Which Inventory Costing Method Uses the Oldest Cost for Cost

question 23

Multiple Choice

Which inventory costing method uses the oldest cost for cost of goods sold on the income statement and the newest cost for inventory on the balance sheet?

• A)LIFO
• B)Specific identification
• C)FIFO
• D)Weighted average

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Definitions:

Weak Situations

Scenarios where the appropriate behavior is not clearly defined, leading to variability in responses.

Strong Situations

Contexts or scenarios that significantly determine individual behavior through clear cues and expected actions.

Extraversion

A personality trait characterized by outgoingness, high energy, and sociability, often influencing an individual's approach to social interactions.

Social Situations

Various environments or contexts in which individuals interact with each other, governed by social norms and cultural standards.