Action Queries Select but Do Not Change Data

question 48

True/False

Action queries select but do not change data.

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Definitions:

Inventory Cost Formula

Methods such as First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and weighted average cost used to calculate the cost of goods sold and ending inventory valuation.

FIFO

Stands for "First-In, First-Out," an inventory valuation method where goods sold are those that are oldest in the inventory first.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding new purchases to the starting inventory and subtracting goods sold.