Which of the Following Instances Is Sufficient Reason to Cause

question 31

Multiple Choice

Which of the following instances is sufficient reason to cause commercial impracticability?

• A) Increased cost
• B) War
• C) Collapse of market
• D) Shortage of good

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Definitions:

Inventory Cost Flow Assumption

A method used in accounting to determine the cost of goods sold and ending inventory value, examples include FIFO, LIFO, and average cost methods.

LIFO

An accounting methodology where the most recently produced or acquired inventory items are recorded as sold first.