A Firm Utilizing FIFO Inventory Accounting Would, in Calculating Gross

question 55

Multiple Choice

A firm utilizing FIFO inventory accounting would, in calculating gross profits, assume that

• A) all sales were from current production.
• B) all sales were from beginning inventory.
• C) sales were from beginning inventory until it was depleted, and then use sales from current production.
• D) all sales were for cash.

---

Definitions:

Demonstration

A method of teaching or showing how a process or activity is performed through direct action or presentation.

Finger-Stick Blood Sugar

A method for checking blood glucose levels by pricking the fingertip to obtain a small blood sample.

Insulin

A hormone produced in the pancreas that regulates the amount of glucose in the blood, essential for people with diabetes.

Brochure

A small booklet or pamphlet, often containing promotional material or information on a particular subject.