The Runyon System of Classification Is Based On

question 30

Multiple Choice

The Runyon system of classification is based on:

• A)colonial and microscopic morphologic characteristics.
• B)biochemical characteristics.
• C)growth rate and colonial pigmentation.
• D)genotypic characteristics.

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Definitions:

First-In, First-Out

An inventory valuation method where the oldest inventory items are recorded as sold first, ensuring that the costs recorded are of the oldest products.

Assembly Department

A specific section in a manufacturing company where parts are assembled into final products.

Conversion Costs

The combined cost of direct labor and manufacturing overhead, representing the expenses necessary to convert raw materials into finished goods.

First-In, First-Out

An inventory valuation method where the costs of the earliest goods purchased or produced are the first to be recognized in determining cost of goods sold.