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:

Otitis Media

Otitis media is an infection or inflammation of the middle ear, often leading to pain, fever, and sometimes temporary hearing loss.

Laryngitis

Inflammation of the larynx or voice box, resulting in hoarseness or loss of voice, often caused by infection or overuse.

Tonsillitis

Inflammation of the tonsils—lymphoid tissue located in the pharynx.

Pharyngitis

Inflammation of the pharynx, commonly known as throat inflammation, which can cause sore throat and difficulty swallowing.