The Weighted Average Cost Method Uses the ________ Cost for Cost

question 190

Multiple Choice

The weighted average cost method uses the ________ cost for cost of goods sold on the income statement and the ________ cost for inventory on the balance sheet.

• A)average;average
• B)average;newest
• C)newest;average
• D)oldest;average
• E)average;oldest

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Definitions:

Arboreal

Relating to or resembling a tree or life in the trees; often used to describe animals that live in trees.

Diurnal

Active during the day and at rest at night.

Hominoids

A term referring to the group of primates that includes all the great apes and humans.

Lemurs

A group of primates known for their large eyes and tail, native exclusively to the island of Madagascar and surrounding areas. They are noted for their diverse species and ecological roles in their habitats.