In Marketing, a Product Can Be a Good or a Service

question 40

True/False

In marketing, a product can be a good or a service but not an idea.

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Definitions:

Weighted Average Method

An inventory costing method that calculates item costs based on the weighted average of all units available for sale during the period.

FIFO

An inventory valuation method where the first items placed in inventory are the first sold, standing for "First-In, First-Out."

Process Cost System

An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion.

Shampoo Manufacturer

A company that specializes in producing and possibly formulating shampoos for cleaning hair and scalp.