The Inventory Method That Assumes the Oldest Goods Are Sold

question 60

Multiple Choice

The inventory method that assumes the oldest goods are sold first is:

• A)LIFO.
• B)FIFO.
• C)weighted-average.
• D)specific invoice.

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Definitions:

National Debt

The total amount of money that a country's government has borrowed, usually as a result of spending more than it receives in income.

Trillion

A numerical value representing a thousand billion, or 1,000,000,000,000, commonly used in discussing government budgets, economic indicators, and astronomical distances.

Public Debt

The amount of federal securities outstanding, which represents what the federal government owes (the accumulation of federal deficits minus surpluses over the last two centuries).

GDP

Gross Domestic Product, which is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period.