The Cost Flow Method Where Cost of Goods Sold Consists

question 9

Multiple Choice

The cost flow method where cost of goods sold consists of the most recent goods acquired is:

• A) lower of cost or market
• B) LIFO
• C) FIFO
• D) weighted average

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Definitions:

Calcite

A common crystalline form of natural calcium carbonate, CaCO3, that is the primary constituent of limestone and marble.

Precipitation

Any kind of water, be it liquid or frozen, that drops from the sky to the ground, covering all forms such as rain, snow, sleet, and hail.

Sinkhole

A depression or hole in the ground caused by the collapse of a surface layer, often due to the dissolution of underlying limestone.

Groundwater

Subterranean water residing in the pores of soil and the fissures of geological formations.