Under Which of the Following Inventory Costing Methods Is Ending

question 117

Multiple Choice

Under which of the following inventory costing methods is ending inventory based on the cost of the most recent purchases?

• A) Specific-unit-cost
• B) Average-cost
• C) Last-In, First-Out
• D) First-In, First-Out

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Definitions:

Tax

Mandatory financial charges imposed by a government on individuals, corporations, or additional legal entities to fund public expenditures.

Price

The monetary value or amount that must be given in exchange for a good or service.

Tax

Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund government spending and various public expenditures.

Buyers

Individuals or organizations that purchase goods or services for personal use, resale, or as input for the production of other goods and services.