Which of the Following Statements Is Incorrect

question 74

Multiple Choice

Which of the following statements is incorrect?

• A)A year-end purchase of inventory increases the LIFO cost of goods sold when prices are increasing and a periodic inventory system is used.
• B)A year-end purchase of inventory increases the FIFO ending inventory when prices are increasing and a periodic inventory system is used.
• C)The choice of an inventory costing method is dependent on the actual flow of goods when inventory is sold.
• D)A year-end purchase of inventory doesn't affect the weighted-average ending inventory when prices are increasing and a periodic inventory system is used.

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An individual skilled in manipulating or gaining unauthorized access to computer systems, often for malicious purposes.

Collaborative Consumption

Joining together as a group to use a specific product more efficiently.

Crowdsourcing

The practice of obtaining services, ideas, or content by soliciting contributions from a large group of people, especially from an online community.

Social Networking

The use of internet-based platforms and technologies to build, engage, and share content, ideas, and interests with others in virtual communities and networks.