The following data was extracted from the records of Winsam Company: 
Winsam's most recent balance sheet showed ending inventory of $800. Which method was used for valuing inventory?
Definitions:
Decoding
The process of interpreting or making sense of a message or information received.
General Equilibrium
The condition that exists when all markets in an economy are in simultaneous equilibrium.
Economic System
The organized way in which a country allocates resources and distributes goods and services in its society.
Criterion
A principle or standard by which something can be judged or decided.
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