A Method of Valuing Inventory Based on the Assumption That

question 98

Multiple Choice

A method of valuing inventory based on the assumption that the oldest goods will be sold first is called the:

• A)LIFO method.
• B)average cost method.
• C)specific cost method.
• D)FIFO method.

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Definitions:

Organizational Climate

The emotional weather within an organization that reflects the norms and attitudes of the organization’s culture and affects worker morale, attitudes, stress levels, and communication.

Systems

Complex networks of interrelated components that work together to achieve some objective.

Kaizen Approach

A philosophy or practice focusing on continuous improvement in all aspects of life, particularly in business.

Operational Decisions

Decisions made in the day-to-day functioning of a company that are routine and aim to improve effectiveness and efficiency.