The Inventory Costing Method That Considers the Ending Inventory to Be

question 87

Multiple Choice

The inventory costing method that considers the ending inventory to be composed of units of the merchandise acquired earliest is called:

• A) first-in, first-out.
• B) highest-in, first-out.
• C) lowest-in, first-out.
• D) last-in, first-out.

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Definitions:

Maturity

The date on which the principal or final payment is due on a loan or security.

Social Security Tax

A mandatory contribution imposed by governments to fund public programs that provide retirement benefits, disability income, and other social security services.

Medicare Tax

A federal tax deducted from employees' wages and employers' pay to fund the Medicare program.

Unemployment Compensation

Payments made by the government or a fund to unemployed workers who meet certain eligibility requirements.