A Method of Valuing Inventory Based on the Assumption That

question 61

Multiple Choice

A method of valuing inventory based on the assumption that the oldest goods will be sold first is called the:

• A)LIFO method.
• B)average cost method.
• C)specific-unit-cost method.
• D)FIFO method.

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Definitions:

Innovation

The act of devising innovative concepts, goods, or techniques that lead to notable advancements or transformations.

Multiple Structures

The existence or application of various organizational models or frameworks within a single company or system.

Decentralized

The distribution of authority, decision-making, or resources away from a central location or governing body, allowing for more local or individual control.

Highly

Describes something of great importance, to a great degree, or with intense quality.