When a City-Managed Library System Buys New Computers, Monitors, and Printers

question 79

Multiple Choice

When a city-managed library system buys new computers, monitors, and printers for its student computer labs, it is operating as a(n) _____.

• A)industrial market
• B)business market
• C)government market
• D)facilitating agent

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Definitions:

Inventory Value

The total cost or market value of all items held in stock by a business, including raw materials, work-in-progress, and finished goods.

Perpetual FIFO Method

is an inventory valuation technique assuming that the first items purchased (First In) are the first ones sold (First Out), continuously updated for each transaction.

Inventory Flow

The process by which inventory moves through a business, from purchase and storage to sale.

Periodic Inventory System

An inventory accounting system where updates to inventory accounts occur at specific intervals, typically at the end of an accounting period.