Choose the One Alternative That Best Completes the Statement or Answers

question 179

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
Write a mathematical expression for the quantity described verbally.
-A salary after a $5.1 \%$ increase, if the original salary is x dollars

• A) \(0.051 \mathrm { x }\)
• B) \(6.1 \mathrm { x }\)
• C) \(1.051 \mathrm { x }\)
• D) \(5.1 \mathrm { x }\)

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Definitions:

FIFO Cost Flow Assumption

An inventory valuation method where goods purchased first are the first sold, assuming costs are charged in the order in which they are incurred.

LIFO Cost Flow Assumption

An inventory valuation method that assumes the last items added to inventory are the first sold, affecting the cost of goods sold and ending inventory value.

Lower of Cost or Market

A valuation rule that requires inventory to be recorded at the lower of the original cost or the current market value.

Periodic Inventory System

An inventory accounting system where the inventory count is physically conducted at specific periods, leading to adjustments in the accounts at each period end.