Match the Inventory Valuation Methods with Their Descriptions

question 3

Multiple Choice

Match the inventory valuation methods with their descriptions.
-__ last-in-first-out (LIFO)

• A) Assumes that newest inventory is used prior to previously acquired inventory.
• B) Assumes inventory is commingled and value is based on mean costs.
• C) Inventory is matched with items of inventory with its specific cost.
• D) Assumes oldest inventory is used before newer inventory.

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Definitions:

Biogenic Needs

basic, essential human requirements for survival, such as food, water, air, and shelter.

Psychogenic Needs

Fundamental psychological or emotional needs influencing behaviors and attitudes.

Actualization Needs

The highest level in Maslow's hierarchy of needs, representing the desire for self-fulfillment and realizing one's potential.

Psychogenic Needs

Emotional and psychological needs that motivate individuals to perform actions or pursue goals for personal satisfaction.