Classification

question 47

Multiple Choice

Classification. Respond to the following statements in reference to the five animal phyla listed below.
-Trilobites were members of this phylum.

• A)Annelida
• B)Arthropoda
• C)Mollusca
• D)Echinodermata
• E)Cnidaria

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Definitions:

LIFO inventory cost method

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

Cost of merchandise sold

The total cost of acquiring or manufacturing the products that were sold to customers during a period.

Perpetual system

An inventory accounting system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

FIFO

An accounting method used to manage inventory and cost of goods sold where the first items produced or acquired are the first to be sold.