Which Statement Is Correct

question 107

Multiple Choice

Which statement is correct?

• A)The retail inventory method estimates ending inventory cost using wholesale prices and an average gross margin.
• B)The retail inventory method estimates cost of goods sold using the inventory cost flow equation.
• C)The gross margin method estimates ending inventory cost using retail prices and an average gross margin.
• D)The gross margin method estimates cost of goods sold using the inventory cost flow equation.

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Definitions:

Piaget

Refers to Jean Piaget, a Swiss psychologist known for his pioneering work in child development and his theory of cognitive development.

Cognitive Development

The formation and evolution of mental processes like recall, solving problems, and making choices, from early childhood, through the teen years, into maturity.

Egocentrism

The inability to differentiate between one's own perspective and someone else's perspective, often seen in early childhood development.

Animism

The belief that objects, places, and creatures all possess a distinct spiritual essence, prevalent in many indigenous religions.