Inventions Are the Creation of

question 4

Multiple Choice

Inventions are the creation of

• A)new products based on new technology.
• B)new products or processes, often based on existing technology and know-how.
• C)usually several decades of research.
• D)individual scientists or engineers, working alone.

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Definitions:

FIFO

A method of inventory valuation where the first items purchased are the first ones to be sold.

LIFO

A method of inventory valuation where the last items added to inventory are the first ones to be used or sold, standing for Last In, First Out.

Weighted-Average

A calculation method that takes into account the varying degrees of importance of the numbers in a dataset.

Gross Profit Method

A method used to determine the value of the ending inventory using a predetermined gross profit rate. This method can be used to determine value of ending inventory if a loss from fire occurs.