The Following Data Was Extracted from the Records of Winsam

question 124

Multiple Choice

The following data was extracted from the records of Winsam Company: Winsam's most recent income statement showed cost of goods sold of $8,800. Which method was used for valuing inventory?

• A)FIFO
• B)LIFO
• C)Average-cost
• D)Specific identification

---

Definitions:

Crowded Break Room

A situation where the designated area for employees to take breaks is excessively occupied, leading to a lack of space and resources.

Second-Hand Exposure

Second-hand exposure relates to the involuntary exposure to substances or conditions (such as second-hand smoke) by individuals who are not directly using or engaging in the activity.

Externality

An external effect, either positive or negative, on a party not involved in a transaction or activity.

Property Rights

Legal rights to use, control, or dispose of property, including real estate, intellectual property, and personal assets.