Under Which of the Following Inventory Costing Methods Is the Ending

question 133

Multiple Choice

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

• A)Specific identification
• B)Weighted-average
• C)Last-in, first-out
• D)First-in, first-out

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Definitions:

Specific Period

A specific period in accounting refers to a set time frame for which financial statements are prepared or to which particular financial transactions or events pertain.

Retained Earnings

The accumulated portion of net income that a company elects to keep, rather than distribute to shareholders as dividends.

Future Use

Refers to resources or assets that are intended to be utilized in upcoming periods, not immediately.

Payments

Monetary transactions involving the transfer of funds to fulfill a debt or obligation.