Which of the Following Inventory Costing Methods Uses the Costs

question 106

Multiple Choice

Which of the following inventory costing methods uses the costs of the oldest purchases to calculate the value of the ending inventory?

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

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Definitions:

Tunica Externa

The outermost layer of a blood vessel, composed largely of connective tissues, which provides support and protection.

Tunica Media

The middle layer of the wall of a blood vessel or lymph vessel which is made up of smooth muscle cells and elastic tissue.

Smooth Muscle

Involuntary, non-striated muscle that is found in the walls of internal organs such as the stomach, intestines, and blood vessels.

Elastic Tissue

Connective tissue made of elastin fibers that allow tissues in the body to resume their shape after stretching or contracting.