Ngai Nhung Is the Sales Manager at Hung Technologies

question 16

Multiple Choice

Ngai Nhung is the sales manager at Hung Technologies.At lunch with the company CEO,Ngai proudly announced that he had negotiated a(n) ________ with a client that represented the customer's long-term commitment to buy components from Hung.

• A)purchase order
• B)evaluated receipt settlement
• C)voucher
• D)blanket purchase order

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Definitions:

First-In, First-Out

An inventory valuation method where the goods first produced or acquired are sold or used first, presuming that the oldest inventory items are consumed before newer ones.

Ending Inventory

The value of goods available for sale at the end of an accounting period, after purchases and sales have been accounted for.

Average Cost Formulas

A method used in accounting to calculate the cost of goods sold and ending inventory by averaging the cost of all items available for sale during the period.

Unit Cost

The expense incurred to produce, store, and sell one unit of a product or service.