According to V

question 154

Multiple Choice

According to V. Gordon Childe, which of the following is one of the ten features that define the "urban revolution"?

• A)the development of the nation-state
• B)the application of wind and water power
• C)the existence of factories within the city walls
• D)taxation and capital accumulation

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Definitions:

FIFO

An inventory valuation method that assumes the first items placed in inventory are the first sold, hence "First In, First Out."

Ending Inventory

The value or quantity of goods and materials available at the end of an accounting period.

Perpetual Inventory System

An inventory management method where transactions are recorded in real time, providing a continuous account of inventory levels.

LIFO

"Last In, First Out" is an inventory valuation method where the last items placed in inventory are the first ones to be used or sold.