest unit costs. } \\ \hline8. & \text { Inventory is costed at the newest unit costs. } \\\hline\end{array}$$

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Definitions:

Double-Booking

Scheduling two or more appointments at the same time slot, often leading to conflicts or the need for reorganization.

Exclusive Provider Organization

A managed care plan where services are covered only if the patient visits healthcare providers, specialists, and hospitals within the plan's network, except in an emergency.

Backup

A method for making copies of data or files to protect them from loss or damage.

Modified Wave

A scheduling strategy that combines patients with scheduled appointments and walk-ins to improve flow and efficiency in settings like clinics.