FIFO Uses the ________ Costs to Measure the Ending Inventory

question 25

Multiple Choice

FIFO uses the ________ costs to measure the ending inventory.

• A)latest
• B)earliest
• C)average
• D)weighted-average

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Definitions:

Privatization

The process of transferring ownership of a business, enterprise, agency, or public service from the government to private individuals or organizations.

Government

The governing body of a nation, state, or community, responsible for making and enforcing laws, policies and for regulating public affairs.

Profit

The financial gain obtained when the revenue generated from business activities exceeds the expenses, costs, and taxes involved in sustaining the activity.

Sick Role

The sick role is a concept in medical sociology that describes the social rights and obligations of a sick individual, including the expectation to seek treatment and the exemption from normal social roles.