Match the Following Terms with Their Definitions

question 2

Multiple Choice

Match the following terms with their definitions.
-Gross profit method

• A)Average cost for that period for inventory
• B)Inventory continually updated
• C)(Beginning inventory and ending inventory)÷ 2
• D)New inventory sold first
• E)Cost percentage
• F)Inventory not updated continually
• G)Each cost is known
• H)Old inventory sold first
• I)A ratio
• J)A ratio used to calculate cost of ending inventory
• K)Operating expenses not directly associated with a specific department

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Definitions:

Calculators

Electronic or mechanical devices designed to perform mathematical operations, ranging from basic calculations to complex computations.

Export

The act of sending goods or services from one country to another country for sale or trade.

Jamaica

An island country situated in the Caribbean Sea, known for its rich culture, music, and scenic beauty.

Trade Policy

A government's strategy regarding international trade, affecting how goods and services move across borders through tariffs, trade agreements, and regulations.