Which of the Following Inventory Costing Procedures Requires a Physical

question 96

Multiple Choice

Which of the following inventory costing procedures requires a physical count of merchandise a minimum of once a year at year end?

• A)the Last-in-first-out method
• B)the average cost method
• C)the First-in-first-out method
• D)a physical count at a minimum of once a year is required for all inventory costing procedures

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Definitions:

Groupthink

A mental occurrence within a group where the need for agreement or uniformity leads to a decision-making result that is illogical or not functional.

Policy Question

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