Which of the Following Is Not True Regarding the Use

question 26

Multiple Choice

Which of the following is not true regarding the use of the first-in first-out (FIFO) method of valuing inventory?

• A)Cost of sales is assumed to consist of the weighted average of the goods acquired
• B)The most recent goods acquired are assumed to be included in closing inventory
• C)The earliest goods acquired are assumed to comprise closing inventory
• D)Cost of sales is assumed to consist of the most recent goods acquired

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Definitions:

Fraternal Twins

Siblings born at the same time who are genetically as similar as regular siblings because they are the result of two separate eggs fertilized by two different sperm.

Spoiled Brat

A derogatory term to describe a child who is overindulged by their parents or guardians and exhibits poor behavior or lack of discipline as a result.

Narcissism

A personality trait characterized by an inflated sense of self-importance, deep need for excessive attention and admiration, troubled relationships, and a lack of empathy for others.

Self-centred

A personality trait that involves prioritizing one's own needs and interests over those of others.