Which of the Following Should Be the First Method Used

question 94

Multiple Choice

Which of the following should be the first method used to reduce workplace accidents?

• A)enforcing job rotation
• B)screening job applicants
• C)removing physical hazards
• D)requiring employees to use PPE

Comprehend the components and special considerations in determining merchandise inventory.

Learn how to calculate the cost of goods sold and ending inventory using the LIFO and FIFO inventory valuation methods.

Identify the internal controls necessary for accurate physical inventory counting.

Understand the effects of inventory valuation methods on financial statements and tax implications.

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Definitions:

Marginal Cost

A measure of the expense associated with manufacturing an additional item of a particular good.

Total Variable Cost

The sum of all variable costs (costs that change with the level of output) associated with producing a specific amount of a good or service.

Product Price

The amount of money required to purchase a good or service.

Marginal Cost

The additional expense associated with creating another unit of a product or service.