Minerals Are All Naturally Occurring Solid Substances with a Definable

question 23

Multiple Choice

Minerals are all naturally occurring solid substances with a definable chemical composition.They must also possess ________.

• A)an ability to be synthesized in the laboratory as well as be found in nature
• B)metallic elements,such as iron,calcium,or magnesium
• C)a nonmetallic,vitreous luster
• D)a fixed crystalline structure (spatial arrangement of atoms and ions)

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Definitions:

Inventory Cost Methods

Inventory cost methods are accounting strategies for valuing inventory, such as FIFO (First In, First Out), LIFO (Last In, First Out), and average cost method.

Inventory Turnover Ratio

A measure of how many times a company's inventory is sold and replaced over a period, indicating the efficiency of inventory management.

Average Cost Formula

A method used in accounting to calculate the cost of sold goods or services by dividing the total cost of goods available for sale by the total number of items available.

Ending Inventory

The total value of all goods available for sale at the end of an accounting period, used in calculating the cost of goods sold and determining profitability.