Which of the Following Cities Was a Major Hub of the North

question 57

Multiple Choice

Which of the following cities was a major hub of the North Sea/Baltic trade route in northern Europe in the 1100s and 1200s and an important center of woolen cloth production?

• A)Stockholm
• B)Flanders
• C)Edinburgh

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Definitions:

FIFO Method

First-In, First-Out methodology in inventory and cost accounting that assumes the first items produced or acquired are the first ones sold.

Equivalent Units

A concept used in cost accounting to denote the amount of finished goods units that could have been produced given the total amount of direct materials, labor, and overhead costs incurred.

Conversion

A process in manufacturing or production where raw materials or components are transformed into finished goods.

FIFO Method

"First In, First Out" method, an inventory valuation approach where goods first added to the inventory are the first ones to be sold, affecting cost of goods sold and inventory valuation.