-Refer to Table 4

question 34

Multiple Choice

-Refer to Table 4.1, Box A should be filled with

• A)$0.
• B)$10.
• C)$100.
• D)$200.

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Definitions:

First-In, First-Out

An inventory valuation method which assumes that the first items purchased or manufactured are the first ones sold.

Work In Process

Items that are in the process of being produced but are not yet finished goods.

Direct Materials

Raw materials used directly in the production of a product, whose costs are easily traced to that product.

First-In, First-Out

An accounting method where the earliest acquired goods are sold or used first.