Click File on the Ribbon to Open the Backstage View

question 32

True/False

Click File on the Ribbon to open the Backstage view, click the New tab to display the New gallery, click the Blank document button, and then click the Make new document button to open a new blank document window.

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Definitions:

FIFO Method

First-In, First-Out method; an inventory valuation method where goods first purchased or produced are the first to be sold, used in accounting to calculate the cost of goods sold and ending inventory.

Ending Work

Also known as ending work in process, it refers to the value of goods still in production at the end of an accounting period.

Process Inventory

Inventories that are in various stages of production within the manufacturing process, also known as work in process inventory.

Processing Department

A division within a manufacturing facility where a specific type of processing or operation is completed; materials move through departments in sequence until completed.