The Two Most Widely Used Methods for Determining the Cost

question 49

Multiple Choice

The two most widely used methods for determining the cost of inventory are:

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

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Definitions:

Positive Reinforcer

A stimulus that, when presented after a behavior, increases the likelihood of that behavior happening again.

Negative Reinforcer

A stimulus whose removal following a behavior increases the likelihood of that behavior being repeated in the future.

Secondary Reinforcer

A stimulus that gains its reinforcing power through its association with a primary reinforcer; not naturally rewarding.

Negative Reinforcement

A psychological principle where the removal of an adverse stimulus strengthens a behavior.