The Inventory Costing Method That Can Be Used Only for Goods

question 95

Multiple Choice

The inventory costing method that can be used only for goods that are NOT ordinarily interchangeable is the

• A) LIFO method.
• B) specific identification method.
• C) weighted average cost method.
• D) FIFO method.

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Definitions:

General Idea

A broad or basic conception of something that is not detailed but provides an overall understanding or summary.

Classification

The process of organizing or categorizing objects or information based on shared qualities or characteristics.

Dependent Clause

A group of words that contains a subject and a verb but does not express a complete thought, making it unable to stand alone as a sentence.

Summary Transition

A phrase or sentence that signals the conclusion of one section or topic and the move to a different or overarching summary within a piece of writing.