The Following Data Was Extracted from the Records of Winsam

question 90

Multiple Choice

The following data was extracted from the records of Winsam Company: Winsam's most recent balance sheet showed ending inventory of $800. Which method was used for valuing inventory?

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

---

Definitions:

Information Recall

The ability to retrieve and reproduce information from memory that was previously learned or experienced.

Analogical Inconsistency

Discrepancies or lack of uniformity in reasoning or outcomes when comparing two similar situations or analogies.

Mental Set

A tendency to approach situations in a certain way because that method worked in the past, potentially hindering the solution of new problems.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, hindering problem-solving.