The Method Used to Estimate the Cost of Ending Inventory

question 97

Multiple Choice

The method used to estimate the cost of ending inventory is called:

• A)the FIFO method.
• B)the LIFO method.
• C)gross profit method.
• D)the average cost method.

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Definitions:

Polyplacophora

A class of marine mollusks known as chitons, characterized by their eight-plated dorsal shells and grazing habits.

Intertidal Zone

The marine shoreline area between the high-tide mark and the low-tide mark.

Filter Feeders

organisms that feed by straining suspended matter and food particles from water, typically done by aquatic animals.

Mode of Nutrition

The method by which an organism obtains its food and energy, varying across species from photosynthesis in plants to different forms of heterotrophy in animals.