Under Which of the Following Inventory Costing Methods Is the Ending

question 147

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:

Trade

The trade of goods, services, or both among two or more entities, either within a single economy or across different ones.

Producer Surplus

The difference between what producers are willing to accept for a good or service and what they actually receive.

Trade

The exchange of goods, services, or both between two or more parties, either within a country or between countries.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service relative to what they actually pay.