When Use of a Good Decreases the Quantity Available for Someone

question 160

Multiple Choice

When use of a good decreases the quantity available for someone else,the good is

• A) rival.
• B) nonrival.
• C) excludable.
• D) nonexcludable.
• E) a public good.

Understand the principles and applications of various retail inventory methods including FIFO, LIFO, Average Cost, and Lower of Cost or Market.

Analyze the impact of inventory valuation errors on financial statements.

Determine the cost of ending inventory and cost-to-retail percentage using retail inventory methods.

Understand the effects of net markups, markdowns, and employee discounts on inventory valuation.