Management Has Little or No Control Over

question 244

Multiple Choice

Management has little or no control over

• A)discretionary fixed costs.
• B)committed fixed costs.
• C)all fixed costs.
• D)all of the above.

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Definitions:

FIFO Inventory

A method of inventory valuation where the first items placed into inventory are the first ones sold; stands for First-In, First-Out.

Periodic Inventory

An inventory accounting system where inventory counts and cost of goods sold (COGS) are determined at the end of an accounting period.

Inventory Balance

The total value of a company's inventory at the end of an accounting period, comprising raw materials, work-in-progress, and finished goods.

LIFO of $450,000

The last-in, first-out method applied to inventory that results in an ending balance of $450,000.