The Subagency of the U

question 71

Multiple Choice

The subagency of the U.S. Department of Labor that develops standards to promote safe workplace environments, and implements regulations to ensure that employers live up to these standards, is the ___________________.

• A) Office of Labor-Management Standards (OLMS)
• B) Occupational Safety and Health Administration (OSHA)
• C) Bureau of Labor Statistics (BLS)
• D) Environmental Protection Agency (EPA)
• E) Immigration and Naturalization Service (INS)

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.

LIFO

"Last In, First Out," an inventory valuation method where goods purchased last are the first to be used or sold.

Perpetual Inventory System

A method of inventory management that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Ending Inventory

The total value of all goods still available for sale at the end of an accounting period.